Hongteng Precision (06088) is now up more than 9%. As of press release, it is up 9.23% to HK$2.13, with a turnover of HK$18.640,500.
The Zhitong Finance App learned that Hongteng Precision (06088) is now up more than 9%. As of press release, it has risen 9.23% to HK$2.13, with a turnover of HK$18.6405 million.
According to the news, Hongteng Precision previously announced first-quarter results. Revenue and other operating income were US$965 million, up 12% year on year; net profit from continuing operations was US$10.201 million, with a loss of US$9.297 million for the same period last year. CICC said that the performance fell below the upper limit of the company's previous performance forecast and was basically in line with our expectations and the market.
CICC pointed out that the rapid iteration of AI models is continuing to expand demand for underlying computing power infrastructure. According to the company's public performance conference, Hongteng is currently actively deploying various new products such as EDSFF connectors, MCIO/MXIO/DACEM cables, and CAMM memory slots in the AI service field; in 2024, DesignCon will launch a 224G high-speed I/O series product series. From an industry perspective, the GB200NVL72 cabinet released by GTC2024 Nvidia continues to increase demand for copper cable connections, driving the overall market size expansion of the industry.
Furthermore, during the public results meeting, the company indicated that capital expenditure in 2024 is expected to reach 900 million US dollars, mainly for the construction and development of overseas production bases. At present, the company has introduced new audio products to major customers, and is also promoting mass production in Vietnam and India. It is recommended to actively pay attention to the pace of production capacity release for new headphone products.