从产业链传回的信息显示，受益于Airpods生产线的持续扩张、收购FITvolaira带来的协同效应以及AI带来的机遇，鸿腾精密盈利的增长加速。
鸿腾精密首条Airpods生产线位于越南，并已于2024年第一季度开始发货；相应业务预计在2024年占公司总收入的5%-7%。鸿腾精密计划于2025年在印度再增加6条生产线。2024年鸿腾精密的资本开支预计将达到9亿美元，主要用于海外生产基地的建设及开发。行业预计鸿腾精密的Airpods份额将超过30%。
鸿腾精密正在持续推进其“3+3”战略，即在汽车电子、音频、AIoT三个业务领域深入布局，同时借助AIGC基础设施的高速发展，有望推动公司中长期发展策略的快速实施。
鸿腾精密管理层此前预计2024年全年收入将实现两位数增长，毛利率将稳定在20%左右，经营利润将大幅增长。未来在2025年鸿腾精密希望将三大运营费用控制在13%以下，业务上电动车、新一代5GAIoT和声学业务的收入占比将在2024年达到30%，在2025年达到40%。
鸿海精密是鸿海科技集团旗下子公司，同在港股和A股上市的富智康集团(02038.HK)和工业富联(601138.SH)也是鸿海科技集团旗下企业。
2023年鸿腾精密营收减少了7.4%至41.96亿美元，净利润下降了23.97%，降至1.29亿美元，但毛利率实际上增长了5.12%，达到8.07亿美元。由于品牌公司在高端智能手机产品结构上的变化以及激烈的行业竞争，2023年来自智能手机终端市场的营收较2022年同期下降了17.2%。传统服务器与个人电脑终端需求不振，导致公司网络设备及电脑类业务收入存在短期增长压力。从业务分布来看，智能手机零组件仍然是鸿腾精密主要的收入来源。
鸿腾精密此前发布一季度业绩显示，经营收入9.65亿美元，同比增长12%；经营净利润1020.1万美元，与上年同期亏损929.7万美元相比扭亏为盈。
AI大模型的迅速迭代正持续推动底层算力基础设施的需求扩张，今年英伟达的AIGPU产品升级与出货量加速，以及全球AI服务器与智算中心的需求增长，鸿腾精密的服务器与网络设施业务也迎来了新的订单增量。
鸿腾精密目前在AI服务领域积极布局EDSFF连接器、MCIO/MXIO/DACEM线缆、CAMM内存插槽等多类新型产品；并在2024年DesignCon推出224G高速I/O系列产品；英伟达GTC2024英伟达发布的GB200NVL72机柜对于铜缆连接的需求量也持续提升。
加上传统电脑业务市场复苏和AIPC新品订单增加的市场行业下，鸿腾精密的传统IDC服务器与电脑订单，也重回正常状态。
在全球产业链重构过程中，除中国外，越南逐渐成为全球主要的电子手机制造基地之一，全球制造出货量占比20%。鸿腾精密在越南的深度布局，也开始展现了其积极一面。其中AI连接类产品和AIPC类产品逐步上量，鸿腾精密的毛利率改善也十分明显。未来在Airpods订单增长，AIGC基建的景气度提升，鸿腾精密的中长期发展预期更加明朗。
According to the information transmitted from the industrial chain, benefiting from the continuous expansion of the Airpods production line, the synergies brought by the acquisition of FITvolaira, and the opportunities brought by AI, the growth of Hongteng Precision's profitability has accelerated.
Hongteng Precision's first Airpods production line is located in Vietnam and has started shipping in the first quarter of 2024; The corresponding business is expected to account for 5%-7% of the company's total revenue in 2024. H&T Precision plans to add six more production lines in India by 2025. In 2024, Hongteng Precision's capital expenditure is expected to reach US$900 million, mainly for the construction and development of overseas production bases. The industry expects that the share of Hongteng Precision's Airpods will exceed 30%.
H&Teng Precision is continuing to promote its "3+3" strategy, that is, in-depth layout in the three business areas of automotive electronics, audio and AIoT, and at the same time, with the rapid development of AIGC infrastructure, it is expected to promote the rapid implementation of the company's medium and long-term development strategy.
The management of Hongteng Precision previously expected that the full-year revenue in 2024 would achieve double-digit growth, the gross profit margin would stabilize at about 20%, and the operating profit would increase significantly. In the future, in 2025, Hongteng Precision hopes to control the three major operating expenses below 13%, and the revenue of electric vehicles, a new generation of 5GAIoT and acoustic business will account for 30% in 2024 and 40% in 2025.
Hon Hai Precision is a subsidiary of Hon Hai Technology Group, and both Hong Kong and A-share listed FIH Group (02038.HK) and Fortune Alliance (601138.SH) are also subsidiaries of Hon Hai Technology Group.
In 2023, Hongteng Precision's revenue decreased by 7.4% to $4.196 billion, and net profit decreased by 23.97% to $129 million, but the gross profit margin actually increased by 5.12% to $807 million. Due to the changes in the product structure of high-end smartphones and fierce industry competition, the revenue from the smartphone terminal market in 2023 decreased by 17.2% compared with the same period in 2022. The sluggish demand for traditional servers and personal computer terminals has led to short-term growth pressure on the company's network equipment and computer business revenue. From the perspective of business distribution, smartphone components are still the main source of revenue for Hongteng Precision.
Hongteng Precision previously released its first-quarter results, showing that its operating income was US$965 million, a year-on-year increase of 12%; The operating net profit was US$10.201 million, a turnaround compared with a loss of US$9.297 million in the same period last year.
This year, NVIDIA's AIGPU product upgrade and shipment volume accelerated, as well as the growth of global demand for AI servers and intelligent computing centers, H&Teng Precision's server and network facilities business also ushered in new order increments.
At present, Hongteng Precision is actively deploying a variety of new products such as EDSFF connectors, MCI/MXIO/DACEM cables, and CAMM memory slots in the field of AI services; In 2024, DesignCon will launch a series of 224G high-speed I/O products; Nvidia GTC2024 the GB200NVL72 cabinets released by NVIDIA have also continued to increase the demand for copper cable connections.
Coupled with the recovery of the traditional computer business market and the increase in AIPC new product orders, Hongteng Precision's traditional IDC server and computer orders have also returned to normal.
In the process of restructuring the global industrial chain, in addition to China, Vietnam has gradually become one of the world's major electronic mobile phone manufacturing bases, accounting for 20% of global manufacturing shipments. The in-depth layout of Hongteng Precision in Vietnam has also begun to show its positive side. Among them, AI connection products and AIPC products have gradually increased, and the gross profit margin of Hongteng Precision has also improved significantly. In the future, orders for Airpods will increase, the prosperity of AIGC infrastructure will improve, and the medium and long-term development expectations of Hongteng Precision will be clearer.