金吾财讯 | 招银国际发研报指，鸿腾精密(06088)将于3月中旬公布4Q24/FY24E业绩。该行预计FY24E收入/净利润为45.55亿美元/1.79亿美元（同比增长9%/+39%），4Q24E收入/净利润为13.13亿美元/7,840?万美元（同比增长5%/+6%），与公司指引和生产预期一致。按业务来看，预计网络&服务器/PC/汽车业务收入将同比增长133%/4%/21%，抵消4Q24智能手机/系统产品的疲软（同比下降?-17%/-7%）。展望2025年，该行仍看好鸿腾精密，公司将受益GB200/300AI服务器产能提升以及GPU插槽、液冷零部件和NVLink铜背板订单增加。此外，AirPods在印度量产和汽车电子业务AK集团的并表也将推动2025/26年的收入增长。该行认为公司估值将有望迎来重估机遇，利润水平更高的服务器/网络和汽车业务的FY25/26E收入占比将提升至31%/32%，大幅高于FY23的17%。因此，根据新的预测和14.1xFY25E市盈率（对比之前的13x市盈率），该行上调目标价至4.79港元，重申买入评级。
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