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有关于收购Belkin的消息. 来源: 彭守,公司,中国银河国际证券研究部 主要财务指标(百万美元) 收入 变动(同比%) 毛利润 毛利润率(%) 净利润 净利润率(%) 每股收益(基本) 变动(同比%) 每股股息 净资产收益率(%) 股息收益率(%) 市盈率(倍) 市净率(倍) 自由现金流收益率(%) 资本开支 每股自由现金流 净负债比率(%) 净现金状态 净现金状态 净现金状态 净现金状态 净现金状态 COMPANY NEWS Analyst: Mark Po, CFA;

Tel: (852)

3698 6318;

markpo@chinastock.com.hk FIT Hon Teng Limited [6088.HK;

HK$3.3;

Not Rated] - Solid 1H

2018 results. A leading TMT hardware name with multiple growth drivers. Market Cap: US$2,831m;

Free Float: 21.4%;

3-month Average Daily Turnover: US$13.4m The Company. FIT Hon Teng Limited (FIT Hon Teng) manufactures and distributes electronic components. The Company produces backplane connectors, memory cards, sockets, terminal blocks, and other products. The Company was listed on the HKEX on

13 Jul 2018, offering 990m shares at an offer price of HK$2.70. FIT Hon Teng is a) a subsidiary of Hon Hai, b) an Apple supplier, and c) a leading player in the interconnect solutions industry. The Company'

s business model involves positioning itself as an Integrated Innovative Design Manufacture (IIDM). FIT Hon Teng is an industry leader in the development and production of interconnect solutions and related products. In 2016, the Company was ranked first in the industry in the Greater China region and fourth globally in terms of revenue. FIT Hon Teng provides a wide range of customized products for four major end markets: a) the Company has a strong presence in the computer and consumer electronics end market, which includes desktop computers, laptops, 2-in-1 notebooks, tablets, game consoles and TVs;

b) in 2016, FIT Hon Teng was ranked second globally in terms of market share based on revenue in the mobile and wireless devices end markets;

c) FIT Hon Teng'

s optical component solutions for multimode fiber and single- mode fiber optical transceivers target a wide range of optical network applications, including data centers, enterprise networking, high-performance computing, fiber channels, metro ethernet transport, FTVx/FTTdP, and Ethernet mobile fronthaul;

and d) FIT Hon Teng has started to focus on developing interconnect solutions in the automotive, industrial and medical end markets. Strong 1H

2018 results. The Company'

s turnover rose 24.6% YoY to US$1,719m in 1H 2018. Net profit rose 58.6% YoY to US$107m in 1H 2018. Since the Company completed its IPO last year, EPS has risen 33.3% YoY to US$1.60 cents in 1H 2018. Among the four main end markets, the Company'

s revenue from: a) the mobile and wireless devices end market increased by 29.8%, b) the communications infrastructure end market increased by 19.7%, c) the computer and consumer electronics end market increased by 26.1% and d) the automotive, industrial and medical end market increased by 15.0%. FIT Hon Teng is one of the few component makers, especially on the handset side, that reported a YoY improvement in gross profit margin in 1H 2018. Its gross profit margin increased from 17.9% in 1H

2017 to 18.0% in 1H 2018, which was primarily due to: a) continuing improvement in the quality of its new earphone-related products, b) higher utilization of its production facilities, and c) continuing optimization of human resources allocation, which improved overall production efficiency. Still on the growth track. Because of its strategically focus, FIT Hon Teng management expects the Company to continue to grow in 2H 2018. Among the four major divisions, FIT Hong expects sales of the mobile and wireless devices division to continue to grow, thanks to strong demand for earphones and associated products, as well as new products to be rolled out by key brand customers (including Apple). FIT Hon Teng plans to further penetrate Chinese brand companies. The Company also anticipates YoY growth in turnover in the communications infrastructure segment, as demand for certain types of optical transceivers, fiber channels and CXP is strong. In particular, as higher-speed optical products (such as those applied to 100G/400G technologies) are expected to grow faster than lower-speed optical products, the change of sales mix will contribute to both the top line and overall profitability........