20240806-招银国际-通达集团-00698.HK-1H24E_preview__eyes_on_Android_recovery_and_smart_tech_growth_7页_1mb

报告摘要

Company Focus: Equity research update on Tongda (698 HK), centered on Android smartphone recovery and smart technology growth.
Rating: Maintain BUY with a new target price of HK$0.13, reflecting rolled 6.0x FY25E P/E; current price is HK$0.08, representing a 73.6% upside.
Financial Forecast: For 1H24E, revenue estimated at HK$2.6bn (-10% YoY), net profit at HK$35mn (+82% YoY), driven by Android demand, inventory restocking from overseas customers, and router demand from Wi-Fi 7 upgrades. This recovery supports overall 82% YoY net profit growth.
Long-Term Outlook: Expect continued recovery in 2H24E and FY25E, with positive factors including stable handset ASP, order wins in household and sports goods, Malaysian plant ramp-up, and steady network communications. Despite challenges from Apple disposal and Android competition, earnings are revised downward by 23-32% for FY24E and FY25E.
Key Drivers: Android smartphone demand, stabilized gross profit margin (GPM), and expansion into non-handset markets like network communications and household goods.
Valuation: Trading at 4.8x FY24E P/E and 3.5x FY25E P/E, below historical averages, with comparables suggesting attractive potential; earnings recovery and business expansion are anticipated for FY24-25E.