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一文了解港版納指股鴻騰精密投資價值

港版納指成份股之一的鴻騰六零八八精密科技(SEHK:6088)值得投資嗎? –

恒指公司上月推出萬眾期待的「港版納指」,三十隻成份股中有不少大熱股票如「ATMX」,但也有多隻冷門的中型科技股,其中比重僅得0.75%鴻騰六零八八精密科技FIT HON TENGSEHK6088)最近公布中期業績,值得投資嗎?

互連解決方案龍頭

鴻騰六零八八精密科技主要從事開發及生產互連解決方案的業務。集團的名號雖然冷門,但上市時已是按營收計全球排第四,並在大中華市場排第一的廠商。互連解決方案,即利用線纜、光纖或無線連接傳輸數據及供電的渠道,日常例子是「USB線」可將智能手機連接至電腦進行數據傳輸

疫情影響好壞參半

新冠疫情期間,在家工作、學習、娛樂需求大增,電子消費品進一步普及,應用水平受惠疫情而提高,這衍生出「連接」需求增長。按終端市場劃分鴻騰六零八八精密科技生產的商品及方案在今年上半年有40%源於移動設備,以及19.7%源於電腦及消費性電子,同比升幅分別為5個百分點,及1個百分點。這反映新款智能手機產品持續推出市場,以及疫市中家用電子消費品需求增加,為鴻騰六零八八精密科技帶來增長順風。

然而,鴻騰六零八八精密科技期內收入較去年同期輕微減少0.1%,而利潤更大跌80%。這是因為疫情影響以及光模塊業務模式改變造成集團的銷售成本上漲,毛利率在期內顯著下降6個百分點至13.6%,邊際貢獻大減,惟分銷、行政、研發等營運成本未能同步縮減,經營效益顯著下降。

中美關係不確定性

以上提到光模塊業務模式改變可牽涉到近年持續升溫的中美貿易磨擦。美國對中國加徵關稅所涉領域包括「新一代信息技術」,而鴻騰六零八八精密科技所提供的互連解決方案中,包括面向通訊基礎設施終端市場光模塊供應。中美貿易摩擦下,全球通訊基礎設施產業鏈出現重大變動,鴻騰六零八八精密科技亦因而受累。集團期內收入中有21.1%源於通訊基礎設施終端市場,佔比較去年同期下降1.9個百分點,而分部收入則較去年同期減少8.4%鴻騰六零八八精密科技更預期下半年將會繼續受影響。

結語

鴻騰六零八八精密科技在期內錄得業績倒退,雖然疫情影響屬短中期,但集團因中美貿易磨擦在通訊基礎設施終端市場所遇到的挫折或會進一步惡化,甚至延伸至更多分部,前景不明朗。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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