报告名称：FIH Mobile(02038.HK)Product mix drives earnings growth reiterate Conviction BUY
报告类型：港股研究
报告日期：2015-08-13
研究机构：中金公司
股票名称：富智康集团
股票代码：02038
页数：7
简介：Results Review
1H15 results in line with our estimates but beatingconsensus
FIH Mobile reported 1H15 revenue and earnings up 67.7% YoYand 158% YoY to US$3.83bn and US$128.6mn, in line with ourforecasts but beating consensus by 9.7%/11.2%, respectively.The company indicates the growth in NP is mainly derived from1) higher sales; 2) a stable gross margin of 5.9% (vs. 6.2% in1H14); 3) less asset impairment losses; and 4) a lower incometax rate of 20.8% in 1H15 vs. 44% in 1H14.
Trends to watch
Robust 2H15 outlook with a broadening customer baseand rising metal casing mix. We expect FIH Mobile to furthergrow its bottom line in 2H15 in spite of the rising concerns overend demand in China. We maintain our positive view on FIHMobile given its riding on Huawei’s share expansion, increasingadoption of metal casing used for high-end flagship models, andpenetration into other niche OEMs such as OPPO and Meizu.
India plans help to capture the sustainable business
opportunity. FIH Mobile appears well positioned to capturesome local OEMs in non-China emerging markets such as Indiasupported by its local manufacturing base and component supplychain, which should help OEMs trim costs through lower tariffs.The potential shortfall from Xiaomi’s volume growth decelerationand pricing competition should be more than offset by othershare-gaining customers and a favorable product mix.
Earnings revisions
We raised our 2015e and 2016e earnings by 1% and3.8%, respectively. Our earnings estimates for 2015e and 2016emainly reflect stronger component sales (primarily metal casing)from Chinese smartphone OEMs, especially Huawei.
Valuation and recommendation
We reiterate our conviction BUY rating with TP ofHK$6.22, based on 1.53x/1.51x 2015e/2016e BVPS.
Risks
Weaker than expected orders from handset venders.

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