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招银证券6月30日发布公告。We hosted an investor meeting with FIT’s mgmt. this week. Investors are interested in2H23outlook, technology trends and investment roadmap. Overall, we remain positive on margin recovery in FY24/25E following higher investment into new products in FY23E. We expect opex ratio to peak at14.0% in FY23E and improve to13.2%/12.8% in FY24/25E on economies of scale of new higher-margin products. In addition, we believe better revenue mix with higher margin products (e.g. CPU socket, DDR5connector, acoustics, Prettl business) will boost margin recovery in FY24/25E. Despite near-term opex pressure, we are positive on FIT’s improving product mix and margin expansion trend. Trading at8.9x/7.2x FY23/24E P/E (1-sd below5-year average), we think risk-reward is attractive. Maintain BUY with TP HK$2.18(11x FY24E P/E). Upcoming catalysts include progress of Prettl deal and new TWS projects.