Investment Rating - The report maintains a "Buy" rating for the company [5][14]. Core Insights - The company, Huiju Technology (1729.HK), is positioned as a supplier of high-density optical fiber products, benefiting from the booming demand in AI computing and data center infrastructure [6][10]. - The company has shown significant revenue growth, with total revenue for the first half of 2025 reaching HKD 48.54 billion, a year-on-year increase of 82.1% [6]. - The report highlights the company's strong manufacturing capabilities in high-density optical fiber connectors, particularly the MPO connectors, which are essential for data center applications [8][9]. Summary by Sections Company Overview - Huiju Technology operates in the precision cable solutions sector, with production bases for copper and optical fiber products located in Huizhou, Guangdong [5]. Financial Performance - For the first half of 2025, the company reported a net profit of HKD 3.14 billion, up 47.1% year-on-year, driven by the high demand for data center wire components and server assembly [6]. - The revenue breakdown shows that server business accounted for 52.8% of total revenue, with a staggering growth of 318.1% year-on-year [11]. Market Position and Growth Potential - The company is expanding its overseas production capacity, with plans to increase overall capacity by approximately 80% by 2026 to meet the growing demand for AI data centers and high-density cabling [10]. - The MPO connector market is expected to grow significantly due to the increasing demand for high-speed data transmission in data centers, with the company positioned to benefit from this trend [8][9]. Business Segments - The main business segments include wire components, digital wires, and server assembly, with the server assembly segment showing the most rapid growth [6][11]. - The report notes that the company is also integrating Leoni K's automotive cable solutions, which is expected to enhance its competitive position in the automotive supply chain [12][14]. Future Outlook - The company is projected to achieve net profits of HKD 6.58 billion, HKD 11.12 billion, and HKD 14.12 billion for the years 2025 to 2027, reflecting growth rates of 46.0%, 68.9%, and 26.9% respectively [14][15].
汇聚科技（01729）：“立讯系”线缆互联方案供应商，高密度光纤产品β与α并存