汇聚科技（01729）：25年业绩高速增长，数据中心业务有望持续受益于光互联高景气

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [3][4]. Core Insights - The company experienced significant revenue and net profit growth in 2025, with total revenue reaching HKD 12.41 billion, a year-on-year increase of 68.0%. This growth was primarily driven by the high demand for AI computing power, boosting revenues from data center wire components and server assembly [1][3]. - The data center business is expected to continue benefiting from the high demand for optical interconnects, with projections for net profit in 2026 and 2027 being raised by 13% and 30%, respectively [3][4]. - The company has diversified its main business into four segments: wire components, digital wires, servers, and copper wires, with the data center segment showing the most promise for future growth [1][2]. Summary by Relevant Sections Revenue and Profitability - In 2025, the company reported total revenue of HKD 12.41 billion, with a gross profit of HKD 1.47 billion and a net profit of HKD 784 million, reflecting a net profit margin of 6.3% [1][4]. - The wire components segment generated HKD 3.43 billion in revenue, with data center revenues specifically reaching HKD 1.81 billion, a 49.4% increase year-on-year [1][2]. Business Segments Performance - The server business saw a remarkable revenue increase of 132.1% in 2025, amounting to HKD 7.40 billion, driven by AI demand [2]. - The digital wire segment faced a decline of 13.6%, with revenues of HKD 1.23 billion, while the copper wire segment contributed HKD 354 million, primarily due to a recent acquisition [2]. Future Projections - The company forecasts revenues of HKD 15.91 billion in 2026, with a growth rate of 28.2%, and net profits are expected to reach HKD 1.26 billion [4][10]. - The report anticipates continued growth in the data center business, supported by the increasing demand for AI-related products and services [3][4].