【招商电子】汇聚科技（1729.HK）深度报告：专业的定制电线互连方案供应商，数通、汽车、医疗三轮驱动长线成长

Group 1 - The core viewpoint of the article emphasizes the long-term growth potential of 汇聚科技 (Hui Ju Technology) in the data communication, automotive, and medical sectors, driven by its strong management and technological leadership [3][4][7] - 汇聚科技 is a specialized supplier of customized wire interconnection solutions, with three main business segments: wire components, digital wires, and servers [4][12] - The company has experienced rapid growth since becoming a member of the 立讯精密 (Luxshare Precision) group in 2022, with projected revenues of 35.9 billion, 48.3 billion, and 73.9 billion HKD for 2022, 2023, and 2024 respectively [4][21] Group 2 - In the data communication sector, the demand for AI computing is driving growth, particularly in MPO optical communication and AI server markets, with a projected CAGR of 14% from 2024 to 2030 [5][28] - The MPO business is a core profit source for the company, with significant demand from major cloud providers, and revenue from optical fiber products is expected to grow substantially [5][24] - The server business has seen a remarkable increase in revenue, with a 318% year-on-year growth in the first half of 2025, driven by AI demand [5][27] Group 3 - In the automotive sector, the successful acquisition of Leoni Kable is expected to enhance the company's capabilities and market position, with the global automotive cable market projected to reach 169 billion by 2030 [6][28] - The automotive segment has shown steady growth, with revenues of 1.58 billion and 0.76 billion HKD for the first half of 2024 and 2025, respectively [6][24] - The integration of Leoni Kable is anticipated to lead to significant revenue growth and improved profitability for the automotive business [6][28] Group 4 - The medical sector is benefiting from an aging population and advancements in AI technology, with a projected revenue increase of 217% to 8.2 billion HKD in 2024 [7][28] - The company is actively investing in innovative medical technologies and has established partnerships to enhance its capabilities in this field [7][28] - The medical device segment is expected to continue its growth trajectory, supported by the resources and expertise of 立讯精密 [7][28] Group 5 - The company has a concentrated and stable ownership structure, with 立讯精密 holding 70.6% of its shares, which enhances strategic collaboration and resource sharing [15][19] - Recent acquisitions and expansions, including the purchase of a copper wire company, are aimed at strengthening the company's supply chain and vertical integration [30][34] - The financial performance has shown a significant recovery, with projected revenues for the first half of 2025 reaching 48.54 billion HKD, a year-on-year increase of 82.1% [21][22]