【招商电子】汇聚科技（1729.HK）投资者日跟踪：大芯数、高密度趋势持续演进，产能释放、自动化助力成长

Core Viewpoint - The article highlights the strong growth potential of the company driven by AI computing demand, advancements in MPO technology, and strategic acquisitions, positioning it well for future expansion in the global market [3][4][5]. Group 1: AI Computing and Product Development - AI computing infrastructure is driving high demand for MPO products, with a trend towards higher core counts and density in product offerings. The company’s fiber optic products primarily include MPO and LC, with MPO fiber jumpers available in various core counts, and some exceeding 1000 cores [3]. - The transition from LC/MPO to SN/SN-MT is expected to significantly improve product density and performance, with the company already having relevant product reserves that could enhance ASP and gross margins in the future [3]. Group 2: Global Capacity and Production Technology - The company has substantial capacity reserves across domestic and international locations, including production bases in the Yangtze River Delta, Pearl River Delta, Jiangxi, and overseas in Vietnam and Mexico. The acquisition of Leoni Kable has further expanded its global capacity across 26 countries [4]. - The company’s MPO manufacturing technology is advanced, achieving high precision and yield in critical production processes, which has garnered strong customer recognition. Investments in automation, supported by the Luxshare robotics team, are expected to enhance production efficiency and improve gross margins [4]. Group 3: Strategic Acquisitions and Business Growth - The acquisition of Leoni's cable solutions business is progressing well, with the company turning profitable in H1 2025 and expecting improved net margins in 2026-2027 due to reduced financial costs and enhanced operational efficiency [5]. - The acquisition of Dejinchang, focused on copper wire manufacturing, is anticipated to strengthen supply security and vertical integration for the company, with completion expected by the end of 2025 [5]. - The server business is projected to maintain high growth due to the booming AI server market, indicating a robust demand outlook [5]. Group 4: Investment Outlook - The company is positioned as a key player within the Luxshare ecosystem, with strong prospects in MPO optical communication and AI server sectors, suggesting potential for high-quality growth. The successful acquisition of Leoni is expected to elevate its status among global automotive cable suppliers [6]. - Revenue forecasts for 2025, 2026, and 2027 are projected to be significant, with corresponding net profits indicating a favorable PE ratio, reflecting the company's growth potential [6].