【鸿腾精密（6088.HK）】25全年业绩同比增长，全面布局光互联领域有望打开AI数据中心业务成长空间——2025年业绩点评 （张宇生/王国兴）

Group 1 - The company achieved a total revenue of $5.003 billion in 2025, representing a year-on-year increase of 12.4%. The gross profit was $946 million, with a gross margin of 18.9%, down 0.8 percentage points year-on-year. The net profit reached $157 million, reflecting a 1.9% increase, with a net margin of 3.1%, down 0.4 percentage points year-on-year [4]. - The revenue from the cloud data center business grew significantly, while smartphone revenue declined. In 2025, the revenue breakdown was as follows: smartphones at $824 million (down 13%), cloud data centers at $813 million (up 38%), computers and consumer electronics at $869 million (up 7%), electric vehicles at $932 million (up 94%), and system terminal products at $1.355 billion (down 4%) [4]. - For 2026, the company expects revenue growth of 5% to 15%, with gross profit and operating profit maintaining double-digit year-on-year growth (greater than +15%) [4]. Group 2 - The data center business is expected to contribute increasingly to revenue, with projections indicating that by 2028, its revenue share could exceed 30%. In 2025, the data center business revenue grew by 37.6%, driven by increased demand for AI server-related products and higher shipment volumes of copper-based components [5]. - The company showcased its next-generation 1.6T high-speed connection solution at the DesignCon conference in February 2026, addressing high bandwidth and low latency data transmission challenges [5]. - The automotive (EV) business saw a revenue increase of 94% in 2025, primarily due to the consolidation of Auto-Kabel, which was acquired in December 2024. The company anticipates continued growth in automotive revenue, with expectations of double-digit growth in 2026 [6]. Group 3 - In the consumer electronics sector, smartphone revenue declined by 12.6% in 2025 due to changes in product specifications. The company expects smartphone revenue to remain stable in 2026 [7]. - Revenue from computers and consumer electronics increased by 7.3% in 2025, driven by higher demand for PCs and tablets. The company projects stable revenue for this segment in 2026 [7]. - The system terminal products revenue decreased by 4.3% in 2025, attributed to upstream material supply disruptions and a decline in wireless charging product shipments. The company expects stable revenue for system terminal products in 2026 [6][7].