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【汇聚科技(1729.HK)】“立讯系”线缆互联方案供应商,高密度光纤产品β与α并存——投资者日点评(付天姿/王贇)
光大证券研究· 2025-10-25 00:04
Core Viewpoint - The article discusses the recent investor day event held by the company, highlighting its advancements in high-density fiber optic connectors and the growth of its data center-related business, particularly in the context of AI-related revenue growth and overseas capacity expansion [3][4]. Group 1: Company Overview - The company operates two main production bases: a copper wire product base in Huizhou, covering approximately 41,000 square meters with around 1,800 employees, and a fiber optic product base, also in Huizhou, covering about 43,000 square meters with a similar workforce [3]. - The company has established industry-leading precision manufacturing capabilities for high-density fiber optic connection products, with ongoing expansion of overseas production capacity and increasing automation rates [3][4]. Group 2: Financial Performance - In the first half of 2025, the revenue from data center wire components reached HKD 941 million, representing a year-on-year growth of 66.8%, accounting for 19.4% of total revenue [3]. Group 3: Market Potential - The market for fiber optic connection products is characterized by customization, a variety of product models, and complex manufacturing processes. The company is well-positioned in key manufacturing stages, ensuring high precision and consistency [4]. - The management indicated that the company is steadily supplying high-density fiber optic products, such as MPO, to major clients in North America and large domestic data centers, with the 1152-core cable harness already in mass production [4]. Group 4: Capacity Expansion - The Huizhou factory has sufficient capacity for fiber optic connectors, with the ability to switch from single to double shifts to quickly increase output in response to order growth. A new production workshop is expected to enhance capacity by 20% [6]. - The company has initiated a new production line in Mexico and plans to utilize existing facilities in Europe to introduce additional capacity, aiming for a significant increase in overall capacity by approximately 80% by 2026 to meet the growing demand from AI data centers and high-density wiring [6].