莱尼、德晋昌收购事项稳步推进，服务器业务维持高增长趋势。1）莱尼：25年7 月汇聚科技持有49% 股权的联营公司新加坡汇聚成功收购莱尼电缆解决方案业务。25H1 莱尼总体实现扭亏为盈，H2 盈利能 力好于预期，通过降低财务费用率和提升运营效率，公司预计26-27 年莱尼电缆事业部净利率将得到明 显改善。2）德晋昌：25 年8 月公司签订收购协议，目标公司主要从事铜线产品的制造及销售，有望从 保障供应安全、强化上下游垂直整合等方面赋能汇聚。公司预计将于25 年底完成收购。3）服务器业 务：伴随AI 服务器行业高景气，预计公司服务器业务将保持高速发展趋势。 AI 算力建设带动MPO 需求高景气，产品朝向大芯数、高密度趋势演进。AI算力建设爆发推动光纤连接 市场需求高速增长，密集连接技术持续迭代升级。 维持"强烈推荐"投资评级。公司是立讯体系的重要组成，数通业务绝佳卡位MPO 光通信、AI 服务器等 赛道，有望实现高质量成长，汽车业务受益于莱尼电缆业务的成功收购，有望快速跃升至全球头部汽车 线缆供应商，医疗设备业务长坡厚雪，积极布局前沿赛道，结合立讯体系赋能协同成长，中长线成长空 间可期。考虑到数据中心及服务器市场 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company, indicating a strong expectation for stock price appreciation exceeding the benchmark index by over 20% [2][3]. Core Insights - The demand for MPO (Multi-fiber Push On) products is experiencing high growth driven by AI computing infrastructure, with a trend towards higher fiber counts and density in products. The company is actively developing products with fiber counts exceeding 1000 cores for high-end applications [1]. - The company is positioned well within the Lixun system, with significant growth potential in data communication, AI servers, and automotive cable sectors, particularly following the successful acquisition of Leoni cable business [2]. - The company has a robust global production capacity, with facilities in key regions including the Yangtze River Delta, Pearl River Delta, and overseas locations in Vietnam and Mexico, supporting future expansion and customer acquisition [7]. Financial Summary - The company forecasts total revenue of HKD 10.172 billion, HKD 12.937 billion, and HKD 16.604 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 714 million, HKD 1.208 billion, and HKD 1.701 billion [8][20]. - The report projects a significant increase in profitability, with net profit growth rates of 58%, 69%, and 41% for the years 2025, 2026, and 2027 respectively [21]. - The company’s PE ratios are expected to decrease from 43.3 in 2025 to 18.2 by 2027, indicating improving valuation metrics as earnings grow [21].

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].

查看完整报告 点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年10月23日，汇聚科技举办投资者日活动，活动环节包括位于广东省惠州市铜线及光纤园区的产线参 观以及管理层交流。1）铜线类产品生产基地（建筑面积约41000平方米，员工数约1800人），包含通讯电 线组件、医疗电线组件等铜线产品产线；2）光纤类产品生产基地（建筑面积约43000平方米，员工数约 1800人），包含MPO跳线、光纤镀膜产品等光纤产品产线。 海外产能逐步释放，产线自动化率持续提升 当前惠州工厂光纤连接器产能充足，如遇订单增长可由单班制切换至双班制以迅速提升产能。另外公司新 生产车间即将落成，预计产能将提升20%。海外布局方面，墨西哥新产线已启动，欧洲计划借助Leoni现有 厂房进行部分产能导入，将布 ...

2025 年 10 月 24 日 公司研究 "立讯系"线缆互联方案供应商，高密度光纤产品β与α并存 ——汇聚科技（1729.HK）投资者日点评 买入(维持) 当前价：14.14 港元 作者 分析师：付天姿 CFA，FRM 执业证书编号：S0930517040002 021-52523692 futz@ebscn.com 执业证书编号：S0930522120001 021-52523862 yunwang@ebscn.com 联系人：沈昱恒 021-52523686 shenyuheng@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 19.59 | | 总市值(亿港元)： | 276.95 | | 一年最低/最高(港元) | 3.43-18.5 | | 近 3 月换手率（%）： | 52.2 | 股价相对走势 -50% 0% 50% 100% 150% 200% 250% 300% 24/10 24/11 24/12 25/01 25/02 25/03 25/04 25/05 25/06 25/07 25/08 25/09 汇聚科技 恒生指数 | 收益表现 | | ...