智通财经APP获悉，招商证券发布研报称，考虑到数据中心及服务器市场需求高景气、莱尼盈利能力好 于预期，该行预计汇聚科技(01729)2025/26/27年总营收为112/161/209亿港元，净利润7.40/12.50/17.50亿 港元，对应PE为47.3/28.0/20.0倍。维持"强烈推荐"评级。 招商证券主要观点如下： 事件 汇聚科技于2026年2月20日发布完成根据一般授权配售新股份公告，合共108,000,000股配售股份，已成 功配售予不少于六名承配人，配售价为每股15.22港元，配售事项所得款项净额约为1,634.5百万港元。 公司完成配售1.08亿股，净筹约16.35亿元。 公司于2026年2月20日完成配售，共1.08亿股配售股份，占配售完成后已发行股本约5.16%，配售价每股 15.22港元，配售事项所得款项净额约16.35亿港元。公司拟将配售事项所得款项净额总额用于以下用 途：1）约50%用于支持本集团的战略投资及收购；2）约30%用于本集团发展全球业务及扩展海外业 务；3）约20%用于营运资金及一般企业用途，以支持本集团的业务营运及增长。 双轨增长战略，内生+外延持续巩固发展 公司是 ...

证券研究报告 | 公司点评报告 2026 年 02 月 25 日 汇聚科技（01729.HK） 配售募资注入强劲动能，战略投资及海外扩张加速 TMT 及中小盘/电子 事件：汇聚科技于 2026 年 2 月 20 日发布完成根据一般授权配售新股份公告， 合共 108,000,000 股配售股份，已成功配售予不少于六名承配人，配售价为每 股 15.22 港元，配售事项所得款项净额约为 1,634.5 百万港元。我们点评如下： 强烈推荐（维持） 目标估值：NA 当前股价：17.94 港元 基础数据 | 总股本（百万股） | 2091 | | --- | --- | | 香港股（百万股） | 2091 | | 总市值（十亿港元） | 37.5 | | 香港股市值（十亿港元） | 37.5 | | 每股净资产（港元） | 0.9 | | ROE（TTM） | 23.2 | | 资产负债率 | 74.8% | | 主要股东 | 立讯精密有限公司 | | 主要股东持股比例 | 70.7069% | 股价表现 % 1m 6m 12m 绝对表现 7 76 288 相对表现 8 71 274 资料来源：公司数据、招商证券 -10 ...

该行指出，汇聚科技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。 消息面上，汇聚科技宣布，完成配售1.08亿股配售股份，净筹约16.35亿港元。招商证券发布研报称，配 售带来的增量资金将为公司注入强劲发展动能，有利于公司持续拓展MPO、汽车、医疗等核心板块拓 展，在海内外产能扩充及新客户拓展、产业链上下游配套、技术迭代及前沿领域投资布局等方面提供坚 实资金保障，助力公司加速扩张。 汇聚科技(01729)涨超10%，高见19.75港元，再创历史新高。截至发稿，涨9.81%，报19.7港元，成交额 7.04亿港元。 ...

Core Viewpoint - The company, Ningbo Kabeiyi Electric Technology Co., Ltd. (stock code: 300863), is actively expanding its business, securing project financing, and exploring new fields. Group 1: Recent Developments - The company secured its first overseas designated project in March 2025, supplying automotive cable products to international clients, with an expected total sales of approximately 1 billion yuan from 2025 to 2027 [2] - In April 2025, the board approved the issuance of convertible bonds not exceeding 600 million yuan for the construction of projects including the Shanghai high-speed copper cable project and the automotive cable and high-speed copper cable production base in Mexico [3] Group 2: Business Progress - The company has completed the development of high-speed copper cable samples with rates of 56G, 112G, and 224G, with the 224G product already achieving small-scale production and being sent for verification by leading enterprises [4] Group 3: Company Status - The company established a wholly-owned subsidiary, Shanghai Kabeiyi Robotics Co., Ltd., to focus on the research and production of robotic components; additionally, it founded Shanghai Kabeiyi Aerospace Technology Co., Ltd. in January 2026 to explore commercial aerospace-related businesses [5]

Core Viewpoint - Huyue Technology (01729) experienced a significant decline of over 12%, with a current price of HKD 15.96 and a trading volume of HKD 87.1 million [1] Group 1: Company Actions - Huyue Technology announced a placement of 108 million shares at a price of HKD 15.22 per share, representing a discount of 14.97% compared to the previous day's closing price [1] - The net proceeds from the placement are expected to be HKD 1.6345 billion, with approximately 50% allocated for strategic investments and acquisitions, about 30% for global business development and overseas expansion, and around 20% for working capital and general corporate purposes [1] Group 2: Industry Insights - CITIC Securities recently published a report highlighting Huyue Technology's strong ties with leading cloud service providers (CSPs) like Google, benefiting from the upgrade of 800G/1.6T optical modules and the evolution of CPO in the MPO optical interconnect core sector [1] - The AI server JDM/ODM business is rapidly expanding, and the acquisition of Leoni's automotive cables is positioning the company in the high-end automotive electronics market, with a year-on-year revenue increase of 82.1% in the first half of last year [1]

Core Viewpoint - The company emphasizes its commitment to market value management and aims to enhance its intrinsic value through stable operations and effective investor relations [1] Group 1: Company Strategy - The company has over 30 years of experience in the wire and cable industry, accumulating significant expertise [1] - It offers a diverse product matrix including consumer electronics, industrial control cables, automotive cables, communication cables, data cables, and new energy cables and components [1] - The company adopts a high-end market strategy and focuses on continuous innovation, implementing a dual-driven strategy of "internal growth + external expansion" to build comprehensive competitiveness [1] Group 2: Market Position - The company has established a quality customer base that helps mitigate risks associated with fluctuations in a single industry [1] - It actively responds to the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange [1]

Core Viewpoint - Huiju Technology (01729) has seen a significant stock price increase, with a projected net profit growth of 60%-70% year-on-year for 2025, driven by increased sales orders in the data center and server segments [1] Group 1: Financial Performance - The company expects a substantial increase in revenue due to rising sales orders in the wire component division, particularly from the data center and server segments [1] - The performance is anticipated to exceed expectations, primarily due to the demand for domestic servers from companies like Alibaba and ByteDance, which will significantly boost the company's server business revenue [1] Group 2: Strategic Positioning - Huiju Technology is considered a crucial part of the Luxshare ecosystem, with strong positioning in high-growth areas such as MPO optical communication and AI servers, indicating potential for high-quality growth [1] - The automotive business is expected to benefit from the successful acquisition of Leoni's cable business, positioning the company to rapidly ascend to a leading global automotive cable supplier [1] Group 3: Long-term Growth Potential - The medical equipment business is seen as a long-term growth area, with active investments in cutting-edge sectors [1] - The synergy with the Luxshare ecosystem is expected to enhance collaborative growth, indicating promising long-term growth prospects for the company [1]

Core Viewpoint - Huyue Technology (01729) has seen a significant stock price increase, with a recent rise of nearly 9%, currently trading at HKD 15.96, driven by strong earnings forecasts and increased sales orders in its data center and server segments [1] Group 1: Earnings Forecast - Huyue Technology expects a net profit growth of 60%-70% year-on-year for 2025 [1] - The revenue growth is primarily attributed to increased sales orders in the wire component division, particularly from data centers and servers [1] Group 2: Market Drivers - The strong performance is driven by the demand for domestic servers from companies like Alibaba and ByteDance, which is expected to significantly boost the company's server business revenue [1] - The integration effects from the acquisition of Leoni are anticipated to enhance performance in the second half of the year [1] Group 3: Strategic Positioning - Huyue Technology is considered a crucial part of the Luxshare ecosystem, with excellent positioning in MPO optical communication and AI server sectors, indicating potential for high-quality growth [1] - The automotive business is expected to benefit from the successful acquisition of Leoni's cable business, positioning the company to rapidly ascend to a leading global automotive cable supplier [1] - The medical equipment business is also strategically positioned for long-term growth, with active investments in cutting-edge sectors [1]

Group 1 - The core viewpoint of the article is that the company's operations in Mexico are performing well, with a focus on local production of automotive cable products for globally recognized automotive wiring harness manufacturers [1] - The company’s Mexican production base is not affected by U.S. tariffs, indicating a stable operational environment [1] - There is a growing demand for localized procurement from North American clients to mitigate supply chain risks, contributing to the successful development of the Mexican subsidiary's business [1]

Core Viewpoint - The company is experiencing strong customer demand and is confident in its future business development, with ongoing expansion in its main business areas [2] Group 1: Business Operations - The company reports that all production and operations are normal [2] - The "Hubei Kabeiyi Production Base Project" has officially reached the production capacity stage [2] - The "Ninghai Automotive Cable Expansion Project" has completed construction and is now in the capacity ramp-up phase [2] Group 2: International Expansion - The company has invested in building a production base in Mexico to enhance its international strategic layout [2] - The Mexican factory has also entered the capacity ramp-up phase [2] - These domestic and international strategic layouts are expected to further enhance the market competitiveness of the company's products [2]