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 ...

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].

Group 1 - The core viewpoint of the article emphasizes the long-term growth potential of 汇聚科技 (Hui Ju Technology) in the data communication, automotive, and medical sectors, driven by its strong management and technological leadership [3][4][7] - 汇聚科技 is a specialized supplier of customized wire interconnection solutions, with three main business segments: wire components, digital wires, and servers [4][12] - The company has experienced rapid growth since becoming a member of the 立讯精密 (Luxshare Precision) group in 2022, with projected revenues of 35.9 billion, 48.3 billion, and 73.9 billion HKD for 2022, 2023, and 2024 respectively [4][21] Group 2 - In the data communication sector, the demand for AI computing is driving growth, particularly in MPO optical communication and AI server markets, with a projected CAGR of 14% from 2024 to 2030 [5][28] - The MPO business is a core profit source for the company, with significant demand from major cloud providers, and revenue from optical fiber products is expected to grow substantially [5][24] - The server business has seen a remarkable increase in revenue, with a 318% year-on-year growth in the first half of 2025, driven by AI demand [5][27] Group 3 - In the automotive sector, the successful acquisition of Leoni Kable is expected to enhance the company's capabilities and market position, with the global automotive cable market projected to reach 169 billion by 2030 [6][28] - The automotive segment has shown steady growth, with revenues of 1.58 billion and 0.76 billion HKD for the first half of 2024 and 2025, respectively [6][24] - The integration of Leoni Kable is anticipated to lead to significant revenue growth and improved profitability for the automotive business [6][28] Group 4 - The medical sector is benefiting from an aging population and advancements in AI technology, with a projected revenue increase of 217% to 8.2 billion HKD in 2024 [7][28] - The company is actively investing in innovative medical technologies and has established partnerships to enhance its capabilities in this field [7][28] - The medical device segment is expected to continue its growth trajectory, supported by the resources and expertise of 立讯精密 [7][28] Group 5 - The company has a concentrated and stable ownership structure, with 立讯精密 holding 70.6% of its shares, which enhances strategic collaboration and resource sharing [15][19] - Recent acquisitions and expansions, including the purchase of a copper wire company, are aimed at strengthening the company's supply chain and vertical integration [30][34] - The financial performance has shown a significant recovery, with projected revenues for the first half of 2025 reaching 48.54 billion HKD, a year-on-year increase of 82.1% [21][22]