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 ...

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 - 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 汇聚科技 (01729) has announced a positive earnings forecast, expecting a 60% to 70% increase in net profit for the fiscal year 2025 compared to the previous year [1] - The increase in revenue is primarily driven by a rise in sales orders in the data center and server segments within the wire components division [1] - The company also anticipates an increase in net earnings from its joint ventures during the year [1] Group 2 - 招商证券 has released a report highlighting that the company is a crucial part of the立讯体系, with strong positioning in the 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 莱尼电缆, positioning the company to rapidly ascend to a leading global automotive cable supplier [1] - The medical equipment segment is described as having long-term growth potential, with active investments in cutting-edge sectors, suggesting a promising outlook for mid to long-term growth opportunities [1]

Industry Overview - The global optical module market is expected to exceed $37 billion by 2029 according to LightCounting [1] - The demand for 800G optical modules is projected to peak in 2025, with global shipments reaching 18-19.9 million units, doubling year-on-year [2] - The 1.6T optical module is anticipated to enter commercial use in 2025, with expected demand of 2.5-3.5 million units [2] Company Insights - **Cambridge Technology (06166)**: The company is focusing on high-speed optical modules, with significant contributions from its 400G/800G/1.6T product lines. It has completed the development of its full series of 800G optical modules and is preparing for the production of 1.6T samples [3] - **Hui Ju Technology (01729)**: The company is positioned well in the MPO optical communication and AI server sectors, with strong demand for its MPO products. Its fiber optic revenue is expected to grow significantly, with a year-on-year increase of 43% and 35% for 2024 and 2025 H1 respectively [3] - **Yangtze Optical Fibre and Cable (06869)**: The company is diversifying its product offerings, focusing on high-value products like multimode and hollow-core fibers. It is also expanding its overseas business, with 80% of its placement funds allocated for this purpose [4] - **FIT HON TENG (06088)**: The company is advancing AI server projects and is expected to benefit from the growing demand for new power supply and liquid cooling solutions in AI server platforms [4]

Group 1: Federal Reserve Leadership and Economic Outlook - President Trump has named Kevin Hassett as a potential candidate for the next Federal Reserve Chair, with plans to announce the selection in early 2026, increasing speculation about the Fed's future leadership [1] - According to CME's FedWatch tool, there is an 89.2% probability of a 25 basis point rate cut in December, and a 66.6% probability of a cumulative 25 basis point cut by January 2024 [1] - The OECD predicts that developed economies will end their current rate-cutting cycle by the end of 2026, indicating limited policy easing space for major central banks despite potential economic slowdowns [1] Group 2: Stock Market Performance - U.S. stock markets saw gains, with the Dow Jones Industrial Average rising by 185.13 points to 47,474.46, a 0.39% increase, and the S&P 500 up by 16.74 points to 6,829.37, a 0.25% increase [2] - Apple shares rose over 1%, marking a seventh consecutive day of gains and reaching a new all-time high [2] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index falling by 0.65% [2] Group 3: Economic Growth Forecasts - The OECD has raised its 2025 economic growth forecast for China to 5%, up from a previous estimate of 4.9% [3] - Global economic growth is projected at 3.2% for 2025 and 2.9% for 2026, remaining unchanged from prior forecasts [3] Group 4: Semiconductor Market Insights - Morgan Stanley forecasts that the humanoid robot semiconductor market will reach $305 billion by 2045, with demand expected to grow by approximately 15% from 2025 to 2030, followed by a 40% increase thereafter [4] Group 5: Strategic Partnerships and Collaborations - EVE Energy has signed a comprehensive strategic cooperation agreement with China Gas, focusing on energy storage technology innovation and the large-scale application of clean energy [8] - Sunny Optical Technology is the exclusive supplier of camera lenses and main camera telephoto modules for the Doubao mobile assistant engineering prototype [6] Group 6: New Product Launches and Approvals - Xpeng Motors and Huawei jointly launched the next-generation DriveONE range extender generator, achieving a power density of 1.88 kW/kg and an industry-leading efficiency of ≥92% [5] - Daqi Pharmaceutical has received IND approval for its ATG-022 combined with KEYTRUDA® and chemotherapy in China [9] Group 7: Corporate Acquisitions and Stock Movements - JD.com has acquired approximately 59.8% of Ceconomy’s equity and voting rights, with total holdings expected to reach 85.2% after the transaction [10] - Black Sesame Intelligence plans to invest approximately RMB 400 million to 550 million to acquire a majority stake in Zhuhai Yizhi Electronics Technology [14]

Group 1 - The core viewpoint of the news highlights the significant advancements in AI capabilities with the launch of Google's Gemini 3, which outperforms previous models like GPT-5.1 and Sonnet4.5 across various metrics [1] - The strategic partnership between Microsoft, Nvidia, and AI startup Anthropic, with Nvidia committing up to $10 billion and Microsoft up to $5 billion in investments, indicates a strong collaborative effort to enhance AI computing power [1] - The overall sentiment suggests that the upgrades in AI models and the collaboration among tech giants may catalyze growth in the AI computing power industry [1] Group 2 - According to a previous report by China Merchants Securities, there is a strong demand for AI computing power, positioning the company well in the MPO optical communication and AI server sectors for high-quality growth [2] - The MPO business is identified as the company's core profit source, with a leading position in technology, and the 16-core MPO products have begun mass shipments, making the company a key supplier in Google's ecosystem [2] - The company's optical fiber revenue is projected to grow significantly, with a year-on-year increase of 43% in 2024 and 35% in the first half of 2025, indicating robust demand and high profitability in the MPO segment [2]

Core Viewpoint - 汇聚科技 is a professional custom wire interconnection solution provider, benefiting from the AI trend and various strategic acquisitions, positioning itself for long-term growth in the data communication, automotive, and medical sectors [1][2]. Data Communication Sector - The demand for AI computing power is driving growth in the MPO optical communication and AI server markets, with MPO expected to reach a market size of $1.6 billion by 2030, growing at a CAGR of 14% from 2024 to 2030 [3]. - The company's MPO business is a core profit source, with significant growth in fiber revenue, increasing by 43% year-on-year in 2024 and 35% in the first half of 2025 [3]. Automotive Sector - The acquisition of Leoni Kable enhances the company's capabilities across production, sales, and customer networks, positioning it for significant growth in the automotive cable market, projected to reach 169 billion yuan by 2030 [4]. - The automotive business has shown steady growth, with revenues of 1.58 million and 0.76 million HKD in 2024 and the first half of 2025, respectively, reflecting increases of 57% and 12% year-on-year [4]. Medical Sector - The aging population and advancements in AI are driving demand for medical devices, with the company's medical device wire components expected to grow by 217% to 820 million HKD in 2024 [6]. - The company is actively investing in cutting-edge medical technologies and has made investments in three overseas companies focusing on touch and virtual reality technologies [6]. Financial Projections - The company forecasts total revenues of 101.7 billion, 129.2 billion, and 163.9 billion HKD for 2025, 2026, and 2027, respectively, with net profits of 7.14 billion, 11.19 billion, and 16.11 billion HKD [5].