AI推动服务器和数据中心业务增长，拟收购莱尼LCS剩余51%的股权
Server and data center businessesdriven by AI& To acquire remaining 51% equity stake in Leoni LCS 最新动态 ➢拟收购莱尼剩余51%的股权。2026年4月23日，公司与卖方订立买卖协议，公司有条件同意收购，而卖方有条件同意出售销售股份（相当于目标公司已发行股本的51%），初步代价为1270万美元（可予调整）。于公告日期，目标公司由公司及卖方分别拥有49%及51%权益。完成后，公司将拥有目标公司的全部已发行股本，而目标公司将成为公司的直接全资附属公司。2025年，莱尼LCS集团收入为119.97亿港元，除税前利润为2.23亿港元，除税后利润为1.26亿港元。集团在下游汽车线束板块的业务布局，与目标集团的业务形成无缝价值链。收购事项带来的目标集团的全面所有权，将能够更有效地配置资源，提升集团整个汽车业务板块的管理及营运效率。凭借目标集团在欧洲及美洲的既有业务据点，收购事项完成后，集团得以实时渗透至该等主要海外市场。集团拟利用目标集团的全球布局，拓展其他业务分部以接触更多全球潜在客户。收购事项亦促进集团与目标集团之间的全面技术知识交流，从而提升研发能力，并为客户提供更精密、更高附加值的产品。 ➢AI持续推动集团于数据中心的服务器业务及电线组件业务。云技术应用在全球范围内持续加速。在电讯技术快速发展以及大数据、物联网、游戏及视频流媒体应用日益普及的推动下，此扩张正为数据中心带来强劲的结构性需求。集团的服务器业务建立于其进入市场策略及JDM/ODM模式之上，凭借深度客户定制化及与中国数字基础设施建设的紧密协同，在把握此增长机遇中处于有利地位。此外，AI的兴起显著加速了集团服务器及数据中心相关业务的增长，因为全球对AI基础设施的投资刺激了对半导体及电子组件的强劲需求。集团预计，AI将继续成为未来需求的主要结构性驱动力。2025年，服务器分部与数据中心分部的收入分别同比大幅增长132.1%及49.4%，来自数据中心分部的收入增长带动集团利润增加。 动向解读 ➢公司是一家信誉卓著的定制电线互连方案供货商。公司在行业拥有超过30年经验，集团的总部设于香港，并于上海、江苏、江西及广东，以及日本、泰国、越南及墨西哥拥有生产设施。集团目前制造及供应各种铜缆和光缆电线组件、数字电线产品、铜线产品、医疗产品及服务器，产品均根据个别客户伙伴的详述规格及设计而生产。产品已使用在包括电讯、数据中心、工业设备、医疗设备、汽车配线、数字电线及服务器在内的各种市场领域，均受不少商誉优良的中国及国际客户所采用。其业务特点为定制电线及服务器产品，适用于广泛应用中的各种规格。集团按合约生产服务(CMS)基准供应电线及服务器产品，而其电线及服务器产品在收到客户订单后定制生产。 ➢集团收购德晋昌集团，增强供应链的韧性。集团于2025年12月收购德晋昌集团。德晋昌集团可带来垂直整合的铜线生产能力、广泛的亚太区客户基础，以及位于中国、泰国及越南的制造设施。此项收购可增强供应链的韧性，减少对单一国家采购渠道的依赖，并透过确保其核心电线产品所需的关键高质量上游原材料供应，巩固集团的竞争力。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为13.19、17.73和24.27亿元，参考同行业公司，考虑到A-H股估值差异，给予公司2026年40倍PE，按照港元兑人民币0.88汇率计算，对应目标价26.86港元，首次覆盖给予“买入”评级。 风险提示 ➢地缘政治与政策风险、原材料与汇率风险、财务风险、并购整合效果不及预期的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，覆盖港股AI、半导体、软件、科技行业标的如下：汇聚科技、伟仕佳杰、晶门半导体、珩湾科技、卓越睿新、中国软件国际、百望股份、百富环球、赛晶科技、有赞、汇通达网络、博雅互动、IGG、网龙、极视角、华沿机器人等。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852) 97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publica