【券商聚焦】财通证券首予鸿腾精密(06088)“增持”评级 看好公司在AI算力+电动汽车领域的领先布局和成长潜力

金吾财讯
Jan 08

金吾财讯 | 财通证券发研报指,鸿腾精密(06088)凭借四十年连接器技术积累,通过“铜到光、有线到无线、元件到系统”迭代路径及战略性收购,形成覆盖光、电、车全产品线。凭借全球化研发制造网络,公司已从单一元器件供应商升级为系统解决方案提供商,具备从概念到量产的一站式定制化能力。公司实施“3+3”转型战略,取得显著成效。2025H1云端网络设施与汽车业务以35.3%营收占比首超传统消费电子,驱动公司穿越消费电子周期。其中,AI和EV业务增速(35.7%/102.3%)远超公司整体营收水平(11.53%)。紧抓AI算力基建与汽车神经网两大增量市场的机遇。1)AI侧:受益于全球光模块市场高增长(CAGR>30%),公司布局224G高速互联、800G/1.6T光模块及CPO解决方案,产品已导入北美核心客户。2)EV侧:随800V平台普及与自动驾驶等级提升,连接器单车价值量跃升。公司通过并购整合Voltaira与Auto-Kabel,构建“传感-连接-电源管理高压”垂直整合布局,并成功开拓了沙特等新兴蓝海市场。公司是全球领先的连接器厂商,该机构看好公司在“AI算力+电动汽车”领域的领先布局和成长潜力,预计公司2025-2027年营业收入分别为49.20/56.56/65.61亿美元,同比分别增长10.52%/14.97%/15.99%,净利润分别为1.65/2.69/3.33亿美元,对应PE分别为29/18/14倍,首次覆盖,给予“增持”评级。

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