MacVisit: Karrie International

Research evidence excerpt

MacVisit: Karrie International

Macquarie Equity Research

29 June 2026

Technology Hardware & Equipment

Hong KongMacVisit: Karrie International

AI server and rack enclosure supplier

Cherry

About this company Ma

• Founded in 1980 and headquartered in Hong Kong, Karrie International

(1050 HK, not rated) manufactures server enclosures, rack-level products,

and related mechanical components for AI infrastructure, general

purpose servers and storage solutions. Management highlighted that its Stock highlights

value proposition goes beyond simple manufacturing; it provides early Karrie International

stage engineering support, possess mature tooling capabilities for rapid Stock code 1050 HK

prototyping and mass production ramp-up, and automated product lines Price (lcy HKD) 2.06

to deliver high quality products at scale with a regional manufacturing Market Cap (US$m) 561.96

footprint in China and Thailand. In FY25/26, it generated 57% of its 1m ADTV (US$m) 3.37

revenue from metal server enclosures, 36% from storage products and 52 week price range (lcy HKD) 0.75 - 3.51

7% from EV charger enclosures and others. Its key customers include PE ratio (NTM) 8.70

HPE, Lenovo, Dell and NEC. Source: FactSet, June 2026; prices as of close on 26

June 2026

Why we visited

The subject Company discussed in this report is not under

• We visited Karrie's management to understand how the company is Macquarie Research’s coverage. This report is not an

transitioning from a traditional server-chassis supplier into a more AI- initiation of coverage on the Company and does not intend to

provide any rating or recommendation on the Company. exposed mechanical-solutions provider. Management mentioned that

this shift drove higher revenue, better margins, and stronger earnings

in FY2025/26.