Initiation: Building a global connectivity platform

研报英文原文证据摘录

Initiation: Building a global connectivity platform

Macquarie Equity Research Time Interconnect Technology

Cable assembly (28% of 2025 revenue) – Organic growth driver

Time Interconnect's cable assembly business comprises five key subsegments: data centre

(53% of segment revenue in 2025), medical equipment (25%), telecommunications (16%),

automotive (5%) and industrial equipment (1%). The company assembles the fibre and copper

cables according to customers' custom-designed specifications, with cables and connector

parts purchased externally. The company's value add is its decades of accumulated assembly

know-how, which has earned the trust of both international and domestic customers.

A know-how driven business

• Assembling fibre optics is a highly precision-driven process where even microscopic

contamination can lead to critical failures. The core expertise lies in ensuring consistently

high-quality fibre end finishes through advanced polishing and strict quality validation. For

high-performance (single-mode) applications, maintaining low signal loss and reflectance

requires tightly controlled, clean manufacturing environments.

• Copper cable assembly challenges are concentrated at the termination stage, where the

cable’s internal structure is disrupted to interface with connectors. The key execution risk

lies in maintaining signal integrity despite this structural transition. Key know-how includes

(but is not limited to) controlling untwist length to limit signal degradation, managing

impedance consistency to minimise signal reflections, handling shielding integrity, and

mechanical joining (termination).

Figure 11 - Cable assembly revenue forecast and Figure 12 - Cable assembly revenue mix and gross

YoY growth margin forecast

(HK$m)