华源证券续指，公司东南亚业务继续保持高增长，根据公司官方微信公众号信息，2025年AI相关业务 同比增长30%，区域纯利同比增长20%。公司作为英伟达东南亚核心合作伙伴，助力多个AI算力中心落 地，并持续扩大Apple、HPE、Dell等国际品牌市场份额，其中Apple业务同比增长67%。该行认为，随 着东南亚数字化转型提速及中国科技企业出海需求增强，公司凭借本地化渠道、技术支持与交付能力， 有望持续受益于AI基础设施建设与区域ICT需求扩张带来的成长机遇。 伟仕佳杰(00856)午前涨近4%，截至发稿，涨4.24%，报3.69港元，成交额4.84亿港元。 消息面上，近日，伟仕佳杰公布2025年业绩，公司年度股东应占溢利13.53亿港元，同比增加28.66%。 公告称，由于各分部的需求都在增长，尤其是人工智能热潮及电子产品的普及所带来的消费电子及云端 计算的需求，本集团于本年度取得可观收益。华源证券指出，从增速上看，公司利润增速显著快于收 入，主要原因是公司不仅受益于AI相关高景气，也受益于业务结构优化、高毛利业务占比提升，以及 存储等电子元器件涨价带来的盈利改善。 | 伟仕佳杰 | | | | | --- ...

[Table_StockInfo] 2026 年 03 月 23 日 证券研究报告•2025 年年报点评 伟仕佳杰（0856.HK）计算机 目标价：11.57 港元 买入 （维持） 当前价：8.70 港元 云算 AI 融合全栈生态，双轨算力驱动业绩高增 | 指标/年度 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万港元) | 89085.59 | 97626.19 | | 110174.51 122517.75 134223.71 | | | 增长率 | 20.56% | 9.59% | 12.85% | 11.20% | 9.55% | | 归属母公司净利润(百万港元) | 1051.98 | 1353.49 | 1662.89 | 1958.61 | 2260.69 | | 增长率 | 14.09% | 28.66% | 22.86% | 17.78% | 15.42% | | 每股收益 EPS(港元) | 0.73 | 0.94 | 1.16 | 1.36 | 1.57 | ...

华源证券续指，公司东南亚业务继续保持高增长，根据公司官方微信公众号信息，2025年AI相关业务 同比增长30%，区域纯利同比增长20%。公司作为英伟达东南亚核心合作伙伴，助力多个AI算力中心落 地，并持续扩大Apple、HPE、Dell等国际品牌市场份额，其中Apple业务同比增长67%。该行认为，随 着东南亚数字化转型提速及中国科技企业出海需求增强，公司凭借本地化渠道、技术支持与交付能力， 有望持续受益于AI基础设施建设与区域ICT需求扩张带来的成长机遇。 消息面上，近日，伟仕佳杰公布2025年业绩，公司年度股东应占溢利13.53亿港元，同比增加28.66%。 公告称，由于各分部的需求都在增长，尤其是人工智能热潮及电子产品的普及所带来的消费电子及云端 计算的需求，本集团于本年度取得可观收益。华源证券指出，从增速上看，公司利润增速显著快于收 入，主要原因是公司不仅受益于AI相关高景气，也受益于业务结构优化、高毛利业务占比提升，以及 存储等电子元器件涨价带来的盈利改善。 伟仕佳杰(00856)午前涨近4%，截至发稿，涨4.24%，报3.69港元，成交额4.84亿港元。 ...

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2026 年 03 月 23 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | 基本数据 | 2026 | 年 | 03 | 月 | 20 | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 8.75 | | | 一年内最高/最低（港 | | | | 12.22/4.57 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | 12,510.64 | | | | 流通市值（百万港元） | | | | 12,510.64 | | | | 资产负债率（%） | | | | | 75.79 | | | 资料来源：聚源数据 | | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——国产算力景气延续，东南亚快速增长 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of HKD 97.63 billion for the fiscal year 2025, representing a year-on-year growth of 9.6%, while the net profit attributable to shareholders reached HKD 1.35 billion, up 28.7%, indicating a significant enhancement in profitability [2] - The Southeast Asian market is a key driver of strong performance, with revenue from this region growing by 16.6% year-on-year, contributing 37% to total revenue. The pure profit from Southeast Asia increased by 20%, driven by the company's Starlink business, which saw a growth of 68.9% [3] - The cloud computing business is showing promising growth, with a year-on-year increase of 29.1%, and the company has established itself as a key player in the domestic market through partnerships with major brands like Huawei and Alibaba [4][5] Financial Summary - For the fiscal year 2025, the company achieved total revenue of HKD 97.63 billion, with a year-on-year growth of 9.6%. The net profit attributable to shareholders was HKD 1.35 billion, reflecting a year-on-year increase of 28.7% [2][8] - The company expects revenue for 2026 to be HKD 107.95 billion, with a projected net profit of HKD 1.61 billion, indicating continued growth [8] - The gross profit margin is expected to improve gradually, reaching 4.80% by 2028 [8] Business Segmentation - In terms of business segments, enterprise services generated HKD 53.53 billion, up 2.3%, while consumer electronics revenue was HKD 39.01 billion, growing by 18.9%. The cloud computing segment achieved HKD 5.08 billion, marking a 29.1% increase [4] - The company has successfully transitioned its business model in Southeast Asia from traditional distribution to technology solutions, benefiting from the local digital transformation demand [3]

Group 1 - The core viewpoint of the report highlights significant growth in core net profit for 2025, driven by high-end product offerings and export expansion for Geely Automobile [4][5] - Geely's total delivery volume reached 3.025 million units in 2025, a year-on-year increase of 39.0%, with total revenue of 345.23 billion yuan, up 25.1% [4] - The company expects to launch multiple new models in 2026, including the Zeekr 8X, which has shown strong pre-sale performance [5][6] Group 2 - The report indicates a substantial increase in overseas sales for Geely, with exports reaching 121,000 units in January-February 2026, a year-on-year increase of 129.4% [6] - Geely aims to expand its overseas channels to over 2,000 and has set an annual export target of 640,000 units for 2026 [6] - The company is advancing its AI strategy, integrating AI technology into core automotive functions, and has announced a partnership with NVIDIA to enhance AI capabilities [6] Group 3 - The report projects Geely's revenue to grow to 421.8 billion yuan in 2026, with net profit expected to reach 215 billion yuan, reflecting a growth rate of 27% [7] - The company's earnings per share (EPS) is forecasted to be 1.98 yuan in 2026, with a price-to-earnings (PE) ratio of 8.2 times [7] - The report maintains a "buy" rating for Geely, citing the company's strong growth potential driven by new energy products and high-end brand sales [7] Group 4 - The report on Blukoo indicates a significant increase in revenue, reaching 2.913 billion yuan in 2025, a year-on-year growth of 30.0% [8][9] - The adjusted net profit for Blukoo was 675 million yuan, up 15.5% from the previous year, despite a decline in gross margin due to rising costs [8] - The company has seen a notable increase in adult-targeted products, with a significant rise in the number of SKUs aimed at consumers aged 16 and above [10] Group 5 - The report on Xiechuang Data shows a remarkable revenue growth of 93.77% year-on-year in Q4 2025, reaching 3.905 billion yuan [13] - The net profit for the same quarter was 466 million yuan, reflecting a year-on-year increase of 246.15% [13] - The company has diversified its revenue streams, with intelligent computing products becoming a significant contributor to overall income [13] Group 6 - The report on SF Holding indicates a 9.44% year-on-year increase in business volume for January-February 2026, with revenue from express logistics reaching 36.817 billion yuan [18] - The average revenue per package has slightly decreased by 0.79%, but the company expects stabilization in pricing as it adjusts its market strategy [18] - The long-term outlook for SF Holding remains positive, with expectations for growth in international business and supply chain services [19] Group 7 - Tencent Music's revenue for 2025 was 32.9 billion yuan, a year-on-year increase of 15.8%, with net profit rising by 66.4% to 11.06 billion yuan [22][24] - The company has seen strong growth in its online music subscription business, with a notable increase in both user payment rates and average revenue per paying user (ARPPU) [26] - The report highlights the potential for AI to enhance music creation and consumption, driving further growth in the industry [28] Group 8 - The report on the electric power ETF indicates a significant opportunity for asset revaluation in the power sector, driven by the increasing demand for electricity from data centers [30][31] - The report emphasizes the importance of the new pricing mechanisms for electricity generation, which are expected to enhance the profitability of power assets [32] - The electric power sector is positioned as a defensive investment, with strong cash flow and dividend capabilities, making it attractive for long-term investors [34]

伟仕佳杰（0856） 更新报告 ➢聚焦"国产 + 海外"算力生态：2025 年公司北亚市场（含中国大 陆、港澳台及日韩等）收入 618.8 亿港元，同比增长 5.9%，占集团总 收入约 63%，公司与华为鲲鹏生态合作伙伴超聚变、华鲲振宇等企业合 作多年，业务持续保持高速增长，2025 年又与摩尔线程、沐曦等企业 启动战略合作，完成了国产算力生态的全面布局，在自主可控趋势推 动下，国产算力渗透率持续提升，公司作为核心渠道与方案服务商显 著受益。同时东南亚市场拓展成效显著，全年收入达 357.5 亿港元， 同比增长 16.6%，公司作为英伟达在东南亚地区的核心合作伙伴，将充 分受益东南亚市场的人口红利、政策利好与数字化进程加速。 ➢云计算与 AI 业务已是第二增长极：公司通过深度绑定国内外云大 厂，云计算业务收入同比大增 29.1%至 50.8 亿港元，其中 AWS 业务同 比增长超过 120%，阿里云业务增长 38%，华为云业务增长 25%。公司在 云管理服务领域实力强劲，位列 IDC 中国第三方云管市场前五，同时自 研云服务产品已布局了全线 AI 产品及方案，客户及项目持续拓展，我 们预计公司未来云计算收入业 ...

CMB International Global Markets | Equity Research | Company Update VSTECS (856 HK) VSTECS (856 HK) - FY25 FY25 review: AI compute and self strong momentum -developed products maintain strong momentum VSTECS reported FY25 results: total revenue increased by 10% YoY to HK$97.6bn, largely in line with Bloomberg consensus estimate; net profit grew by 29% YoY to HK$1.35bn, 5% ahead of consensus estimate thanks to the effective opex control and increase in revenue contribution from higher-margin self-developed p ...

Financial Data and Key Metrics Changes - In 2025, the company reported a revenue growth of 9.6% to HKD 97.6 billion and a net profit increase of 28.7% to HKD 1.35 billion, with earnings per share at 97.68 Hong Kong cents [17][18] - The return on equity was 13.8%, significantly higher than the Hang Seng stock average of 10.53% [17] - The company achieved a record high in both revenue and net profit, with an average annual growth rate of 23% for revenue and 28% for net profit [17][18] Business Line Data and Key Metrics Changes - The domestic computing power business grew by 27% in 2025, while the Southeast Asia computing power business increased by 30% [20][21] - The cloud business grew by 29%, with AWS business surging by 120% year-on-year and Alibaba Cloud growing by 38% [22][23] - VMware-related business experienced a growth of 120% year-on-year [22] Market Data and Key Metrics Changes - The company has established a dual computing power ecosystem, both domestically and overseas, facilitating multiple AI computing centers and key projects in Southeast Asia [21][23] - The company won several awards, including NVIDIA's Network Business Distributor of the Year and VMware's Broadcom Asia Pacific Regional Distributor of the Year [22] Company Strategy and Development Direction - The company plans to continue investing in R&D, particularly in agent foundation models and orchestration of computing power, with an expected investment growth of over 100% in three core sectors [14][15] - The growth target for 2026 is set at 50% year-on-year, with a target of 120% for 2027 [15] - The company aims to be a leading provider of enterprise-grade full-stack AI products and solutions in the Asia-Pacific region [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing a comprehensive understanding of their technological advantages and a full-stack AI product offering [14][15] - The company acknowledged challenges in recruitment of top talent compared to competitors but emphasized their strong management and operational excellence [28][29] - Management indicated that while cost-saving measures are important, the focus remains on development opportunities rather than substantial new cost-saving strategies [31] Other Important Information - The company has established partnerships with major players like Alibaba Cloud, Huawei Cloud, and NVIDIA, enhancing their service capabilities [12][21] - The company has developed over 40 intellectual property assets and more than 18 AI agent offerings, with a focus on industries such as manufacturing, finance, government, and energy [3][4] Q&A Session All Questions and Answers Question: Strategy for expanding overseas and M&A in 2026 - Management indicated a focus on Asia for short-term expansion and mentioned ongoing negotiations for potential M&A opportunities in Vietnam [30] Question: Advantages and disadvantages compared to competitors - Management highlighted stable profitability and strong management as advantages, while acknowledging challenges in talent recruitment compared to competitors [28][29] Question: New measures for cost-saving and efficiency gains in 2026 - Management stated that there are no substantial new measures planned, as cost-saving is part of their operational DNA [31] Question: Will SpaceX and Starlink be a new driver for 2026? - Management confirmed that they expect to maintain current growth rates in Starlink's business, despite supply issues [35][36] Question: Purpose of launching Vclaw and its development - Management explained that Vclaw aims to provide full scenario coverage for self-deployed scenarios and is optimized for ease of use compared to previous products [41] Question: Impact of storage price increases on business - Management noted that while higher storage prices may affect demand, it could also improve gross profit margins and facilitate business development with major clients [42][43] Question: Guidance for revenue and profit expectations - Management indicated a historical growth rate of about 30% and projected a 20% growth for net profit over the next three years, with a focus on organic growth [52][53] Question: Outlook for Q1 - Management expressed a conservative outlook but aimed to fulfill commitments and achieve results consistent with previous performance [62]

Financial Data and Key Metrics Changes - Revenue for 2025 grew by 9.6% to HKD 97.6 billion, marking a record high with an average annual growth rate of 23% [16] - Net profit increased by 28.7% to HKD 1.35 billion, also a record high with an average annual growth rate of 28% [16] - Earnings per share reached 97.68 Hong Kong cents, with a return on equity of 13.8%, significantly higher than the Hang Seng stock average ROE of 10.53% [16] - Working capital days decreased from 52 days to 46 days, inventory days reduced from 48 days to 45 days, and accounts receivable days fell from 72 days to 69 days [18] Business Line Data and Key Metrics Changes - Domestic computing power business grew by 27% in 2025, with key projects implemented with State Grid [18] - Southeast Asia computing power business increased by 30%, supporting NVIDIA in building a local AI ecosystem [19] - VMware-related business grew by 120% year-on-year, while AWS business surged by 120% year-on-year [20] - Cloud business grew by 29%, and core business with Huawei Cloud grew by 25% [20] Market Data and Key Metrics Changes - The company has established a dual computing power ecosystem, both domestically and overseas, to enhance its market presence [18][19] - The company won multiple awards, including NVIDIA's Network Business Distributor of the Year and VMware's Broadcom Asia Pacific Regional Distributor of the Year [20] - The company aims to replicate successful cases across the Asia-Pacific region, enhancing its market coverage [14] Company Strategy and Development Direction - The company plans to continue investing in R&D, with a focus on AI computing power and self-developed technology, aiming for a 50% year-on-year growth in 2026 and 120% in 2027 [14] - The strategy includes expanding self-developed technology and actively exploring overseas markets, particularly in Southeast Asia [22] - The company emphasizes a holistic service capability, providing full-stack AI products and solutions [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing a strong demand for AI products and services [13] - The company acknowledges challenges in talent acquisition compared to competitors but emphasizes its stable profitability and management excellence [25][26] - Management indicated that while cost-saving measures are important, the focus remains on development opportunities rather than substantial new measures [27] Other Important Information - The company has over 40 intellectual property assets and more than 18 AI service offerings, with a focus on industries such as manufacturing, finance, government, and energy [3][4] - The company has established partnerships with major cloud providers like Alibaba Cloud and Huawei Cloud to enhance its service offerings [4][5] Q&A Session Summary Question: What is the strategy for expanding overseas and M&A in 2026? - Management indicated a focus on Asia for short-term overseas strategy and mentioned ongoing negotiations for potential M&A opportunities in Vietnam [26][27] Question: What are the advantages and disadvantages compared to competitors? - Management highlighted stable profitability and extensive product management as advantages, while acknowledging challenges in talent acquisition compared to top competitors [25][26] Question: What new measures for cost-saving and efficiency gains are planned for 2026? - Management stated that no substantial new measures are planned, as cost-saving is part of the company's operational DNA [27] Question: Will the Starlink business be a new driver for 2026? - Management confirmed the intention to maintain growth in the Starlink business, noting supply issues as a current challenge [30][31] Question: What is the outlook for Q1? - Management expressed confidence in maintaining profitability and growth rates similar to the previous year, while being conservative in guidance [56][57]