Core Viewpoint - VSTECS has released its first business update for Q1 2025, showcasing significant year-over-year growth in revenue, gross margin, and net profit, reflecting the company's commitment to transparency and shareholder value [1][2] Financial Performance - In Q1 2025, total revenue increased by 16-17% YoY, gross profit rose by 20-21% YoY, and net profit attributable to shareholders surged by 28-29%, aligning with previous forecasts for 1H2025 [2] - The company anticipates a revenue growth rate of 15-20% over the next three years, primarily driven by higher margin business segments [1] - Forecasts for 1H2025 include revenue of HK$46.5 billion (16.0% YoY increase), gross profit of HK$2,065 million (16.3% YoY increase), and net profit of HK$627 million (30.3% YoY increase) [2] Strategic Insights - The release of quarterly financial data is a strategic move to enhance transparency and reduce perceived risk, which may improve the company's valuation [1] - The increase in gross profit is attributed to a rise in gross margin following the discontinuation of low-margin business in the Southeast Asian region [2]

Group 1 - The company reported Q1 2025 performance exceeding expectations, with revenue growth of 16-17% year-on-year, gross profit growth of 20-21%, and net profit attributable to shareholders increasing by 28-29% [1] - The increase in market share for domestic brands is expected to continue, driven by AI demand and the optimization of distribution business structure, with leading companies like Huawei and Haiguang maintaining high growth rates [1] - The demand for AI computing power is driving the release of network and storage products, supported by the "national subsidy" policy since Q4 2024, which has led to early procurement in Q1 [1] Group 2 - The company has established a broad product ecosystem through deepening partnerships with global brands such as Huawei, Alibaba, Tencent, and others, enhancing its coverage in the core IT product distribution market [2] - The diverse product portfolio helps improve customer stickiness and supports stable revenue sources across different economic cycles, contributing to the company's risk resilience [2] - The company is a leading technology service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation, with adjusted net profit forecasts for 2025, 2026, and 2027 showing growth of 12.0%, 11.6%, and 8.7% respectively [2]

Investment Rating - The report maintains a "Buy" rating for VSTECS with a target price of HKD 8.18 [3] Core Insights - VSTECS has shown strong financial performance in Q1 2025, with total revenue growth of 16-17% year-on-year, gross profit growth of 20-21%, and net profit growth of 28-29%, aligning with management's guidance for a revenue growth rate of 15-20% over the next three years [3] - The company has demonstrated a commitment to transparency and shareholder engagement by voluntarily updating its quarterly financial data [3] - The strong performance is attributed to the termination of low-margin operations in Southeast Asia, which has positively impacted overall profit margins [3] Financial Performance Summary - **Consumer Electronics Segment**: - Revenue: HKD 16,804 million (up 5.1% year-on-year) - Operating Profit Margin: 1.70% [2] - **Enterprise Systems Segment**: - Revenue: HKD 27,283 million (up 21.1% year-on-year) - Operating Profit Margin: 2.02% [2] - **Cloud Computing Segment**: - Revenue: HKD 2,420 million (up 55.1% year-on-year) - Operating Profit Margin: 3.95% [2] - **Total Revenue**: - Expected to reach HKD 46,508 million in H1 2025 (up 16.0% year-on-year) - Gross Profit: HKD 2,065 million (up 16.3% year-on-year) - Net Profit: HKD 591 million (up 30.3% year-on-year) [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported 1Q25 performance that exceeded expectations, with revenue growth of 16-17% year-on-year, gross profit growth of 20-21%, and net profit attributable to shareholders growing by 28-29%. This is primarily attributed to the optimization of the distribution business structure and the continuous increase in market share of domestic brands [5][6] - The domestic market is expected to benefit from the recovery of distribution losses and the demand driven by AI, which may lead to profit elasticity release. The Southeast Asian market continues to show high gross margins and growth rates, with gross margins expected to remain relatively stable [6][7] - The company is committed to broadening its product portfolio to meet the increasingly diverse needs of customers, enhancing overall market competitiveness. By deepening partnerships with globally recognized brands, the company has successfully built a comprehensive product ecosystem covering enterprise systems, consumer electronics, and cloud computing [7] Financial Summary - The company is projected to achieve net profits of HKD 11.78 billion, HKD 13.15 billion, and HKD 14.29 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 12.0%, 11.6%, and 8.7% [5][8] - The estimated revenue for 2025 is HKD 96.42 billion, with a year-on-year growth rate of 8.2%. The company’s PE ratio for 2025 is projected to be 8X [8][9] - The company’s return on equity (ROE) is expected to increase from 12.2% in 2024 to 14.0% in 2027, indicating improved profitability [8][9]

自願公告 二零二五年第一季度最新業務情況 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 二零二五年第一季度本集團財務表現 二零二五年第一季度營業額(未經審核) ，較二零二四年第一季度同比增長 16-17%。二零二五年第一季度毛利(未經審核)，較二零二四年第一季度同 比增長 20-21%。二零二五年第一季度歸屬股東純利(未經審核) ，較二零二 四年第一季度同比增長 28-29%。 本公告乃根據董事會初步審閱本集團之相關管理賬目及董事會現時可獲資 料後作出，並非以本集團核數師審核或審閱後的數據和資料為基礎。本公 告內的資料亦可能會修改或調整。本公司之股東和潛在投資者買賣本公司 證券時務請審慎行事。 承董事會命 偉仕佳杰控股有限公司 公司秘書 林從帥 香港，二零二五年五月十四日 於本公佈日期，董事會由執行董事李佳林先生、王偉炘先生、李玥先生、陳海洲先生及顧三軍 先生；非執行董事張冬杰先生；以及獨立非執行董事李煒先生、高懿洋女士及余定恒先生組 成。 本公告由 ...

Group 1 - Cloud computing stocks have collectively risen, with notable increases in companies such as Inspur Digital Enterprise (+3.76%), China Software International (+3.53%), and Tencent Holdings (+2.18%) [1] - North American cloud service providers (CSPs) reported earnings that exceeded market expectations, with Microsoft, Meta, and Amazon highlighting the significant role of AI in their revenue growth [1] - Despite concerns over tariff policies affecting the macro outlook, the demand for AI remains unchanged, contributing to a positive cycle of capital expenditure expansion, commercialization, and performance realization [1] Group 2 - Domestic demand for computing power is expected to be boosted by accelerated local infrastructure development amid global geopolitical and trade uncertainties [2] - The cloud computing market is undergoing an irreversible trend as IT workloads shift to the cloud, with artificial intelligence identified as a key driver for renewed growth [2] - The development of large language models (LLM) and generative AI (GenAI) is still in its early stages, which will play a crucial role in accelerating growth for global and Chinese CSPs [2]

亚马逊一季度现金资本支出243亿美元，同比增长74%。亚马逊CEO Andy Jassy在其2024年度股东信中 强调了公司对人工智能(AI)的巨额投资，预计今年资本支出将达1000亿美元，其中大部分将用于AI相关 项目，涵盖数据中心、网络设备、AI硬件以及生成式AI服务能力建设。 谷歌一季度的资本开支高达172亿美元，同比增长43%，主要用于投入服务器、数据中心等基础设施建 设。谷歌母公司Alphabet也在上周重申了雄心勃勃的AI建设计划，并计划今年投资750亿美元。 Meta一季度资本支出136.9亿美元，同比增长103.7%。Meta日前将全年资本支出预期从600-650亿美元提 升至640-720亿美元，主要投向AI发展。其表示，开支上调反映出"为支持AI工作增加数据中心投资、增 加基础设施硬件预期成本"。 西部证券预计，根据公司指引(假设微软后续三个季度的资本开支均不低于FY25Q3的资本开支、Meta取 FY25 Capex指引的中值)，2025年这四家的资本开支合计有望超过3286亿美元，同比增速超过35%。 智通财经APP获悉，国外巨头持续加码AI和云计算基础设施投入。微软、亚马逊、谷歌、M ...

Group 1 - Apple-related stocks showed strong performance, with Rongyang Industrial (02078.HK) rising over 6% [1] - Weishi Jiajie (00856.HK) increased by more than 5% [1] - Sunny Optical Technology (02382.HK) saw a nearly 4% rise [1] Group 2 - Other companies such as Qiu Tai Technology (01478.HK) and BYD Electronics (00285.HK) also experienced gains [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 1. 省覽及考慮本公司及其附屬公司截至二零二四年十二月三十一日止年度之經 審核綜合財務報表、本公司之董事會報告及獨立核數師報告。 2. 宣派截至二零二四年十二月三十一日止年度之末期股息每股普通股25.7港仙。 3. (a) 重選李佳林先生為本公司執行董事； (b) 重選顧三軍先生為本公司執行董事； (c) 重選余定恒先生為本公司獨立非執行董事； (d) 重選高懿洋女士為本公司獨立非執行董事；及 (e) 授權本公司董事會釐定本公司董事薪酬。 4. 續聘畢馬威會計師事務所為本公司之核數師，並授權本公司董事會釐定彼等 酬金。 5. 作為特別事項，考慮及酌情通過下列各項決議案為普通決議案（不論有否修 訂）： 「有關期間」指由本決議案通過起直至下列較早者止之期間： 「供股」指於本公司董事指定之期間向於指定記錄日期名列股東名 冊之本公司股份或任何類別股份之持有人按彼等當時持有有關股份 或類別股份之比例發售本公司股份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：856） 股東週年大會通告 (a) 在本決議案(c)段之限制下，一般及無條件批准本公司董事於有關期 間（定義見下文）內行使本公司所有權力，以配發、發行並處置本公 司股本中之額外股份（包括出售或轉讓任何庫存股份（具有上市規 則賦予之涵義）），並作出或授予可能須行使該等權力之要約、協議 及選擇權； 1 1. 省覽及考慮本公司及其附屬公司截至二零二四年十二月三十一日止年度之經 審核綜合財務報表、本公司之董事會報告及獨立核數師報告。 2. 宣派截至二零二四年十二月三十一日止年度之末期股息每股普通股25.7港仙。 3. (a) 重選李佳林先生為本公司執行董事； (b) 重選顧三軍先生為本公司執行董事； (c) 重選余定恒先生為本公司獨立非執行董事； (d) 重選高懿洋女士為本公司獨立非執行董事；及 (e) 授權本公司董事會釐定本公司董事薪酬。 4. 續聘畢馬威會計師事務所為本公司之核數師，並授權本公司 ...