Core Viewpoint - Guotai Junan International maintains a "Buy" rating for Weishi Jiajie (00856.HK) and raises the target price to HKD 14.00 based on a 14.3 times 2025 price-to-earnings ratio, following stronger-than-expected earnings in the first half of 2025 [1] Group 1: Financial Performance - The company's earnings per share exceeded expectations by 3.7% in the first half of 2025 [1] - Revenue growth was robust, particularly in the cloud computing segment, which saw a year-on-year increase of 67.9%, surpassing expectations by 8.2% [1] - The net profit forecasts for shareholders have been revised upwards for 2025-2027 to HKD 14.03 billion (+16.0%), HKD 16.28 billion (+19.2%), and HKD 20.36 billion [1] Group 2: Cloud Computing Business - The cloud computing revenue for the first half of 2025 reached HKD 26.20 billion, reflecting a year-on-year growth of 67.9% [2] - Different cloud vendors showed varying growth rates, with Huawei Cloud, Alibaba Cloud, Amazon Web Services, and VMWare growing by 29%, 156%, 293%, and 295%, respectively [2] - The company has secured several projects, including Pengcheng Cloud Brain computing power scheduling and operation management, and has established strong business relationships with domestic chip design companies [2] Group 3: Regional Expansion - The company's Southeast Asia revenue reached HKD 16.735 billion, growing by 22.5% year-on-year [2] - Specific markets in Southeast Asia contributed significantly to growth, with Thailand, the Philippines, Malaysia, and Indonesia showing year-on-year increases of 50.4%, 45.4%, 31.3%, and 29.9%, respectively [2] - A decline in Southeast Asia revenue on a quarter-on-quarter basis was attributed to a non-recurring income in Singapore in the second half of 2024 [2]

Group 1 - The report highlights that XPeng Motors achieved a record high gross margin in Q2 2025, with a revenue of 18.27 billion yuan, representing a year-on-year increase of 125.3% [5][6] - The gross margin for Q2 was 17.3%, up 3.3 percentage points from the same period in 2024, driven by the launch of high-priced models G6 and G9 [5][6] - The company expects to continue improving its overall gross margin in Q4 2025 with the release of new models and an increase in sales of range-extended vehicles [6][7] Group 2 - Shengnong Development reported a revenue of 8.856 billion yuan in H1 2025, a slight increase of 0.22% year-on-year, while net profit surged by 791.93% to 910 million yuan [11][13] - The company achieved growth in both production and sales, with chicken meat sales increasing by 2.5% and processed meat products by 13.21% [13] - The completion of the acquisition of Sun Valley Holdings has further optimized the supply chain and improved operational efficiency [13][14] Group 3 - Muyuan Foods reported a revenue of 76.463 billion yuan in H1 2025, a year-on-year increase of 34.46%, with net profit soaring by 1169.77% to 10.53 billion yuan [15][16] - The company sold 46.91 million pigs in H1 2025, with production costs decreasing to approximately 11.8 yuan/kg by July [16] - The company aims to reduce its overall debt by 10 billion yuan, having already decreased its total liabilities by 5.6 billion yuan by the end of Q2 2025 [15][16] Group 4 - Yanjin Food reported a revenue of 2.941 billion yuan in H1 2025, a year-on-year increase of 19.58%, with net profit rising by 16.70% to 373 million yuan [18][19] - The company’s revenue from konjac products increased by 155% to 790 million yuan, becoming a key growth driver [19][20] - The company is focusing on optimizing its cost structure and improving profitability through better product mix and channel strategies [20][21] Group 5 - Guocer Materials achieved a revenue of 2.154 billion yuan in H1 2025, a year-on-year increase of 10.29%, with net profit slightly up by 0.38% to 332 million yuan [22][24] - The company’s electronic materials segment saw a revenue increase of 23.65%, while the new energy materials segment grew by 26.36% [24][25] - The company is actively developing new materials and expanding its product offerings to meet the growing demand in various sectors [27][28] Group 6 - Yingliu Technology reported a revenue of 1.384 billion yuan in H1 2025, a year-on-year increase of 9.11%, with net profit rising by 23.91% to 188 million yuan [29][30] - The company’s new material and equipment segment experienced significant growth, with a revenue increase of 74.49% [31] - The company has secured multiple strategic partnerships in the nuclear energy sector, enhancing its order backlog [33][34] Group 7 - Shengquan Group reported a revenue of 5.351 billion yuan in H1 2025, a year-on-year increase of 15.67%, with net profit rising by 51.19% to 501 million yuan [37][38] - The company’s advanced electronic materials and battery materials segments achieved significant revenue growth, driven by increased demand [38][39] - The company is focusing on cost control and efficiency improvements to enhance profitability [39][40]

证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 08 月 24 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 联系人 市场表现： | 基本数据 | 2025 | 年 | 08 | 月 21 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 11.47 | | | 一年内最高/最低（港 | | | | 12.22/4.01 | | | 元） | | | | | | | 总市值（百万港元） | | | | 16,411.44 | | | 流通市值（百万港元） | | | | 16,411.44 | | | 资产负债率（%） | | | | 76.29 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——东南亚区域高速增长，利润率回升，1H25 公司业绩超预期 投资要点 ...

Core Insights - Weishi Jiajie (00856.HK) reported a revenue of HKD 45.5 billion for the six months ending June 30, 2025, representing a year-on-year growth of 13.6% [1] - The net profit attributable to shareholders was approximately HKD 610 million, reflecting a year-on-year increase of 34.7% [1] - The return on equity (ROE) stood at 13.7% [1] Revenue Breakdown - Revenue from the North Asia region was approximately HKD 28.8 billion, accounting for 63% of the total [1] - Revenue from the Southeast Asia region was around HKD 16.7 billion, making up 37% of the total [1] Business Segment Performance - The Consumer Electronics segment generated revenue of approximately HKD 17.19 billion, with a year-on-year growth of 7.5% [1] - The Enterprise Systems segment reported revenue of about HKD 25.7 billion, showing a year-on-year increase of 14.1% [1] - The Cloud Computing segment achieved revenue of approximately HKD 2.62 billion, with a significant year-on-year growth of 67.9%, becoming a key growth driver for the company [1] Strategic Focus - The Consumer Electronics segment continues to show stable growth, providing a diverse range of IT products such as computers, mobile phones, and drones to meet various consumer needs [1] - The company is strategically focusing on its cloud business, deepening collaborations with leading cloud providers [1] - Notable growth in cloud services includes a 156% increase in Alibaba Cloud, a 29% increase in Huawei Cloud, and a 293% increase in Amazon Cloud [1] Overseas Business Performance - Weishi Jiajie's Southeast Asia performance was strong, with a year-on-year growth of 22.5%, indicating a positive market growth trend [2] - The company leverages its brand and channel advantages in Southeast Asia to assist numerous Chinese enterprises in expanding overseas and increasing market share [2]

Investment Rating - The report maintains a "Buy" rating for VSTECS (00856 HK) with a target price of HK$14.00, revised from the previous target price of HK$8.18 [1]. Core Insights - The company has demonstrated strong performance in the first half of 2025, with earnings per share exceeding expectations by 3.7%. Revenue growth was particularly robust in the cloud computing segment, which saw a year-on-year increase of 67.9%, surpassing expectations by 8.2% [5]. - The forecast for net profit for 2025-2027 has been revised upwards to HK$14.03 billion (+16.0%), HK$16.28 billion (+19.2%), and HK$20.36 billion, respectively. The current target price corresponds to a price-to-book ratio of 2.0 times and a price-to-earnings ratio of 13.9 times for 2025 [5][6]. - The company has secured several significant projects in the cloud computing space and maintains strong relationships with domestic chip design companies, positioning it well for future growth [5]. Financial Performance Summary - For the fiscal year ending December 31, 2023, VSTECS reported total revenue of HK$73.891 billion and a net profit of HK$922 million, with an earnings per share (EPS) of HK$0.656 [4]. - The projected revenue for 2025 is HK$103.922 billion, with a net profit forecast of HK$1.403 billion and an EPS of HK$1.009, reflecting a growth of 33.3% in EPS compared to 2024 [4][7]. - The company’s cloud computing revenue for the first half of 2025 was HK$2.620 billion, marking a significant increase of 67.9% year-on-year [6]. Segment Performance - The cloud computing segment is expected to grow significantly, with projected revenues of HK$5.477 billion in 2025, representing a year-on-year growth of 39.2% [9]. - The Southeast Asia expansion has also been fruitful, with revenues reaching HK$16.735 billion, a year-on-year increase of 22.5%, driven by strong growth in markets like Thailand and the Philippines [5][6]. Valuation Metrics - The report indicates that VSTECS is currently trading at a price-to-earnings ratio of 15.2 for 2024 and is expected to decrease to 11.4 by 2025, suggesting an attractive valuation relative to its growth prospects [10]. - The company’s return on equity (ROE) is projected to improve from 11.6% in 2023 to 17.7% by 2027, indicating enhanced profitability [14].

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 13.60, indicating an expected upside of 18.2% from the current price of HKD 11.51 [3][15]. Core Insights - The company's 1H25 performance slightly exceeded expectations, with revenue growing by 13.6% year-on-year to RMB 455.2 billion, and net profit increasing by 34.7% to RMB 6.1 billion, driven by accelerated revenue growth and improved gross margins [3]. - Southeast Asia showed strong performance, with revenue growth of 22.5% to RMB 167.4 billion, particularly in Thailand, the Philippines, Malaysia, and Indonesia, which saw growth rates of 50.4%, 45.4%, 31.3%, and 29.9% respectively [3]. - The cloud computing segment experienced significant growth, with revenue up 67.9% to RMB 26.2 billion, particularly from Amazon Cloud and Alibaba Cloud, which grew by 293% and 156% respectively [3]. Financial Summary - Revenue projections for the company are as follows: - 2022: HKD 77,324 million - 2023: HKD 73,891 million - 2024: HKD 89,086 million - 2025E: HKD 100,439 million - 2026E: HKD 111,996 million - 2027E: HKD 124,007 million - The projected revenue growth rates are 20.6% for 2024, 12.7% for 2025, 11.5% for 2026, and 10.7% for 2027 [2][4]. - Net profit is expected to grow from HKD 823 million in 2022 to HKD 1,617 million by 2027, with a notable increase of 21.8% in 2025 [2][4]. - The gross margin is projected to remain stable around 4.5% to 4.7% over the forecast period [2][4]. Operational Efficiency - Inventory days decreased from 49 days to 48 days year-on-year, while accounts receivable days remained stable at 70 days, and accounts payable days decreased from 66 days to 65 days, indicating strong operational management [3].

Core Viewpoint - The company reported strong growth in both revenue and profit for the first half of 2025, driven by the performance of its three main business segments and significant growth in the Southeast Asia region [1][2]. Financial Performance - The company achieved revenue of approximately 455.2 billion HKD in H1 2025, representing a year-on-year increase of 13.6% [1][2]. - The net profit attributable to shareholders reached 610 million HKD, reflecting a year-on-year growth of 34.7%, exceeding market expectations [1][2]. - The gross profit margin increased by 0.32 percentage points to 4.75% during the same period [2]. Business Segment Performance - The consumer electronics segment generated revenue of approximately 171.9 billion HKD, with a year-on-year growth of 7.5% [2]. - The enterprise systems segment reported revenue of about 257.0 billion HKD, growing by 14.1% year-on-year [2]. - The cloud computing segment saw significant growth, with revenue increasing by 67.9% to approximately 26.2 billion HKD, becoming a key driver of the company's growth [2][3]. Regional Performance - Revenue from the Southeast Asia region reached approximately 167.4 billion HKD, marking a year-on-year increase of 22.5% [1][3]. - The North Asia region generated revenue of about 287.8 billion HKD, with a year-on-year growth of 8.9% [3]. Investment Outlook - The company has raised its net profit forecasts for 2025 and 2026 to 1.34 billion HKD and 1.68 billion HKD, respectively [4]. - The target price has been adjusted to 13.8 HKD based on a 14x price-to-earnings ratio for 2025, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" with a target price of 13.8 HKD [7] Core Insights - The company reported a strong performance in the first half of 2025, achieving revenue of 455.2 billion HKD, a year-on-year increase of 13.6%, and a net profit of 610 million HKD, up 34.7% [1][2] - The growth was driven by the collaborative performance of its three main business segments, with the Southeast Asia region showing significant growth of 22.5% [1][3] - The cloud computing segment emerged as a key growth driver, with revenue increasing by 67.9% year-on-year, highlighting its potential in the digital transformation landscape [2][3] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 4.75%, an increase of 0.32 percentage points year-on-year [2] - The revenue breakdown shows consumer electronics at approximately 171.9 billion HKD (up 7.5%), enterprise systems at 257.0 billion HKD (up 14.1%), and cloud computing at 26.2 billion HKD (up 67.9%) [2] - The company has adjusted its net profit forecasts for 2025 and 2026 to 13.4 billion HKD and 16.8 billion HKD respectively, reflecting a positive outlook [2][3] Business Segment Analysis - The consumer electronics segment continues to show stable growth, supported by a diverse range of IT products [2] - The enterprise systems segment remains a major contributor to revenue and profit, aligning with the increasing demand for digital transformation solutions [2] - The cloud computing segment is positioned as a significant growth area, with increasing demand for cloud solutions as businesses undergo digital transformation [3] Regional Performance - The company’s revenue from North Asia reached approximately 287.8 billion HKD, growing by 8.9%, while Southeast Asia's revenue was about 167.4 billion HKD, reflecting a robust growth of 22.5% [3]

Core Viewpoint - The Hong Kong stock market has entered a notable bull market since 2025, with the Hang Seng Index rising approximately 25.5% from the beginning of the year to August 20, significantly outperforming major US indices and A-shares [1][3]. Group 1: Company Performance - The company's stock price has surged by approximately 131.0% since the beginning of the year, significantly outperforming the Hang Seng Index [1][3]. - For the first half of 2025, the company reported a revenue of HKD 45.5 billion, a year-on-year increase of 13.6%, and a net profit of approximately HKD 610 million, up 34.7% year-on-year, indicating strong financial performance [5][6]. - The company's return on equity (ROE) reached 13.7%, positioning it among the top in the domestic ICT distribution and technology services industry [5]. Group 2: Growth Drivers - The cloud and AI computing segment has shown explosive growth, with a year-on-year increase of 67.9%, driven by partnerships with major cloud providers [6][7]. - The Southeast Asian market remains a significant growth area, with a year-on-year revenue increase of 22.5%, particularly in countries like Thailand and the Philippines [8][9]. - The company has established a strong presence in the domestic market, with over 70% of its revenue coming from local brands, reflecting a solid foundation for growth [10][15]. Group 3: Strategic Positioning - The company is recognized as a leader in AI computing infrastructure, actively participating in the construction of national-level intelligent computing centers [12][13]. - The company has a robust global strategy, particularly in Southeast Asia, where it has localized operations and partnerships with major international brands [16][17]. - The company is exploring innovative business models, including stablecoin settlements and advancements in embodied intelligence, to enhance its competitive edge [19][20]. Group 4: Future Outlook - The ongoing bull market in Hong Kong is expected to provide further upward momentum for the company's stock price, with significant growth potential in AI, cloud computing, and Southeast Asian markets [21][22]. - The company's strong fundamentals and clear growth trajectory position it as a valuable long-term investment opportunity in the current market environment [22].

Summary of Weishi Jiajie Group's Conference Call Company Overview - Weishi Jiajie Group reported a revenue of HKD 45.5 billion for the first half of 2025, representing a year-on-year growth of 13.6% [2][3] - The group achieved a shareholder return rate of 13.7% and earnings per share of HKD 44.06 [2][3] - Total assets reached HKD 40.5 billion with a cash balance of HKD 3.82 billion and a net debt to total assets ratio of 0.14 [3] Key Financial Metrics - Accounts receivable turnover days: 70 days [2][3] - Accounts payable turnover days: 65 days [2][3] - Inventory turnover days: 48 days [3] - Operating turnover days: 53 days [2][3] Market Performance - Southeast Asia emerged as a growth engine with a revenue increase of 22.5% year-on-year [2][5] - Specific country growth rates: Thailand 50.4%, Philippines 45.4%, Malaysia 31.3%, Indonesia 29.9% [2][5] - The strong growth in Southeast Asia is attributed to local digitalization trends and a 104% increase in Apple business [5] Cloud Business Growth - The cloud business experienced explosive growth with a year-on-year increase of 67.9% [2][6] - Revenue growth from major cloud services: Alibaba Cloud 156%, Huawei Cloud 29%, Amazon Cloud 293%, VMware 295% [6] - The subsidiary Jiajie Yunxing achieved a revenue growth of 63% and won multiple AI computing center projects [6] Financial Services Innovations - The company is exploring financial service innovations, including the introduction of stablecoins to enhance cross-border payment efficiency and reduce exchange rate risks [7] - Focus on creating a new IP distribution ecosystem to improve operational efficiency and digitalization [7] Future Development Strategy - Plans to expand into Vietnam and India, with considerations for entering South Korea, Japan, Taiwan, and Australia [4][13] - Aiming to become the largest ICT industry solution technology platform in China and Asia [8] - The company maintains a stable dividend policy with a payout ratio of approximately 35% [4][14] Growth Drivers - Revenue growth is primarily driven by increased demand for basic computing power and AI [9] - The cloud business segment grew by 76% due to rising AI computing power demand [9] - Collaborations with several computing ecosystem partners, including Kunpeng and Haiguang chips, have significantly boosted performance [9] AI Business Outlook - AI business is still in its early stages, but the company plans to invest heavily in AI software and related fields [12] - Achieved a 76% growth in the AI segment in 2025, exceeding expectations [12] M&A Plans - The company is actively seeking acquisition opportunities to accelerate growth [15] Performance Guidance - Expected profit and revenue growth of around 20% over the next 2 to 3 years while maintaining operational quality [16] Seasonal Business Trends - Overall business shows some seasonality, with lower activity in the first half of the year due to the Spring Festival [17]