Core Viewpoint - The financial performance of Weishi Jiajie for FY24 is strong, driven by robust demand for AI solutions and growth in Southeast Asia, with total revenue increasing by 21% year-on-year to HKD 89.1 billion, exceeding expectations [2] Group 1: Financial Performance - Total revenue for FY24 reached HKD 89.1 billion, a 21% year-on-year increase, surpassing expectations by 7% and 8% [2] - Net profit for FY24 grew by 14% to HKD 1.05 billion, exceeding expectations by 10% and 6% [2] - The company's gross margin decreased by 0.3 percentage points to 4.4% due to intense domestic market competition and a higher contribution from lower-margin AI server distribution [4] Group 2: Business Segments - Revenue from enterprise systems, consumer electronics, and cloud computing grew by 30%, 8%, and 28% respectively, reaching HKD 52.3 billion, HKD 32.8 billion, and HKD 3.9 billion [3] - AI and cloud computing business revenue increased by 35% to HKD 7.7 billion, accounting for approximately 9% of total revenue [3] - Southeast Asia revenue surged by 74% to HKD 30.7 billion, driven by strong demand for AI data centers in Malaysia and Singapore [3] Group 3: Future Outlook - Management expects FY25-27 earnings growth to maintain between 15% and 20% due to demand for AI solutions, cloud computing, and trusted computing [2] - The company plans to increase R&D investment in AI by over 50% and expand its DeepSeek service to over 30 existing managed data centers [3] - The target price has been raised to HKD 7.60 based on an 8x FY25 PE, up from the previous HKD 7.20 based on a 10x FY25 PE [2]
招银国际TMT：伟仕佳杰FY24业绩强劲 受益于强劲的AI需求