Group 1: Company Overview - Company is a leading technology product solutions and IT service platform in the Asia-Pacific region, positioned as an IT distributor connecting upstream brand manufacturers with downstream channel partners [1] - The company has established deep partnerships with over 300 Fortune 500 brands and covers more than 50,000 sales channels, showcasing its significant competitive advantage [1] Group 2: Market Growth and Opportunities - The Southeast Asian market is experiencing explosive growth driven by increasing digital demand, cloud service expansion, and AI technologies, with the company actively expanding its distribution channels in eight Southeast Asian countries [2] - The company's revenue and profit from Southeast Asia have reached new highs over the past six years, with profits exceeding 500 million HKD and a continuous increase in revenue contribution from this region [2] Group 3: Financial Performance and Projections - The company is expected to achieve revenues of 99.65 billion HKD, 111.09 billion HKD, and 122.96 billion HKD in 2025, 2026, and 2027 respectively, with net profits projected to reach 1.16 billion HKD, 1.3 billion HKD, and 1.5 billion HKD in the same years [3] - The target price is set at 9.16 HKD, representing a potential upside of 46.6% from the current price, with corresponding price-to-earnings ratios of 11.4x and 10.1x for 2025 and 2026 [3] Group 4: Competitive Positioning - The company has established deep collaborations with leading cloud service providers such as Alibaba Cloud, Huawei Cloud, and AWS, positioning itself to benefit from the rapid growth of the cloud computing industry [2] - Despite being smaller in overall revenue compared to peers like Digital China, the company has surpassed them in net profit, indicating strong profitability [2]
平安证券(香港)首次覆盖伟仕佳杰：逐浪东南亚，估值坐看云起