Ge Long Hui·2025-08-22 04:00Core Viewpoint - The company reported rapid profit growth in its 2025H1 performance, driven significantly by cloud computing and AI, with a focus on scenario-based solutions and expansion in Southeast Asia [1][6]. Financial Performance - In 2025H1, the company achieved a revenue of HKD 45.515 billion, a year-on-year increase of 13.55% - Net profit reached HKD 610 million, up 34.67% year-on-year - Earnings per share were HKD 0.4406, reflecting a 35.28% increase year-on-year - Return on equity stood at 13.7% - Gross margin improved to 4.75%, an increase of 0.32 percentage points year-on-year - Sales and management expenses were HKD 859 million and HKD 436 million, increasing by 30.67% and 22.83% respectively [1][6]. Business Segments - The company’s revenue from consumer electronics, enterprise systems, and cloud computing for 2025H1 was HKD 17.191 billion, HKD 25.704 billion, and HKD 2.620 billion, representing year-on-year increases of 13.55%, 7.49%, and 67.87% respectively - Notably, revenue from Huawei Cloud, Alibaba Cloud, Amazon Web Services (AWS), and VMware grew by 29%, 156%, 293%, and 295% respectively, indicating strong growth in cloud services [2]. Regional Expansion - Revenue from North Asia and Southeast Asia was HKD 28.780 billion and HKD 16.735 billion, with year-on-year growth of 8.92% and 22.50% respectively, accounting for 63% and 37% of total revenue - Specific growth rates in Southeast Asia included Thailand (50%), the Philippines (45%), Malaysia (31%), Indonesia (30%), and Singapore (19%) - The company has partnered with Starlink in Malaysia and Indonesia, becoming the exclusive distributor for HPI TKDN products in the public sector [3]. Focus on Scenario-Based Solutions - The company’s subsidiary, Jiajie Cloud Star, is a software supplier for Huawei Cloud, providing products and services for seven out of nine national-level intelligent computing centers approved by the Ministry of Science and Technology - Jiajie Cloud Star has developed AI computing management and scheduling solutions, supporting various artificial intelligence computing centers across China - The company has become a major partner in the Kunpeng ecosystem and is actively promoting Haiguang computing chips, collaborating with leading domestic GPU manufacturers [4]. Profit Forecast and Valuation - The company adjusted its revenue forecasts for 2025-2027 to HKD 100.858 billion, HKD 111.106 billion, and HKD 120.945 billion, with corresponding net profit forecasts of HKD 12.10 billion, HKD 12.89 billion, and HKD 14.72 billion - The company is valued at 16 times PE for 2025, with a target market capitalization of HKD 19.2 billion and a target price of HKD 13, maintaining a "buy" rating [6].