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].
国证国际：伟仕佳杰(856.HK)多分部协同增长，盈利韧性凸显