Core Viewpoint - First Shanghai has issued a "Buy" rating for Cloud Factory (02512), setting a target price of HKD 6.9, indicating a potential upside of 36% from the current price, driven by the company's market positioning and new business initiatives [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, reflecting a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [2] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%. Net profit for the period was HKD 14.9 million, marking a year-on-year growth of 19.0% [2] - The earnings per share for ordinary equity holders remained at HKD 0.03, with cash and cash equivalents amounting to HKD 348.1 million, indicating strong liquidity [2] IDC Solutions Growth - The IDC solutions service, as the core business, generated revenue of HKD 376.1 million in H1 2025, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [3] - Revenue growth was attributed to the company's strong reputation, stable customer base, and extensive business network, although the gross margin for this segment was impacted by competitive pricing strategies, standing at 10.2% [3] Edge Computing Services - Revenue from edge computing services surged to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by growing market demand for EdgeCDN services and new customer acquisition [4] - The segment's gross margin was 27.1%, with notable product highlights including the adaptation of mainstream AI models for computing platforms and the launch of private deployment solutions for enterprise clients [4] Strategic Initiatives - The company is focusing on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and establishing a dual-driven model for government and enterprise solutions [5] - Recent capital raises will support various business developments, including the establishment of a joint venture to explore the smart computing service market [5]
第一上海：予云工场“买入”评级 目标价6.9港元