Group 1 - The core viewpoint of the report is that the company's stock price has increased by 124.5% since coverage began in June, and there is still significant upside potential due to high demand for smart distribution services from AIDC clients [1] - The company has raised its net profit forecasts for FY25-27 by 1.2%, 1.6%, and 2.1% respectively, and has increased the target price from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside potential based on a target P/E ratio of 16.0 times for FY26 [1] - The company expects substantial growth in new orders from AIDC clients, projecting approximately RMB 2.3 billion in new orders for FY25 and RMB 3.6 billion for FY26, representing a year-on-year increase of 56.5% [1] Group 2 - The smart distribution business is anticipated to maintain high growth, with projected compound annual growth rates for revenue and gross profit of 25.4% and 27.9% respectively from FY24 to FY27, surpassing the overall company growth rates [2] - The contribution of the smart distribution business to total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [2] - The company is not only collaborating with major AIDC clients like GDS but is also expected to sign new large clients, particularly in Southeast Asia [2]
威胜控股(3393.HK)：AIDC客户支持料超想象 估值升级缺口再现扩大