SUNEVISION(01686) 交银国际证券·2024-08-31 03:42Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.50, indicating a potential upside of 33.9% from the current price of HKD 3.36 [1][5]. Core Insights - The company reported a revenue of HKD 2.674 billion for the fiscal year 2024, representing a year-on-year growth of 14.0%. The revenue growth was driven by a 58% contribution from new data centers and a 42% contribution from existing projects due to increased power capacity and pricing [1]. - The adjusted EBITDA for the fiscal year 2024 was HKD 1.849 billion, reflecting a 10.3% increase year-on-year, although slightly below expectations due to delays in tenant occupancy at MEGA IDC Phase 1 [1][4]. - The company has a high pre-leasing rate for new data centers, with significant demand driven by AI computing needs. The MEGA IDC Phase 1 has commenced operations, providing approximately 500,000 square feet of total floor area and 50 MW of power capacity, making it the largest data center in Hong Kong [1][4]. - The company anticipates stable revenue growth supported by high pre-leasing rates and AI demand, having passed the peak of capital expenditure and interest rate cycles [1]. Financial Summary - For the fiscal year 2024, the company expects revenues to reach HKD 2.674 billion, with net profit projected at HKD 907 million, reflecting a slight increase of 0.2% year-on-year [3][6]. - The EBITDA margin is expected to be around 69.2%, down from 71.5% in the previous year, indicating a slight contraction in profitability [4][6]. - The company plans to maintain a dividend payout of HKD 0.112 per share, with a payout ratio of 50% [1][4]. Future Projections - Revenue is projected to grow to HKD 3.322 billion in 2025, with a year-on-year growth rate of 24.3% [3][6]. - The company anticipates a continued increase in power capacity utilization, with total capacity expected to reach 280 MW in the future [1].