Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [4][6][10]. Core Insights - The company is a leading technology service platform in the Asia-Pacific region, focusing on IT distribution for over 30 years, and has shown stable growth across economic cycles with a revenue CAGR of approximately 6.3% from 2016 to 2023 [1][37]. - The company has a strong commitment to shareholder returns, maintaining a ROE above 10% for 22 consecutive years, with a 2023 ROE of 11.7% and a cash dividend payout ratio that increased to 40% in 2023 [1][49]. - The company is capitalizing on the growth potential in Southeast Asia, with revenue from this region increasing from 21.4% in 2019 to 34.1% in the first half of 2024, significantly contributing to overall performance [4][69]. Summary by Sections 1. Company Overview - The company was established in 1991 and listed in Hong Kong in 2002, providing a comprehensive range of IT services to enhance operational efficiency and reduce transaction costs for partners [1][26]. - It has a robust sales network across nine Asia-Pacific countries, with over 50,000 channel partners [1][27]. 2. Southeast Asia Market Expansion - Southeast Asia's economic growth presents significant potential, with GDP growth rates projected between 4.29% and 8.76% for various countries from 2024 to 2029 [4][54]. - The company is actively expanding its Southeast Asian operations, which have become a major growth driver, with net profit contribution from this region rising to 45.9% in the first half of 2024 [4][69]. 3. Traditional Distribution Business - The IT distribution sector is benefiting from the AI wave and digital transformation, with a projected revenue growth of 11.5% to 11.6% from 2024 to 2026 [6][10]. - The company has established a strong competitive edge through channel development, financial strength, and operational efficiency [10][39]. 4. Cloud Computing Business - The cloud computing segment is expected to grow significantly, with revenue growth rates projected at 30% for 2024, driven by partnerships with leading cloud providers [11][39]. 5. Financial Projections - The company is expected to achieve revenues of 824 billion HKD in 2024, with a net profit of 9.68 billion HKD, reflecting a year-on-year growth of 11.5% and 4.9% respectively [6][10]. - The company’s valuation is attractive, with a projected PE ratio of 6X for 2025, significantly lower than the industry average of 11X [6][10].
伟仕佳杰：IT分销领军企业，AI+出海双轮驱动