SUNEVISION(01686) 交银国际证券·2025-02-13 02:24Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][11]. Core Insights - The company is projected to achieve stable growth in the first half of the 2025 fiscal year, driven by the MEGA IDC project, improved utilization rates of existing and new data centers, and price increases [7]. - The MEGA IDC project is expected to be a key growth driver, with a committed and signed leasing rate of approximately 60% for the first phase by the end of the 2024 fiscal year [7]. - Anticipated interest expenses are expected to peak, leading to faster net profit growth, with a projected year-on-year increase of over 20% in net profit for the first half of 2025 [7]. - The target price has been raised from HKD 4.50 to HKD 5.22, reflecting an expected potential upside of 17.0% [1][7]. Financial Overview - Revenue is forecasted to grow from HKD 2,346 million in 2023 to HKD 4,433 million by 2027, with a compound annual growth rate (CAGR) of approximately 14.2% [6]. - Net profit is expected to increase from HKD 905 million in 2023 to HKD 1,639 million by 2027, reflecting a significant growth trajectory [6]. - The EBITDA for the fiscal years 2025, 2026, and 2027 has been revised upwards to HKD 22.08 billion, HKD 25.42 billion, and HKD 28.60 billion respectively [7]. - The company’s market capitalization is approximately HKD 18,103.47 million, with a current share price of HKD 4.46 [4][11].