Investment Rating - The report maintains a "Buy" rating for VSTECS with a target price of HKD 8.18 [3] Core Insights - VSTECS has shown strong financial performance in Q1 2025, with total revenue growth of 16-17% year-on-year, gross profit growth of 20-21%, and net profit growth of 28-29%, aligning with management's guidance for a revenue growth rate of 15-20% over the next three years [3] - The company has demonstrated a commitment to transparency and shareholder engagement by voluntarily updating its quarterly financial data [3] - The strong performance is attributed to the termination of low-margin operations in Southeast Asia, which has positively impacted overall profit margins [3] Financial Performance Summary - Consumer Electronics Segment: - Revenue: HKD 16,804 million (up 5.1% year-on-year) - Operating Profit Margin: 1.70% [2] - Enterprise Systems Segment: - Revenue: HKD 27,283 million (up 21.1% year-on-year) - Operating Profit Margin: 2.02% [2] - Cloud Computing Segment: - Revenue: HKD 2,420 million (up 55.1% year-on-year) - Operating Profit Margin: 3.95% [2] - Total Revenue: - Expected to reach HKD 46,508 million in H1 2025 (up 16.0% year-on-year) - Gross Profit: HKD 2,065 million (up 16.3% year-on-year) - Net Profit: HKD 591 million (up 30.3% year-on-year) [2][3]
伟仕佳杰 (00856 HK) 2025年第一季度财务业绩显示有望达成指引目标