Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 11.52, based on a current price of HKD 8.85 [3]. Core Insights - The company is positioned as a leading technology product channel developer and solution integrator in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing. The company is expected to benefit significantly from the dual drivers of AI and cloud services, alongside the expansion in Southeast Asia [1][10]. - Revenue is projected to grow from HKD 637 billion in 2020 to HKD 811 billion in 2024, representing a year-on-year growth of 20.6%. Net profit is expected to increase from HKD 8.3 billion in 2023 to HKD 9.58 billion in 2024, a growth of 14.09% [1][3]. - The company has a strong cash flow performance, with operating cash flow expected to rise to HKD 16.59 billion in 2024, reflecting a significant year-on-year increase of 185% [1][28]. Summary by Sections 1. Company Overview - The company has established itself as a top player in the ICT distribution sector, with a diversified business model that includes enterprise systems, consumer electronics, and cloud computing services. It has been recognized in the Fortune China 500 for five consecutive years [10][11]. 2. Market Growth Drivers - The global ICT market is projected to grow from approximately USD 5.3 trillion in 2024 to USD 6.9 trillion by 2028, with a CAGR of 7%. The Chinese ICT market is expected to grow from USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [1][30]. - The demand for generative AI is driving significant growth in the ICT sector, particularly in GPU servers, AI chips, and cloud infrastructure investments [1][31]. 3. Southeast Asia Focus - The company has strategically positioned itself in Southeast Asia, where the data center market is experiencing rapid growth. By the end of 2024, Southeast Asia is expected to become the third-largest market for new computing capacity globally [2][56]. - The company has established a robust presence in nine Southeast Asian countries, with significant market shares in Thailand, Singapore, Indonesia, the Philippines, and Malaysia [2][68]. 4. Financial Projections - Revenue forecasts for 2025-2027 are projected at HKD 1,037 billion, HKD 1,296.26 billion, and HKD 1,555.51 billion, respectively, with corresponding growth rates of approximately 28%, 25%, and 20% [3][4]. - Net profit estimates for the same period are HKD 12.51 billion, HKD 15.32 billion, and HKD 18.83 billion, with growth rates of 30%, 22.4%, and 22.9% [3][4]. 5. Cash Flow and Operational Efficiency - The company demonstrates strong operational efficiency, with inventory turnover days at 46 and accounts receivable turnover days at 74. The overall operational turnover days are only 52, indicating effective cash management [28].
伟仕佳杰（00856）：稀缺的东南亚出海领军，有望显著受益于AI与跨境支付两大产业优势