Investment Rating - The investment rating for the company is "Buy" with a target price of 13.8 HKD [7] Core Insights - The company reported a strong performance in the first half of 2025, achieving revenue of 455.2 billion HKD, a year-on-year increase of 13.6%, and a net profit of 610 million HKD, up 34.7% [1][2] - The growth was driven by the collaborative performance of its three main business segments, with the Southeast Asia region showing significant growth of 22.5% [1][3] - The cloud computing segment emerged as a key growth driver, with revenue increasing by 67.9% year-on-year, highlighting its potential in the digital transformation landscape [2][3] Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 4.75%, an increase of 0.32 percentage points year-on-year [2] - The revenue breakdown shows consumer electronics at approximately 171.9 billion HKD (up 7.5%), enterprise systems at 257.0 billion HKD (up 14.1%), and cloud computing at 26.2 billion HKD (up 67.9%) [2] - The company has adjusted its net profit forecasts for 2025 and 2026 to 13.4 billion HKD and 16.8 billion HKD respectively, reflecting a positive outlook [2][3] Business Segment Analysis - The consumer electronics segment continues to show stable growth, supported by a diverse range of IT products [2] - The enterprise systems segment remains a major contributor to revenue and profit, aligning with the increasing demand for digital transformation solutions [2] - The cloud computing segment is positioned as a significant growth area, with increasing demand for cloud solutions as businesses undergo digital transformation [3] Regional Performance - The company’s revenue from North Asia reached approximately 287.8 billion HKD, growing by 8.9%, while Southeast Asia's revenue was about 167.4 billion HKD, reflecting a robust growth of 22.5% [3]
伟仕佳杰（00856）：多分部协同增长，盈利韧性凸显