Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a total revenue of HKD 97.63 billion for the fiscal year 2025, representing a year-on-year growth of 9.6%, while the net profit attributable to shareholders reached HKD 1.35 billion, up 28.7%, indicating a significant enhancement in profitability [2] - The Southeast Asian market is a key driver of strong performance, with revenue from this region growing by 16.6% year-on-year, contributing 37% to total revenue. The pure profit from Southeast Asia increased by 20%, driven by the company's Starlink business, which saw a growth of 68.9% [3] - The cloud computing business is showing promising growth, with a year-on-year increase of 29.1%, and the company has established itself as a key player in the domestic market through partnerships with major brands like Huawei and Alibaba [4][5] Financial Summary - For the fiscal year 2025, the company achieved total revenue of HKD 97.63 billion, with a year-on-year growth of 9.6%. The net profit attributable to shareholders was HKD 1.35 billion, reflecting a year-on-year increase of 28.7% [2][8] - The company expects revenue for 2026 to be HKD 107.95 billion, with a projected net profit of HKD 1.61 billion, indicating continued growth [8] - The gross profit margin is expected to improve gradually, reaching 4.80% by 2028 [8] Business Segmentation - In terms of business segments, enterprise services generated HKD 53.53 billion, up 2.3%, while consumer electronics revenue was HKD 39.01 billion, growing by 18.9%. The cloud computing segment achieved HKD 5.08 billion, marking a 29.1% increase [4] - The company has successfully transitioned its business model in Southeast Asia from traditional distribution to technology solutions, benefiting from the local digital transformation demand [3]
伟仕佳杰（00856）：海外利润驱动，业绩增长动力强劲