伟仕佳杰：海外利润驱动，业绩增长动力强劲-20260323

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 for the company's strong performance, with revenue from this region growing by 16.6% year-on-year, contributing 37% to total revenue [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 core partner for major brands like Huawei and AWS [4][5] Summary by Sections Financial Performance - For fiscal year 2025, total revenue was HKD 97,626.19 million, with a year-on-year growth of 9.59% [8] - Net profit attributable to shareholders was HKD 1,353.49 million, reflecting a year-on-year increase of 28.66% [9] - The company expects revenue for 2026 to be HKD 107,945.12 million, with a projected growth rate of 10.57% [8] Regional Performance - North Asia revenue was HKD 61.88 billion, up 5.9%, accounting for 63% of total revenue, while Southeast Asia revenue was HKD 35.75 billion, up 16.6%, contributing 37% [3] - The company reported a 20% year-on-year increase in net profit from the Southeast Asian market, driven by digital transformation demands [3] Business Segments - The enterprise services segment generated HKD 53.53 billion, growing by 2.3%, while consumer electronics revenue reached HKD 39.01 billion, up 18.9% [4] - The cloud computing segment achieved a revenue of HKD 5.08 billion, with a growth rate of 29.1%, indicating successful strategic positioning [4] Future Outlook - The company anticipates stable growth driven by digitalization and AI trends, particularly in Southeast Asia, and expects to benefit from the acceleration of domestic localization processes [6] - Adjusted revenue forecasts for 2026-2028 are HKD 1,079.51 billion, HKD 1,187.10 billion, and HKD 1,297.10 billion, respectively, with earnings per share projected to increase to HKD 1.12, HKD 1.33, and HKD 1.58 [6]