更新报告 伟仕佳杰（856.HK） 平安证券（香港）研究 2025 年 8 月 22 日 1H25 业绩略超预期， 东南亚及云计算增长动能强劲 | 百万港元 | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 收入 | 77,324 | 73,891 | 89,086 | 100,439 | 111,996 | 124,007 | | 同比增长 | -1.3% | -4.4% | 20.6% | 12.7% | 11.5% | 10.7% | | 毛利 | 3,378 | 3,497 | 3,929 | 4,555 | 5,058 | 5,583 | | 毛利率 | 4.4% | 4.7% | 4.4% | 4.5% | 4.5% | 4.5% | | 净利润 | 823 | 922 | 1,052 | 1,281 | 1,440 | 1,617 | | 同比增长 | -37.4% | 12.0% | 14.1% | 21.8% | 12.4% | 12.3% | | 净 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 140 CNY [2][6]. Core Insights - The company has experienced rapid growth in cloud computing, with a significant reduction in profit losses. In the first half of 2025, the company achieved a revenue of 3.009 billion CNY, a year-on-year increase of 11.16%. The net profit attributable to shareholders was a loss of 228 million CNY, a substantial improvement from a loss of 592 million CNY in the same period last year [2][6]. - The introduction of AI and security innovations is driving rapid industry development. The company launched its self-developed security model, "Deep Security GPT," in May 2023, and plans to release an upgraded version by October 2024 [6]. - The company has released a new generation of hyper-converged solutions to support AI computing platforms, facilitating the deployment of enterprise-level large models [6]. Financial Performance Summary - For 2025, the company is projected to achieve total revenues of 8.424 billion CNY, with a growth rate of 12.0%. The net profit attributable to shareholders is expected to reach 413 million CNY, reflecting a year-on-year growth of 109.7% [2][7]. - The earnings per share (EPS) for 2025 is estimated at 0.98 CNY, with a price-to-earnings (P/E) ratio of 106 [2][7]. - The company’s total market capitalization is approximately 43.901 billion CNY, with a circulating market value of about 28.959 billion CNY [3].

| 公司简称：首都在线 | | | | | | | 证券代码： | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 上海荣正企业咨询服务（集团）股份有限 | | | | | | | | | | | | | | 公司 | | | | | | | | | | 关于 | | | | | | | | | | | 北京首都在线科技股份有限公司 | | | | | | | | | 调整相关事项 | | | | | | | | | 之 | | | | | | | | | | | 独立财务顾问报告 | | | | | | | | | | | | | | 目 录 | | 一、释义 | | | | | | | | | | 首 都 在线 | | 、 | 本 | 公司 | 、 | 公 | | | | | | | | | 指 | | 北京首都在线科技股份有限公司 | | | 司、上市公司 | | | | | | | | | | 财 务 | 顾问 | 、 | 独 | 立 | 财务 | 顾 | | | | | | | | | 指 | | | 上海荣正企业咨询服务（集团 ...

Group 1 - The company reported a revenue of 242 million yuan and a net profit of 18.35 million yuan for the first half of 2025 [1] - The company distributed a cash dividend of 0.5 yuan per 10 shares to all shareholders, totaling 11.725 million yuan [1] - The main sources of revenue for the company are natural gas sales and gas engineering fees, serving various customer segments including industrial, commercial, residential, heating users, LNG vehicles, and real estate developers [1] Group 2 - The company is strategically positioned as a city infrastructure service provider and is undergoing digital transformation to enhance profitability and competitiveness [2] - The construction of the KaiTian Intelligent Computing Center in Ningxia has been initiated, with completion of various infrastructure works and ongoing internal renovations [2] - The company targets potential clients such as AI startups, academic research institutions, cloud service providers, internet platforms, and video social platforms based on market demand and growth potential [2]

Core Viewpoint - The U.S. stock market has experienced a significant sell-off, primarily driven by concerns over the Federal Reserve's hawkish stance and the high valuations of technology stocks, leading to a loss of $1 trillion in market capitalization for the S&P 500 index [1]. Group 1: Market Performance - The sell-off, led by technology stocks, has resulted in the S&P 500 index declining for four consecutive trading days, with the largest single-day drop since early August occurring on Tuesday [1]. - On Wednesday, risk aversion peaked, causing significant declines in both the S&P 500 and Nasdaq 100 indices ahead of the Federal Reserve's meeting minutes release [1]. - Nvidia's stock fell nearly 4% before the meeting minutes were published, with an intraday drop exceeding 9%, and a cumulative decline of 23.87% from its closing price on August 12 [1][3]. Group 2: Technology Sector Dynamics - Large technology stocks, which had been the main drivers of the market's rise due to strong demand for AI products and cloud services, are now becoming the leading laggards [4]. - The rapid shift in the role of technology stocks has raised concerns about concentration risk, with strategists warning that the high weight of tech stocks could lead to a broader market downturn if they continue to decline [5]. - Analysts suggest that if the technology sector does not stabilize, the only direction for investors may be to hold cash [6]. Group 3: Investor Sentiment and Market Outlook - Following a 30% increase in the U.S. stock market since April, investor fatigue is becoming apparent, with leading growth stocks significantly underperforming compared to small-cap and value stocks this month [7]. - There is a divide among investors regarding the recent market pullback, with some viewing it as a buying opportunity, while others believe that profit-taking is prioritized due to high market valuations [8][9]. - Some analysts argue that the current market has "fully" priced in future positives, leaving little room for error, and any disappointing news could easily disrupt the fragile market balance [10].

Core Viewpoint - The article discusses the ongoing sell-off in the U.S. stock market, primarily driven by technology stocks, highlighting concerns over high valuations and the Federal Reserve's hawkish stance [1][3][5]. Group 1: Market Trends - The sell-off led by technology stocks has resulted in the U.S. stock market declining for four consecutive trading days, with the S&P 500 index experiencing its largest single-day drop since early August [3]. - Nvidia's stock fell nearly 4% before the release of the Federal Reserve's meeting minutes, although the decline later narrowed [3][5]. - Palantir, a key indicator of speculative interest in the market, saw its stock drop over 9% in a single day, marking a cumulative decline of 23.87% since August 12, and achieving its longest losing streak since April 2024 [1][3]. Group 2: Federal Reserve Insights - The Federal Reserve's July meeting minutes indicated that officials are more concerned about the upward risks of inflation compared to the risks of weak employment [5]. - Following the release of the minutes, investors shifted their focus to Fed Chair Jerome Powell's upcoming speech at Jackson Hole, seeking clues about future policy directions [5]. Group 3: Technology Sector Dynamics - Technology stocks, which have been the main drivers of the market due to strong demand for AI products and cloud services, are now becoming the leading laggards, raising concerns about concentration risk [7][8]. - Analysts warn that the high weight of technology stocks could lead to a broader market decline if they continue to fall, with some suggesting that investors may prefer to hold cash instead of taking on more risk [9]. Group 4: Investor Sentiment - Investor opinions are divided regarding the recent market downturn, with some viewing it as a buying opportunity, while others believe that high valuations necessitate profit-taking [10][12]. - JPMorgan's Andrew Tyler suggests that Powell's speech could change market direction, indicating that the current situation is a test for buyers [11]. - BMO's Carol Schleif notes that the market has "fully" priced in future positives, leaving little room for error, and any disappointing news could disrupt the fragile balance [13].

在对美联储鹰派立场和科技股高估值的双重担忧下，美股经历了一轮剧烈抛售，标普500指数市值一度蒸发万亿美元。 本周以来，由科技股引领的抛售潮持续发酵，推动美国股市连续第四个交易日下跌。周二，MIT报告引发标普500指数创 下8月初以来的最大单日跌幅。周三盘中，避险情绪一度达到顶峰，标普500与纳斯达克100指数在美联储会议纪要发布前 均大幅下挫。 英伟达在会议纪要公布前跌近4%、随后跌幅大幅收窄。作为美股投机热度风向标的Palantir日内最大跌幅超9%、较8月12日 收盘价的累计跌幅一度达到23.87%。尽管Palantir纪要公布后跌幅收窄，但股价仍然连续第六天下跌，创下 2024 年 4 月以 来最长的连跌纪录。 （英伟达和Palantir股价走势） 华尔街见闻撰文，美联储7月会议纪要显示，尽管官员们注意到了通胀上升与就业疲软的双重风险，但"大多数与会者认 为，通胀的上行风险是两者中更大的一个"。 分析认为随着美联储会议纪要公布、不确定性落地，投资者的焦点迅速转移至美联储主席鲍威尔本周五在杰克逊霍尔的讲 话，市场期待将从中寻找未来政策路径的更多线索。 科技股"领头羊"掉头 数月来，得益于市场对人工智能产品 ...

Core Insights - Kingsoft Cloud (KC) experienced a 2.17% increase in stock price, reaching $13.915 per share with a total market capitalization of $3.803 billion as of August 21 [1] - As of March 31, 2025, Kingsoft Cloud reported total revenue of 1.97 billion RMB, reflecting a year-on-year growth of 10.94%, while the net profit attributable to shareholders was -314 million RMB, showing a year-on-year increase of 12.66% [1] Company Overview - Kingsoft Cloud Holdings Limited, founded in 2012, is a prominent independent cloud service provider in China, with operations extending across multiple countries and regions globally [2] - The company went public on NASDAQ in May 2020 (stock code: KC.NASDAQ) and completed a dual primary listing on the Hong Kong Stock Exchange in December 2022 (stock code: 3896.HK) [2] - Leveraging Kingsoft Group's 36 years of enterprise service experience, Kingsoft Cloud has developed a comprehensive cloud computing infrastructure and operational system, integrating advanced technologies such as big data, artificial intelligence, and edge computing [2] - The company offers over 150 solutions tailored for various sectors, including internet, public services, digital health, and finance, serving more than 500 high-quality clients [2]

Core Insights - Kingsoft Cloud reported total revenue of RMB 2.349 billion for Q2 2025, representing a year-on-year growth of 24.2% and a quarter-on-quarter growth of 19.3% [1] - The gross profit for the same period was RMB 339 million, showing a year-on-year increase of 6.4% [1] Financial Performance - Total revenue for Q2 2025 reached RMB 2.349 billion, indicating strong growth compared to previous periods [1] - The gross profit of RMB 339 million reflects a positive trend, although the growth rate is lower than that of total revenue [1]

Core Viewpoint - The third China Listed Companies Industry Development Forum emphasizes the integration of cutting-edge technology and industry, providing a platform for companies to showcase their innovations and connect with quality capital [3][4]. Group 1: Event Overview - The forum is organized by various institutions, including the China Science and Technology Development Foundation and the Shanghai State-owned Assets Supervision and Administration Commission [3]. - It aims to support selected companies from technological breakthroughs to industrial implementation, offering comprehensive support from policy to resource matching [3]. Group 2: Selection Criteria - The evaluation focuses on companies that are making significant advancements in fields such as artificial intelligence, quantum information, and controllable nuclear fusion [4]. - Companies are assessed on their ability to overcome critical technological bottlenecks and transform laboratory results into scalable production [4]. Group 3: Industry Context - The global industrial competition is entering a critical phase of "new productive forces" reconstruction, where resource integration capabilities are as important as technological competition [4]. - The forum serves as a resource integration platform, ensuring that innovations find suitable applications and breakthroughs illuminate the path for industries [4]. Group 4: Participation Invitation - Companies in various sectors, including artificial intelligence and low-altitude economy, are encouraged to participate in the selection process to enhance visibility and align with China's technological rise [5].