Core Viewpoint - The company, 伟仕佳杰, is positioned as a leading technology service platform in the ICT industry within the Asia-Pacific region, benefiting from the AI wave and the digital transformation of enterprises, with a recovery in demand and emerging growth in Southeast Asia's computing power export [1]. Investment Highlights - The company is initiating coverage with a "Buy" rating, projecting revenues of HKD 1030.30 million, HKD 1183.70 million, and HKD 1365.14 million for 2025-2027, reflecting year-on-year growth of +15.7%, +14.9%, and +15.3% respectively, with EPS of HKD 0.86, HKD 1.08, and HKD 1.43 [2]. Company Overview - 伟仕佳杰 is a significant technology product channel developer and technical solution integrator in the Asia-Pacific region, with a service network covering the Belt and Road Initiative, serving 1.9 billion people through 50,000 channel partners. The company collaborates with over 300 Fortune 500 technology firms, including Huawei, Alibaba, and Microsoft, across twelve key areas such as cloud computing, AI, data storage, and cybersecurity. The financial data indicates a CAGR of 7.7% in revenue and 9.9% in net profit from 2015 to 2024, with a 16-17% year-on-year revenue growth and a 28-29% increase in net profit attributable to shareholders in Q1 2025 [3]. Logical Framework - The traditional business is benefiting from the AI wave, with the company’s AI computing power management platform and other systems upgraded to adapt to DeepSeek's full series of large models. The company employs a dual-driven strategy of "full-stack services + ecological collaboration" to create a comprehensive cloud service system [4]. - The company has established a strong presence in the Southeast Asian market through a localized operational model, maintaining stable core management and long-term strategic partnerships with upstream and downstream ecosystem partners. It has built a vast and reliable channel network, ranking high in market shares across Thailand, Singapore, Indonesia, the Philippines, and Malaysia, supporting numerous leading domestic technology brands in their overseas expansion [4].