证券研究报告 计算机 | IT 服务Ⅱ 港股|公司点评报告 hyzqdatemark 2025 年 02 月 12 日 证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 市场表现： | | | | 基本数据 | 2025 | 年 | 02 | 月 11 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 5.15 | | | 一年内最高/最低（港 | | | | 5.63/3.96 | | | 元） | | | | | | | 总市值（百万港元） | | | | 7,370.55 | | | 流通市值（百万港元） | | | | 7,370.55 | | | 资产负债率（%） | | | | 76.77 | | | 资料来源：聚源数据 | | | | | | 伟仕佳杰(00856.HK) 投资评级： 买入（维持） ——拥抱 deepseek，深化算力调度与大模型应用落地 投资 ...

Investment Rating - The investment rating for the company is "Outperform the Market" with a target valuation range of HKD 7.40 to 8.90 [5][48]. Core Insights - The company has a stable revenue growth model driven by "IT distribution + value-added services," with a focus on building a comprehensive ecosystem across the entire industry chain [3][8]. - In 2023, the company's revenue was HKD 738.9 billion, a year-on-year decrease of approximately 4%, while the net profit reached HKD 9.22 billion, a year-on-year increase of 12% [3][23]. - The company is expanding its business in Southeast Asia, benefiting from the region's large population and digital transformation needs, with revenue growth from HKD 69 billion in 2013 to HKD 160 billion in 2023, averaging about 10% annually [3][12]. Financial Performance - The company's gross profit margin improved to 4.73% in 2023, an increase of 0.36 percentage points from 2022 [23][30]. - The operating efficiency remained stable, with accounts receivable turnover days stable at around 68 days, while inventory turnover days increased from 34 days in 2019 to 55 days in 2023 [23][33]. - The company expects net profits for 2024, 2025, and 2026 to be HKD 10.58 billion, HKD 12.95 billion, and HKD 15.30 billion, respectively [48][50]. Business Segments - The company operates in three main business segments: enterprise systems, consumer electronics, and cloud computing, providing comprehensive ICT solutions [12][17]. - The enterprise systems segment accounted for 54.7% of total revenue in 2023, with expected growth rates of 13.7% in 2024, 16.0% in 2025, and 24.2% in 2026 [37][56]. - The consumer electronics segment generated HKD 304 billion in revenue in 2023, representing 41.1% of total revenue, with a projected growth rate of 4.0% annually from 2024 to 2026 [38][41]. - The cloud computing segment is a rapidly growing area, with revenue of HKD 31 billion in 2023, expected to grow at rates of 28.1% in 2024, 26.4% in 2025, and 25.4% in 2026 [39][41]. Market Position and Strategy - The company has established partnerships with major technology firms such as Huawei, Alibaba, Tencent, and Apple, leveraging a distribution network that supports over 50,000 channel partners [16][12]. - The company is actively expanding its presence in Southeast Asia, with strategic initiatives in countries like Thailand and the Philippines, focusing on sectors such as renewable energy and cybersecurity [17][12].

证券研究报告 计算机 | IT 服务Ⅱ 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 26 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 证券分析师 公司是亚太地区领先的科技服务平台，持续为股东提供稳定回报。公司深耕 IT 分销 30 余年， 公司 1991 年成立，2002 年在香港上市，专注于提供全品类、一站式的信息化服务，为合作 伙伴提升运营效率、降低交易成本，推动科技企业数智化转型。公司业绩稳健增长，跨越经 济周期，近期 2016~2023 年营收 CAGR 约为 6.3%。2024 上半年公司已实现营业收入 401 亿港元，同比增长 17.8%。公司重视股东回报，积极回馈投资人。公司自上市以来连续 22 年 ROE 大于 10%，2023 年度 ROE 达 11.7%，上市以来回购及分红派息高达 33 亿港元。公司 长年以来保持 30%的现金分红，2023 年现金分红比例上升至 40%。 | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [40]. Core Insights - The company has demonstrated significant revenue growth, achieving a compound annual growth rate (CAGR) of 24% from HKD 1.6 billion at its IPO in 2002 to HKD 73.9 billion in 2023, ranking it first in the industry for growth [9][10]. - The company's revenue for the first half of 2024 reached HKD 40.08 billion, reflecting a year-on-year increase of 17.83%, while net profit attributable to shareholders decreased by 9.71% to HKD 0.453 billion [9]. - The company is actively expanding its cloud computing and digital transformation services, with a focus on integrating its cloud management platform, RightCloud, which has enhanced its overall value [16][27]. - The company has established strong partnerships with major cloud service providers, including Alibaba Cloud and Huawei Cloud, and has seen substantial growth in its AI and cloud computing segments [16][17]. Summary by Sections Revenue Growth and Market Position - The company ranks eighth in the global IT distribution market and serves over 80% of leading tech firms and emerging unicorns [9]. - The Southeast Asian market has shown robust growth, with revenue increasing by 60.8% year-on-year, contributing significantly to the overall revenue [9]. Cloud Computing and Digital Transformation - The cloud computing segment has seen a revenue increase of 29.25% in the first half of 2024, with projected growth rates of 27%, 25%, and 24% for the years 2024 to 2026 [27][30]. - The company has developed a comprehensive cloud ecosystem, including multi-cloud management and AI-driven solutions, which are critical for its future growth [16][26]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are HKD 82.56 billion, HKD 92.42 billion, and HKD 102.58 billion, respectively, with corresponding net profits of HKD 1.03 billion, HKD 1.12 billion, and HKD 1.27 billion [22][30]. - The company anticipates maintaining a strong growth trajectory, supported by its strategic initiatives in the cloud and AI sectors [22][27].

SaaS的智能化上的话我们也是把自有的数字化办公系统来进行跟DeepSake的集成来实现这种AI知识库的助手AI知识库的火眼等等办公系统智能化的工作这个软件的话是我们在移动云上进行SaaS化进行售卖的一个软件目前是已经有超过大概5800家的企业在使用 使用这样的一个软件来进行内部的办公还有智能化的这样的一个服务的提供在人工智能之外呢就再向各位介绍一下我们在云计算领域的一个发展和规划目前在云计算的领域我们也是打造了全面的一个生态合作的这样一个生态合作的这样的一个图谱 那我们在这个公有云的领域还有私有云的领域还有包括这种云计算的SaaS领域都有一个全面的合作我们在这个整个生态里我们也是通过自己的这个我们的这个分销转售的平台还有我们自有服务的体系来提供从咨询设计到迁移到运维到用原生态的开发还有政治服务的这样的全生命周期服务的一个提供 在这个整个全生命周期的服务提供中我们也是积极在利用我们在多用管理领域的这样的一个自研的能力我们是在16年的样子就有启动我们在以Red Cloud系列为命名的这样的一个多用管理能力的一个打造我们是在24年的话我们是有帮到像类似国家电网来提供整个全国涉及到10万台以上这种云资源的这样的一个 ...

各位女士们先生们大家下午好欢迎各位参加韦石佳节控股有限公司2024年度全年业绩发布会本次会议采用现场及Zoom MeetingZoom 颗粒选择语言首先请允许我介绍今天在场的公司管理层他们是主席及行政总裁李佳林先生欢迎您 执行董事及集团首席财务总监王伟鑫先生欢迎您集团首席技术总监娄翔先生欢迎您执行董事陈海舟先生欢迎您以及执行董事李岳先生欢迎您那么接下来有请各位首先欣赏的是公司的短片有请 是亚太地区领先的专注ICT行业解决方案的科技 东南亚市场的主要通路服务网络遍布中国、泰国、新加坡、印度尼西亚、菲律宾马来西亚、柬埔寨、缅甸及老挝九个国家盛世以来集团营业额平均增长率为24%而欧易均超过10%截至2024年12月31日 集团营业额达到891亿港元同比增长21%纯利10.5亿港元同比增长14.1%股东回报率12.6%美股盈利75.67港先北亚地区收入584.3亿港元同比增长4%东南亚地区收入306.5亿港元同比增长74%集团各项财务 总资产比率为0.14 库存天数48天应收天数72天应付天数68天运营周转天数为52天在IDC发布的中国第三方云管理服务市场份额报告中韦石佳杰排名前五是国内最大的云服务商之一在云服务市场 ...

Financial Performance - VSTECS Holdings Limited reported an increase in revenue for the six months ended June 30, 2024, reaching HKD 1.2 billion, a growth of 15% compared to the same period last year[10]. - The company's net profit for the same period was HKD 150 million, representing a 20% increase year-over-year[10]. - Revenue for the six months ended June 30, 2024, increased to HK$40,083,317, up 17.9% from HK$34,032,326 in 2023[11]. - Gross profit for the period was HK$1,774,447, a slight decrease of 1.1% compared to HK$1,794,476 in 2023[11]. - Operating profit rose to HK$775,398, reflecting an increase of 2.9% from HK$755,428 in the previous year[11]. - Profit for the period attributable to equity shareholders decreased to HK$453,315, down 10.0% from HK$502,083 in 2023[11]. - Total comprehensive income for the period was HK$125,534, down 33.0% from HK$187,381 in 2023[15]. - The profit for the period ended June 30, 2024, was HK$453,315,000, contributing to a total comprehensive income of HK$105,616,000 for the period[25]. - Basic earnings per share for the six months ended June 30, 2024, was HK$0.325, down from HK$0.355 for the same period in 2023, reflecting a decrease of approximately 8.5%[59]. Market Outlook and Strategy - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 10% to 15%[10]. - VSTECS is investing in new product development, with a budget allocation of HKD 50 million for R&D initiatives in 2024[10]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by the end of 2025[10]. - VSTECS is exploring potential acquisitions to enhance its technology portfolio, with a focus on companies in the software sector[10]. - The management highlighted a strategic shift towards digital transformation services, aiming for a 40% contribution to total revenue by 2025[10]. Financial Position - Total assets as of June 30, 2024, were HK$35,083,419, a slight increase from HK$35,020,347 at the end of 2023[18]. - Net current assets increased to HK$6,384,648, compared to HK$6,328,985 at the end of 2023[18]. - Cash and cash equivalents at June 30, 2024, were HK$2,742,983, a decrease from HK$2,763,096 in 2023[22]. - Total equity attributable to the Company's equity shareholders as of June 30, 2024, was HK$7,957,057,000, compared to HK$8,222,836,000 as of January 1, 2024, reflecting a decrease of approximately 3.2%[25]. - The Group's total financial assets measured at fair value through profit or loss amounted to HK$791,788,000 as of June 30, 2024, compared to HK$771,563,000 as of December 31, 2023, showing an increase of about 2.6%[64]. Segment Performance - The main business segments include Consumer Electronics, Enterprise Systems, and Cloud Computing, focusing on IT products and services[39]. - Revenue from North Asia for the six months ended June 30, 2024, was HK$26,421,781, up from HK$25,538,547 in 2023, indicating a growth of approximately 3.5%[50]. - Revenue from South East Asia surged to HK$13,661,536 for the six months ended June 30, 2024, compared to HK$8,493,779 in 2023, marking a significant increase of about 61.2%[50]. - Revenue from the consumer electronics segment for the six months ended June 30, 2024, was approximately HK$15,993,570, up from HK$14,700,866 in the previous year, reflecting a growth of 8.8%[119]. - Revenue from the enterprise systems segment increased to approximately HK$22,529,201,000, compared to HK$18,124,038,000 in the prior year, marking a growth of 24.5%[119]. Shareholder Information - The interests of Mr. Li Jialin include 82,333,200 ordinary shares, representing 5.73% of the issued share capital, and 311,228,000 shares held by a controlled corporation, representing 21.66%[126]. - Family interests held by Mr. Li Jialin's spouse amount to 204,309,600 shares, which is 14.22% of the issued share capital[126]. - The total shareholding of the top five substantial shareholders accounts for over 79% of the company's shares[135]. - The Company repurchased 438,000 ordinary shares during the review period at an aggregate price of HK$2,114,000[138]. - The highest price per share during the repurchase was HK$4.85, while the lowest price was HK$4.66[139]. Governance and Compliance - The Company has complied with the Corporate Governance Code except for certain provisions regarding the separation of roles between the chairman and CEO[143]. - The Audit Committee reviewed the unaudited results for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[144]. - Connected transactions were disclosed in Note 16 of the Interim Financial Report, constituting exempted connected transactions under the Listing Rules[142]. - The Remuneration Committee is responsible for reviewing and approving the remuneration proposals for directors and senior management[145]. - The company established a Nomination Committee on March 22, 2012, consisting of three Independent Non-executive Directors and the chairman of the board[149].

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.50 HKD [2] Core Insights - The company achieved a robust revenue growth of 17.8% year-on-year, reaching 40.08 billion HKD in the first half of 2024, driven by significant increases in enterprise services and cloud computing, which grew by 24.3% and 29% respectively [1] - Despite the revenue growth, the company's gross margin declined by 1.1 percentage points to 4.4%, leading to a 9.7% decrease in net profit attributable to shareholders, amounting to 453 million HKD [1] - The cloud computing segment showed exceptional performance, with a 29.2% increase in revenue to 15.61 billion HKD, and the overall AI business grew by 100% year-on-year [1] - The Southeast Asian market demonstrated impressive growth, with revenue increasing by approximately 60.8% to 13.66 billion HKD, accounting for 34.1% of total revenue [1] - The company is expected to benefit from an increase in overseas market contributions, which may help restore profit performance despite short-term domestic market challenges [1] Revenue Breakdown - Total revenue for the first half of 2024 was 40.08 billion HKD, with the consumer electronics segment growing by 8.9% to 15.99 billion HKD, and the enterprise systems segment increasing by 24.3% to 22.53 billion HKD [1] - The cloud computing division's revenue reached 15.61 billion HKD, marking a 29.2% year-on-year growth [1] Market Performance - The North Asia region accounted for 65.9% of total revenue, while the Southeast Asia market's contribution rose significantly [1] - The company has received recognition from major cloud service providers, indicating strong operational capabilities in cloud computing [1]

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (Stock Code: 856) （股份代號：856） ANNOUNCEM ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [1][7]. Core Insights - The company is a leading IT distributor in the Asia-Pacific region, focusing on AI and cloud computing, with a diverse product portfolio that includes over 11,000 technology products [1][2]. - The company has established stable partnerships with over 300 major IT brands, ensuring a rich product mix to meet customer demands [2]. - The company is actively expanding its presence in emerging technology sectors, including AI, VR, and AR, and has formed strategic alliances with key players in these fields [4][6]. - The report anticipates revenue growth for the company, projecting revenues of HKD 79.82 billion, HKD 87.90 billion, and HKD 97.66 billion for 2024, 2025, and 2026, respectively, with corresponding net profits of HKD 9.65 billion, HKD 10.21 billion, and HKD 10.92 billion [7][8]. Financial Summary - The company's revenue for 2023 was HKD 73.89 billion, with a projected growth rate of 8.0% for 2024 [1][8]. - The net profit for 2023 was HKD 922 million, showing a year-on-year growth of 12.0% [1][7]. - The company's return on equity (ROE) for 2023 was 11.2%, with projections of 11.0% for 2024 [1][9]. - The earnings per share (EPS) for 2023 was HKD 0.64, with expected increases to HKD 0.67 in 2024 and HKD 0.71 in 2025 [1][9]. Business Segments - The company operates in three main segments: enterprise systems, consumer electronics, and cloud computing, with a strong focus on AI and data analytics [1][6]. - In the consumer electronics sector, the company has shown resilience despite a global decline in demand, with revenues of HKD 30.39 billion in 2022 and a projected recovery in the coming years [5][6]. - The enterprise systems segment is actively pursuing domestic alternatives and AI applications, with significant partnerships established with leading domestic manufacturers [6][7]. Market Position - The company has a robust distribution network with 87 branches across nine countries in the Asia-Pacific region, connecting over 50,000 downstream partners [2][4]. - The company is well-positioned to benefit from the recovery in the consumer electronics market and the rise of new technologies such as AI smartphones and AIPC [5][6].