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].
伟仕佳杰：亚太区领先的IT分销商，持续布局AI+云计算