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].
伟仕佳杰：收入稳增长，深耕“IT分销+增值服务”驱动模式