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偉仕佳傑(0856.HK)2024年報點評:致力於拓寬產品系列,東南亞收入高速增長
格隆匯 03-24 15:12

事件:

偉仕佳傑於 2025 年 3 月 21 日發佈 2024 年業績報吿,2024 年,公司實現收入約 890.96 億港元,同比增長 20.56%;實現權益持有人應占綜合淨利潤約 10.52 億港元,同比增長 14.09%。毛利率約 4.41%,同比下降0.32pcts。

2024H2,公司實現收入約 489.90 億港元,同比增長 22.91%;實現權益持有人應占綜合淨利潤約 5.99 億港元,同比增長 42.56%。毛利率約4.40%,同比提升 0.13pcts

投資要點:

1、企業系統帶動公司收入快速增長。2024,公司整體收入約 890.96 億元,其中,企業系統業務收入約 523.38 億港元,同比增長 30%;消費電子業務收入約 329.13 億港元,同比增長 8%;雲計算業務的收入約 39.34億港元,同比增長 28%。

2、積極拓展東南亞地區,2024 公司來自東南亞的收入同比增長 74%。就地區而言,公司來自於北亞區域的收入表現平穩,2024 北亞收入約584.34 億港元,同比增長 4%;來自東南亞區域的收入則呈現高速增長態勢,2024 年東南亞收入約 306.51 億港元,同比增長 74%。

3、持續拓寬產品系列,與客户建立深厚關係,以擴大市佔率。公司一直致力於拓寬產品系列,以為客户提供更多選擇。公司廣泛及多元化產品線現涵蓋華為、阿里、騰訊、惠普、蘋果、AMD、西部數據、連續等知名企業。公司龐大的產品組合及網絡可推動公司不斷增長。未來,公司將繼續在中國及東南亞擴展業務,並與客户建立深厚關係,透徹理解客户需求,以增加市佔率。

盈利預測和投資評級:考慮到公司東南亞市場增長較快,我們調整對公司的盈利預測,我們預計公司 2025-2027 年營收分別為 992.14、1100.53、1213.73 億港元,歸母淨利潤分別為 11.70、12.48、13.11 億港元,對應攤薄 EPS 為 0.81、0.87、0.91 港元,對應 P/E 為 7.5x、7.0x、6.7x,維持“增持”評級。

風險提示:市場競爭風險;應收賬款管理風險;供應鏈風險;境外經營風險;規模擴張引發的管理風險。

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