伟仕佳杰(0856.HK)：ICT业务稳健增长，云计算成新增长动力，重申“买入”评级，目标价5.28港元
机构：安信国际
评级：买入
目标价：5.28港元
报告摘要
2019年中期业绩符合预期。伟仕佳杰公布2019年上半年业绩，收入同比增长7.5%至300.3亿港元，其中移动终端/云计算及大数据分析/网络及信息安全/配件收入占比分别达40%/24%/14%/22%。毛利率同比提升0.3个百分点至4.8%，毛利同比增长14.1%至14.3亿港元；经营利润同比增长8.9%至5.95亿港元，经营利润率保持约2%。以上带动净利润同比增长8.3%至3.92亿港元，净利润率保持约1.3%，整体业绩符合我们及市场预期。
云计算业务成新增长动力。公司1H19云计算及大数据分析收入同比增长11.1%至73.6亿港元。公司目前于云计算领域布局初见成效，期内积极推动与阿里云的战略合作，依托阿里云的产品及技术，公司通过自身对行业的深刻理解和强大的线上线下渠道的覆盖能力，将阿里云领先的能力及技术进行释放，助力阿里云输出，延展云生态，赋能产业升级。另一方面，公司已签约成为中科云面部识别产品及解决方案成为一级代理；同时亦成为酷栈科技全国总代理，双方建立战略合作关系，资源互补，共同推进云计算及相关业务的应用、推广与发展，此外也将共同开拓新业务模式、新产品的销售、新渠道的建设等。
积极布局AI等新科技多元业务。公司于1H19继续深耕分销业务，全面发力并延伸至行业及企业级的IT服务，深度发展多项创新科技相关的多元化业务。公司与科大讯飞智能录音笔签约渠道战略协议，成为讯飞智能录音笔在中国大陆地区的总代理商，继续深耕线下分销渠道，并借助科大讯飞的技术及产品，持续开拓AI市场。另一方面，公司与惠普就推动中国3D打印深化合作展开了进一步的业务合作交流，为后续的项目落地奠定良好合作基础，争取共同打造出一个良性的中国区3D打印生态圈，并在产品应用开发、项目孵化以及专项人才培养等方面展开更全面的战略合作。
重申“买入”评级，目标价5.28港元。公司现时2019E/20E动态市盈率分别仅为7.2/6.2倍。我们相信i)大数据时代下软硬件服务需求加速；ii)海外业务进一步开拓；及iii)云计算相关业绩逐步释放，将为股价上升催化剂。我们保守以2020E动态市盈率8倍定价，给予目标价5.28港元，重申“买入”评级。
风险提示：ICT综合服务业务竞争加剧；移动终端业务增长持续受压；云计算相关业务增长慢于预期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
