伟仕佳杰(0856.HK)：全面上云将迎重要拐点，深耕分销打造跨界生态，给予“增持”评级，目标价5.98 港元
机构：国泰君安
评级：增持
目标价：5.98 港元
本报告导读： 企业全面上云以及 AI 市场规模高速增长，驱动云管理服务和人工智能产品需求上行， 促进公司一体两翼模式和创新科技多元业务布局加速落地，业绩兑现可期。
摘要：
首次覆盖，给予“增持”评级。公司是亚太区科技产品渠道开发与技术 方案集成服务商龙头，专门分销享誉国际的信息科技产品及有关配 件。目前企业全面上云以及 AI 市场规模高速增长，驱动云管理服务 和人工智能产品需求上行，云计算及大数据、人工智能终端分销行业 长期看好。我们预计 2019-2021 年 EPS 为 0.59 元、0.68 元、0.81 元， 给予公司 2019 年 8.7 倍 PE、0.12 倍 PS，根据审慎取低原则预测股价 5.16 元，以 3 个月平均港币汇率调整后每股合理估值为 5.98 港元，给 予“增持”评级。
优质配件分销逆流而上，创新科技多元业务成功布局。2019 年，公 司继续深耕分销业务，全面发力并延伸至行业及企业级的 IT 服务， 实现配件板块业务收益实现双位数增长。此外，公司深入发展多项创 新科技相关的多元化业务，并与科大讯飞及启迪智享等人工智能行业 领军者联手助力我国 AI 市场的进一步开拓，未来业绩可期。
一体两翼模式顺利落地，海外业务佳音频传助业绩增长。随着企业全 面上云的持续推进和企业级 IT 服务市场的逐渐起步，公司成功借势 积极拓展毛利较高的增值业务，实现云化服务再提速和整合服务再创 新。同时，公司海外业务板块持续发力，坚持深化与国外合作伙伴的 业务关系，并数次荣膺各项大奖，未来毛利率有望再创新高。
催化剂：企业全面上云进程加速；人工智能市场规模高速增长；海外 业务获全球认可；公司将纳入港股通标的。
风险提示：ICT 分销行业竞争加剧；移动终端业务增长持续受压；企 业全面上云进展不及预期；海外市场进一步开拓受阻。
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.
