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招銀國際TMT:偉仕佳傑FY24業績強勁 受益於強勁的AI需求
格隆匯 03-27 14:11

偉仕佳傑公佈了FY24財務業績:總營收同比增長21%,達到891億港元,較招銀國際/一致預期高7%/8%,主要得益於對AI解決方案的強勁需求以及東南亞業務營收增長;淨利潤同比增長14%,達到10.5億港元,較招銀國際/一致預期高10%/6%。憑藉公司在雲和AI領域的良好研發與服務能力,偉仕佳傑在雲管理服務和AI算力運營市場的份額持續提升。FY24雲計算和AI業務營收同比增長35%至 77億港元。展望未來,在AI解決方案、雲計算和信創需求的推動下,管理層預計公司FY25-27年盈利將維持15%-20%增長。我們將FY25/26盈利預測上調至13.2億/15.2億港元(前值:10.6億/11.7億港元),並將目標價上調至7.60港元,基於8x FY25 PE(前值:7.20港元,基於10x FY25 PE)。維持"買入"評級。

FY24企業系統/消費電子/雲計算業務營收分別同比增長30%/8%/28%,達到523億/328億/39億港元。東南亞地區營收同比增長74%,達到307億港元,佔FY24總營收的34%,主要得益於馬來西亞和新加坡市場對AI數據中心的強勁需求,以及菲律賓一家子公司並表。FY24北亞地區營收同比增長4%,達到584億港元,佔總營收的66%。

FY24公司AI和雲計算業務營收同比增長35%至77億港元,約佔總營收9%。根據IDC數據,偉仕佳傑增長速度繼續快於行業,其在中國第三方雲管理服務市場的營收份額在FY24同比提升0.4個百分點至4.2%。展望2025年,偉仕佳傑將進一步深化與阿里巴巴、華為和AWS等領先雲平台的合作關係,以加快地市下沉、推動信創數據庫改造以及高端產品銷售。偉仕佳傑預計將在AI領域的研發投入增加50%以上,將DeepSeek服務擴展到30多個現有管理的數據中心,並在內部利用AI技術提高運營效率。

2024年公司毛利率同比下降0.3個百分點至4.4%,主因國內市場競爭激烈,以及AI服務器分銷業務營收貢獻增加(該業務毛利率通常較低)。運營利潤率穩定在1.9%,主要得益於運營效率的提升。公司宣佈分派年終股息3.69億港元,同比持平,佔淨利潤/市值的35%/4%。管理層預計未來將維持相似的股息水平,公司將投資於AI等新的增長機遇。

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