DBS:作爲領先的IT產品分銷商,VSTECS把握AI發展趨勢和東南亞業務增長
DBS Group發表研報指,VSTECS(0856.HK)是亞太地區領先的IT分銷商和解決方案提供商。VSTECS有三大業務板塊,分別是消費電子產品、企業系統和雲計算,在2024財年的收入貢獻分別爲37%、59%和4%。從地理上看,北亞和東南亞業務收入佔比分別爲66%和34%。另外,公司與惠普、華爲、蘋果、英偉達等知名企業建立了長期的業務合作夥伴關係。
研報指,VSTECS的增長動力包括:(1)東南亞企業業務拓展:強勁的人工智能數據中心發展繼續推動東南亞企業系統集成服務和服務器的需求,公司的銷售網絡遍佈亞太地區9個國家(中國、泰國、馬來西亞、新加坡、印度尼西亞、菲律賓、柬埔寨、緬甸和老撾),擁有87家分支機構,服務於50,000多家合作夥伴;(2)海外市場對中國消費品牌的需求不斷上升:通過廣泛的銷售網絡,公司推動華爲、聯想、科大訊飛、H3C、小米等中國品牌在東南亞的擴張。管理層指出,與中國相比,東南亞國家的電子產品滲透率較低,提供了充足的增長機會。展望未來,管理層有信心在中期實現每年20%-30%的部門收入增長。
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