國泰海通證券首次覆蓋偉仕佳傑(00856.HK):受益AI浪潮,承接東南亞算力出海
報告導讀:
偉仕佳傑是亞太地區領先的專注 ICT 行業解決方案的科技服務平臺。傳統主業 IT分銷受益 AI 浪潮、企業數字化轉型,需求回暖,同時東南亞算力出海,打造新興增長極。
投資要點:
盈利預測與投資建議:首次覆蓋,給予"增持"評級。預計公司 2025-2027 年的營收分別爲 1030.30/1183.70/1365.14 億元(港幣,下同),同比增長+15.7%/+14.9%/+15.3%,EPS 分別爲 0.86/1.08/1.43 元。結合 PE 和 PS 估值法,給予公司目標價 10.32HKD。
公司概要:偉仕佳傑是亞太地區重要的科技產品渠道開發與技術方案集成服務商。服務網絡高度覆蓋一帶一路區域,透過 50000 家渠道夥伴,服務 19 億人羣。公司是華爲、新華三、阿里、騰訊、曙光、聯想、惠普、戴爾、微軟、蘋果等 300 多家世界 500 強科技企業,在亞太地區最重要的合作夥伴。業務覆蓋雲計算/大數據、人工智能、數據存儲、數據分析、基礎建設、網絡安全、方案交付、移動互聯、遊戲娛樂、物聯應用、可穿戴設備及虛擬現實產品等十二大領域,在雲生態建設、IT 運維服務、供應鏈金融、信創產業等拓展出全新版圖,爲全鏈路夥伴提供高效、持續、多元的商業生態閉環。財務數據: 2015 年 -2024 年收入 /扣 非 歸 母 淨 利 CAGR 分 別 爲7.7%/9.9%。1Q25 年公司營業收入同比增長 16-17%,毛利同比增長 20-21%,1Q25 年公司歸屬於股東淨利同比增長 28-29%,我們預計或受益於海外分銷業務結構優化及國產品牌市佔率持續提升。
邏輯 1:傳統主業收益 AI 浪潮。佳傑雲星 AI 算力管理與調度平臺、AI 數字名片及南京偉仕佳傑 SAAS OA 系統均已完成對 DeepSeek全系列大模型的適配與升級。同時,公司憑藉深厚的渠道網絡和技術整合能力,通過「全棧服務+生態協同」的雙輪驅動戰略,構建了一個覆蓋雲全生命週期、融合多廠商生態的雲服務體系。
邏輯 2:東南亞算力出海。公司深耕東南亞市場多年,始終堅持採用本地化運營模式,核心管理團隊穩定,與上下遊生態合作夥伴建立長期戰略合作關係。公司憑藉在東南亞先行佈局積累龐大、可靠渠道網絡,在泰國、新加坡、印度尼西亞、菲律賓、馬來西亞市場份額均名列前茅,爲衆多頭部國產科技品牌出海提供強有力支持。
風險提示:行業競爭加劇,宏觀環境疲軟,海外市場開拓受阻等
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