偉仕佳傑(00856.HK)深度報告：全棧分銷穩基本盤，雲智+出海蓄勢新增長極
7月10日，浙商銀行發佈偉仕佳傑(00856.HK)深度報告，首次覆蓋給予"買入"評級，目標價9.9港元。
基本盤：企業系統+消費電子雙輪驅動，提供穩定現金流
目前企業系統業務和消費電子業務是公司收入的主要來源，爲公司提供穩定且充足的現金流。公司是亞太地區 IT 分銷龍頭，其中企業系統業務聚焦於 IT 設備分銷+解決方案集成，覆蓋基礎硬件、基礎軟件、應用軟件、信息安全四大核心環節，消費電子業務主要覆蓋 ToC 端市場，構建“全品類+全渠道”消費電子分銷網絡，覆蓋電腦、手機、無人機、智能手錶、VR 設備等十二大類科技產品。2024 年公司整體營收達 890 億港元，營收規模和盈利能力處於行業領先水平。
創新業務：雲計算+AI 業務爆發，打造未來新增長極
一方面，公司依靠“雲分銷+佳傑雲星自有雲品牌”把握雲計算市場增長機會。公司與阿里雲、華爲雲等頭部雲廠商建立深度合作，以自有品牌佳傑雲星爲核心，爲客戶提供全棧式雲服務。另一方面，公司前瞻佈局“算力調度+大模型服務”業務，積極擁抱 AI 時代。佳傑雲星 AI 智算管理系統可實現智算納管、算力調度、算力服務、運營服務和算力監控等功能，目前已在全國管理和運營約 40個新一代國家智算中心。
增量市場拓展：東南亞出海戰略深化，量價雙升可期
公司目前在東南亞 IT 分銷市場佔據領先地位，2024 年東南亞地區營收佔比已達34%，未來隨着公司在東南亞市場的深入拓展，東南亞地區營收佔比有望繼續突破新高，成爲公司整體營收增長的主動力。
盈利預測與估值
我們預計公司 2025-2027 年營收分別爲 1023.74、1169.36、1322.65 億港元，歸母淨利潤分別爲 11.78、14.09、15.97 億港元。我們採用相對估值法對公司進行估值，參考可比公司估值水平，同時考慮不同市場間的估值差異、公司未來三年的利潤 CAGR，給予公司 2025 年 13x PE，對應目標市值爲 156 億港元，對應目標價爲 9.9 港元。首次覆蓋，給予“買入”評級。
風險提示
AI 業務推進不及預期；雲計算行業競爭加劇；海外業務可能受到地緣政治及關稅波動等因素的影響。
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