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浙商證券首次覆蓋偉仕佳傑(856.HK):傳統分銷轉型,雲+AI賦能增長
格隆匯 08-04 09:34

近日,浙商證券發佈深度研究報吿,首次覆蓋偉仕佳傑(856.HK),給予"買入"評級,目標價11.7港元。

公司從傳統分銷商轉型為多元技術方案服務商

公司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,業務主要圍繞企業系統服務、消費電子、雲計算與數字化服務三大核心板塊展開,覆蓋從硬件分銷到技術解決方案的全鏈條服務。其中:

 企業系統服務業務:現金流業務,主要收入貢獻項;

 消費電子業務:持續落實多元化產品+渠道戰略,有望順應電子消費市場復甦趨勢持續修復;

 雲計算業務:AI 推動雲計算業務持續增長,或成第二增長曲線。

 "雲計算+AI+出海"三輪驅動未來增長

我們認為公司未來的成長性主要由雲計算與數字化服務業務、AI 業務、出海業務三輪驅動。具體而言:

• 雲計算:公司雲計算業務主要服務於企業上雲需求升級與多雲資源管理痛點,由"雲分銷+多雲管理服務"雙引擎驅動增長;

• AI:公司前瞻佈局 AI 算力管理及大模型服務業務,構建了服務於底層 AI 基礎設施到上層 AI 應用的產品體系,AI 相關業務於 2024 年實現快速增長;

• 出海:中國企業出海的大趨勢下,公司基於東南亞市場分銷龍頭優勢,深度賦能中企出海,東南亞市場業務有望實現快速增長。

盈利預測與估值

我們預計公司 2025-2027 年營收分別為 1029.52、1184.25、1349.97 億港元,對應同比增速分別為 15.57%、15.03%、13.99%;歸母淨利潤分別為 11.91、14.13、16.30 億港元,對應同比增速分別為 13.26%、18.63%、15.35%。估值方面,參考可比公司估值水平,我們給予公司 2025 年 14x PE,對應目標市值為 168 億港元,對應目標價為 11.7 港元。首次覆蓋,給予"買入"評級

風險提示

創新業務商業化不及預期;行業競爭加劇;海外政策風險。

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