嘉利國際 (01050.HK) AI 伺服器模具銷售及伺服器外殼訂單穩步上升、 整體毛利率和盈利水平進一步增長 February 25, 2025 191

PSR Recommendation: ACCUMULATE Status: Upgraded
Target Price: HKD0.98

投資摘要
嘉利國際(01050)在 2025 財年上半年(截至 2024 年 9 月底止六個月)展現穩健增
長,收入達到 15.27 億元(港元.下同),同比增長 6%,主要受惠於人工智能(AI)
伺服器市場需求的強勁提升。隨著 AI 技術的快速發展,全球對高性能伺服器的需求持
續增長,公司作為主要伺服器外殼及機櫃供應商,成功受惠於這一趨勢。受毛利較高
的五金塑膠業務佔比提升影響,毛利率較去年同期上升 1.5 個百分點至 13.2%,進一步
推動整體盈利能力改善。淨利潤 1.02 億元,同比增長 39%,淨利潤率由 2024 財年同
期的 5.8%提升至 6.7%。每股基本盈利增長至 5.0 仙(1H2024FY:3.6 仙),中期股
息每股 2.5 仙(1H2024FY:1.5 仙),派息率約 50%。
財務業績要點
截至 2024 年 9 月底止六個月,嘉利國際收入增長至 15.27 億元,同比增長 6%。其
中,五金塑膠業務表現突出,收入達到 9.52 億元,同比增長 14%,佔總收入的
62.4%。這一增長主要來自 AI 伺服器產品的強勁需求,推動模具與伺服器外殼銷售穩
步上升。相較之下,電子專業代工業務則受到市場需求疲弱影響,收入同比下降 5%至
5.74 億元,反映部分傳統電子產品市場需求減弱的趨勢。
毛利錄得 2.01 億元,相較 2024 財年同期的 1.67 億元,增幅達 21%。毛利率由 12.7%
提升至 13.2%,主要受三大因素推動。首先,五金塑膠業務的收入貢獻上升,該業務
相較電子專業代工擁有更高的毛利率,因此推動整體毛利率提升。其次,原材料成本
回落,為公司帶來一定的成本優勢。最後,生產效率進一步提升,隨著自動化生產設
備的升級與流程優化,公司成功減少生產成本,進一步提升毛利水平。
經營溢利 1.35 億元,較去年同期增長 31%,經營溢利率由 7.2%提升至 8.9%。財務成
本淨額同比下降 10%至 1,815 萬元,顯示公司透過優化銀行貸款結構,有效降低融資成
本。稅後淨利潤達到 1.02 億元,同比增長 39%,淨利潤率由 5.8%提升至 6.7%,顯示
經營效率改善與業務結構優化帶來的正向成果。
期內錄得正現金流 8,810 萬元,雖較去年同期的 1.90 億元有所下降,但仍維持健康的
現金流水平。經營現金流減少主要受到存貨水平上升的影響。公司亦於泰國設立生產
廠房,以應對日益增長的海外市場需求。

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About the author

Profile photo of Eric Li

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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