<h3>关键洞察</h3>
<ul>
<li>使用股息折现模型，伟仕佳杰的公允价值估计为 7.02 港元</li>
<li>伟仕佳杰的 8.02 港元股价表明其交易水平与公允价值估计相似</li>
<li>分析师对 856 的目标股价为 12.75 港元，比我们的公允价值估计高出 82%</li>
</ul>
<p>伟仕佳杰有限公司（HKG:856）的内在价值与市场价格相差多少？根据最新的财务数据，我们将通过将预期未来现金流折现到现值来查看该股票是否被合理定价。我们将利用折现现金流（DCF）模型来实现这一目的。尽管这看起来可能相当复杂，但实际上并没有那么复杂。</p>
<p>不过请记住，估算公司价值的方法有很多，而 DCF 只是其中一种方法。如果您对这种估值类型还有一些迫切的问题，请查看 Simply Wall St 的分析模型。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
<h2>数据分析</h2>
<p>由于伟仕佳杰在电子行业运营，我们需要稍微不同地计算内在价值。在这种方法中，使用每股股息（DPS），因为自由现金流难以估算且通常不被分析师报告。除非公司将大部分自由现金流作为股息支付，否则这种方法通常会低估股票的价值。使用的是 “戈登增长模型”，该模型简单地假设股息支付将以可持续的增长率永远增长。预计股息将以与 10 年期国债收益率 5 年平均值 2.8% 相等的年增长率增长。然后，我们以 9.3% 的股本成本将该数字折现到今天的价值。相对于当前的 8.0 港元股价，该公司在撰写时似乎处于公允价值附近。不过，估值是一个不精确的工具，就像望远镜一样——移动几个度就会进入不同的星系。请记住这一点。</p>
<p>每股价值 = 预期每股股息 / (折现率 - 永续增长率)</p>
<p>= 0.5 港元 / (9.3% – 2.8%)</p>
<p>= 7.0 港元</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1706" height="760" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313"/></p>
<p>SEHK:856 折现现金流 2025 年 12 月 23 日</p>
<h2>重要假设</h2>
<p>上述计算非常依赖于两个假设。第一个是折现率，另一个是现金流。您不必同意这些输入，我建议您自己重新计算并进行调整。DCF 也没有考虑行业的可能周期性或公司的未来资本需求，因此并不能全面反映公司的潜在表现。鉴于我们将伟仕佳杰视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 9.3%，这是基于 1.261 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是稳定企业的合理范围。</p>
<p>查看我们对伟仕佳杰的最新分析</p>
<h3>伟仕佳杰的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>去年盈利增长超过行业水平。</li>
</ul>
<ul>
<li>债务由盈利良好覆盖。</li>
</ul>
<ul>
<li>股息由盈利和现金流覆盖。</li>
</ul>
<p>856 的股息信息。</p>
<p><strong>劣势</strong></p>
<ul>
<li>与电子市场前 25% 的股息支付者相比，股息较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>年度盈利预计将比香港市场增长更快。</li>
</ul>
<ul>
<li>根据市盈率与估计的公允市盈率相比，价值良好。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>债务未能由经营现金流良好覆盖。</li>
</ul>
<ul>
<li>收入预计每年增长低于 20%。</li>
</ul>
<p>856 是否具备应对威胁的能力？</p>
<h2>下一步：</h2>
<p>估值只是构建投资论点的一方面，在研究公司时不应是唯一的指标。使用 DCF 模型无法获得万无一失的估值。最好是应用不同的案例和假设，看看它们如何影响公司的估值。例如，公司的股本成本或无风险利率的变化可能会显著影响估值。对于伟仕佳杰，我们整理了您应该考虑的三个关键要素：</p>
<ol>
<li><strong>风险</strong>：请注意，伟仕佳杰在我们的投资分析中显示出 <strong>1 个警告信号</strong>，您应该了解...</li>
<li><strong>未来盈利</strong>：856 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解即将到来的年份的分析师共识数字。</li>
<li><strong>其他高质量替代品</strong>：您喜欢全能型股票吗？探索我们的高质量股票互动列表，了解您可能错过的其他投资机会！</li>
</ol>
<p>附言：Simply Wall St 应用程序每天对 SEHK 上的每只股票进行折现现金流估值。如果您想查找其他股票的计算，请在此搜索。</p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

伟仕佳杰

<p>VSTECS Holdings Limited（港股代码：856）的公允价值估计为 7.02 港元，当前股价为 8.02 港元。分析师的目标价为 12.75 港元，比公允价值估计高出 82%。该估值使用了 9.3% 的折现率和 2.8% 的永续增长率。分析强调了盈利增长和股息覆盖等优势，但也指出了低股息收益率等劣势，以及收入增长缓慢等威胁</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>Using the Dividend Discount Model, VSTECS Holdings fair value estimate is HK$7.02</li>
<li>VSTECS Holdings' HK$8.02 share price indicates it is trading at similar levels as its fair value estimate</li>
<li>Analyst price target for 856 is HK$12.75, which is 82% above our fair value estimate</li>
</ul>
<div class="lb-trans"><ul>
<li>使用股息折现模型，伟仕佳杰的公允价值估计为 7.02 港元</li>
<li>伟仕佳杰的 8.02 港元股价表明其交易水平与公允价值估计相似</li>
<li>分析师对 856 的目标股价为 12.75 港元，比我们的公允价值估计高出 82%</li>
</ul>
</div><p>How far off is VSTECS Holdings Limited (HKG:856) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to their present value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. There's really not all that much to it, even though it might appear quite complex.</p>
<div class="lb-trans"><p>伟仕佳杰有限公司（HKG:856）的内在价值与市场价格相差多少？根据最新的财务数据，我们将通过将预期未来现金流折现到现值来查看该股票是否被合理定价。我们将利用折现现金流（DCF）模型来实现这一目的。尽管这看起来可能相当复杂，但实际上并没有那么复杂。</p>
</div><p>Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>不过请记住，估算公司价值的方法有很多，而 DCF 只是其中一种方法。如果您对这种估值类型还有一些迫切的问题，请查看 Simply Wall St 的分析模型。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
</div><h2>Crunching The Numbers</h2>
<div class="lb-trans"><h2>数据分析</h2>
</div><p>As VSTECS Holdings operates in the electronic sector, we need to calculate the intrinsic value slightly differently. In this approach dividends per share (DPS) are used, as free cash flow is difficult to estimate and often not reported by analysts. Unless a company pays out the majority of its FCF as a dividend, this method will typically underestimate the value of the stock. The 'Gordon Growth Model' is used, which simply assumes that dividend payments will continue to increase at a sustainable growth rate forever. The dividend is expected to grow at an annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.8%. We then discount this figure to today's value at a cost of equity of 9.3%. Relative to the current share price of HK$8.0, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.</p>
<div class="lb-trans"><p>由于伟仕佳杰在电子行业运营，我们需要稍微不同地计算内在价值。在这种方法中，使用每股股息（DPS），因为自由现金流难以估算且通常不被分析师报告。除非公司将大部分自由现金流作为股息支付，否则这种方法通常会低估股票的价值。使用的是 “戈登增长模型”，该模型简单地假设股息支付将以可持续的增长率永远增长。预计股息将以与 10 年期国债收益率 5 年平均值 2.8% 相等的年增长率增长。然后，我们以 9.3% 的股本成本将该数字折现到今天的价值。相对于当前的 8.0 港元股价，该公司在撰写时似乎处于公允价值附近。不过，估值是一个不精确的工具，就像望远镜一样——移动几个度就会进入不同的星系。请记住这一点。</p>
</div><p>Value Per Share = Expected Dividend Per Share / (Discount Rate - Perpetual Growth Rate)</p>
<div class="lb-trans"><p>每股价值 = 预期每股股息 / (折现率 - 永续增长率)</p>
</div><p>= HK$0.5 / (9.3% – 2.8%)</p>
<div class="lb-trans"><p>= 0.5 港元 / (9.3% – 2.8%)</p>
</div><p>= HK$7.0</p>
<div class="lb-trans"><p>= 7.0 港元</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313" alt="" original-src="https://images.simplywall.st/asset/chart/7657321-dcf-1-dark-2/1766528403313"/></p>
<p>SEHK:856 Discounted Cash Flow December 23rd 2025</p>
<div class="lb-trans"><p>SEHK:856 折现现金流 2025 年 12 月 23 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假设</h2>
</div><p>The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at VSTECS Holdings as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.3%, which is based on a levered beta of 1.261. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>上述计算非常依赖于两个假设。第一个是折现率，另一个是现金流。您不必同意这些输入，我建议您自己重新计算并进行调整。DCF 也没有考虑行业的可能周期性或公司的未来资本需求，因此并不能全面反映公司的潜在表现。鉴于我们将伟仕佳杰视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 9.3%，这是基于 1.261 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是稳定企业的合理范围。</p>
</div><p>View our latest analysis for VSTECS Holdings</p>
<div class="lb-trans"><p>查看我们对伟仕佳杰的最新分析</p>
</div><h3>SWOT Analysis for VSTECS Holdings</h3>
<div class="lb-trans"><h3>伟仕佳杰的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>优势</strong></p>
</div><ul>
<li>Earnings growth over the past year exceeded the industry.</li>
</ul>
<div class="lb-trans"><ul>
<li>去年盈利增长超过行业水平。</li>
</ul>
</div><ul>
<li>Debt is well covered by earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务由盈利良好覆盖。</li>
</ul>
</div><ul>
<li>Dividends are covered by earnings and cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>股息由盈利和现金流覆盖。</li>
</ul>
</div><p>Dividend information for 856.</p>
<div class="lb-trans"><p>856 的股息信息。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣势</strong></p>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Electronic market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与电子市场前 25% 的股息支付者相比，股息较低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>机会</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow faster than the Hong Kong market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年度盈利预计将比香港市场增长更快。</li>
</ul>
</div><ul>
<li>Good value based on P/E ratio compared to estimated Fair P/E ratio.</li>
</ul>
<div class="lb-trans"><ul>
<li>根据市盈率与估计的公允市盈率相比，价值良好。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Debt is not well covered by operating cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务未能由经营现金流良好覆盖。</li>
</ul>
</div><ul>
<li>Revenue is forecast to grow slower than 20% per year.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入预计每年增长低于 20%。</li>
</ul>
</div><p>Is 856 well equipped to handle threats?</p>
<div class="lb-trans"><p>856 是否具备应对威胁的能力？</p>
</div><h2>Next Steps:</h2>
<div class="lb-trans"><h2>下一步：</h2>
</div><p>Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. For VSTECS Holdings, we've put together three essential elements you should consider:</p>
<div class="lb-trans"><p>估值只是构建投资论点的一方面，在研究公司时不应是唯一的指标。使用 DCF 模型无法获得万无一失的估值。最好是应用不同的案例和假设，看看它们如何影响公司的估值。例如，公司的股本成本或无风险利率的变化可能会显著影响估值。对于伟仕佳杰，我们整理了您应该考虑的三个关键要素：</p>
</div><ol>
<li><strong>Risks</strong>: Be aware that VSTECS Holdings is showing <strong>1 warning sign in our investment analysis</strong> , you should know about...</li>
<li><strong>Future Earnings</strong>: How does 856's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.</li>
<li><strong>Other High Quality Alternatives</strong>: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>风险</strong>：请注意，伟仕佳杰在我们的投资分析中显示出 <strong>1 个警告信号</strong>，您应该了解...</li>
<li><strong>未来盈利</strong>：856 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解即将到来的年份的分析师共识数字。</li>
<li><strong>其他高质量替代品</strong>：您喜欢全能型股票吗？探索我们的高质量股票互动列表，了解您可能错过的其他投资机会！</li>
</ol>
</div><p>PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the SEHK every day. If you want to find the calculation for other stocks just search here.</p>
<div class="lb-trans"><p>附言：Simply Wall St 应用程序每天对 SEHK 上的每只股票进行折现现金流估值。如果您想查找其他股票的计算，请在此搜索。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

估算伟仕佳杰控股有限公司（HKG:856）的合理价值