证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业绩符合预期，国际化战略稳步推进 [Table_Title2] 威胜信息(688100) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688100 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 52.9/31.3 | | 目标价格： | | 总市值(亿) | 178.73 | | 最新收盘价： | 36.35 | 自由流通市值(亿) | 178.73 | | | | 自由流通股数(百万) | 491.69 | [Table_Summary] 事件： 公司发布 2025 年一季报，2025Q1 实现总营业收入 5.55 亿元，同比增长 23.96%；实现归母净利润 1.39 亿元， 同比增长 25.33%。 1、国际化战略稳步加速，在手订单情况持续增长 根据公司公众号，2025Q1 公司境内收入 4.55 亿元，同比增长 22.57%；实现境外收入 0.97 亿元，同比增长 30.58%。报告期内 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 49.76 RMB [7][5]. Core Views - The company reported a revenue of 555 million RMB in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to the parent company of 139 million RMB, slightly above expectations, with a year-on-year increase of 25.33% [1][2]. - Both domestic and international revenues showed strong growth, with domestic revenue at 455 million RMB (up 22.57%) and international revenue at 97 million RMB (up 30.58%) [2]. - The company has a robust order backlog, with total contracts signed in Q1 2025 amounting to 777 million RMB, a 30.41% increase year-on-year, and a total backlog of 4.108 billion RMB, up 17.86% [2][4]. - The gross margin for Q1 2025 was 41.61%, remaining stable year-on-year, with effective cost control reflected in the sales, management, and R&D expense ratios [3][4]. Summary by Sections Financial Performance - The company expects net profits for 2025, 2026, and 2027 to be 816 million RMB, 999 million RMB, and 1.193 billion RMB respectively, with a projected PE ratio of 30x for 2025 [5][11]. - Revenue forecasts for 2025, 2026, and 2027 are 3.391 billion RMB, 4.078 billion RMB, and 4.761 billion RMB, indicating growth rates of 23.56%, 20.24%, and 16.76% respectively [11][27]. Product Development - The company launched nearly 50 new products in 2024, generating 1.338 billion RMB in revenue, which accounted for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. Market Outlook - The company is expected to benefit from the construction of new power systems in China and has significant potential for growth in international markets [1][4].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 49.76 [7][5]. Core Views - The company reported a revenue of RMB 555 million in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of RMB 139 million, slightly above expectations, with a year-on-year increase of 25.33% [1]. - Both domestic and international revenues showed strong growth, with domestic revenue at RMB 455 million (up 22.57%) and international revenue at RMB 97 million (up 30.58%) in Q1 2025 [2]. - The company has a robust order backlog, with total contracts signed reaching RMB 777 million, a 30.41% increase year-on-year, and a backlog of RMB 4.108 billion, up 17.86% [2][4]. Summary by Sections Financial Performance - The comprehensive gross margin for Q1 2025 was 41.61%, remaining stable year-on-year. The company effectively managed its expenses, with sales, management, and R&D expense ratios at 4.25%, 2.87%, and 8.89%, respectively [3]. - The company is projected to achieve net profits of RMB 816 million, RMB 999 million, and RMB 1.193 billion for the years 2025, 2026, and 2027, respectively [5][11]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating RMB 1.338 billion in revenue, which accounted for 49% of its main business revenue. AI products contributed 30% of the new product revenue, indicating a significant growth area [4]. Market Outlook - The report expresses optimism regarding the company's potential to benefit from the construction of new power systems in China and its growth prospects in international markets [1][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company achieved a revenue of 555 million yuan in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The domestic market generated 455 million yuan in revenue, a 22.57% increase, while the international market saw revenue of 96.92 million yuan, growing by 30.58% [2]. - The company signed new orders worth 777 million yuan in Q1 2025, marking a 30.41% increase year-on-year, with a backlog of 4.108 billion yuan, up 17.86% [3]. - The integration of AI technology into the energy sector is a key focus, enhancing the efficiency and reliability of power distribution networks [4]. - The company is expected to benefit from significant investments in the digital grid and smart energy sectors, with projected net profits for 2025-2027 of 787 million, 972 million, and 1.185 billion yuan respectively [5]. Financial Data Summary - Revenue is projected to grow from 2.225 billion yuan in 2023 to 5.013 billion yuan in 2027, with annual growth rates of 11.06%, 23.35%, 23.08%, 22.22%, and 21.41% respectively [5][12]. - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.185 billion yuan in 2027, with growth rates of 31.26%, 20.07%, 24.81%, 23.44%, and 21.93% [5][12]. - The company’s P/E ratio is projected to decrease from 34.03 in 2023 to 15.09 in 2027, indicating improving valuation over time [5][12].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown strong growth in revenue and net profit, with Q1 2025 revenue reaching 555 million yuan, a year-on-year increase of 23.96%, and net profit of 139 million yuan, up 25.33% [1]. - The company is expanding its international presence, with a new factory in Indonesia that has advanced manufacturing capabilities and aims to meet diverse market needs in Southeast Asia [2]. - The company has a robust order backlog, with new orders signed in Q1 2025 amounting to 777 million yuan, a 30.41% increase year-on-year, and a total backlog of 4.108 billion yuan, up 17.86% [3]. - The integration of AI technology into the energy sector is a key focus, enhancing operational efficiency and supporting the national "dual carbon" goals [4]. - The company is expected to benefit from significant investments in the digital grid and smart energy sectors, with projected net profits for 2025-2027 of 787 million, 972 million, and 1.185 billion yuan respectively [5]. Financial Data and Valuation - Revenue is projected to grow from 2.225 billion yuan in 2023 to 5.013 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.41% [5][12]. - The company's net profit is expected to increase from 525 million yuan in 2023 to 1.185 billion yuan in 2027, reflecting a strong growth trajectory [5][12]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.03 in 2023 to 15.09 in 2027, indicating improving valuation metrics over time [5][12].

Core Viewpoint - 威胜信息 reported a strong performance in Q1 2025, with significant growth in revenue and net profit, driven by robust order intake and technological innovation [1][2]. Financial Performance - The company achieved a revenue of 555 million yuan, representing a year-on-year increase of 24% [1]. - The net profit attributable to shareholders reached 139 million yuan, up 25.3% year-on-year [1]. - Operating cash flow was 79.86 million yuan, reflecting a growth of 38.3% compared to the previous year [1]. - New contracts signed in Q1 amounted to 777 million yuan, a 30.4% increase year-on-year, with total backlog reaching 4.108 billion yuan [1]. Technological Innovation - 威胜信息 has invested a total of 667 million yuan in R&D over the past three years, averaging 9.6% of revenue [1]. - The company has developed a core competitive advantage in "IoT + chips + AI," providing comprehensive solutions from data collection to analysis [1]. - The self-developed communication chip supports AMI communication solutions for over 70% of countries globally, enhancing the company's international technological capabilities [1][2]. Strategic Initiatives - The company integrates AI technologies into new power system construction, achieving breakthroughs in predictive maintenance and operational efficiency [2]. - In the smart city sector, 威胜信息 has developed AI edge computing gateways and smart security management platforms, enhancing capabilities in edge computing and security [2]. - The company is focused on international expansion, particularly in Belt and Road Initiative countries, with a strategy of "trade + empowerment + integration" [2][3]. Shareholder Returns - 威胜信息 has prioritized shareholder returns, distributing a cash dividend of 5.2 yuan per 10 shares, totaling 250 million yuan [3]. - Cumulatively, the company has distributed 958 million yuan in dividends and repurchased approximately 200 million yuan in shares since its listing, totaling 1.16 billion yuan in returns [3]. - The company commits to maintaining a baseline dividend payout ratio of 40% over the next five years, promoting a stable return mechanism [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company reported Q1 2025 revenue of 555 million yuan, a year-on-year increase of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The company has successfully opened its first overseas factory in Indonesia, which is expected to accelerate its international expansion [6]. - The company has a robust order backlog, with new contracts signed in Q1 2025 amounting to 777 million yuan, a 30.41% increase year-on-year [6]. - The company is well-positioned to benefit from the ongoing investment in China's power grid, which saw a 24.8% increase in investment in the first quarter of 2025 [6]. - The company is focusing on digital power grids and smart cities, with expectations for continued domestic business expansion and significant growth in overseas markets [6]. Financial Data and Valuation - Total revenue is projected to grow from 2.225 billion yuan in 2023 to 6.146 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 30% [2][14]. - Net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.280 billion yuan in 2027, reflecting a CAGR of 27% [2][14]. - The company's price-to-earnings (PE) ratio is projected to decrease from 34.0 in 2023 to 14.0 in 2027, indicating improving valuation metrics [2][15]. - The return on equity (ROE) is expected to rise from 20.8% in the most recent twelve months to 25.6% by 2027, showcasing enhanced profitability [3][15]. Business Developments - The company has established a new factory in Indonesia, which is expected to produce millions of units of various smart energy products [6]. - The company has secured international certifications for its self-developed communication chip modules, laying the groundwork for future overseas orders [6]. - The company is actively involved in the development of a rapid maglev transportation system, indicating its commitment to innovation and technology advancement [6].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, indicating strong operational performance and a positive outlook for future contracts and innovations [5]. Financial Performance - The company achieved operating revenue of 555.43 million yuan, representing a year-on-year increase of 23.96% [5]. - The net profit attributable to shareholders reached 139.37 million yuan, reflecting a year-on-year growth of 25.33% [5]. - Domestic revenue amounted to 455.09 million yuan, up 22.57% year-on-year, while overseas revenue was 96.92 million yuan, increasing by 30.58% [5]. Contract and R&D Information - New contracts signed during the reporting period totaled 777 million yuan, marking a year-on-year increase of 30.41% [5]. - The total contracts on hand reached 4.108 billion yuan, which is a 17.86% increase compared to the previous period [5]. - The company employed 439 R&D personnel, accounting for 51.8% of the total workforce, and added 23 new patents during the reporting period [5]. Share Buyback Activity - The company convened its 15th meeting of the third board of directors on January 14, 2025, approving a share buyback plan [6]. - As of March 31, 2025, the company had repurchased 2.1465 million shares, representing 0.4366% of the total share capital, with a total expenditure of 78.80 million yuan [6].

Core Viewpoint - The company, Weisheng Information, reported a strong performance in Q1 2025, driven by continuous technological innovation, overseas expansion, and stable dividends, positioning itself well for future growth in the context of the ongoing "dual carbon" strategy [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 555 million yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 139 million yuan, up 25.3% year-on-year, continuing the stable growth trend from 2024 [2]. - Operating cash flow reached 79.86 million yuan, reflecting a 38.3% year-on-year growth, indicating strong profitability [2]. - The company signed new contracts worth 777 million yuan in Q1, a 30.4% increase year-on-year, with a total backlog of orders amounting to 4.108 billion yuan, ensuring future revenue streams [2]. Technological Innovation - The company has invested a total of 667 million yuan in R&D over the past three years, averaging 9.6% of its revenue, establishing a technological moat [3]. - Weisheng Information has developed a core competitive advantage through its "IoT + Chip + AI" strategy, creating comprehensive solutions for data collection, transmission, and analysis [3]. - The integration of AI technologies has enhanced the efficiency and reliability of the new power system, contributing to the construction of a safe, efficient, and green energy system [3]. Market Position and Recognition - The company has developed products like the Power Harmony Smart Terminal and solutions for the orderly integration of distributed photovoltaics, which are widely used in the power grid, solidifying its market share [4]. - Weisheng Information has received multiple national recognitions, including the 25th China Patent Excellence Award and being named a National Intellectual Property Advantage Enterprise, highlighting its continuous innovation capabilities [4]. International Expansion - The company has accelerated its overseas strategy, particularly in Southeast Asia, with the opening of its subsidiary in Indonesia and ongoing construction of a factory in Saudi Arabia [5][6]. - In Q1 2025, overseas revenue reached 96.92 million yuan, a 30.6% increase year-on-year, reflecting successful international market penetration [6]. Shareholder Returns - The company has prioritized shareholder returns, distributing a total of 1.25 billion yuan in cash dividends and repurchasing shares worth approximately 200 million yuan, totaling 1.16 billion yuan in returns to investors [7]. - Weisheng Information has committed to maintaining a baseline dividend payout ratio of 40% over the next five years, establishing a stable return mechanism [7]. Future Strategy - The company aims to continue its development strategy centered on "IoT + Chip + AI," focusing on digital power grids, smart cities, and international business expansion to create a controllable digital energy system [8].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2800 | 0.2300 | 21.74 | 0.1900 | | 每股净资产（元） | 6.43 | 5.68 | 13.2 | 5.24 | | 每股公积金(元) | 1.79 | 2.15 | -16.74 | 2.18 | | 每股未分配利润(元) | 3.54 | 2.76 | 28.26 | 2.17 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.55 | 4.48 | 23.88 | 4.23 | | 净利润(亿元) | 1.39 | 1.11 | 25.23 | 0.91 | | 净资产收益率(%) | 4.10 | 3.72 | 10.22 | 3.32 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 39173.3万股，累计占流通股比： 79.67%，较 ...