[Table_StockInfo] 2024 年 02 月 28 日 证券研究报告•2023 年年报点评 持有 （首次） 当前价：29.46 元 威胜信息（688100）通信 目标价：——元（6 个月） 请务必阅读正文后的重要声明部分 经营业绩亮眼，受益于配网智能化扬帆启航 [Table_Summary 事件：公司 202] 3 年实现营业收入 22.3 亿元，同比增长 11.1%；实现归母净利 润 5.3 亿元，同比增长 31.3%；扣非归母净利润 4.9 亿元，同比增长 26.1%。 2023 年第四季度公司实现营收 5.6亿元，同比增长 8.8%；实现归母净利润 1.8 亿元，同比增长 54.3%；扣非归母净利润1.3 万元，同比增长 52.5%。 盈利能力持续提升，研发投入维持高位。盈利端：2023年公司销售毛利率/净利 率分别为 40.8%/23.7%，同比增长 3.7/3.6pp；单 Q4 毛利率/净利率分别为 41.1%/31.9%，分别环比提升 0.6/11.6pp。费用端：公司 2023年销售/管理（不 含研发） / 财 务 费 用 率 分 别 为 4.7%/1.8%/-1.1% ，分别同比 ...

盈利能力持续提升，提质增效重回报 2023 年期间费率同比增 1.28pct。2023 年，公司期间费率 15.63%，同比增 1.28pct。销售费率、管理费率、财务费率、研发费率均不同程度增加。 具体来看： （1）销售费率 4.73%，同比增 0.05pct。（2）管理费率 1.77%，同比增 0.01pct。 （3）财务费率-1.09%，同比增 0.91pct。（4）研发费率 10.22%，同比增 0.31pct。 在手订单持续充盈，通信芯片业务高速增长。截至 2023 年底，公司在手订 单 34.83 亿元，同比增长 38.4%，为后续业绩发展提供有力支撑。2023 年， 公司深化推进"三芯多模"战略，通信芯片业务高速增长，子公司珠海中慧 微电子实现收入 4.64 亿元，同比增 62.2%；实现净利润 1.35 亿元，同比增 101.8%。 请务必阅读正文之后的信息披露和法律声明 （3）海外市场：以"物联网+数字化+芯片"为核心竞争力，作为行业少数从数据感知、通信组网到数据管理，纵向全贯 通的能源物联网综合解决方案的企业，积极参与"一带一路"沿线经济发展和能源互联网建设，持续加大对海外市场的研 发与销 ...

威胜信息（688100.SH）2023 年年报点评 23 年业绩亮眼，通信芯片业务高速增长 2024 年 03 月 02 日 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 公司财务报表数据预测汇总 [TABLE_FINANCE] 利润表（百万元） 2023A 2024E 2025E 2026E 主要财务指标 2023A 2024E 2025E 2026E 营业总收入 2,225 2,954 3,827 4,824 成长能力（%） | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

| --- | --- | |---------------------------------------------------------------|---------------------------------------------------------| | | | | | | | 证券分析师：马成龙 021-60933150 | 联系人：钱嘉隆 021-60375445 | | machenglong@guosen.com.cn S0980518100002 | qianjialong@guosen.com.cn | | 基础数据 | | | 投资评级 合理估值 | 增持(维持) | | 收盘价 总市值/流通市值 52 周最高价/最低价 近 3 个月日均成交额 | 33.48 元 16740/16740 百万元 34.46/23.01 元 58.04 百万元 | | 市场走势 | | 威胜信息（688100.SH） 增持 四季度净利润快速增长，在手订单充裕。公司发布 2023 年度报告，实现营 业收入 22.25 亿元，同比增长 11.1%；实现归母净利润 5.25 亿元，同比增长 31 ...

证券代码：688100 证券简称：威胜信息 公告编号：2024-020 威胜信息技术股份有限公司 关于《2023年度利润分配方案公告》的更正公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 威胜信息技术股份有限公司（以下简称"公司"）于 2024 年 2 月 29 日在上 海证券交易所网站（http://www.sse.com.cn）发布了《2023 年度利润分配方案 公告》（公告编号：2024-011）。因工作人员疏忽，将公告的重要内容提示中"每 股分配比例"列示笔误，现更正如下： 更正前： "●每股分配比例：A 股每股派发现金红利 4.3 元（含税），不进行资本公 积转增股本，不送红股。" 更正后： "●每股分配比例：A 股每股派发现金红利 0.43 元（含税），不进行资本 公积转增股本，不送红股。" 除上述更正内容外，原公告其他内容不变，公司对此次更正给投资者带来的 不便深表歉意，敬请广大投资者谅解。 特此公告。 威胜信息技术股份有限公司董事会 2024 年 3 月 1 日 1 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|--------------------------------------------------|---------------------------------------------------------|---------------------| | 2024 年 02 月 29 日 \n威胜信息（ 688100.SH ） \n电力数字化拉动快速增长，稳定分红彰显长期价 \n值 | 投资评级 \n股价 \n交易数据 | 计算机 \| \n(2024-02-29) | 公司研究●证券研究报告 \n ...

Corporate Governance and ESG Initiatives - The company has established a comprehensive governance structure, including a Board of Directors with specialized committees such as Strategy and ESG, Audit, Nomination, and Compensation and Evaluation Committees[2] - The company actively promotes ESG (Environmental, Social, and Governance) principles and has been awarded the title of "ESG Exemplary Enterprise" at the Boao Enterprise Forum[16] - The company established a "Board Strategy and ESG Committee" to oversee sustainability and ESG-related matters in 2023[65] - The company has been recognized for its efforts in carbon neutrality, winning the "Carbon Peak and Carbon Neutrality Excellence Case" award at the Xinhua Credit Jinlan Cup[15] - The company has established a comprehensive internal control system to ensure compliance and sustainable development[4] Financial Performance and Dividends - The company achieved a revenue of 2.225 billion yuan, a year-on-year increase of 11.06%, and a net profit attributable to shareholders of 525 million yuan, a year-on-year increase of 31.26%[22] - The company's gross profit margin reached 40.79%, an increase of 3.67 percentage points year-on-year, and the net profit margin attributable to shareholders was 23.60%, an increase of 3.63 percentage points year-on-year[22] - The company's operating net cash flow was 417 million yuan, a year-on-year increase of 62.21%, and the asset-liability ratio at the end of the reporting period was 30.20%[22] - Revenue for 2023 reached 22.25249 billion yuan, an increase of 11.06% compared to 2022[35] - Net profit attributable to shareholders of the listed company in 2023 was 5.252599 billion yuan, a year-on-year increase of 31.26%[35] - Operating cash flow in 2023 was 4.173983 billion yuan, a significant increase of 62.21% compared to 2022[35] - Total assets at the end of 2023 were 42.575594 billion yuan, an increase of 8.66% compared to the end of 2022[35] - The company has maintained an average dividend payout ratio of nearly 40% since its listing[5] - The company plans to distribute a cash dividend of 4.3 yuan per 10 shares for 2023, representing a 30% year-on-year increase, totaling 210 million yuan[184] - For 2024, the company plans a cash dividend payout ratio of 40%[185] Research and Development (R&D) and Innovation - The company has implemented a three-tier R&D organizational structure, combining independent R&D with collaborative efforts and innovation platforms to drive technological advancements[8] - The company added 64 new patents during the reporting period, including 29 invention patents, and 48 new software copyrights[20] - The company's cumulative authorized patents reached 707, including 149 invention patents, 898 software copyrights, and 6 integrated circuit layout design rights[20] - The company participated in the formulation and revision of 65 standards, including 36 national standards, 11 industry standards, 1 local standard, and 17 group standards[20] - The company successfully developed 48 new products in 2023, focusing on digital grid and smart city energy internet solutions[38] - The company obtained 8 new invention patents in the digital grid field, bringing the total to 38 by the end of 2023[53] - In the smart city sector, the company secured 9 software copyrights and 3 invention patents, with a cumulative total of 82 software copyrights and 18 invention patents by the end of 2023[53] - The company developed 14 new invention patents in IoT communication technology and chip design, with a total of 75 invention patents and 6 integrated circuit layout design rights by the end of 2023[53] - The company's R&D expenses in 2023 were RMB 227 million, accounting for 10.22% of operating revenue, a year-on-year increase of 14.57%[69][76] - The company has established two provincial engineering technology research centers, two provincial enterprise technology centers, one provincial key laboratory, and three professional technology laboratories[91] Market and Business Strategy - The company focuses on digital grid, smart city, and overseas markets, leveraging its expertise in the Internet of Things (IoT) for energy information sensing, data collection, and analysis[6] - The company's digital grid business aligns with the trend of new power system construction, focusing on distribution networks and load-side solutions, leveraging energy IoT, chip design, communication, and AI technologies[176] - The company plans to expand its overseas market share, particularly in regions like Latin America, the Middle East, and Africa, leveraging its comprehensive energy IoT solutions[179] - The company has established stable business channels in Asia, Africa, and the Americas, and is planning to build local marketing and engineering companies in some markets[94] - The company's overseas sales are primarily settled on a CIF basis, with customers bearing tariffs, and the exchange rate risk is within a controllable range[94] - The company ranked in the top tier of the industry based on bidding results from State Grid and Southern Grid[57] - The company secured 448 million yuan in bidding projects for State Grid and China Southern Grid in 2023, ranking among the top in the industry[97] - The company's sales model in the domestic market includes direct sales through bidding and direct customer orders, covering over 30 provincial-level regions[105] Awards and Recognitions - The company has been recognized with multiple awards, including "National Green Factory," "AAA Credit Rating" by the China Electricity Council, and "Best ESG Award" by Caijing[15] - The company has achieved the highest level of international software maturity model certification, CMMI-ML5, enabling it to provide high-quality software integration to global markets[81] - The company has obtained the highest level of international software maturity model certification, CMMI-ML5, enabling it to provide high-quality software integration globally[95] Supply Chain and Procurement - The company has developed a robust procurement and supply chain management system, including long-cycle rolling stock preparation and VMI (Vendor Managed Inventory) procurement models[9] - The company's production process includes ARM/DSP/MCU programming, PCBA processing and testing, assembly, parameter configuration, and factory testing, with core processes completed in-house[105] Stock and Shareholder Management - The company's stock reduction plan after the lock-up period expires includes a maximum reduction of 25% of the total shares held within two years[113] - The company's stock buyback plan, if implemented, will not exceed 2% of the total shares, using the company's own funds[124] - The controlling shareholder's stock purchase plan, if implemented, will not exceed 2% of the total shares within 90 natural days[121] - The company has committed to stabilizing stock prices within three years of listing, including measures such as stock buybacks or controlling shareholder purchases[120][126] - The company launched its first employee stock ownership plan at the beginning of 2024, with plans to introduce long-term equity incentive schemes over the next two years[137] - The company plans to implement a long-term equity incentive plan, distributing 4 million shares in 2025 and 4.3148 million shares in 2026 to align management and shareholder interests[187] - The company has completed a share buyback of 2.46% of its total shares, amounting to 299 million yuan, to stabilize its stock price and enhance shareholder value[183] Industry and Market Trends - Global grid investment in 2022 reached 273.8 billion USD, with China accounting for 27% of the total investment[39] - Under the net-zero scenario (NZS), global grid investment is expected to grow at a CAGR of 12% from 2022 to 2030, reaching a total of 21.4 trillion USD[39] - The "Digital Economy" is driving the comprehensive development of smart cities, with a projected market space exceeding 300 billion for smart water platforms, equipment, and network transformation[197] - In 2023, the national investment in water conservancy construction reached a historic high of 1,199.6 billion yuan, marking a 10.1% increase from the previous year[197] - The central government issued an additional 1,000 billion yuan in treasury bonds in the fourth quarter of 2023 to support disaster recovery and enhance disaster prevention capabilities[198] - The smart fire protection market is expected to grow significantly, with a projected market size of nearly 120 billion yuan by 2025[198] - The combined market size for smart gas, smart heating, smart manhole covers, and smart streetlights is estimated to exceed 600 billion yuan[198] - The comprehensive energy management sector, including smart parks, energy efficiency monitoring, and smart charging, is expected to bring over 400 billion yuan in market opportunities[198] - Southeast Asian countries experienced a 5.4% increase in electricity consumption in 2022, outpacing growth rates in China and the United States[199] - The company notes a disparity in power investment growth rates, with developing countries (excluding China) seeing only a 7% increase compared to 14% in China and developed economies[199] Corporate Commitments and Legal Matters - The company's controlling shareholder and related parties have committed to avoiding any business that directly or indirectly competes with the company's main business[128][129][130] - The company has committed to repurchasing all newly issued shares if the prospectus is found to contain false statements or omissions that affect the issuance conditions[125] - The company has committed to compensating investors for losses if the prospectus is found to contain false statements or omissions that cause losses in securities trading[125] - The company's controlling shareholder and related parties have committed to not interfering with the company's management activities or encroaching on the company's interests[127] - The company's controlling shareholder and actual controllers made commitments regarding the accuracy of the prospectus and compensation for investor losses if the prospectus is found to contain false statements[142] - The company's directors and senior management committed to fulfilling their promises even if their positions change or they leave the company[143] - The company's controlling shareholder and actual controllers committed to avoiding competition in the fields of electric energy metering instruments, supporting equipment, and new energy technology development[146] - The company's directors and senior management committed to not using company assets for personal investments or consumption unrelated to their duties[144] Board and Management Activities - The company's board of directors approved the use of temporarily idle raised funds for cash management in the 19th meeting of the second board of directors[134] - The company's 2023 semi-annual report and summary were approved in the second meeting of the third board of directors[134] - The company's 2023 third-quarter report was approved in the fourth meeting of the third board of directors[134] - The company's board of directors renamed the "Board Strategy Committee" to "Board Strategy and ESG Committee" and revised related work rules in the fifth meeting of the third board of directors[134] - The company approved a change in accounting estimates in the sixth meeting of the third board of directors[134] - The company's strategic committee approved the 2023 development strategy during the 1st meeting of the 2nd Board of Directors Strategic Committee on February 24, 2023[163] - The company's strategic committee approved initiatives to support the "Belt and Road" development during the 1st meeting of the 3rd Board of Directors Strategic Committee on July 25, 2023[163] - The company's financial statements were approved by the 9th meeting of the 3rd Board of Directors on February 28, 2024[156] Compensation and Employee Benefits - Total compensation for directors, supervisors, and senior management at the end of the reporting period was RMB 766.99 million[150] - Total compensation for core technical personnel at the end of the reporting period was RMB 450.68 million[150] Corporate Structure and Subsidiaries - The company's registered capital as of December 31, 2023, was RMB 500 million, with a total of 500 million shares issued[156] - The company operates in the C39 computer, communication, and other electronic equipment manufacturing industry, focusing on smart city and IoT product development, production, and sales[156] - The company has 7 subsidiaries included in the consolidated financial statements, such as Hunan Weiming Energy Technology Co., Ltd. and Zhuhai Zhonghui Microelectronics Co., Ltd.[156] - The company's major subsidiaries include Hunan Weiming Energy Technology Co., Ltd. and Zhuhai Zhonghui Microelectronics Co., Ltd., both focusing on energy internet solutions[87] Financial Metrics and Accounting - The company's fair value measurement projects showed a total increase of 61.79 million yuan, with a total impact on current profits of -10.99 million yuan[21] - The company's transaction financial assets increased by 90 million yuan, with an impact on current profits of 7.69 million yuan[21] - The company's non-current financial assets increased by 10.27 million yuan, with an impact on current profits of 2.27 million yuan[21] - The company's operating revenue for Q1-Q4 2023 were RMB 423.05 million, RMB 589.39 million, RMB 649.70 million, and RMB 563.11 million respectively[71] - The net profit attributable to shareholders for Q1-Q4 2023 were RMB 91.18 million, RMB 123.68 million, RMB 131.59 million, and RMB 178.81 million respectively[71] - The company received government subsidies of RMB 20.02 million in 2023, compared to RMB 18.40 million in 2022[72] - The company's cash flow from operating activities for Q1-Q4 2023 were RMB 38.27 million, RMB 11.84 million, RMB 175.63 million, and RMB 191.66 million respectively[71] - The company's non-operating income and expenses in 2023 amounted to RMB 36.81 million, compared to RMB 12.87 million in 2022[78] - The company's other income in 2023 included RMB 37.54 million from software tax refunds, RMB 471,444.39 from government grants related to assets, and RMB 6.04 million from VAT additional deductions[79] - Capital reserve increased to 1,102,359,938.88, with a total ending balance of 2,425,908,524.95[166] - Expected credit loss rates for accounts receivable: 2% for 6 months, 5% for 6-12 months, 10% for 1-2 years, 30% for 2-3 years, 50% for 3-4 years, 80% for 4-5 years, and 100% for over 5 years[172] Strategic Investments and Projects - The multi-mode SOC communication chip and modular application project has a total investment of 17,750 million yuan, with 10,161.72 million yuan already invested, and is currently in the development phase[177] - The new power load management system project has a total investment of 8,998 million yuan, with 7,799.46 million yuan already invested, and is also in the development phase[177] - The company invested 8 million yuan in a private equity fund during the reporting period, with a total investment of 16 million yuan by the end of the period[109] Public Education and Social Responsibility - The company has been actively involved in public education initiatives to raise awareness about investment risks and illegal securities activities[11] Industry and Economic Context - The Belt and Road Initiative covers over 60% of the global population (over 4 billion), with significant infrastructure investment demand in Asia and Africa, accounting for 89.2% of project value[175] - Since its IPO in 2020, the company has achieved a compound annual growth rate (CAGR) of 15.65% in revenue and 24.68% in net profit, with cumulative cash dividends of 490 million yuan[183] - The company emphasizes the importance of the "Dual Carbon" strategy in accelerating the transformation and upgrading of the new power system, highlighting the role of electricity as the main force in achieving carbon neutrality[196] - The company's total value and social value are recorded at 8,000.00, with specific components including 800.00 and 1,600.00, and a percentage of 18.96[193]

威胜信息技术股份有限公司 2023 年度审计报告 天健会计师事务所 Pan-China Certified Public Accountants | | | | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… 第 | 8 | 页 | | （三）合并利润表………………………………………………… 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | 10 | 页 | | （五）合并现金流量表……………………………………………第 | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 ...

威胜信息技术股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，董 事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计 委员会对会计师事务所履行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）成立于2011年 7月，注册地址为浙江省杭州市西湖区隐街道西溪路128号，首席合伙人为王国 海先生，拥有财政部颁发的会计师事务所执业证书。截至2023年12月31日，天 健所合伙人数量为238人，注册会计师2,272人，其中签署过证券服务业务审计 报告的注册会计师836人。2022 年度上市公司（含A、B股）审计客户共计675家 ，收费总额人民币6.63亿元。这些上市公司主要行业涉及制造业，信息传输、 软件和信息技术服务业，批发和零售业，房地产业，建筑业，电力、热力、燃 气及水生产和供应业，金融业，交通运输、仓储和邮政业等。本公司同行业上 市公司审计客户52家。 ...

威胜信息技术股份有限公司 会计师事务所履职情况评估报告 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规范，结 合公司2023年年报工作安排，天健所对公司2023年度财务报告及2023年12月31日的财务 报告内部控制的有效性进行了审计，同时对公司募集资金存放与实际使用情况、非经营 性资金占用其他关联资金往来等进行核查并出具了专项报告。 经审计，天健所认为,公司财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了公司2023年12月31日的合并及母公司财务状况以及2023年度的合并及母公 司经营成果和现金流量；公司按照《企业内部控制基本规范》和相关规定在所有方面保 持了有效的财务报告内部控制。天健所出具了标准无保留意见的审计报告。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求，董事会审计委员会 本着勤勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所2023 年度履职评估的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健会计师事务所（特 ...