公司在国网及南网集采招标中持续行业领先。公司国网及南网集采招标中标金额由2020 年的6.2 亿元人 民币，增加至2024 年的10.4 亿元人民币，CAGR 达13.8%。2025 年公司在国南网招标中累计已中标约 7.7 亿元人民币，行业第一。 机构：国证国际 研究员：罗璐 威胜控股是中国领先的能源计量及能源管理企业。公司三大主营业务：电智能计量（电AMI）业务、通 信及流体计量业务（C&F AMI）及智能配用电系统ADO业务。威胜控股在墨西哥、匈牙利多地设立海 外本地工厂，增强市场竞争力，海外市场收入保持快速增长。ADO 业务聚焦数据中心供配电业务，与 核心数据中心客户进行合作，海外市场收入进入快速增长阶段。国内市场，公司与国网、南网等核心客 户合作良好，集采招标中中标金额持续行业领先。我们预测2025/26/27 年公司净利润分别为 9.2/12.1/15.3 亿元人民币，对应EPS 为0.93/1.22/1.54 元。当前股价对应2026 年预测PE10.6 倍，股息率 4.7%。我们认为公司业绩增速在同业中属于较快，估值有提升空间。首予"买入"评级，根据同业估值比 较法，给予目标价17.36 港元 ...

Investment Rating - The report initiates a "Buy" rating for the company with a target price of HKD 17.36, corresponding to a 13x PE for 2026 [5][9]. Core Insights - The company is a leading energy metering and efficiency management expert in China, with three main business segments: Electric AMI, Communication & Fluid AMI, and ADO [1][13]. - The overseas market revenue has been growing rapidly, with a fivefold increase from RMB 3.8 billion in 2020 to RMB 24 billion in 2024, reflecting a CAGR of 58% [2][44]. - The ADO business is entering a rapid growth phase in overseas markets, with significant orders expected from data center clients [3][57]. - The company has maintained a leading position in bidding for projects from State Grid and Southern Grid, with a cumulative winning amount increasing from RMB 6.2 billion in 2020 to RMB 10.4 billion in 2024 [4][5]. Summary by Sections Company Overview - The company has established a strong presence in both domestic and international markets, with local factories in Mexico, Brazil, Tanzania, and Hungary to enhance competitiveness [2][14]. - The company focuses on energy metering and efficiency management solutions, serving various sectors including power, water, gas, and large industrial users [13][14]. Business Highlights - The overseas market is a significant growth driver, with the ADO business rapidly gaining traction in data center energy solutions [3][44]. - The company has a robust customer base, including major clients like State Grid and Southern Grid, contributing to stable revenue growth [4][35]. - The company has a strong R&D capability, which supports its competitive edge in the market [44]. Financial Performance - The company’s revenue and net profit have shown consistent growth, with a projected net profit of RMB 9.2 billion, RMB 12.1 billion, and RMB 15.3 billion for 2025, 2026, and 2027 respectively [5][10]. - The company has maintained a high dividend payout ratio, with a projected dividend yield of 4.7% for 2026 [5][10]. - The financial metrics indicate a healthy growth trajectory, with a CAGR of 23.8% in revenue from 2021 to 2024 [24][26].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 （ 於開曼群島註冊成立之有限公司） 持續關連交易 於 二 零 二 五 年 十 一 月 十 四 日 ， 惟 遠 能 源（ 本 公 司 非 全 資 附 屬 公 司 ）與 Renox 就 惟 遠 能 源 集 團與Renox集團各自成員公司之間的持續關連交易訂立總協議。 Renox 為 由 吉 為 先 生 及 吉 喆 先 生 間 接 持 有 34.30% 股 權 的 公 司 。 吉 為 先 生 為 本 公 司 執 行 董 事 、 主 席 兼 控 股 股 東 ， 而 吉 喆 先 生 為 執 行 董 事 。 吉 喆 先 生 為 吉 為 先 生 的 兒 子 。 因 此 ， Renox為本公司關連人士之聯繫人，而總協議項下擬進行的交易則構成本公司之持續關連 交易。 由於有關總協議項下的持續關連交易的最高年度上限的最高適用百分比率超過0.1%但低 於5 %，總協議須遵守上市規則第14A章項下的申報、公告及年度審查的規定，惟 ...

电力设备相关港股： 华泰证券指出，看好电表新标准下，2026年行业有望实现量稳价升，带动企业盈利能力修复。同时AI 算力需求驱动下，全球电力紧缺格局延续，海外电网投资加速，中国电网设备或受益于外溢需求，打开 出口空间。 华泰证券重申看好电网设备板块，建议关注出海、AIDC及国内龙头三条投资主线。 中金发布研报称，预计明后年电网投资年均仍有望保持高个位数增长；海外电网需求景气延续，看好中 国电力设备企业加快全球布局。一次设备方面，下游需求略有分化，主网超高压设备招标强劲，海外变 压器、开关出口增速亮眼，网外3Q新能源装机疲软导致交付略有承压，中金公司（601995）持续看好 年底特高压进展加快，以及海外需求高景气对各公司业绩的正面贡献。 11月10日，国家电网2025年第三批计量设备招标开标，作为首次全面采招新标准电表，电能表与互感器 设备单价相比第二批招标上涨47%和44%，实现止跌回升。 2025年1-9月全国电网工程完成投资4378亿元，同比+9.9%。 威胜控股(03393)：国家电网与南方电网的集中招标持续成为威胜电力AMI业务的主要收入来源。公司 预计可透过这些全国性招标取得逾人民币5亿元的订单。此 ...

威胜控股(03393)：国家电网与南方电网的集中招标持续成为威胜电力AMI业务的主要收入来源。公司 预计可透过这些全国性招标取得逾人民币5亿元的订单。此外，公司亦预期可从省级电网公司及地方公 用事业单位中标约人民币1.5亿元的合约，进一步巩固其市场地位。公司与西门子及万国数据合作，当 中包括后者辖下位于新加坡的海外联营公司DayOne，其25Q2用电量为213MW，同比上升110.9%，环比 增长49.0%。今年上半年马来西亚新山市工厂投产，料将助力威胜控股的海外智能配电业务进一步扩 张。此工厂开幕庆典期间，公司更与DayOne签署战略合作协议，就数据中心领域展开深度协同。 重庆机电(02722)：柴发为数据中心重要备电应急方案，受益于AIDC对于柴发功率、电力输出稳定性以 及耐久性等要求，单机壁垒及价值量预计提升。重庆机电拥有重庆康明斯50%股权，后者是美国康明斯 在华唯一的大马力发动机生产基地，制造QSK60、QSK50、K50等大马力发动机，目前市场需求饱满。 重庆日立能源是日立能源在全球最大的变压器制造基地之一，同时也是日立能源在中国区最大的特高压 变压器制造基地。 华泰证券重申看好电网设备板块，建议 ...

Core Viewpoint - Weisheng Holdings (03393) saw a significant stock price increase, reaching a historical high of 15.32 HKD, driven by developments in the artificial intelligence sector and strategic partnerships in smart distribution [1] Company Summary - Weisheng Holdings' stock rose over 6%, reaching a peak of 15.27 HKD, with a trading volume of 19.93 million HKD [1] - The company is expanding its smart distribution business, supported by data center clients starting from FY24 [1] - A new factory in Johor Bahru, Malaysia, has commenced operations, which is expected to further enhance Weisheng Holdings' overseas smart distribution business [1] Industry Summary - Microsoft CEO Satya Nadella highlighted that the AI industry is currently facing a power supply issue rather than an excess of computing power, with North America's power grid struggling to meet the growing demand [1] - A report from Zhongtai Securities noted that Weisheng Holdings is collaborating with Siemens and Global Data, with the latter's Singapore-based subsidiary DayOne reporting a 110.9% year-on-year increase in electricity consumption in Q2 2025 [1] - The strategic cooperation agreement signed with DayOne during the factory opening ceremony aims to deepen collaboration in the data center sector [1]

Market Overview - After a rebound yesterday, the markets continued to rise today, with the Hang Seng Index increasing by 2.12% [1] - The potential end of the government shutdown is seen as a positive for the stock market, as President Trump urged the Republican Party to pass the spending bill quickly [1] - AI sector developments, particularly comments from NVIDIA's CEO Jensen Huang regarding China's advantages in AI, have fueled market sentiment [1] Company Performance - Hua Hong Semiconductor reported a record third-quarter revenue of $635.2 million, with expectations for fourth-quarter revenue between $650 million and $660 million [2] - The company's 12-inch wafer business now accounts for 59.3% of total revenue, driving overall growth [2] - The utilization rate of the 8-inch wafer plant is at 109.5%, indicating strong market demand in specialty processes [2] Strategic Partnerships - Ceres Power signed a manufacturing license agreement with Weichai Power for solid oxide fuel cells, aiming to produce batteries for data centers and industrial markets [3] - A strategic cooperation agreement was signed between DayOne and Weisheng Holdings to deepen collaboration in the data center sector [3] Resource Sector Developments - Major gas turbine orders in North America are projected to extend to 2030, driven by increased capital expenditure in data centers [3] - The aluminum industry is experiencing a positive trend, with companies like China Aluminum and China Hongqiao seeing stock increases of over 10% due to improved profit margins [3] Robotics and AI Applications - Xpeng Motors showcased its new generation humanoid robot, which is expected to begin commercialization next year [4] - Blues Technology has received an order for 10,000 quadruped robots, highlighting its manufacturing capabilities in the intelligent hardware sector [5] Financial Transactions - Cathay Pacific announced a share buyback agreement with Qatar Airways for approximately 9.57% of its shares, valued at HKD 6.969 billion [6] - The buyback price represents a 4% discount compared to the closing price before the announcement, which is seen as favorable for the company [6] Industry Events - The Fourth China Nuclear Energy High-Quality Development Conference will be held in November 2025, showcasing innovations in nuclear technology [7] PCB Industry Insights - Kingboard Laminates reported a revenue increase of 11% year-on-year, driven by rising prices of copper-clad laminates [8] - The company is advancing in high-end product development, with plans for new production lines for low dielectric materials [9]

Core Viewpoint - Weisheng Holdings (03393.HK) experienced a significant increase in stock price, rising over 7% to reach 14.4 HKD with a trading volume of 15.61 million HKD [1] Group 1 - The stock price of Weisheng Holdings increased by 7.38% [1] - The current trading price is reported at 14.4 HKD [1] - The total trading volume reached 15.61 million HKD [1]

Core Viewpoint - The current challenges in the artificial intelligence industry are not due to excess computing power but rather a lack of sufficient electricity to support GPU operations, as highlighted by Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman [1] Company Summary - Wisenet Holdings (03393) saw its stock price increase by over 7%, reaching 14.4 HKD with a trading volume of 15.61 million HKD [1] - The company's smart distribution business is expected to expand due to the rising electricity demand from data centers driven by the growth of the AI industry [1] - A new factory in Johor Bahru, Malaysia, has commenced operations, which is anticipated to further boost Wisenet's overseas smart distribution business [1] - During the factory opening ceremony, the company signed a strategic cooperation agreement to deepen collaboration in the data center sector [1] Industry Summary - The U.S. Energy Information Administration (EIA) forecasts that electricity consumption in the U.S. will reach historical highs in 2025 and 2026, primarily driven by AI and data center expansion [1] - The global rise of the AI industry is leading to increased electricity consumption, which is beneficial for companies involved in smart distribution [1]

Core Viewpoint - The rise of the AI industry is driving increased demand for data center electricity, which presents growth opportunities for companies like 威胜控股 (Weisheng Holdings) in the smart distribution business [1] Group 1: Company Performance - 威胜控股's stock rose by 7.38%, reaching 14.4 HKD, with a trading volume of 15.61 million HKD [1] Group 2: Industry Insights - Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman highlighted that the AI industry is facing a power supply issue rather than an excess of computing power, indicating a need for infrastructure development near power sources [1] - The U.S. Energy Information Administration (EIA) forecasts that electricity consumption in the U.S. will reach historical highs in 2025 and 2026, driven by AI and data center expansion [1] Group 3: Business Expansion - 中泰国际 (Zhongtai International) reported that the global rise of the AI industry and the corresponding increase in data center electricity demand are promoting the expansion of 威胜控股's smart distribution business [1] - The company is transitioning from traditional industrial operations to advanced technology, providing revaluation opportunities and breaking through the valuation framework of the Hong Kong industrial sector [1] - Starting from FY24, data center clients are expected to drive the expansion of 威胜控股's smart distribution business [1] - The new factory in Johor Bahru, Malaysia, which commenced operations in the first half of this year, is anticipated to further enhance 威胜控股's overseas smart distribution business [1] - During the factory opening ceremony, the company signed a strategic cooperation agreement for deep collaboration in the data center sector [1]