相关事件 威胜控股(3393.HK)：中国领先的能源计量及能效管理专家 威胜控股(03393.HK)附属威胜信息技术前三 季度净利增长12.24%至4.74亿元 花旗发表研报指，受强劲的人工智能数据中心(AIDC)需求推动，威胜控股指引海外客户2026年新订单 金额将年可增54%至20亿元。花旗预计，威胜数据中心的收入占比将从2024年的9%，分别在2025、 2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至2027年的净利润预 测上调11%至17%；予该股"买入"评级，目标价从11港元升至15.5港元。 花旗对威胜开启为期90天的正面催化剂观察，预计其与人工智能数据中心相关的配电设备业务盈利有提 升空间；并预计威胜数据中心业务的海外收入将从2024年的2亿元，翻倍至2025年的5亿元，并在2026年 达到10亿元。 ...

花旗表示，对威胜开启为期90天的正面催化剂观察，预计公司与人工智能数据中心相关的配电设备业务 盈利有提升空间；并预计威胜数据中心业务的海外收入将从2024年的2亿元人民币，翻倍至2025年的5亿 元人民币，并在2026年达到10亿元人民币。 花旗发布研报称，根据威胜控股指引，受强劲的人工智能数据中心(AIDC)需求推动下，其海外客户 2026年新订单金额将年可增54%至20亿元人民币。花旗预计，威胜数据中心的收入占比将从2024年的 9%，分别在2025、2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至 2027年的净利润预测上调11%至17%。 威胜控股(03393)再涨超4%，截至发稿，涨3.78%，报14.26港元，成交额954.7万港元。 ...

智通财经APP获悉，威胜控股(03393)再涨超4%，截至发稿，涨3.78%，报14.26港元，成交额954.7万港 元。 花旗表示，对威胜开启为期90天的正面催化剂观察，预计公司与人工智能数据中心相关的配电设备业务 盈利有提升空间；并预计威胜数据中心业务的海外收入将从2024年的2亿元人民币，翻倍至2025年的5亿 元人民币，并在2026年达到10亿元人民币。 花旗发布研报称，根据威胜控股指引，受强劲的人工智能数据中心(AIDC)需求推动下，其海外客户 2026年新订单金额将年可增54%至20亿元人民币。花旗预计，威胜数据中心的收入占比将从2024年的 9%，分别在2025、2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至 2027年的净利润预测上调11%至17%。 ...

国证国际发布研报称，威胜控股业绩增速在同业中属于较快。公司海外业务持续拓展，ADO业务持续 取得海外数据中心订单，预期进入海外收入快速增长期。该行认为估值有提升空间，首予"买入"评级， 给予目标价17.36港元。 消息面上，威胜控股发布公告，附属惟远能源与Renox订立总协议，双方将开展持续关连交易。惟远能 源集团将向Renox集团供应各类储能系统产品。通过Renox的渠道和合规许可证，惟远能源的储能系统 产品可有效进入并分销于澳大利亚市场。总协议旨在确保向Renox稳定销售各类储能系统产品，以在目 标市场中确保成本可预测性与增长。 威胜控股(03393)午后涨超4%，截至发稿，涨4.05%，报13.35港元，成交额2056.53万港元。 ...

国证国际发布研报称，威胜控股业绩增速在同业中属于较快。公司海外业务持续拓展，ADO业务持续 取得海外数据中心订单，预期进入海外收入快速增长期。该行认为估值有提升空间，首予"买入"评级， 给予目标价17.36港元。 消息面上，威胜控股发布公告，附属惟远能源与Renox订立总协议，双方将开展持续关连交易。惟远能 源集团将向Renox集团供应各类储能系统产品。通过Renox的渠道和合规许可证，惟远能源的储能系统 产品可有效进入并分销于澳大利亚市场。总协议旨在确保向Renox稳定销售各类储能系统产品，以在目 标市场中确保成本可预测性与增长。 智通财经APP获悉，威胜控股(03393)午后涨超4%，截至发稿，涨4.05%，报13.35港元，成交额2056.53 万港元。 ...

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 ...

Group 1: Industry Insights - The State Grid's third batch of metering equipment bidding for 2025 has seen a price increase of 47% and 44% for electric meters and transformers compared to the second batch, marking a recovery in prices [1] - National grid engineering investment reached 437.8 billion yuan from January to September 2025, reflecting a year-on-year increase of 9.9% [1] - Huatai Securities is optimistic about the new standard for electric meters, predicting stable volume and rising prices in the industry by 2026, which will enhance corporate profitability [1] - The global demand for AI computing power continues to drive electricity shortages, accelerating overseas grid investments, which may benefit Chinese grid equipment exports [1] - CICC forecasts that grid investment is expected to maintain high single-digit growth in the coming years, with strong overseas demand for Chinese power equipment [1] Group 2: Company Developments - Weisheng Holdings (03393) anticipates over 500 million yuan in orders from national tenders, with additional contracts worth approximately 150 million yuan from provincial grid companies [2] - Weisheng's collaboration with Siemens and DayOne in Singapore has resulted in a significant increase in electricity consumption, with a 110.9% year-on-year rise in Q2 2025 [2] - Chongqing Machinery and Electric (02722) is positioned to benefit from the AIDC's requirements for stable power output and durability in diesel generators, enhancing its market value [2] - Chongqing Machinery and Electric holds a 50% stake in Chongqing Cummins, which is the only large engine production base for Cummins in China, currently experiencing strong market demand [2] - Chongqing Hitachi Energy is one of the largest transformer manufacturing bases globally and the largest for Hitachi Energy in China, focusing on ultra-high voltage transformers [2]

Group 1: Industry Overview - The State Grid's third batch of metering equipment bidding for 2025 has seen a price increase of 47% and 44% for electric meters and transformers compared to the second batch, marking a recovery in prices [1] - National grid engineering investment reached 437.8 billion yuan from January to September 2025, reflecting a year-on-year increase of 9.9% [1] - Huatai Securities is optimistic about the new standard for electric meters, predicting stable volume and rising prices in the industry by 2026, which will enhance corporate profitability [1] - The global power shortage, driven by AI computing demand, is expected to accelerate overseas grid investments, benefiting Chinese grid equipment exports [1] - CICC forecasts that grid investment will maintain high single-digit growth in the coming years, with continued overseas demand supporting the performance of Chinese power equipment companies [1] Group 2: Company Insights - Weisheng Holdings (03393) anticipates over 500 million yuan in orders from national tenders, with an additional 150 million yuan expected from provincial grid companies and local utilities [2] - Weisheng's collaboration with Siemens and DayOne in Singapore has resulted in a significant increase in electricity consumption, with a 110.9% year-on-year rise in Q2 2025 [2] - Chongqing Machinery (02722) is positioned to benefit from the AIDC's requirements for stable power output and durability in diesel generators, enhancing its market value [2] - Chongqing Machinery holds a 50% stake in Chongqing Cummins, which is the only large engine production base for Cummins in China, meeting strong market demand [2] - Chongqing Hitachi Energy is one of the largest transformer manufacturing bases globally and the largest for Hitachi in China, focusing on ultra-high voltage transformers [2]