公司发布2024年年报：总营收87.2亿元，同比+20.2%，其中电AMI营收同比+20.7%至32.0亿元，通讯 AMI营收同比+23.5%至26.1亿元，配电ADO营收同比+16.8%至29.0亿元;归母净利润7.1亿元，同比 +35.4%;分红率50%，维持高位。公司2024年业绩基本符合该行预期。 海外营收与订单保持高增，非洲和亚洲表现亮眼。2024年公司海外营收同比+49.9%至24.0亿元，占总营 收比重提升5.4ppt至27.5%;分区域来看，美洲同比+8.4%至11.1亿元，非洲同比+140%至6.8亿元，亚洲同 比+139%至5.7亿元。2024年公司海外新签订单34.7亿元，同比+25.9%。 毛利率受汇率扰动，控费推动净利率提升。2024年公司毛利率34.8%，同比-0.8ppt，其中电AMI毛利率 同比-4.5ppt至38.2%，主要系墨西哥比索贬值影响海外订单盈利水平;通讯AMI毛利率40.0%，同比基本 持平;配电ADO毛利率同比+2.9ppt至26.4%，主要系国内低毛利率的储能项目营收占比下滑，高毛利率 的海外项目占比提升。2024年公司降费显现成效，期间费用率同比-1.8pp ...

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 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 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） （股份代號：3393） 截至二零 二 四 年十二月三十一日止年度的 全 年業績公告 財務摘要 – 1 – • 營業額為人民幣8,716.54百 萬 元（二 零 二 三 年：人 民 幣7,252.27百 萬 元），增 幅 為20%。 • 電AMI 業務的收入為人民幣3,198.76百 萬 元，較 二 零 二 三 年 增 加21%。 • 通訊及流體AMI 業務的收入為人民幣2,614.80百 萬 元，較 二 零 二 三 年增加24%。 • ADO 業務的收入為人民幣2,902.99百 萬 元，較 二 零 二 三 年增加17%。 • 年內本公司擁有人應佔純利增加35% 至人民幣705.61百 萬 ...

港股公司报告 | 首次覆盖报告 证券研究报告 2024 年 10 月 30 日 投资评级 行业 工业/工业工程 6个月评级 买入 ( 首次评级 ) 当前价格 5.79 港元 目标价格 10.14 港元 基本數据 港股总股本(百万股) 995.88 港股总市值(百万港元) 5,835.85 每股净资产(港元) 5.73 资产负债率(%) 52.21 一年内最高/最低(港元) 7.77/2.63 相关报告 威胜控股 ( 03393 ) 三架马车拉动,出海志存高远 计量和能效管理产品的国内龙头,2022年起收入和利润进入加速成长期 威胜控股是国内计量设备和能效管理设备领域龙头企业。公司核心在于"威 胜集团+威胜信息+威胜能源"三个子版块。创始人持有威胜控股 53.66%股 份,股权相对集中。2020 年起,受益于墨西哥（2021 年）、巴西（2018 年 ) 、坦桑尼亚 ( 2019年 ) 等海外工厂落地后，海外配用电中标规模大幅 提升,公司海外收入从 2020年前的不到 4 亿元,提升至 2023 年的 15.99 亿元,CAGR 达 66%, 海外业务进入加速期。 海外"三扩"发力 出海加速是基于"扩区域、扩份 ...

Share Award Plan - The company has adopted a Share Award Plan in May 2016 to recognize and reward certain employees for their contributions, aiming to retain them and attract suitable personnel to further drive the company's development[1] - The maximum number of shares that can be granted to selected participants under the Share Award Plan shall not exceed 1% of the company's issued share capital at any time[1]

Key Points - **Industry/Company Involved**: The call focuses on a major recommendation for an "elastic target" company, though the specific industry and company are not explicitly mentioned. - **Core Viewpoints and Arguments**: - The company is highlighted as an "elastic target," suggesting it has the potential for significant growth or resilience in various market conditions. - The call is a major recommendation, indicating a strong positive outlook on the company's prospects. - **Other Important Content**: - The opening of the call expresses gratitude to investors for their time, emphasizing the importance of their participation in the discussion. - **[1]**

证 券 研 究 报 告 威胜控股（3393.HK） 2024-09-24 星期二 | --- | --- | |------------|-------------| | | | | 目标价： | 7.6 港元 | | 现 价： | 5.67 港元 | | 预计升幅 : | 34% | | --- | --- | |------------------------------------------|------------| | | | | 日期 | 2024-09-24 | | 收盘价 ( 港元 ) | 5.67 | | 总股本 ( 亿股 ) | 9.96 | | 总市值 ( 亿港元 ) | 56 | | 净资产 ( 百万港元 ) | 6,852 | | 总资产 ( 百万港元 ) | 14,338 | | 52 周高低(港元 ) | 7.59/2.53 | | 每股净资产 (港元) | 5.77 | | 数据来源： Wind 、国元证券经纪（香港）整 | | 理 主要股东 星宝投資控股有限公司(53.59%) 相关报告 首发深度报告-20240124 更新报告-20240318 更新报告 买入 在手订单增 ...

Company Overview - Wasion Holdings is a leading provider of smart metering, smart power distribution, and energy efficiency management solutions in China, with over 20% market share in high-end metering products domestically[7]. - The company focuses on research, development, production, and sales of energy metering and efficiency management solutions, applicable across various sectors including electricity, water, gas, and heat supply[7]. - Wasion's subsidiary, Wasion Information Technology Co., Ltd., holds a 58.56% stake and became the first Hunan Province enterprise listed on the Sci-Tech Innovation Board in January 2020[8]. - The company aims to become a leading supplier of smart power distribution systems and solutions in China, addressing the significant demand for energy internet transformation[8]. - Wasion is committed to innovation and aims to establish itself as a major supplier in the international smart grid and metering sectors[8]. - The company emphasizes its mission to be an "energy metering and efficiency management expert," aligning with global trends towards carbon neutrality and energy consumption transformation[8]. Product and Market Development - Wasion's advanced smart metering products include a full range of smart electricity meters, water meters, gas meters, and ultrasonic heat meters[7]. - The company is actively involved in developing new energy storage solutions and integrated systems for various applications, including industrial automation and demand-side management[7]. - Future outlook includes a focus on expanding market presence and enhancing product offerings to meet evolving energy management needs[8]. - The company plans to launch a smart electric carbon fusion meter in the first half of 2024, leading the industry in research and development capabilities[41]. - The company aims to enhance its position as a major supplier of electric meters in target countries through continuous technological innovation and product optimization[42]. Financial Performance - Revenue for the six months ended June 30, 2024, increased by 16% to RMB 3,741.54 million compared to RMB 3,225.68 million in the same period of 2023[11]. - Gross profit rose by 13% to RMB 1,327.73 million, with a gross margin of 35.49%, down from 36.48% in the previous year[11]. - Operating profit increased by 43% to RMB 623.31 million, with an operating margin of 17%, up from 14% in the prior year[15][10]. - Net profit attributable to shareholders increased by 55% to RMB 331.03 million, with a net profit margin of 8.8%, compared to 6.6% in the same period last year[16][10]. - Other income rose to RMB 147.17 million, up from RMB 100.25 million in the previous year, primarily from interest income and government grants[12]. Asset and Liability Management - Total assets increased to RMB 14,338.12 million from RMB 13,391.90 million, with total equity attributable to shareholders rising to RMB 5,205.02 million from RMB 4,817.44 million[10]. - The debt ratio increased to 21% from 18% as of December 31, 2023, indicating a rise in total borrowings to RMB 2,970.55 million[17]. - The accounts receivable turnover period improved to 231 days from 260 days, while the accounts payable turnover period decreased to 296 days from 315 days[10]. - Employee costs for the first half of 2024 amounted to RMB 494.58 million, up from RMB 413.87 million in the same period last year[19]. Research and Development - The company continues to invest in research and development, with R&D expenses amounting to RMB 308,187 thousand, slightly up from RMB 304,627 thousand in the previous year[80]. - The company’s R&D efforts include the development of an AI edge computing gateway and a smart security management platform to enhance digital transformation in the power industry[47]. - The group has obtained 67 authorized patents during the reporting period, including 30 invention patents, and currently holds a total of 1,942 effective patents and 1,811 software copyrights[60]. International Expansion - The company has established new subsidiaries in Mexico and Indonesia and is planning factories in Saudi Arabia, Indonesia, and Mexico, with an investment of HKD 800 million for international market expansion[47]. - The group is actively exploring opportunities in the European market, with contracts exceeding RMB 200 million for large-scale meter projects in Austria and Germany[58]. - The group aims to expand its production scale in Mexico and Brazil, focusing on enhancing market share in the electric meter sector and increasing research outcomes in new energy and distribution equipment[59]. Shareholder and Governance - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024[67]. - The company’s major shareholder, controlled by Ji Wei, holds 534,388,888 shares, representing 53.66% of the issued share capital[68]. - The company maintained compliance with the corporate governance code as per the listing rules throughout the reporting period[73]. Market Trends and Economic Indicators - The GDP of the domestic market for the first half of 2024 is RMB 61.7 trillion, reflecting a year-on-year growth of 5.0%[32]. - The total electricity consumption in China reached 4.66 trillion kWh, a year-on-year increase of 8.1%[33]. - The retail sales of new energy vehicles reached 4.11 million units in the first half of 2024, representing a growth of 33.1% year-on-year[32]. Cash Flow and Financial Position - Operating cash flow for the six months ended June 30, 2024, was RMB (85,431,000), a significant decrease from RMB 206,084,000 in the previous year, indicating a decline in operational efficiency[86]. - The company incurred a net cash outflow from investing activities of RMB (364,252,000) for the six months ended June 30, 2024, compared to RMB (304,032,000) in the same period last year, representing an increase in investment expenditures[86]. - Financing activities generated a cash inflow of RMB 1,682,109,000, while cash outflows included RMB 1,262,525,000 for bank loan repayments and RMB 253,332,000 for dividends paid[86]. Share-Based Payments and Incentives - The share award plan is set to remain effective for 10 years from its adoption date on May 3, 2016, with a maximum share limit of 10% of the total issued shares[24]. - The company has launched a restricted share incentive plan for mid-level and above management, which was approved on April 3, 2024, and will be effective for five years, with a total number of shares not exceeding 10% of the issued shares[137]. - The company reported a share-based payment expense of RMB 8,935,000 for the six months ended June 30, 2024, compared to RMB 0 for the same period in 2023[139].

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，概不對因本公告全部或任何部份內容而產生或因倚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） （股份代號︰3393） 截至二零二四年六月三十日止六個月的中期業績公告 | --- | --- | |---------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------| | | | | 財務摘要 | | | 營業額為人民幣 3,741.54 百 萬 元（二 零 二 三 年 同 期：人 民 幣 3,225.68 | 百 萬 元），增 幅 為 | | 16% 。 | | | 電 AMI 業務的收入增至人民幣 1,451.12 百萬元，較二零二三年同期增加 | 28% 。 | | ...

Market Position and Business Performance - Wasion Holdings' advanced smart metering business holds over 20% market share in China's high-end metering products market[7] - Revenue for the year reached approximately RMB 7.252 billion, a 24% increase year-over-year[20] - Net profit attributable to shareholders was RMB 521.23 million, up 61% compared to the previous year[20] - Basic earnings per share were RMB 0.527, a 60% increase year-over-year[20] - The company's AMI business revenue grew by 29%, while ADO business revenue increased by 31%[20] - Overseas revenue grew by 30% year-over-year, despite economic cycles affecting the industry[20] - Revenue increased by 24% to RMB 7,252.27 million in 2023 compared to RMB 5,855.84 million in 2022[30] - Gross profit rose by 34% to RMB 2,580.75 million in 2023, with a gross margin of 36% (2022: 33%)[30] - Net profit attributable to equity holders increased by 61% to RMB 521.23 million in 2023 from RMB 323.80 million in 2022[35] - Total assets grew to RMB 13,880.12 million in 2023, up from RMB 13,026.06 million in 2022[28] - Total liabilities decreased to RMB 7,103.50 million in 2023 from RMB 6,897.58 million in 2022[28] - Operating profit before financing costs and taxes increased by 43% to RMB 992.26 million in 2023[34] - The debt ratio (total borrowings divided by total assets) decreased from 20% in 2022 to 18% in 2023[37] - Cash and cash equivalents stood at RMB 2,644.90 million at the end of 2023, up from RMB 2,027.93 million in 2022[37] - The company employed 4,929 staff in 2023, an increase from 4,521 in 2022[38] - The inventory turnover period decreased to 89 days in 2023 from 96 days in 2022[25] - The company's total GDP in 2023 was RMB 126,058.2 billion, with a year-on-year growth of 5.2%[50] - New energy vehicle sales in China increased by 37.9% year-on-year in 2023, with public charging piles growing by 43%[50] - Clean energy generation reached 2.7 trillion kWh in 2023, a year-on-year increase of 3.1%[50] - Renewable energy installed capacity exceeded 1.4 billion kW, accounting for over 50% of total capacity[50] - China's total electricity consumption reached 9,224.1 billion kWh, a year-on-year increase of 6.7%[51] - The green electricity trading volume in the Southern Power Grid region reached 8.12 billion kWh, a year-on-year increase of 120%[51] - State Grid's 110 kV and above power grid infrastructure projects completed 44,900 kilometers and 279 million kVA, achieving 105.2% of the annual plan[51] - State Grid's smart meter bidding amount was approximately RMB 23.29 billion, a year-on-year decrease of 9.2%[51] - The group's total revenue was RMB 7,252.27 million, a year-on-year increase of 24%, with a gross profit of RMB 2,580.75 million, up 34% year-on-year[53] - The group's overall gross margin was 36%, an increase of 3 percentage points compared to the previous year[53] - The group's net profit attributable to owners was RMB 521.23 million, a year-on-year increase of 61%[53] - The group's electric AMI business revenue was RMB 2,650.36 million, a year-on-year increase of 29%, accounting for 37% of the group's total revenue[55] - The group's electric AMI business gross margin was 43%, an increase of 4 percentage points compared to the previous year[55] - The group's domestic order amount for electric AMI business was approximately RMB 1,672 million, a year-on-year decrease of 9%[56] - The company's AMI business achieved a total bid amount of approximately RMB 795 million in the unified centralized procurement of two grid companies, maintaining a leading position in the industry[57] - The company's large-scale complete plant business increased by 38% year-on-year due to rising market demand in the new energy power generation sector[57] - The company's communication and fluid AMI business recorded revenue of RMB 2,116.98 million, a year-on-year increase of 11%, accounting for 29% of the group's total revenue[61] - The gross profit margin of the communication and fluid AMI business was 41%, up from 38% in the previous year[61] - The company's grid customers accounted for 57% of the revenue, while non-grid customers (including overseas customers) accounted for 43%[61] - The total contract value of the communication and fluid AMI business reached RMB 3,483 million, a year-on-year increase of 38%, providing strong support for future performance[62] - The company's ADO business achieved revenue of RMB 2,484.93 million in 2023, a 31% YoY increase, accounting for 34% of total revenue[66] - ADO business orders reached RMB 3,539 million in 2023, a 12% YoY growth, with grid market orders exceeding RMB 1,544 million (9% YoY increase) and non-grid market orders exceeding RMB 1,995 million (15% YoY increase)[67] - Overseas market orders for ADO business surged 521% YoY, driven by successful demonstration projects in key markets[67] - Key industry customer orders for ADO business grew 9% YoY, with breakthroughs in major clients like China Mobile and China Unicom[67] - The company's grid and non-grid customer revenue split was 31% and 69% respectively in 2023[66] - ADO business gross margin improved to 24% in 2023 from 22% in 2022[66] - The company ranked top in grid company tenders and aims to further improve power system informatization levels[63] - The company's AIoT smart fire protection platform has entered market application and completed smart park management platform system acceptance[63] - The company provided complete AMI system solutions to Southeast Asian countries like Laos and Myanmar, with plans to expand further in the region[63] - China's water conservancy construction investment reached RMB 1,199.6 billion in 2023, potentially benefiting the company's water meter business[64] - The company secured a bid of RMB 208 million for 6 packages in the Southern Power Grid distribution network tender, ranking first in the smart switch category[68] - Overseas revenue reached RMB 1,599.26 million, a 30% year-on-year increase, with overseas orders totaling RMB 2,758 million, up 38% year-on-year[72] - The company completed RMB 180 million in meter deliveries in Tanzania and maintained its position as a key supplier in Egypt and Côte d'Ivoire[73] - The global smart grid market is projected to grow from USD 53.2 billion in 2022 to USD 149.2 billion by 2028, with a CAGR of 18.58%[71] - The global smart meter market is expected to increase from USD 22.8 billion in 2022 to USD 37.9 billion by 2028, with a CAGR of 8.84%[71] - The State Grid plans to increase its investment in the power grid to over RMB 500 billion in 2024, maintaining a high-growth cycle[69] - Global new PV installations are expected to reach 420-455 GW in 2024, with China contributing 205-215 GW, an 8-13% year-on-year increase[69] - The global energy storage system investment is forecasted to grow sixfold to USD 8.2 billion in 2024 compared to 2016 levels[69] - The company aims to expand its overseas business by leveraging the "Belt and Road" policy, targeting key markets and establishing differentiated competitive strategies[70] - The company plans to focus on new energy markets, deepening cooperation with central state-owned enterprises and exploring opportunities in microgrid applications and energy storage integration[70] - The company's Brazilian subsidiary achieved a breakthrough in new energy products, delivering orders worth RMB 140 million[74] - The company completed the delivery of electricity meter orders exceeding RMB 800 million in the North American market[74] - The company secured electricity meter contracts worth over RMB 30 million in Ecuador and Chile[74] - The company delivered electricity meter orders exceeding RMB 45 million in Austria through cooperation with Siemens[74] Technological Innovation and R&D Achievements - Wasion Group won four scientific and technological progress awards from the China Instrument and Control Society in January 2023[10] - Wasion Group's "Wireless Rapid Meter Reading Method for Metering Instruments" won the third prize for invention patents in Hunan Province in April 2023[12] - Wasion Information's subsidiary, Zhuhai Zhonghui Microelectronics, received the first prize for scientific and technological progress from State Grid Hunan Electric Power Company in April 2023[12] - Wasion Group participated in the "Fuxi" domestic power-specific chip project, which won the special prize for scientific and technological progress from China Southern Power Grid in February 2023[11] - Wasion Information and its subsidiary, Hunan Weiming Energy Technology, achieved CMMI-ML5 certification, the highest level of international software maturity model, in January 2023[10] - Wasion Energy was included in the list of national enterprise technology centers recognized by the National Development and Reform Commission in January 2023[10] - The company's R&D efforts in smart metering and energy management have been recognized with multiple awards, including the China Instrument and Meter Society Science and Technology Progress Award[16] - The company's new single and three-phase smart meters have obtained RoHS and MID certifications for the European market[16] - The company's smart green microgrid project in the Miluo Circular Economy Industrial Park was selected as a 2023 industrial green microgrid typical application scenario[17] - The company successfully developed a dedicated electric carbon metering meter and maintained good cooperative relationships with provincial branches of State Grid and Southern Grid[57] - The company's communication and fluid AMI business focuses on digital grid and smart city, providing comprehensive solutions for energy digitalization and supporting various energy management scenarios[60] - The company's next-generation ultrasonic water meter is leading the industry with high rangeability, low start-up flow, and low pressure loss[78] - The company developed a new generation of environmentally friendly gas ring main units and small intelligent box transformers, enhancing the reliability and efficiency of the power distribution system[80] - The company's digitalized transformer area solution effectively addresses new energy integration and management issues, supporting multiple application scenarios such as energy storage and flexible DC interaction[80] - The company's energy storage business covers a wide range of products, including battery packs, battery cabins, BMS, PCS, and EMS, with applications in both domestic and international projects[80] - The company launched standardized smart charging and swapping products, reducing costs and improving efficiency, while advancing core component R&D[81] - The company developed over 80 automated test scripts for smart meters, increasing testing efficiency by 22%[82] - The company's WTZ30 dual-mode communication chip was recognized as a key R&D project in Hunan Province for 2023[78] - The company's Wi-SUN communication series products achieved batch delivery overseas, meeting Wi-SUN FAN international standards and Brazil's Anatel certification[78] - The company obtained 230 authorized patents, including 58 invention patents, and 94 software copyrights during the year[76] - The company's cumulative intellectual property assets include 1,941 patents, 1,707 software copyrights, and 3,648 intellectual property rights[76] - The company's "Data-Driven CVT Online Monitoring and State Evaluation Intelligent Device" project has 20 intellectual property rights, including 13 invention patents, with 7 authorized invention patents, and has been applied in multiple regions such as Ningxia, Jilin, Henan, and Gansu[175] - The new wide-range high-accuracy multi-function electric energy meter developed by the company has improved active accuracy by 50%, achieving a breakthrough in high-end electric energy metering technology[176] - The company's "New Generation Power Information Collection System Key Technology and Application" project won the first prize for scientific and technological progress from the State Grid Corporation of China, unifying power information collection technology standards in China[177] - The company's "Smart Charging Key Technology and Application for New Energy Logistics Vehicles" project won the second prize for outstanding scientific research achievements in universities, enhancing the intelligence and localization level of China's new energy vehicle charging technology system[181] - Wasion Group added 43 invention patents, 88 utility model patents, 62 design patents, and 80 software copyrights in 2023, with cumulative totals of 201, 732, 761, and 1,437 respectively[189] - Wasion Group was listed as a National Intellectual Property Advantage Enterprise for 2023-2026, recognizing its achievements in intellectual property management and innovation[190] - Wasion Energy was recognized as a National Enterprise Technology Center in 2023, highlighting its leading technological innovation capabilities in the industry[198] - The company has established a multifunctional testing center that integrates various reliability tests, including accuracy, electrical performance, electromagnetic compatibility, high voltage, and environmental temperature reliability[200] - The company's testing center has been accredited by the China National Accreditation Service for Conformity Assessment (CNAS) since 2012, enhancing the company's quality credibility and brand influence[200] ESG and Sustainability Initiatives - Wasion Energy was recognized as a "National Green Factory" by the Ministry of Industry and Information Technology in March 2023[11] - Wasion Energy was listed as a national demonstration enterprise for power demand-side management in the industrial sector by the Ministry of Industry and Information Technology in March 2023[11] - The company's ESG report adheres to GRI standards and Hong Kong Stock Exchange ESG reporting guidelines, with data verified by internal auditors[89] - The company is committed to integrating ESG elements into its operations, aligning with China's new development concepts of innovation, coordination, green development, openness, and sharing[94] - The company has implemented various cultural activities, such as "Corporate Culture Grand Tour" and "Corporate Culture Symposium," to promote its core values and enhance employee engagement[98] - The company emphasizes the integration of party building with corporate governance, aiming to drive high-quality development through party leadership and social responsibility initiatives[100] - The company is strategically positioning itself to leverage new technological and industrial revolutions, focusing on green economy and new energy systems to support industrial transformation[101] - The company has redefined its international strategy, focusing on modern new energy systems and accelerating its transformation from local exploration to comprehensive expansion[102] - The company is committed to green development, aiming to become a leading energy measurement and efficiency management company in China, with a focus on building green and low-carbon technology parks and supply chain management systems[103] - The company has established a comprehensive ESG management system, integrating ESG concepts into its development strategy and daily operations, with a board-driven and stakeholder-involved ESG management mechanism[104] - The company has implemented a green and low-carbon development path, integrating low energy consumption, low pollution, high efficiency, and high responsibility concepts throughout its entire product lifecycle[105] - The company has obtained multiple ISO certifications, including ISO9001, ISO14001, ISO45001, ISO50001, ISO10012, ISO27001, and ISO20000-1, demonstrating its commitment to quality, environmental, occupational health and safety, energy, and information security management[106][107][108] - The company has been recognized with the 2023 "Hunan Famous Brand" award and the "Top Ten Industrial and Commercial Energy Storage Brands" award, highlighting its leadership in energy measurement and storage solutions[110] - The company aims to continue its innovation-driven development, increasing R&D investment and maintaining strict quality control to provide high-quality products globally, with a focus on becoming a world-class energy measurement expert[111] - The company emphasizes stakeholder engagement, integrating stakeholder concerns into its ESG management strategy and creating long-term value for all stakeholders[114] - The company has set a target for greenhouse gas emissions to be less than 3.6 tons in 2023, with an average emission of 2.7 tons per 100 million yuan of annual income[122] - The target for domestic sewage discharge is less than 78 tons in 2023, with an average discharge of 57.2 tons per 100 million yuan of annual income[122] - The company aims to reduce domestic and kitchen waste to less than 0.5 tons in 2023, with an average of 0.2 tons per 100 million yuan of annual income[122] - Welding slag is fully recycled, with an average of 0.002 tons per 100 million yuan of annual income[122] - The company has established a target reduction of 2% to 5% in resource consumption based on historical averages[122] - The company monitors and manages energy consumption to reduce production equipment energy use[120] - The company has implemented measures to treat and discharge wastewater up to the Class IV standard of the "Surface Water Environmental Quality Standard" (GB3838-2002)[120] - The company uses new processes and materials to reduce emissions and improve the welding environment[120] - The company promotes low-carbon logistics and green packaging, reducing the use of paper packaging materials[120] - The company has set up a separate storage area for hazardous solid waste and ensures regular recycling by qualified suppliers[120] - Total electricity consumption in 2023 was 28,070,880 kWh, with a target of less than 4,966 kWh per million yuan of annual revenue[124] - Total water consumption in 2023 was 575,874 tons, with a target of less than 125 tons per million yuan of annual revenue[124] - Total natural gas consumption in 2023 was 460,466 cubic meters, with a target of less than 102

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 7.88, indicating a potential upside of 46% from the current price of HKD 5.40 [2][10]. Core Insights - The company achieved a revenue of RMB 7.252 billion in 2023, a year-on-year increase of 24%, with a net profit of RMB 521 million, reflecting a significant growth of 61% compared to the previous year [5][8]. - The company plans to increase capital expenditures to approximately RMB 670 million in 2024, focusing on expanding its AMI business in Mexico and Hungary [5][8]. - The backlog of orders stood at RMB 7.9 billion at the end of 2023, a 30% increase from the end of 2022, with 80% expected to be delivered within a year [6][9]. - The company anticipates continued high growth in overseas markets, particularly in Mexico, with expected revenue growth of over 30% in 2024 [6][9]. - The company's net profit margin improved to 10.5% in 2023, and return on equity (ROE) increased to 14.7%, indicating enhanced profitability [10]. Financial Summary - In 2023, the company reported earnings per share (EPS) of 52.7 cents and a dividend of HKD 0.28, with a payout ratio of approximately 49% [5][8]. - Revenue projections for the next few years are as follows: RMB 9.561 billion in 2024, RMB 12.214 billion in 2025, and RMB 15.325 billion in 2026, with corresponding net profit estimates of RMB 699 million, RMB 949 million, and RMB 1.225 billion respectively [7][13]. - The company’s price-to-earnings (PE) ratio at the current price is 14.9, with projections of 9.3 for 2024 and 6.9 for 2025, indicating a favorable valuation [10][13].