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 ...

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分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） 有 關 本 公 司 二 零 二 三 年 年 報 的 進 一 步 資 料 茲提述威勝控股有限公司（「本公司」）截至二零二三年十二月三十一日止年度的年報（「二零 二三年年報」）。 本公司謹此就本公司的股份獎勵計劃（「股份獎勵計劃」）提供以下補充資料。 本公司已於二零一六年五月採納股份獎勵計劃。股份獎勵計劃目的為表揚若干僱員作出的 貢獻並給予獎勵，務求挽留彼等繼續為本集團的持續營運及發展效力，並吸引合適的人員 以進一步推動本集團的發展。 根據股份獎勵計劃可授予經選定參與者的最高股份數目不得超過本公司不時已發行股本的 1 %。 承董事會命 威勝控股有限公司 主席 吉為 二零二四年十月十五日 於本公告刊發日期，董事會由執行董事吉為先生、吉喆先生、李鴻女士、鄭小平女士及田仲平先生；非執行 董事曹朝輝女士；以及獨立非執行董事陳昌達先生、欒文鵬先生及王耀南先生 ...

各位投资者大家晚上好非常感谢大家宝贵的时间继续来参加我们这个弹性标的的重大推荐 这是本次路演的第二场然后会由那个尊玉来主讲他重大推荐的方向各股是这个威胜控股那在开始简单会在开始汇报那个之前先简单的给大家做个更新其实在这一轮里面伴随着流动性的一个增加大家也看到各类篮球体肤值然后包括底部边际变化大的方向有一些 这个就是明显的一个涨幅但在这种情况下的话其实我们能感受得到市场呢在整个电力设备和新能源这个方向上其实是把一些避险的品种电力设备有所减长的然后加方的方向的话会在偏进攻类的新能源这个方向上 但今天晚上呢我们还是其实选择了偏电网类的一个公司去做这个重点推荐看上去是有一些逆这个市场风格的但核心的原因呢我觉得还在几点上面就是这一轮我们去看能持续走的长的 走得久的就是牛股我们觉得还是在产业逻辑和那个业绩端要能够持续兑现的尽管电表包括电网类的资产在去年以及今年的上半年超额是明显的 但这里面不妨碍仍然有个股它的估值的性价比非常的高然后分红比率也非常的高然后这是第一点第二点就是它是有产业趋势的这个方向并不是简单的就是说只是这一段比如说今年业绩好去年业绩好然后到明年后年你就看不清楚了它的产业趋势还是验证我们在 前两三个月重点推 ...

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 ...

Wasion Holdings (於開曼群島註冊成立的有限公司) (股份代號：3393) (D → a q a (2) Zyangs 四日日日日 中滇 企業使命： 能源計量與能效管理專家 企業精神： 團結、進取、求實、創新 企業願景： 持續創新，百年威勝 經營宗旨： 至誠致精，義利共生 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目 錄 | | | | | | | | | | | 2 | 公司資料 | | | ...

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

更新报告 买入 在手订单充裕，业绩增长势头向好 威胜控股（3393.HK） 2024-03-18 星期一 投资要点 目标价： 7.88 港元 ➢ 2023年盈利同比增长61%，2024年加大资本开支： 现 价： 5.40港元 2023年公司实现收入为人民币72.52亿元，同比增加24%；公司拥有人 预计升幅: 46% 应占纯利为人民币5.21亿元，同比上升61%，每股基本盈利为52.7分， 每股股息 0.28 港元(相当于人民币 0.258 元，派息率约 49%)。公司业绩 重要数据 增长表现良好，派息率有所下降主要考虑 2024 年资本开支增加，预期 后续分红比率保持在每股盈利的 50%或以上。2024 年公司资本开支约 日期 2024-03-15 为人民币6.7亿元，其中电AMI业务资本支出为人民币1.5亿元，主要 收盘价(港元) 5.40 用于墨西哥新一期厂房建设以及匈牙利建厂支出；通信及流体 AMI 业 总股本(百万股) 996 务资本支出为人民币1.3亿元；ADO业务资本支出为人民币3.9亿元， 总市值(百万港元) 5,378 主要用于建设储能的智能化生产线，以及墨西哥建厂资金支出。 净资产(百万港 ...

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 三 年十二月三十一日止年度的 全 年業績公告 | --- | |-------------------------------------------------------------------------------------------------------------------| | | | 財務摘要 | | • 營業額為人民幣 7,252.27 百 萬 元（二 零 二 二 年：人 民 幣 5,855.84 百 萬 元），增 幅 為 | | • 電 AMI 業務的收入為人民幣 2,650.36 百 萬 元，較 二 零 二 二 年 增 加 ...

| --- | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------|---------------------------------------------------------------------| | 計 | 量 | 能 | 源 | | | | 管 能 效 | | 與 理 | 專 家 | | （於開曼群島註冊成立的有限公司） （股份代號： 3393 ） 中期報告 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | G ENERGY METERING& ENERGY SAVIN EXPERT (Stock Code: 3393) (incorporated in the Cayman Islands with limited liability) Interim Report 2023 INTERIM REPORT 2023 中期報告 公司資料 公司簡介 管理層討論與分析 其他資料 獨立審閱報告 中期簡明 ...