威胜控股主席吉为表示，公司期待在非洲市场持续获得稳定的电表采购订单的同时，亦能积极开展储能 等新项目的开拓工作。此次中标充份反映公司海外业务高速成长，在拉丁美洲、非洲及亚洲中部等新兴 市场持续取得理想发展。目前，威胜控股于墨西哥和坦桑尼亚均拥有研发中心及生产厂房，未来将继续 拓展海外重点市场，增强当地的竞争能力并辐射周边市场。 （文章来源：证券时报网） 资料显示，威胜控股是国内领先的能源计量及能效管理企业，产品与服务包括三大核心业务—电智能计 量解决方案（电AMI）、通讯及流体计量解决方案（通信及流体AMI）、智能配用电系统及解决方案 （ADO）。公司当前客户包括电网公司、水务、燃气及热力等公用事业及大型工商业客户，主导产品 在国内市场占有重要份额，并出口至亚洲、非洲及欧美等全球多个国家。 公司表示，此次签约方之一的CFE是墨西哥电力工业的主导者，由墨西哥政府建立和拥有，在墨西哥拥 有庞大的发电量和全部的输配电系统，是国家电网唯一运营商，提供发输配电一体化服务，覆盖约5000 万名用户。另一签约方的Tanesco则是坦桑尼亚境内唯一的国有电力公司，为当地约1500万用户提供服 务。公司于海外的主要新兴市场取得 ...

Group 1 - The 12th Overseas Returnees Forum held a talent recruitment event in Changsha, featuring over 50 leading companies offering more than 500 positions, with some roles offering annual salaries up to 800,000 yuan [1][3] - SANY Group reported an overseas revenue of 58.3 billion yuan in 2024 and emphasized the strong demand for international talent in key areas such as smart manufacturing and global supply chain management [3] - Anker Innovations, a major global smart hardware brand, continues to expand its business and has a growing need for overseas talent, with 90% of its business being international [3] Group 2 - The recruitment event attracted over 160 job seekers, and the organizing committee plans to hold a series of specialized recruitment activities to connect overseas returnees with companies [4] - Companies are customizing job positions based on the expertise of job seekers, which is seen as beneficial for the growth of young professionals [4] - The event serves as a platform to encourage more overseas returnees to participate in initiatives aimed at boosting local talent and innovation [4]

Market Position and Expansion - The group achieved a domestic market share of over 20% in high-end metering products, establishing itself as a leader in the industry[8]. - The overseas business has expanded significantly, with production lines established in Tanzania, Brazil, Mexico, and Hungary, and new bases planned in Australia, Indonesia, and Malaysia[10]. - The group aims to become a leading supplier in the international smart grid and metering sectors, promoting its brand as a globally recognized name[10]. - The group has established over ten overseas subsidiaries and sales offices, with factories in Saudi Arabia and Indonesia under construction, advancing its international strategy[82]. - The group plans to complete its overseas network deployment by 2025, optimizing its global organizational structure[91]. Financial Performance - The company reported a revenue of approximately RMB 8.72 billion for the fiscal year ending December 31, 2024, representing a year-on-year growth of 20%[23]. - The net profit attributable to the company's shareholders increased by 35% to approximately RMB 706 million, with basic earnings per share rising to RMB 0.714[23]. - The international business revenue grew significantly by 50% to approximately RMB 2.40 billion, highlighting the company's expansion in global markets[23]. - Revenue increased by 20% to RMB 8,716.54 million in 2024, compared to RMB 7,252.27 million in 2023[38]. - The gross profit was RMB 3,035.14 million, up 18% from RMB 2,580.75 million, with a gross margin of 34.8%[70]. Innovation and Technology Development - The company has developed a new technology for large-capacity, long-life liquid metal energy storage batteries, which received a first-class award from the China Electrical Engineering Society[20]. - The company is advancing the application of the Hongmeng operating system in smart energy meters, aiming to maintain its industry-leading position[24]. - The group has received 180 authorized patents during the year, including 84 invention patents, and now holds a total of 2,000 effective patents and intellectual property rights[104]. - The group launched a new generation of voltage and current transformer error characteristic online monitoring equipment, significantly improving algorithm computing power and data interaction, with applications delivered in multiple provinces[105]. - The chip module has become the largest contributor to the group's performance, opening new growth sources in the integrated source-grid-load-storage of new power systems and smart city infrastructure[106]. Commitment to Sustainability - The group is committed to innovation and sustainable development, aligning with global trends towards green and low-carbon energy[10]. - The company emphasizes the importance of ESG principles in its development strategy, aiming for sustainable growth and contributing to the green transformation of the energy sector[125]. - The company achieved a green electricity usage of 13,810 MWh in 2024, with a usage ratio of nearly 50%[136]. - The company is committed to sustainable development goals, integrating them into long-term strategies, focusing on green products, design, production, and supply chains[133]. - The company has established comprehensive emission control measures, monitoring greenhouse gases, wastewater, and solid waste to minimize environmental impact[155]. Market Trends and Opportunities - The company aims to leverage opportunities in emerging markets such as Latin America, the Middle East, and Africa for energy infrastructure development[24]. - The global energy storage market is expected to see over 250 GWh of new installations by 2025, with significant growth anticipated in Europe and emerging markets[91]. - The State Grid is expected to invest over RMB 650 billion by 2025, focusing on smart grid construction and large-scale equipment replacement, which will drive demand for metering products[76]. - The Southern Power Grid plans to invest RMB 175 billion in fixed assets by 2025, which is anticipated to stimulate growth in primary and secondary equipment, distribution network equipment, and metering products[76]. - The company is focusing on diversifying its product and business lines to adapt to market changes and consumer preferences[177]. Operational Efficiency and Cost Management - Operating expenses accounted for 21% of revenue in 2024, a decrease from 23% in 2023[42]. - The company has implemented an intelligent energy management system to monitor energy usage and reduce waste[158]. - The company is focusing on the development of clean energy and low-carbon operations to enhance sustainable development[167]. - The company has established a risk warning mechanism to monitor extreme weather dynamics and trends, preparing for potential impacts[180]. - The company is enhancing its energy efficiency collaboration with strategic partners to create energy efficiency improvement projects[179]. Corporate Governance and Stakeholder Engagement - The company is committed to enhancing shareholder value through share buybacks and transparent investor relations management[142]. - The company integrates ESG principles into its corporate strategy and operations, focusing on economic, social, and environmental win-win outcomes with stakeholders[147]. - The company prioritizes stakeholder communication and has established a stakeholder information database to enhance engagement[148]. - Regular disclosure of financial data and optimization of investment returns are part of the governance strategy[154]. - The company aims to improve its ESG information disclosure quality to enhance stakeholder communication and transparency[179].

Core Viewpoint - CICC maintains a "outperform industry" rating for Weisheng Holdings (03393), with a 2025 net profit forecast of 916 million yuan unchanged and a new 2026 net profit forecast of 1.136 billion yuan. The target price is raised by 23% to HKD 9.8, corresponding to 10.0/8.1 times the price-to-earnings ratio for 2025/2026 [1] Group 1: Financial Performance - In 2024, the company's revenue is expected to grow by 20.2% year-on-year, with net profit increasing by 35.4%, aligning with CICC's expectations [1] - The company reported total revenue of 8.72 billion yuan in 2024, a year-on-year increase of 20.2%. Revenue from electric AMI grew by 20.7% to 3.20 billion yuan, while communication AMI revenue rose by 23.5% to 2.61 billion yuan, and distribution ADO revenue increased by 16.8% to 2.90 billion yuan. The net profit attributable to shareholders was 710 million yuan, up 35.4%, with a maintained dividend payout ratio of 50% [1] - The company's gross margin for 2024 was 34.8%, a decrease of 0.8 percentage points year-on-year. The net profit margin increased by 0.9 percentage points to 8.1% due to cost control measures [2] Group 2: International Expansion - The company experienced a significant increase in overseas revenue, which grew by 49.9% year-on-year to 2.40 billion yuan, accounting for 27.5% of total revenue. Notably, revenue from Africa surged by 140% to 680 million yuan, and from Asia by 139% to 570 million yuan [1] - The company signed new overseas orders worth 3.47 billion yuan in 2024, a year-on-year increase of 25.9% [1] - The company is optimistic about maintaining stable domestic demand for electric meters, with expectations for the State Grid's bidding volume to remain high at around 90 million units in 2025 [3] Group 3: Product Development and Innovation - The overseas revenue from distribution ADO products increased by 811% year-on-year to 340 million yuan, with orders rising by 254% to 470 million yuan [4] - The company is focusing on developing efficient direct current power supply solutions and liquid cooling modules for data centers, collaborating with major clients like GDS in Malaysia and Siemens for modular data center solutions [4] - The company has made breakthroughs in standard energy storage cabinets and storage containers in Australia and Europe [4]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 8,716.54 million, representing a 20% increase from RMB 7,252.27 million in 2023[3] - The revenue from the electric AMI business was RMB 3,198.76 million, an increase of 21% compared to 2023[3] - The revenue from communication and fluid AMI business was RMB 2,614.80 million, up 24% from the previous year[3] - The ADO business generated revenue of RMB 2,902.99 million, reflecting a 17% increase year-over-year[3] - The net profit attributable to the company's owners increased by 35% to RMB 705.61 million, compared to RMB 521.23 million in 2023[3] - Basic earnings per share for the year were RMB 0.714, up from RMB 0.527 in 2023[3] - The total comprehensive income for the year was RMB 947.202 million, compared to RMB 813.663 million in the previous year[6] - The company reported a pre-tax profit of RMB 1,207.588 million, an increase from RMB 860.732 million in 2023[4] - Total revenue for the year ending December 31, 2024, reached RMB 8,716,541,000, with external sales contributing RMB 8,716,541,000[19] - The segment performance showed a profit of RMB 1,239,916,000 before tax, with specific contributions from the segments: RMB 379,567,000 from Smart Metering Solutions, RMB 603,383,000 from Communication and Fluid Solutions, and RMB 256,966,000 from Smart Power Distribution Solutions[19] Assets and Liabilities - Non-current assets decreased from RMB 3,952,832 thousand in 2023 to RMB 3,390,622 thousand in 2024, a reduction of approximately 14.2%[8] - Current assets decreased from RMB 11,774,066 thousand in 2023 to RMB 10,489,497 thousand in 2024, a decline of about 10.9%[8] - Total liabilities decreased from RMB 7,376,110 thousand in 2023 to RMB 6,227,711 thousand in 2024, a decrease of approximately 15.6%[9] - Non-current liabilities increased from RMB 875,787 thousand in 2023 to RMB 1,029,860 thousand in 2024, an increase of about 17.6%[9] - Total equity increased from RMB 6,776,621 thousand in 2023 to RMB 7,320,928 thousand in 2024, reflecting a growth of approximately 8.0%[9] - Cash and bank balances decreased from RMB 2,790,300 thousand in 2023 to RMB 2,644,896 thousand in 2024, a decline of about 5.2%[8] - Inventory decreased from RMB 1,264,093 thousand in 2023 to RMB 1,205,919 thousand in 2024, a reduction of approximately 4.6%[8] - Accounts receivable decreased from RMB 5,821,016 thousand in 2023 to RMB 4,550,227 thousand in 2024, a decline of about 21.8%[8] - The company reported a significant increase in reserves from RMB 5,156,730 thousand in 2023 to RMB 5,422,701 thousand in 2024, an increase of approximately 5.2%[9] Research and Development - The company incurred research and development expenses of RMB 730.404 million, compared to RMB 681.375 million in the previous year[4] - Research and development expenses totaled RMB 695,722 thousand, up from RMB 640,012 thousand in 2023, indicating a focus on innovation[23] - The group is committed to increasing R&D efforts in energy IoT and digital grid technologies, collaborating with national laboratories to promote the industrialization of research outcomes[60] - The group is focusing on the development of "Internet of Things + Chips + Artificial Intelligence" technologies to enhance innovation and market competitiveness[62] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[21] - The group aims to leverage the growth in procurement demand from Inner Mongolia Electric Power Group and enhance its market share in provincial and local power companies[53] - The group is actively expanding its market in the telecommunications and petrochemical sectors, launching new products to meet energy efficiency and carbon reduction needs[51] - The group anticipates further opportunities from the digital transformation and smart upgrades promoted by the National Grid[53] - The group is focusing on the non-electricity market, particularly in the energy measurement and efficiency management services, to drive business expansion and product development[54] International Expansion - The group has established over ten overseas subsidiaries and sales representative offices, with factories in Saudi Arabia and Indonesia under construction, advancing the group's internationalization strategy[60] - The group has received multiple international product certifications, including FCC certification in the U.S. and CE-RED certification in the EU, enhancing its global market presence[60] - The group is actively participating in the "Belt and Road" initiative to seize development opportunities in emerging markets such as Latin America, the Middle East, and Africa[63] - The overseas revenue for the year reached RMB 2,396.80 million, a 50% increase compared to RMB 1,599.26 million in the previous year[75] - The group secured overseas orders amounting to approximately RMB 3,471 million, representing a 26% increase from RMB 2,758 million in the previous year[76] Corporate Governance and Compliance - The company has adhered to corporate governance codes and has not deviated from the principles outlined in the listing rules as of December 31, 2024[117] - The audit committee has reviewed the annual performance for the year ending December 31, 2024, ensuring compliance with financial reporting standards[121] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[124] - The chairman of Wasion Holdings Limited is Cao Zhaohui, indicating a stable leadership presence[125] Employee and Operational Efficiency - The group employed 5,280 staff as of December 31, 2024, an increase from 4,929 in 2023, indicating a growth in workforce[113] - The company has established stock option and share reward plans to retain and attract qualified employees, supporting its ongoing development[113] - The group achieved significant operational efficiency and quality improvements in Tanzania, solidifying long-term procurement relationships with local power companies[79]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 10.14 HKD, based on a current price of 5.79 HKD [1]. Core Insights - The company, Weisheng Holdings, is a leading domestic player in the metering and energy efficiency management sector, with significant growth in revenue and profit since 2022 [2]. - The company has diversified its operations through three main segments: Weisheng Group, Weisheng Information, and Weisheng Energy, which collectively drive its growth [2][4]. - The overseas business has seen a substantial increase, with revenue growing from less than 400 million RMB in 2020 to 1.599 billion RMB in 2023, reflecting a CAGR of 66% [2]. Summary by Sections 1. Leading Supplier in Smart Metering and Energy Management - Weisheng Holdings has established itself as a leader in high-end metering products in China, evolving its business model over the years to focus on smart metering solutions [12]. - The company's ownership structure is concentrated, with the founder holding 53.66% of the shares, allowing for strategic decision-making [15]. - The company has optimized its product structure, leading to rapid revenue growth, particularly in its ADO and overseas segments [18]. 2. Smart Meters: Leading Supplier in Metering - The smart meter segment continues to perform well, with a stable increase in revenue driven by both domestic and international market expansion [29]. - The company has maintained a strong position in bidding for major projects with State Grid and Southern Power Grid, indicating its competitive advantage [25][26]. - The overseas market for smart meters is expanding, with significant growth in revenue and orders, particularly in regions like Latin America and Africa [33][34]. 3. Weisheng Information: Energy IoT Unicorn - Weisheng Information is positioned as a comprehensive solution provider in the energy IoT sector, with a diverse product matrix covering various levels of the energy IoT industry [39]. - The company is focused on enhancing its profitability through continuous innovation and expansion in the energy management space [39]. 4. Financial Projections and Valuation - The company is expected to maintain high growth in its overseas business, with projected net profits of 755 million, 913 million, and 1.159 billion RMB for 2024-2026, respectively [5]. - The report anticipates a steady increase in gross margins as the share of overseas revenue grows, with a target PE of 10X for 2025 [5].

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].