Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of HKD 11.65, reflecting an upside potential of 21.6% based on an 8.5x FY26 target P/E ratio [4][6][19]. Core Insights - The company's FY25 interim results exceeded expectations, with a 32.8% year-on-year increase in net profit attributable to shareholders, reaching RMB 440 million. This growth was driven by a 17.3% increase in total revenue to RMB 4.39 billion, primarily from the smart metering business, which saw a 29.8% revenue increase to RMB 1.88 billion [1][3]. - The company effectively controlled sales, administrative, and R&D expenses, leading to a decrease in financial costs by 5.4% to RMB 59 million, and a reduction in the effective tax rate from 16.9% to 15.1% [1][3]. Revenue Breakdown - Domestic grid customers remain the largest revenue source, with a 21.6% year-on-year increase in related revenue to RMB 1.80 billion, accounting for 41.0% of total revenue. However, overseas customer revenue grew rapidly, increasing by 19.2% to RMB 1.24 billion, representing 30.8% of total revenue, primarily from the smart metering business [2][11]. - The company has commenced operations at its factories in Johor, Malaysia, and PT Willfar in Indonesia, which are expected to further drive overseas business growth [2]. Profit Forecast Adjustments - Following the FY25 interim results, the profit forecasts for FY25-27 have been raised by 9.1%, 9.6%, and 10.1%, respectively, resulting in projected net profits of RMB 980 million, RMB 1.26 billion, and RMB 1.54 billion, with year-on-year growth rates of 38.4%, 28.6%, and 22.9% [3][15].

Core Viewpoint - CICC maintains the net profit forecast for Weisheng Holdings (03393) at 916 million and 1.136 billion yuan for 2025 and 2026, respectively, with the current stock price corresponding to 9.5x and 7.6x P/E for 2025 and 2026 estimates. The target price is raised by 22% to 12 HKD, indicating a 25% upside potential from the current stock price [1] Group 1: Financial Performance - In 1H25, the company achieved total revenue of 4.39 billion yuan, a year-on-year increase of 17.3%, with net profit attributable to shareholders reaching 440 million yuan, up 32.8% year-on-year, exceeding CICC's expectations [2] - Revenue from electric AMI grew by 29.8% to 1.88 billion yuan, while communication AMI revenue increased by 12.8% to 1.3 billion yuan, and distribution ADO revenue rose by 6.1% to 1.21 billion yuan [2] Group 2: Overseas Revenue and Orders - The company's overseas revenue in 1H25 increased by 19.1% to 1.24 billion yuan, accounting for 28.3% of total revenue. By region, revenue from the Americas grew by 26.0% to 680 million yuan, Asia by 76.2% to 290 million yuan, Europe by 834% to 40 million yuan, while Africa decreased by 30.5% to 230 million yuan [3] - New overseas orders signed in 1H25 rose by 22.9% to 2.13 billion yuan, with the backlog of orders as of June 30 increasing by 28% to 3.61 billion yuan [3] Group 3: Profitability and Cost Control - The company's gross margin in 1H25 was 35.1%, a decrease of 0.4 percentage points year-on-year. The electric AMI gross margin fell by 2.4 percentage points to 37.8%, while communication AMI gross margin increased by 0.8 percentage points to 39.2% [4] - The net profit margin for 1H25 was 10.0%, an increase of 1.2 percentage points year-on-year, with the expense ratio decreasing by 1.6 percentage points to 21.2% [4] Group 4: Growth Opportunities - The company’s new factory in Hungary has entered normal delivery operations, and new factories in Indonesia and Malaysia have officially commenced operations, which is expected to enhance order growth in Europe and Asia [5] - The company is actively expanding its product offerings overseas, achieving significant market breakthroughs in North America and South America, and has established deep collaborations in the data center sector with major partners [5]

Core Viewpoint - Company maintains net profit forecasts for 2025/2026 at 916 million and 1.136 billion HKD respectively, with current stock price corresponding to 9.5x and 7.6x P/E ratios for those years, and raises target price by 22% to 12 HKD, indicating a 25% upside potential from current price [1] Group 1: Financial Performance - For 1H25, company reported total revenue of 4.39 billion HKD, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million HKD, up 32.8% year-on-year, exceeding expectations [2] - Revenue breakdown shows electric AMI revenue increased by 29.8% to 1.88 billion HKD, communication AMI revenue rose by 12.8% to 1.30 billion HKD, and distribution ADO revenue grew by 6.1% to 1.21 billion HKD [2] Group 2: Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion HKD, accounting for 28.3% of total revenue, with significant growth in the Americas (up 26.0% to 680 million HKD), Asia (up 76.2% to 290 million HKD), and Europe (up 834% to 40 million HKD) [3] - New overseas orders signed in 1H25 rose by 22.9% to 2.13 billion HKD, with backlog orders as of June 30 increasing by 28% to 3.61 billion HKD [3] Group 3: Cost Control and Profitability - Gross margin for 1H25 was 35.1%, a decrease of 0.4 percentage points year-on-year, with electric AMI gross margin down 2.4 percentage points to 37.8% due to declining domestic tender prices [4] - Net profit margin for 1H25 improved by 1.2 percentage points to 10.0%, supported by a reduction in expense ratios across sales, management, and R&D [4] Group 4: Growth Opportunities - Company’s new factories in Hungary, Indonesia, and Malaysia are now operational, which is expected to enhance order volumes in Europe and Asia [5] - Company is actively expanding its product offerings overseas, achieving significant market breakthroughs in North and South America, and is collaborating with major players in the data center sector to capture domestic and international demand [5]

Core Viewpoint - Weisheng Holdings (03393) reported a significant increase in revenue and profit, driven by market expansion and strong performance in various sectors [1] Financial Performance - The company achieved a revenue of 4.39 billion RMB, representing a year-on-year increase of 17.34% [1] - The profit attributable to the parent company was 440 million RMB, up 32.81% year-on-year [1] Market Expansion - The growth was primarily attributed to the expansion in communication and external markets, with domestic electric meter deliveries performing better than peers [1] - The Mexican market showed steady demand growth, contributing to the overall performance [1] Operational Developments - The new factory in Hungary has entered normal delivery operations, while factories in Indonesia and Malaysia have commenced operations, which is expected to enhance order volumes in Europe and Asia [1] - The company has made significant breakthroughs in the North American and South American markets for its distribution business [1] Strategic Partnerships - In the data center sector, the company has established deep collaborations with partners such as GDS, DAYONE, and Siemens for overseas markets [1] - Domestically, the company secured orders from ByteDance, expanding its offerings beyond power distribution systems to include liquid cooling products [1] Future Outlook - The company is well-positioned to leverage its customer resources, overseas supply chain capabilities, and comprehensive solutions to capitalize on the growing demand for data center construction both domestically and internationally [1]

Core Viewpoint - Weisheng Holdings (03393) reported strong mid-term performance with significant revenue and profit growth, driven by market expansion and operational improvements in various regions [1] Financial Performance - The company achieved revenue of 4.39 billion RMB, representing a year-on-year increase of 17.34% [1] - Net profit attributable to the parent company was 440 million RMB, up 32.81% year-on-year [1] Market Expansion - The growth was primarily attributed to the expansion in non-telecom markets and better performance in domestic electric meter deliveries compared to peers [1] - The Mexican market continues to show steady demand growth, serving as a solid overseas base [1] Operational Developments - The new factory in Hungary has entered normal delivery operations, while factories in Indonesia and Malaysia have commenced operations, which is expected to enhance order volumes in Europe and Asia [1] - The company has made significant breakthroughs in the North American and South American markets for its distribution business, with multiple pilot projects running successfully in North America, Europe, and Australia [1] Strategic Partnerships - In the data center sector, the company has established deep collaborations with partners such as GDS, DAYONE, and Siemens for overseas markets, while also securing orders from ByteDance in the domestic market [1] - The company is actively expanding its product offerings, including liquid cooling solutions, alongside its power distribution systems [1]

Core Viewpoint - 威胜控股 reported strong financial performance for the first half of 2025, driven by advancements in AI technology and increased demand for data centers, with all three core business segments showing stable growth [1][2] Financial Performance - The company's revenue reached 4.39 billion RMB, a year-on-year increase of 17% [1] - Net profit rose significantly by 33% to 440 million RMB [1] - Basic earnings per share increased by 33% to 0.445 RMB [1] Business Segments - The Electric AMI business segment saw a revenue increase of 30% to 1.88 billion RMB [1] - The Communication and Fluid AMI business segment generated 1.299 billion RMB, up 13% year-on-year [1] - The ADO business segment's revenue was 1.21 billion RMB, reflecting a 6% increase [1] - Notably, the ADO business's overseas contract value surged by 706% to 479 million RMB, attributed to strategic partnerships in the data center sector [1] Market Position - 威胜控股 maintained its leading position in the domestic market, securing contracts worth approximately 186 million RMB in the national grid's unified bidding, ranking first in market share [2] - The company achieved its first successful bid for metering transformers, amounting to 14.88 million RMB, marking a breakthrough in product diversification [2] - International revenue grew by 19% to 1.244 billion RMB, with significant progress in Latin America, Africa, and Asia [2] Research and Development - During the reporting period, 威胜控股 obtained 100 authorized patents, including 35 invention patents, and 86 software copyrights [2] - As of the end of the reporting period, the company held a total of 2,042 valid patents, 1,986 software copyrights, and 4,029 intellectual property rights [2] Future Outlook - The chairman expressed intentions to deepen the integration of IoT, chips, and AI technologies, aiming to build a multi-energy, multi-level IoT platform [2] - The company plans to capitalize on opportunities in AI and data center development, focusing on efficient low-carbon energy solutions [2] - 威胜控股 aims to become a global leader in energy digitalization solutions through technological innovation and strategic partnerships [2]

Core Viewpoint - Weisheng Holdings (03393) experienced a significant stock increase of over 8%, reaching HKD 9.33 with a trading volume of HKD 23.62 million following the release of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of RMB 4.39 billion, representing a year-on-year increase of 17.34% [1] - The profit attributable to the parent company was RMB 440 million, showing a year-on-year growth of 32.81% [1] Business Segment Performance - The revenue from the Electric AMI business rose to RMB 1.884 billion, marking a year-on-year increase of 30% [1] - The revenue from the Communication and Fluid AMI business increased to RMB 1.299 billion, reflecting a year-on-year growth of 13% [1] - The revenue from the ADO business reached RMB 1.208 billion, with a year-on-year increase of 6% [1]

Core Viewpoint - Weisheng Holdings (03393.HK) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong business performance and growth potential in the AMI sector [1] Financial Performance - The company achieved a revenue of approximately 4.39 billion RMB, representing a year-on-year growth of 17.3% [1] - The attributable net profit to shareholders was about 440 million RMB, showing a year-on-year increase of 32.8% [1] - Basic earnings per share were reported at 44.5 cents [1] - The company did not declare an interim dividend [1] Business Segment Performance - Revenue from the electric AMI business rose to 1.884 billion RMB, reflecting a year-on-year increase of 30% [1] - Revenue from the communication and fluid AMI business reached 1.299 billion RMB, marking a year-on-year growth of 13% [1] - Revenue from the ADO business was 1.208 billion RMB, with a year-on-year increase of 6% [1]

Core Viewpoint - Weisheng Holdings (03393) experienced a significant stock increase of over 8%, with a current price of HKD 9.33 and a trading volume of HKD 23.62 million following the release of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of RMB 4.39 billion, representing a year-on-year increase of 17.34% [1] - The profit attributable to the parent company reached RMB 440 million, marking a year-on-year increase of 32.81% [1] Business Segment Performance - The revenue from the Electric AMI business rose to RMB 1.884 billion, reflecting a year-on-year increase of 30% [1] - The revenue from the Communication and Fluid AMI business increased to RMB 1.299 billion, showing a year-on-year growth of 13% [1] - The revenue from the ADO business grew to RMB 1.208 billion, with a year-on-year increase of 6% [1]

Core Viewpoint - Weisheng Holdings (03393) experienced a significant stock increase of over 8%, reaching HKD 9.33 with a trading volume of HKD 23.62 million following the release of its mid-term results for 2025 [1] Financial Performance - The company reported a revenue of RMB 4.39 billion, representing a year-on-year increase of 17.34% [1] - The profit attributable to the parent company was RMB 440 million, showing a year-on-year growth of 32.81% [1] Business Segment Performance - The revenue from the Electric AMI business rose to RMB 1.884 billion, marking a year-on-year increase of 30% [1] - The revenue from the Communication and Fluid AMI business increased to RMB 1.299 billion, reflecting a year-on-year growth of 13% [1] - The revenue from the ADO business reached RMB 1.208 billion, with a year-on-year increase of 6% [1]