香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 威勝控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，於二零二五年十二月，本公司 於巴西成立的全資附屬公司Wasion da Amazonia Industria de Instrumentos Electronicos S.A.成功 中標CPFL項目，合同金額超過人民幣80百萬元（ 88.32百萬港元）。 CPFL是巴西電力行業的領軍企業，作為巴西規模第二大的綜合性電力事業集團，服務用戶 超過1,000萬，業務涵蓋發電、輸電、配電及電力商業化等全產業鏈領域，是當地重要的綜 合能源解決方案提供商。 以上中標體現了威勝的品牌國際化和國際客戶認可度。 （ 於開曼群島註冊成立之有限公司） （股份代號︰3393） 自願公告 海外中標結果 本公告由威勝控股有限公司自願刊發。 本 公 告 乃 承 董 事 會 之 命 而 作 出 ， 各 董 事 就 本 公 告 所 披 露 資 料 的 準 確 性 個 別 及 共 ...

Group 1 - The core viewpoint of the report is that the company's stock price has increased by 124.5% since coverage began in June, and there is still significant upside potential due to high demand for smart distribution services from AIDC clients [1] - The company has raised its net profit forecasts for FY25-27 by 1.2%, 1.6%, and 2.1% respectively, and has increased the target price from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside potential based on a target P/E ratio of 16.0 times for FY26 [1] - The company expects substantial growth in new orders from AIDC clients, projecting approximately RMB 2.3 billion in new orders for FY25 and RMB 3.6 billion for FY26, representing a year-on-year increase of 56.5% [1] Group 2 - The smart distribution business is anticipated to maintain high growth, with projected compound annual growth rates for revenue and gross profit of 25.4% and 27.9% respectively from FY24 to FY27, surpassing the overall company growth rates [2] - The contribution of the smart distribution business to total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [2] - The company is not only collaborating with major AIDC clients like GDS but is also expected to sign new large clients, particularly in Southeast Asia [2]

Summary of Weisheng Holdings Conference Call Company Overview - **Company**: Weisheng Holdings - **Industry**: Smart grid, data center, and energy storage solutions Key Points Order and Revenue Forecast - Weisheng Holdings expects to add 400 million in new orders in Q1 2026, bringing total orders to 1.6 billion [2][5] - Non-grid customers include major companies like ByteDance, Baidu, and Alibaba, with a significant contract of 260 million from ByteDance [2][5] - The data center segment is the fastest-growing, with total orders expected to reach 2.3 billion in 2025, including 1.3 billion from a partnership with GDS and 600 million from overseas [2][5] Data Center Business - Data center revenue is projected to double to 1 billion in 2025, with expectations of 30-35 contracts in 2026 [2][7] - The company has secured a data center order of 600 to 700 megawatts in Malaysia, with a delivery cycle of approximately 45 days starting in 2026 [9] - Major partners in the data center business include GDS and its subsidiary Day One, with significant contracts signed in Thailand and other regions [8][10] ADO Business Insights - ADO business revenue for the first half of 2025 is 1.2 billion, with contributions from data centers (400 million), smart grid distribution (570 million), and energy storage solutions (200 million) [6] - The gross margins for energy storage are around 20%, smart grid distribution is 25-26%, and data centers exceed 26% [6] Market Expansion and Strategy - Weisheng Holdings is expanding its overseas market presence, particularly in Mexico and Brazil, where it has achieved significant revenue from distribution [2][5][17] - The company plans to expand into Europe and Turkey, focusing on distribution, data centers, and energy storage [2][5] Competitive Landscape - The company maintains a strong competitive position due to localized production and a comprehensive service model, which includes market development and after-sales service [14][21] - The gross margin for overseas orders is expected to be higher than domestic due to less competition in certain regions [14] Future Outlook - The company anticipates maintaining over 20% growth in overseas markets, driven by diverse business segments including smart meters, energy storage, and smart city solutions [31] - Management believes the current valuation is underestimated and sees potential for significant growth as the company transitions towards TMT industry valuations [36] Regulatory and Market Trends - The Mexican market is crucial, contributing 57% of revenue in 2024, with a 30% year-on-year increase in orders for smart meters [17][19] - New standards for smart meters are expected to increase prices by 20-40%, which may positively impact gross margins [24][20] Conclusion - Weisheng Holdings is positioned for robust growth in the smart grid and data center sectors, with strategic partnerships and a focus on international expansion. The company is optimistic about future revenue and profit growth, supported by strong demand in both domestic and international markets.

Group 1 - The core viewpoint of the report is that Weisheng Holdings (03393) has seen a stock price increase of 124.5% since the initial coverage, and there is still significant upside potential, with target price raised from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside [1] - The company is expected to see substantial growth in new orders from AIDC clients, with FY25 new orders projected at approximately RMB 2.3 billion, and FY26 new orders expected to reach around RMB 3.6 billion, a year-on-year increase of 56.5% [1] - The company is expanding its development foundation from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1] Group 2 - The smart distribution business is anticipated to maintain high growth, with a compound annual growth rate (CAGR) of 25.4% for revenue and 27.9% for gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.8% and 21.8% respectively [2] - The proportion of smart distribution revenue and gross profit is expected to increase from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [2]

Core Viewpoint - The stock price of Weisheng Holdings (03393) has increased by 124.5% since the initial coverage, with significant upward potential remaining. The target price has been raised from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside based on a 16.0x FY26 target P/E ratio. The company is expected to be included in the Hong Kong Stock Connect in the first quarter of next year, which will better reflect its valuation [1]. Group 1 - The demand for intelligent power distribution services from AIDC clients is expected to exceed expectations, with new orders projected to reach approximately RMB 23 billion for FY25, including RMB 10 billion to be delivered this year. For FY26, new orders from AIDC clients are anticipated to be around RMB 36 billion, representing a year-on-year increase of 56.5% [2]. - The company is collaborating with major AIDC clients like GDS Holdings (09698) and is likely to sign new large clients, particularly in Southeast Asia's data center sector [2]. Group 2 - The intelligent power distribution business is expected to maintain high growth, with a projected compound annual growth rate (CAGR) of 25.4% for revenue and 27.9% for gross profit from FY24 to FY27. This growth rate is higher than the overall company revenue and gross profit growth rates of 19.8% and 21.8%, respectively. The proportion of total revenue and gross profit from this segment is expected to increase from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [3].

Investment Rating - The report maintains a "Buy" rating for the company with an updated target price of HKD 21.75, reflecting a potential upside of 30.4% from the current price of HKD 16.68 [1][5]. Core Insights - The demand for the company's smart distribution services from AIDC (Artificial Intelligence Data Center) clients is expected to exceed expectations, leading to significant growth in new orders for FY26 [1][2]. - The company has expanded its development foundation from traditional industrial sectors to advanced technology sectors, supporting a higher valuation [1]. - The report projects a compound annual growth rate (CAGR) of 25.4% for smart distribution revenue and 27.9% for gross profit from FY24 to FY27, which is higher than the overall company growth rates [3]. Financial Projections - Revenue is forecasted to grow from RMB 7,252 million in 2023 to RMB 15,004 million in 2027, with a CAGR of 19.8% [4][10]. - Shareholder net profit is expected to increase from RMB 521 million in 2023 to RMB 1,583 million in 2027, reflecting a CAGR of 31.9% [4][10]. - The earnings per share (EPS) is projected to rise from RMB 0.53 in 2023 to RMB 1.59 in 2027 [4][10]. Order Growth Expectations - New orders from AIDC clients are anticipated to reach approximately RMB 23 billion in FY26, representing a year-on-year increase of about 130% [2]. - The report conservatively estimates that FY26 deliveries to AIDC clients could amount to RMB 23 billion, driven by both existing and new large clients, particularly in Southeast Asia [2]. Business Segment Performance - The smart distribution business is expected to maintain high growth, with its revenue share of total income projected to increase from 33.3% in FY24 to 38.1% in FY27 [3]. - The gross margin for AIDC orders is expected to be higher than that of other smart distribution orders, contributing to overall profitability [3].

Group 1 - The core viewpoint of the article is that Citigroup has raised its profit forecasts for Weisheng Holdings (03393) for the years 2025 to 2027 by 1% to 5% due to strong new orders related to AI Data Centers (AIDC) and higher profit predictions [1] - Citigroup has increased the target price for Weisheng Holdings from HKD 15.5 to HKD 21 and maintains a "Buy" rating, indicating a high likelihood of the stock being included in the Stock Connect mechanism by March next year [1] - The company expects its AIDC revenue to grow from RMB 1 billion in 2025 to RMB 2 billion in 2026, and further to RMB 4 billion in 2027 [1] Group 2 - The company anticipates that new AIDC orders will increase by 50% year-on-year locally and by 92.3% overseas next year, reaching RMB 1.5 billion and RMB 2.5 billion respectively [1]

Group 1 - The core viewpoint of the article is that Citigroup has raised its profit forecasts for Weisheng Holdings (03393) for the years 2025 to 2027 by 1% to 5%, and increased the target price from HKD 15.5 to HKD 21, maintaining a "Buy" rating [1] - Citigroup believes that the stock is likely to be included in the connectivity mechanism by March next year, following a positive catalyst observation initiated on November 25 [1] - The company expects its Artificial Intelligence Data Center (AIDC) revenue to grow from RMB 1 billion in 2025 to RMB 2 billion in 2026, and further to RMB 4 billion in 2027 [1] Group 2 - The company anticipates that new AIDC orders will increase by 50% year-on-year locally and by 92.3% overseas next year, reaching RMB 1.5 billion and RMB 2.5 billion respectively [1]

Core Viewpoint - Citi's research report indicates that the revenue from the Artificial Intelligence Data Center (AIDC) of the company is expected to increase from 1 billion in 2025 to 2 billion in 2026, and further to 4 billion in 2027 [1] Group 1: Revenue Growth Projections - The company anticipates that new AIDC orders locally and overseas will grow by 50% and 92.3% year-on-year, reaching 1.5 billion and 2.5 billion respectively next year [1] - The strong demand for new AIDC orders and higher profit forecasts have led Citi to raise its net profit estimates for 2025 to 2027 by 1% to 5% [1] Group 2: Target Price and Rating - Based on the revised forecasts, Citi has increased the target price from 15.5 HKD to 21 HKD and maintains a "Buy" rating on the stock [1] - The company is likely to be included in the connectivity mechanism by March next year, according to Citi's positive outlook [1]

每经AI快讯，威胜控股(03393.HK)涨超8%，截至发稿，涨8.47%，报16.4港元，成交额4388.07万港元。 （文章来源：每日经济新闻） ...