花旗发布研报称，根据威胜控股指引，受强劲的人工智能数据中心(AIDC)需求推动下，其海外客户 2026年新订单金额将年可增54%至20亿元人民币。花旗预计，威胜数据中心的收入占比将从2024年的 9%，分别在2025、2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至 2027年的净利润预测上调11%至17%。 花旗表示，对威胜开启为期90天的正面催化剂观察，预计公司与人工智能数据中心相关的配电设备业务 盈利有提升空间；并预计威胜数据中心业务的海外收入将从2024年的2亿元人民币，翻倍至2025年的5亿 元人民币，并在2026年达到10亿元人民币。 （原标题：港股异动 | 威胜控股(03393)午后涨超3% 花旗预计公司数据中心业务明年的海外收入可达10 亿元） 智通财经APP获悉，威胜控股(03393)午后涨超3%，截至发稿，涨3.32%，报14.95港元，成交额2371.58 万港元。 ...

花旗表示，对威胜开启为期90天的正面催化剂观察，预计公司与人工智能数据中心相关的配电设备业务 盈利有提升空间；并预计威胜数据中心业务的海外收入将从2024年的2亿元人民币，翻倍至2025年的5亿 元人民币，并在2026年达到10亿元人民币。 花旗发布研报称，根据威胜控股指引，受强劲的人工智能数据中心(AIDC)需求推动下，其海外客户 2026年新订单金额将年可增54%至20亿元人民币。花旗预计，威胜数据中心的收入占比将从2024年的 9%，分别在2025、2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至 2027年的净利润预测上调11%至17%。 威胜控股(03393)午后涨超3%，截至发稿，涨3.32%，报14.95港元，成交额2371.58万港元。 ...

第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 威勝控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03393 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,0 ...

Core Insights - Citigroup's report indicates that due to strong demand for Artificial Intelligence Data Centers (AIDC), Weisheng Holdings is guiding that new orders from overseas clients will increase by 54% annually to reach 2 billion yuan by 2026 [1] - Citigroup expects the revenue contribution from Weisheng's data center business to rise from 9% in 2024 to 16% in 2025 and 20% in 2026 [1] - Given the higher profitability of the AIDC business, Citigroup has raised Weisheng's net profit forecasts for 2025 to 2027 by 11% to 17% and upgraded the stock rating to "Buy," increasing the target price from 11 HKD to 15.5 HKD [1] Group 1 - Weisheng Holdings' data center overseas revenue is projected to double from 200 million yuan in 2024 to 500 million yuan in 2025, reaching 1 billion yuan in 2026 [1] - Weisheng Information Technology, a subsidiary of Weisheng Holdings, reported a net profit growth of 12.24% to 474 million yuan in the first three quarters [1] - Citigroup has initiated a 90-day positive catalyst observation for Weisheng, anticipating improvements in profitability from its AIDC-related distribution equipment business [1]

Core Viewpoint - Wisen Holdings (03393) has seen a stock price increase of over 4%, currently trading at HKD 14.26, with a transaction volume of HKD 9.547 million, driven by strong demand in the Artificial Intelligence Data Center (AIDC) sector [1] Group 1: Financial Projections - According to Citigroup's report, Wisen Holdings is expected to see new order amounts from overseas clients increase by 54% to RMB 2 billion by 2026, driven by robust AIDC demand [1] - Citigroup forecasts that the revenue contribution from Wisen's data center business will rise from 9% in 2024 to 16% in 2025 and 20% in 2026 [1] - The net profit estimates for Wisen from 2025 to 2027 have been raised by 11% to 17% due to the higher profitability contribution from the AIDC business [1] Group 2: Business Outlook - Citigroup has initiated a 90-day positive catalyst observation for Wisen, anticipating improved profitability in the company's distribution equipment business related to AIDC [1] - The overseas revenue from Wisen's data center business is projected to double from RMB 200 million in 2024 to RMB 500 million in 2025, reaching RMB 1 billion by 2026 [1]

Core Viewpoint - Wisen Holdings (03393) has seen a significant stock price increase, driven by strong demand for Artificial Intelligence Data Centers (AIDC), with a projected 54% increase in new orders by 2026, reaching 2 billion RMB [1] Group 1: Financial Projections - Citigroup forecasts that Wisen's revenue from data centers will grow from 9% in 2024 to 16% in 2025 and 20% in 2026 [1] - Net profit estimates for Wisen have been raised by 11% to 17% for the years 2025 to 2027 due to the higher profitability contribution from AIDC [1] Group 2: Business Growth - Wisen's overseas revenue from data center operations is expected to double from 200 million RMB in 2024 to 500 million RMB in 2025, and reach 1 billion RMB in 2026 [1] - The company is under a 90-day positive catalyst observation period, indicating potential for increased profitability in its AIDC-related distribution equipment business [1]

Core Viewpoint - Weisheng Holdings (03393) has seen a stock price increase of over 4% following the announcement of a total agreement between its subsidiary, Weiyuan Energy, and Renox to supply various energy storage system products, facilitating entry into the Australian market [1] Group 1: Company Developments - Weiyuan Energy will supply a range of energy storage system products to Renox, which will help in distributing these products effectively in Australia [1] - The total agreement aims to ensure stable sales of energy storage systems to Renox, providing cost predictability and growth in the target market [1] Group 2: Market Performance and Outlook - Weisheng Holdings' stock rose by 4.05%, reaching HKD 13.35, with a trading volume of HKD 20.5653 million [1] - Guozheng International reported that Weisheng Holdings has a relatively fast growth rate compared to peers, with ongoing expansion in overseas markets [1] - The company is expected to enter a rapid growth phase in overseas revenue, particularly with its ADO business securing orders from overseas data centers [1] - The firm believes there is room for valuation improvement, initiating a "Buy" rating with a target price of HKD 17.36 [1]

Core Viewpoint - 威胜控股's stock rose over 4% following the announcement of a total agreement with Renox for ongoing related transactions, focusing on energy storage systems for the Australian market [1] Group 1: Company Developments - 威胜控股's subsidiary, 惟远能源, will supply various energy storage system products to Renox, enabling effective distribution in Australia through Renox's channels and compliance licenses [1] - The total agreement aims to ensure stable sales of energy storage systems to Renox, providing cost predictability and growth in the target market [1] Group 2: Market Performance - 威胜控股's stock price increased by 4.05%, reaching 13.35 HKD, with a trading volume of 20.5653 million HKD [1] - 国证国际 reported that 威胜控股's performance growth is among the fastest in its industry, with ongoing expansion in overseas markets and an expected rapid growth phase in overseas revenue [1] Group 3: Analyst Ratings - 国证国际 initiated a "buy" rating for 威胜控股, setting a target price of 17.36 HKD, indicating potential for valuation improvement [1]

Core Viewpoint - 威胜控股 is a leading energy metering and management company in China, with significant growth in overseas markets and a strong focus on data center energy solutions [1][2][3] Group 1: Business Overview - 威胜控股 operates three main business segments: Electric AMI, C&F AMI, and ADO, with a broad overseas network enhancing market competitiveness [1] - The company has established local factories in Mexico, Hungary, and other regions, contributing to rapid growth in overseas revenue, which is projected to reach 2.4 billion RMB in 2024, a fivefold increase since 2020, with a CAGR of 58% [1][2] - The ADO business is currently focused on domestic markets, with 90% of its revenue coming from China, but is rapidly expanding overseas, particularly in data center energy solutions [2] Group 2: Financial Projections - The company forecasts net profits of 9.2 billion, 12.1 billion, and 15.3 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.93, 1.22, and 1.54 RMB [1][3] - The current stock price corresponds to a projected PE of 10.6 times for 2026, with a dividend yield of 4.7%, indicating potential for valuation improvement [3] Group 3: Market Position and Competitive Advantage - 威胜控股 has maintained a leading position in bidding for projects with State Grid and Southern Grid, with winning amounts increasing from 620 million RMB in 2020 to 1.04 billion RMB in 2024, reflecting a CAGR of 13.8% [2] - The company has a stable market share of approximately 3% in State Grid and 10% in Southern Grid since 2021, positioning it favorably for future growth as new power systems are developed [2]

Investment Rating - The report initiates a "Buy" rating for the company with a target price of HKD 17.36, corresponding to a 13x PE for 2026 [5][9]. Core Insights - The company is a leading energy metering and efficiency management expert in China, with three main business segments: Electric AMI, Communication & Fluid AMI, and ADO [1][13]. - The overseas market revenue has been growing rapidly, with a fivefold increase from RMB 3.8 billion in 2020 to RMB 24 billion in 2024, reflecting a CAGR of 58% [2][44]. - The ADO business is entering a rapid growth phase in overseas markets, with significant orders expected from data center clients [3][57]. - The company has maintained a leading position in bidding for projects from State Grid and Southern Grid, with a cumulative winning amount increasing from RMB 6.2 billion in 2020 to RMB 10.4 billion in 2024 [4][5]. Summary by Sections Company Overview - The company has established a strong presence in both domestic and international markets, with local factories in Mexico, Brazil, Tanzania, and Hungary to enhance competitiveness [2][14]. - The company focuses on energy metering and efficiency management solutions, serving various sectors including power, water, gas, and large industrial users [13][14]. Business Highlights - The overseas market is a significant growth driver, with the ADO business rapidly gaining traction in data center energy solutions [3][44]. - The company has a robust customer base, including major clients like State Grid and Southern Grid, contributing to stable revenue growth [4][35]. - The company has a strong R&D capability, which supports its competitive edge in the market [44]. Financial Performance - The company’s revenue and net profit have shown consistent growth, with a projected net profit of RMB 9.2 billion, RMB 12.1 billion, and RMB 15.3 billion for 2025, 2026, and 2027 respectively [5][10]. - The company has maintained a high dividend payout ratio, with a projected dividend yield of 4.7% for 2026 [5][10]. - The financial metrics indicate a healthy growth trajectory, with a CAGR of 23.8% in revenue from 2021 to 2024 [24][26].