2025 年第三季度威胜信息的财务表现如何？ 摘要 威胜信息前三季度营收 20.96 亿元，同比增长 7.87%，净利润 4.02 亿 元，经营活动现金流净流入 4 亿元。国内市场营收 17 亿元，增长 6.2%；国际市场 3.96 亿元，增长 21%，海外市场占比 19%。印尼和 沙特本地化子公司已开业，助力东南亚和中东增长。 1-9 月新签合同额 24.9 亿元，在手订单 38.24 亿元，其中国内订单 24 亿元（占比 63.5%），海外订单 13.94 亿元（占比 36.5%）。 威胜信息完成第二期股份回购，耗资 1.5 亿元回购 423 万股，累计回购 1,654 万股，已注销 800 余万股，400 万股用于员工持股计划。中期首 次分红，计划未来五年保持 40%基准现金分红。 国网启动智能融合终端招标，第二批 43 万台，第三批放缓至 11-13.6 万台，因技术迭代未成熟。该终端将取代集成器和 SCU，实现一台区一 终端、一通道一密钥，预计明年起放量，成为数字配电网重要设备。 四季度潜在订单机会包括国网第三批及第二批招标、省网双模及 HPLC 招标、南网 V300 第二批招标、新能源接入招标等。 ...

研发投入构筑技术"护城河" 中证报中证网讯（王珞）10月22日晚，威胜信息发布三季报。前三季度，公司实现营业总收入21.12亿 元，同比增长8.8%；实现归属于上市公司股东的净利润4.74亿元，同比增长12.24%，发展动能持续增 强。公司经营性净现金流4.01亿元，同比增长1.95%，整体经营呈现出增长态势。 在经营质量持续优化的同时，公司在手订单充足，业务拓展持续稳健进行。截至9月底，威胜信息在手 订单已累计达到38.24亿元，为未来业绩的持续释放奠定了坚实基础。 技术加持 全球"出海"步伐稳步推进 在能源物联网的全球舞台上，威胜信息正通过参与国际标准制定、构筑专利"护城河"与开拓海外市场， 勾勒出其全球化战略的深化路径与坚实步伐。在国际标准领域，由威胜信息作为核心参与方制定的全球 首个智能配变终端国际标准——IEEE Std 2815™-2024《智能配变终端技术规范指南》正式发布，为威 胜信息的全球配电网业务构建了坚实的标准支撑体系，进一步增强了其产品的国际竞争力。 在专利布局方面，威胜信息再获重要突破——其自主研发的"物联网无线通信核心技术"正式获得海外专 利局授权。该项技术采用的Wi-SUN无线物 ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the industry, including Weisheng Information, Haixing Electric Power, and Juhua Technology [4]. Core Insights - The 2025 State Grid third batch of metering equipment bidding shows a clear trend of technological upgrades, with an increase in the number of high-end meter bids and a shift towards supporting international standards [3]. - Price adjustments in the bidding process are expected to alleviate previous price pressures in the industry, as the scoring criteria for price calculations have been modified [2]. - The overall bidding quantity for electric meters has improved on a month-on-month basis, indicating a potential recovery in both volume and profit for domestic smart meters [3]. Summary by Sections Bidding Overview - The third bidding round for metering equipment by the State Grid includes 10 sub-bids and 386 packages, with a total of 217 packages for electric meters, showing a month-on-month increase [1]. - The bidding for collection terminals and metering transformers has decreased compared to previous rounds, indicating a mixed demand landscape [1]. Price Adjustments - The scoring formula for price evaluation has been revised, which is expected to reduce the pressure of continuous price declines in the industry [2]. - The floating coefficient range has been adjusted, and extreme low-price bids have been excluded from the current bidding process [2]. Technological Trends - The bidding for A-level single-phase meters remains stable, with a significant increase in the proportion of low-power models [3]. - The demand for B/C-level three-phase meters has grown, particularly in provinces with strong renewable energy needs [3]. Investment Recommendations - The report suggests focusing on high-quality domestic electric meter companies such as Weisheng Information, Haixing Electric Power, and Juhua Technology, as they are well-positioned to benefit from the upcoming market changes [3].

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Core Insights - On October 23, brokerages set target prices for listed companies a total of 32 times, indicating a significant interest in market evaluations [1] Group 1: Target Price Increases - The companies with the highest target price increases include Guibao Pet (61.09%), StarNet Ruijie (50.73%), and Weisheng Information (43.78%), which belong to the feed and communication equipment industries respectively [1] Group 2: Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun receiving 5 recommendations, Guibao Pet receiving 4, and Meihua Biological receiving 3 [1]

智通财经APP讯，威胜控股(03393)发布威胜信息技术截至2025年9月30日止9个月业绩，收入21.12亿元 人民币，同比增加8.8%;威胜信息技术权益拥有人应占纯利4.74亿元，同比增加12.24%。 ...

智通财经APP讯，威胜控股(03393)发布威胜信息技术截至2025年9月30日止9个月业绩，收入21.12亿元 人民币，同比增加8.8%;威胜信息技术权益拥有人应占纯利4.74亿元，同比增加12.24%。 ...

格隆汇10月23日丨威胜控股(03393.HK)公布，截至2025年9月30日止九个月，公司旗下附属公司威胜信 息技术收入为人民币21.12亿元，同比增长8.80%；威胜信息技术权益拥有人应占纯利为人民币4.74亿 元，同比增长12.24%。 ...

证券研究报告 | 公司点评报告 2025 年 10 月 23 日 威胜信息（688100.SH） 业绩表现稳健，第二家境外工厂（沙特技术中心）启动 TMT 及中小盘/通信 事件：公司 10 月 22 日晚发布《2025 年第三季度报告》，2025 年前三季度， 公司实现营业收入 21.12 亿元，同比增长 8.80%；归属上市公司股东的净利润 4.74 亿元，同比增长 12.24%；归属上市公司股东的扣除非经常性损益的净利润 4.64 亿元，同比增长 13.02%。 ❑ 风险提示：国际汇率波动风险、市场拓展不及预期风险、市场竞争加剧风险。 % 1m 6m 12m 绝对表现 -0 4 -15 相对表现 -3 -17 -32 -30 -20 -10 0 10 20 30 Oct/24 Feb/25 Jun/25 Sep/25 (%) 威胜信息 沪深300 资料来源：公司数据、招商证券 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2225 | 2 ...

作为湖南省首家科创板上市企业，威胜信息始终以技术创新为核心驱动力，强化"硬科技"底色。近年 来，在全球能源转型加速升级的背景下，该公司凭借"物联网+芯片+AI"核心技术深耕能源数字化赛 道。截至9月底，公司研发人员占比达51.8%，报告期内新增专利25项，累计有效专利达754项，参与制 定国内外标准103项。 在全球能源转型机遇下，威胜信息重点拓展东盟、中东海湾及非洲新兴市场，前三季度境外收入3.98亿 元，同比增长20.98%，成为新增长引擎。 10月22日晚间，威胜信息技术股份有限公司(以下简称"威胜信息")发布2025年三季度业绩报告。财报显 示，前三季度，威胜信息实现营收21.12亿元，同比增长8.8%；实现归母净利润4.74亿元，同比增长 12.24%。 威胜信息相关负责人向《证券日报》记者介绍："本公司国际化布局以'本地化建设+展会平台'双轮驱 动：印尼工厂作为公司首座海外全工序智能制造基地正式投产，年产能数百万台，服务东南亚市场；沙 特技术中心落成启用，助力公司成为中东智慧电力、水务与智慧城市核心服务商。" 同时，威胜信息盈利质量同步提升，净资产收益率达14.26%，经营性现金流净额4.01亿元 ...