Investment Rating - Maintains an "Overweight" rating with a target price increase to 47.75 RMB [3][6] Core Views - The company's overseas business growth is below previous expectations, leading to a downward revision of net profit forecasts for 2024-2026 to 641/784/969 million RMB, with EPS adjusted to 1.30/1.59/1.97 RMB, representing reductions of 21%/22%/24% respectively [4] - The company's revenue for the first three quarters of 2024 reached 1.941 billion RMB, a year-on-year increase of 16.79%, with net profit attributable to the parent company at 422 million RMB, up 21.95% year-on-year [4] - The company has a robust order backlog, with total orders reaching 3.766 billion RMB by September 2024, a 28.7% increase year-on-year [4] - The company's overseas revenue for the first three quarters of 2024 was 329 million RMB, accounting for 17% of total revenue, with a year-on-year growth of 105.9% [4] - The company signed a memorandum of cooperation with the UAE Ministry of Energy on October 7, 2024, focusing on smart buildings, power distribution networks, and intelligent water management, indicating significant market expansion potential in the Middle East [4] Financial Performance - Revenue for 2024E is projected at 2.670 billion RMB, a 20.0% increase year-on-year, with net profit attributable to the parent company expected to reach 641 million RMB, up 22.0% year-on-year [5] - The company's ROE (Return on Equity) is forecasted to be 19.2% in 2024E, with a net profit margin of 24.1% [5] - The company's EPS (Earnings Per Share) for 2024E is projected at 1.30 RMB, with a P/E ratio of 31.05 [5] Industry and Market Trends - The "Dual Carbon" policy and the large-scale integration of new energy are driving unprecedented opportunities in the construction of new power systems, with State Grid and Southern Grid planning a total investment of 2.9 trillion RMB during the 14th Five-Year Plan period [4] - The global energy transition trend is accelerating, with green energy and digital transformation becoming key drivers, providing the company with significant growth opportunities in international markets [4] Company's Strategic Focus - The company is committed to providing comprehensive solutions from data intelligent perception to efficient data transmission and smart data applications [4] - The company's chip module business showed strong growth in the first three quarters of 2024, with revenue reaching 597 million RMB, a 22.3% increase year-on-year, accounting for 30.9% of total revenue [4] - The company's HPLC chip modules are a major product category in the digital energy scenarios of State Grid and Southern Grid, with long-term sustainable demand [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][9] Core Insights - The company has demonstrated steady growth in performance, with international business emerging as a "second engine" for growth [1][6] - For the first three quarters of 2024, the company achieved revenue of 1.9 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 420 million yuan, up 22% year-on-year [3][6] - The company has a strong order backlog of 3.8 billion yuan, reflecting a year-on-year increase of 29% [6] Financial Performance Summary - Revenue for Q3 2024 was 720 million yuan, representing an 11% year-on-year increase but a 7% decrease quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 40.2%, a decrease of 0.4 percentage points year-on-year but an increase of 3.7 percentage points quarter-on-quarter [3] - The net profit margin for Q3 2024 was 21.0%, an increase of 0.7 percentage points year-on-year [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 2.6 billion, 3.2 billion, and 3.9 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 21%, and 22% [5][9] - The forecasted net profit attributable to shareholders for the same period is 650 million, 800 million, and 1 billion yuan, with growth rates of 23%, 24%, and 24% [5][9] - The current price corresponds to a price-to-earnings ratio (PE) of 32X for 2024, 26X for 2025, and 21X for 2026 [5][9]

证券代码：688100 证券简称：威胜信息 威胜信息技术股份有限公司 2024 年 10 月 24 日投资者交流会纪要 威胜信息技术股份有限公司（以下简称"公司"）2024 年 10 月 24 日投 资者交流情况如下： 一、 参会人员： 董事长：李鸿女士、董事兼副总裁：张振华先生、副总裁、董事会秘书兼 财务总监：钟喜玉女士、通信事业群 BG 总裁：肖林松先生、数智城市事业群 BG 总裁：马亮先生、战略发展中心总经理：吴浩先生、证券事务代表：余萱女 士、投资者关系经理：张乐维先生 机构参会：华商基金、国泰基金、富国基金、永安财险、建投自营、摩根 基金、华夏基金、鹏华基金、博时基金、银华基金、华泰柏瑞、和谐汇一、宝 盈基金、朱雀基金、太平洋保险、招商基金、国寿养老、人寿保险、德邦基金、 大成基金、创金合信基金、圆信永丰、英大证券投资、鑫巢资本、泰康资产、 相聚资本、合众易晟、西部证券自营、东方红资产、西部利得、统一投资、前 海昊创、固禾私募、磐行资本、希瓦私募、老友投资、泽铭投资、泾溪投资、 轻盐创业投资、财信产业基金、富兰克林邓普顿投资、上海国际信托、平安基 金、果实私募、明世伙伴基金、 Regents Cap ...

Investment Rating - Buy rating maintained with a current price of 42.19 CNY [1] Core Views - Strong growth in overseas business and robust cash flow performance [5] - New products continue to gain traction, with distributed photovoltaic solutions achieving large-scale applications [4] - Overseas market growth accelerated in Q3, with overseas revenue increasing by 105.85% YoY [4] - R&D investment grew by 9.14%, and the R&D team expanded [4] - New contracts increased by 13.61% YoY, with a total contract value of 3.766 billion CNY by the end of Q3 [4] - Repurchased shares of 8.315 million were canceled, enhancing shareholder returns [7] Financial Performance - Q3 revenue reached 719 million CNY, up 10.60% YoY, but down 7.23% QoQ [4] - Net profit attributable to shareholders in Q3 was 151 million CNY, up 14.48% YoY, but down 6.21% QoQ [4] - Operating cash flow in Q3 was 232 million CNY, up 31.8% YoY and 125.24% QoQ [7] - Gross margin in Q3 was 40.20%, down 0.4 pcts YoY but up 3.67 pcts QoQ [7] - Net margin in Q3 was 20.96%, up 0.7 pcts YoY and 0.17 pcts QoQ [7] Revenue and Profit Forecast - Revenue forecast for 2024-2026: 2.78 billion CNY, 3.37 billion CNY, and 4.02 billion CNY [7] - Net profit forecast for 2024-2026: 642 million CNY, 763 million CNY, and 901 million CNY [7] - EPS forecast for 2024-2026: 1.31 CNY, 1.55 CNY, and 1.83 CNY [7] Product and Market Performance - Communication module products grew by 22.27% YoY, contributing 30.88% of total revenue [4] - New products generated 900 million CNY in revenue, up 47% YoY, accounting for 32.4% of total revenue [4] - Distributed photovoltaic solutions have been applied in over 100,000 renovation projects in 2024 [4] R&D and Innovation - R&D expenses in the first three quarters were 176 million CNY, up 9.14% YoY, accounting for 9.07% of revenue [4] - 18 new patents were added, including 11 invention patents, bringing the total to 717 patents [4] - R&D team expanded to 447 people, an increase of 25 from the previous quarter [4] Contract and Order Status - New contracts signed in the first three quarters amounted to 2.559 billion CNY, up 13.61% YoY [4] - Total contract value by the end of Q3 was 3.766 billion CNY, up 28.70% YoY [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.98 yuan [6] Core Views - The company achieved double-digit growth in both revenue and net profit, with Q3 2024 revenue reaching 719 million yuan, a 10.60% YoY increase, and net profit of 151 million yuan, up 14.48% YoY [2] - The company's globalization strategy is progressing well, with overseas revenue surging 105.85% YoY to 329 million yuan in the first three quarters of 2024 [3] - The communication module has become the company's top product, contributing 597 million yuan, or 30.88% of total revenue, with a 22.27% YoY growth [4] - The company has launched over 30 new products and solutions in 2024, including distributed photovoltaic solutions, which have already secured over 100,000 renovation projects [4] - The company's order backlog reached 3.766 billion yuan as of September 2024, a 28.7% YoY increase, providing strong support for future performance [4] Financial Performance - Revenue is expected to grow from 2.003 billion yuan in 2022 to 4.228 billion yuan in 2026, with a CAGR of 23.05% [1] - Net profit attributable to the parent company is projected to increase from 400.16 million yuan in 2022 to 1.013 billion yuan in 2026, with a CAGR of 24.71% [1] - The company's profitability has improved, with a net profit margin of 21.76% in the first three quarters of 2024, up 0.92 percentage points YoY [3] - The company's ROE reached 14% in the first three quarters of 2024, an increase of 1.29 percentage points YoY [3] Valuation Metrics - The company's P/E ratio is expected to decline from 50.35 in 2022 to 19.90 in 2026, indicating improving valuation attractiveness [1] - The P/B ratio is projected to decrease from 7.42 in 2022 to 4.71 in 2026 [1] - The EV/EBITDA ratio is forecasted to drop from 15.90 in 2022 to 15.16 in 2026 [1] Industry Outlook - The company is well-positioned to benefit from the 3 trillion yuan investment in new energy and digital transformation of the power grid during the 14th Five-Year Plan period [5] - The company is actively expanding its presence in digital power grids, communication chips, and smart city solutions, with a focus on emerging areas such as virtual power plants and new energy storage [5] Shareholder Returns - The company has repurchased and canceled 8.31 million shares, amounting to approximately 200 million yuan, which is expected to increase EPS and enhance shareholder returns [4] - Since its IPO, the company has distributed a total of 704 million yuan in cash dividends, exceeding its net IPO proceeds of 610 million yuan [4] - The company plans to maintain a 40% cash dividend payout ratio for 2024 [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [1][13]. Core Insights - The company has demonstrated steady performance with a revenue of 1.941 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 16.79%. The net profit attributable to shareholders reached 422 million yuan, up 21.95% year-on-year [2][3]. - The company is actively expanding its international presence, participating in exhibitions and signing cooperation agreements, which positions it as a leader in setting industry standards [3]. Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 2.225 billion yuan in 2023, with projections of 3.024 billion yuan for 2024, representing a growth rate of 35.9% [1][9]. - **Net Profit**: The net profit for 2023 was 525 million yuan, expected to rise to 666 million yuan in 2024, with a year-on-year growth of 26.9% [1][9]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 1.07 yuan in 2023 to 1.36 yuan in 2024 [1][9]. - **Return on Equity (ROE)**: The ROE is expected to improve from 17.7% in 2023 to 19.5% in 2024 [1][9]. Market and Product Insights - **Domestic vs. International Revenue**: Domestic revenue was 1.605 billion yuan, growing by 7.38%, while international revenue surged by 105.85% to 329 million yuan [2]. - **Product Performance**: New product revenue accounted for 47% of total revenue, with a year-on-year growth of 32.4% [2]. - **Order Backlog**: The company signed new contracts worth 2.559 billion yuan, with a backlog of 3.766 billion yuan, indicating a healthy order pipeline [2]. Future Projections - The company is projected to achieve revenues of 3.950 billion yuan in 2025 and 5.079 billion yuan in 2026, with net profits expected to reach 833 million yuan and 1.042 billion yuan respectively [1][9].

Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company achieved revenue of 1,941 million yuan in the first three quarters of 2024, a year-on-year increase of 16.79%, with net profit attributable to the parent company reaching 422 million yuan, up 21.95% year-on-year [2] - Overseas revenue grew significantly by 105.85% year-on-year, accounting for 17% of total revenue, while domestic revenue increased by 7.38% [2] - The company's gross margin and net margin for the first three quarters of 2024 were 39.13% and 21.78%, respectively, with a slight improvement in net margin [2] - New contracts signed in the first three quarters of 2024 amounted to 2,559 million yuan, a year-on-year increase of 13.61%, with outstanding contracts reaching 3,766 million yuan, up 28.70% [2] - The communication module became the top product, contributing 597 million yuan in revenue, accounting for 30.88% of total revenue, with a year-on-year growth of 22.27% [2] - The company launched over 30 new products and solutions, including distributed photovoltaic solutions, which have already been applied in over 100,000 renovation projects [2] - R&D expenses for the first three quarters of 2024 were 176 million yuan, accounting for 9.07% of revenue, with R&D personnel making up 51.3% of the total workforce [2] Financial Forecasts - Revenue for 2024-2026 is projected to be 2,701 million yuan, 3,298 million yuan, and 4,029 million yuan, respectively, with growth rates of 21.4%, 22.1%, and 22.2% [2] - Net profit attributable to the parent company for 2024-2026 is expected to be 655 million yuan, 805 million yuan, and 989 million yuan, with growth rates of 24.7%, 23.0%, and 22.8% [2] - The PE ratios for 2024-2026 are estimated at 32x, 26x, and 21x, respectively [2] - Gross margin is expected to remain stable at around 41% from 2024 to 2026, with net margin slightly increasing to 24.54% by 2026 [5] - ROE is forecasted to grow from 19.38% in 2024 to 21.56% in 2026, reflecting improved profitability [5] Business Highlights - The company's core competitiveness lies in its focus on "IoT + Digitalization + Chips," with ongoing advancements in power IoT, smart cities, and overseas markets [2] - The company's product portfolio is expanding rapidly, with new products contributing 900 million yuan in revenue, accounting for 47% of total revenue, with a year-on-year growth of 32.4% [2] - The company's strong order book and continuous product innovation provide a solid foundation for future growth [2]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company achieved robust growth in both domestic and international markets, with overseas business revenue doubling year-over-year [1] - The company's product structure optimization has driven an increase in gross margin, with both revenue and net profit showing double-digit growth [1] - The company's international business revenue grew by 105.9% YoY, accounting for 17% of total revenue, up from 10% in 2023 [1] - The company has a strong order backlog, with new contracts signed in the reporting period amounting to 2.56 billion yuan, a 13.6% YoY increase, and total contracts on hand reaching 3.77 billion yuan, a 28.7% YoY increase [1] Business Performance - In Q1-Q3 2024, the company achieved revenue of 1.94 billion yuan, a 16.8% YoY increase, and net profit attributable to shareholders of 420 million yuan, a 22.0% YoY increase [1] - In Q3 2024, the company achieved revenue of 720 million yuan, a 10.6% YoY increase, and net profit attributable to shareholders of 150 million yuan, a 14.5% YoY increase [1] - The company's network layer business revenue reached 700 million yuan, an 11.3% YoY increase, driven by growth in communication module business [1] - The perception layer business revenue reached 420 million yuan, a 31.2% YoY increase, driven by the digital grid's electric monitoring terminal business [1] - The application layer business revenue reached 100 million yuan, a 69.9% YoY increase [1] Product and Market Development - The company launched over 30 new products and solutions, including distributed photovoltaic solutions, electric Hongmeng terminals, and new-generation dual-mode communication chips [1] - New products accounted for approximately 50% of the company's main business revenue, with new product revenue reaching 900 million yuan in the first three quarters, a 32.4% YoY increase [1] - The company secured significant contracts in the State Grid and Southern Grid, further solidifying its position as a leading supplier in the market [1] - The company expanded its overseas presence by establishing subsidiaries in Mexico and Indonesia, and planning factories in Saudi Arabia, Indonesia, and Mexico [1] Financial Performance and Projections - The company's revenue for 2024-2026 is projected to be 2.68 billion yuan, 3.25 billion yuan, and 3.98 billion yuan, respectively, with YoY growth rates of 20.5%, 21.3%, and 22.4% [2] - Net profit attributable to shareholders is projected to be 637 million yuan, 778 million yuan, and 949 million yuan for 2024-2026, with YoY growth rates of 21.3%, 22.0%, and 22.0% [2] - The company's gross margin is expected to remain stable at around 41.4%-41.6% over the next three years [2] - The company's ROE is projected to be around 17.8%-17.9% from 2024 to 2026 [2] Shareholder Returns - The company completed the cancellation of 8.3148 million repurchased shares, amounting to approximately 200 million yuan, which is expected to increase earnings per share [2] - The company plans to maintain a cash dividend payout ratio of 40% for 2024, continuing to enhance shareholder returns [2] Valuation - The company's PE ratio for 2024-2026 is projected to be 32.55x, 26.67x, and 21.87x, respectively, based on the closing price of 42.19 yuan per share on October 22, 2024 [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company achieved a 16.79% YoY increase in revenue and a 21.95% YoY increase in net profit attributable to the parent company in the first three quarters of 2024 [5] - The company's net profit growth outpaced revenue growth due to factors such as a RMB 26 million gain from changes in fair value and a 0.32 percentage point decrease in the period expense ratio [5] - The company's overseas revenue in the first three quarters of 2024 reached RMB 329 million, a 105.85% YoY increase [6] - The company has a strong order backlog, with new contracts signed in the first three quarters of 2024 totaling RMB 2.559 billion, a 13.61% YoY increase [6] - The company is expected to achieve net profits attributable to the parent company of RMB 634 million, RMB 786 million, and RMB 983 million in 2024, 2025, and 2026, respectively [8] Financial Performance - In the first three quarters of 2024, the company's revenue was RMB 1.941 billion, with a gross margin of 39.13% [5] - The company's period expense ratio in the first three quarters of 2024 was 14.34%, a 0.32 percentage point decrease YoY [5] - In Q3 2024, the company's revenue was RMB 719 million, a 10.60% YoY increase, with a net profit attributable to the parent company of RMB 151 million, a 14.48% YoY increase [5] - The company's period expense ratio in Q3 2024 was 16.47%, a 0.29 percentage point decrease YoY [5] Business Development - The company is deeply engaged in three major markets: digital power grids, smart cities, and international business [5] - The company has launched over 30 new products and solutions in 2024, including distributed photovoltaic solutions and new-generation dual-mode communication chips [8] - The company's new product revenue in the first three quarters of 2024 was RMB 900 million, accounting for 47% of its main business revenue [8] Valuation and Forecast - The report forecasts the company's EPS for 2024-2026 to be RMB 1.29, RMB 1.60, and RMB 2.00, respectively [8] - The report suggests a reasonable valuation range of RMB 42.57-50.31 for the company in 2024, based on a PE ratio of 33-39x [8]

Revenue and Profit Growth - Revenue for the third quarter reached RMB 718.57 million, a year-on-year increase of 10.60%[2] - Net profit attributable to shareholders of the listed company was RMB 150.65 million, up 14.48% compared to the same period last year[2] - Revenue for the first 9 months reached 1.941 billion yuan, a year-on-year increase of 16.79%, with net profit attributable to shareholders of 422 million yuan, up 21.95%[11] - Total revenue for the first three quarters of 2024 reached 1,941,228,185.42 yuan, a 16.8% increase compared to 1,662,142,672.06 yuan in the same period of 2023[15] - Operating profit for the first three quarters of 2024 was 498,296,846.49 yuan, up 22.9% from 405,567,575.00 yuan in the same period of 2023[17] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was 422,474,720.89 yuan, a 21.9% increase from 346,446,824.18 yuan in the same period of 2023[17] - Total comprehensive income for the period was RMB 422,850,309.90, up from RMB 346,764,033.36 in the same period last year[18] R&D Investment and Innovation - Total R&D investment for the quarter was RMB 76.51 million, accounting for 10.65% of revenue, an increase of 0.4 percentage points year-on-year[3] - R&D expenses for the first 9 months were 176 million yuan, a 9.14% increase, accounting for 9.07% of revenue[11] - R&D expenses in the first three quarters of 2024 were 176,107,421.50 yuan, a 9.1% increase compared to 161,364,377.40 yuan in the same period of 2023[17] - The company successfully launched over 30 new products and solutions in 2024, including distributed photovoltaic solutions, which have already undertaken over 100,000 renovation projects[11] - As of the reporting period, the company held 717 valid patents (including 170 invention patents) and participated in the formulation of 76 international, national, and industry standards[11] Financial Position and Assets - Total assets as of the end of the reporting period were RMB 4.65 billion, a 9.15% increase from the end of the previous year[3] - Total assets as of September 30, 2024, were 4.647 billion yuan, up from 4.258 billion yuan at the end of 2023[13] - Total assets as of the end of Q3 2024 were 4,647,234,741.95 yuan, up 9.2% from 4,257,559,449.71 yuan at the end of Q3 2023[15] - Total liabilities as of the end of Q3 2024 were 1,510,075,729.56 yuan, up 17.4% from 1,285,721,958.38 yuan at the end of Q3 2023[15] - Total equity attributable to the parent company's shareholders as of the end of Q3 2024 was 3,137,159,012.39 yuan, up 6.8% from 2,936,112,073.92 yuan at the end of Q3 2023[15] Cash Flow and Liquidity - Operating cash flow for the period from the beginning of the year to the end of the reporting period was RMB 392.88 million, a significant increase of 74.04%[2] - Net cash flow from operating activities was RMB 392,876,828.93, up from RMB 225,741,652.56 in the previous period[19] - Net cash flow from investing activities was negative RMB 802,547,336.13, compared to negative RMB 231,806,540.59 in the same period last year[19] - Net cash flow from financing activities was negative RMB 136,106,045.25, compared to negative RMB 305,284,344.99 in the previous period[20] - Cash and cash equivalents at the end of the period were RMB 933,701,327.97, down from RMB 1,141,985,476.46 at the end of the previous period[20] - The company received RMB 240,000,000.00 from other investment-related activities, compared to RMB 346,922,803.19 in the same period last year[19] - The company paid RMB 968,909,363.00 for other investment-related activities, up from RMB 560,000,000.00 in the previous period[19] Shareholder Information and Returns - The company's largest shareholder, Weisheng Group, holds 37.34% of the shares[9] - The top 10 shareholders collectively hold 80.54% of the company's shares[9] - Basic earnings per share for the quarter were RMB 0.31, up 14.81% year-on-year[2] - Weighted average return on equity (ROE) for the quarter was 4.88%, an increase of 0.03 percentage points[3] - The company completed the cancellation of 8,314,825 repurchased shares on September 10, 2024, which will increase earnings per share and enhance shareholder returns[11] - Basic earnings per share (EPS) were RMB 0.86, compared to RMB 0.71 in the previous period[18] Government Subsidies and Other Income - Government subsidies received during the quarter amounted to RMB 1.41 million[4] - Financial income in the first three quarters of 2024 was -16,886,621.09 yuan, compared to -21,831,085.10 yuan in the same period of 2023[17] Operating Costs and Expenses - Operating costs for the first three quarters of 2024 were 1,473,364,208.61 yuan, an 18.5% increase compared to 1,243,682,091.29 yuan in the same period of 2023[17] - Sales expenses in the first three quarters of 2024 were 79,781,641.71 yuan, a 6.8% increase from 74,692,944.26 yuan in the same period of 2023[17] Domestic and Overseas Revenue - Domestic revenue for the first 9 months was 1.605 billion yuan, up 7.38%, while overseas revenue surged to 329 million yuan, a 105.85% increase[11] New Product and Communication Module Revenue - New product revenue for the first 9 months was 900 million yuan, accounting for 47% of main business revenue, with a 32.4% year-on-year growth[11] - Communication module revenue for the first 9 months was 597 million yuan, accounting for 30.88% of main business revenue, up 22.27%[11] Contracts and Backlog - New contracts signed from the beginning of the year to the reporting period totaled 2.559 billion yuan, a 13.61% increase, with outstanding contracts at 3.766 billion yuan, up 28.70%[11] Minority Shareholders and Comprehensive Income - Net profit attributable to minority shareholders was RMB 246,478.38 thousand, compared to RMB 317,209.18 thousand in the previous period[18] - Total comprehensive income for the period was RMB 422,850,309.90, up from RMB 346,764,033.36 in the same period last year[18] Cash Received from Sales - Cash received from sales of goods and services was RMB 1,659,392,466.35, an increase from RMB 1,341,646,768.05 in the same period last year[18]