本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 威胜信息技术股份有限公司 证券代码：688100 证券简称：威胜信息 公告编号：2025-032 关于 2025 年 4 月中标合同情况的自愿性披露公告 本公司与上述交易对方不存在关联关系，上述项目中标对公司业务独立性不 构成影响。 三、风险提示 中标项目：国网河北省电力有限公司2025年第一次物资类协议库存公开招标 采购项目中标金额1,545.87万元人民币。 风险提示：国网河北省电力有限公司2025年第一次物资类协议库存公开招标 采购项目已签订相关正式合同，因受具体交货批次和现场施工进度影响，对2025 年业绩影响存在不确定性。敬请广大投资者谨慎决策，注意防范投资风险。 1、以上项目已签订相关正式合同，因受具体交货批次和现场施工进度影响， 对 2025 年当期业绩影响存在不确定性。 | | 项目一 | | --- | --- | | 一、项目基本情况 | | | 1.项目名称 | 国网河北省电力有限公司 2025 年第一次物资类协 | | | 议库存公开招 ...

盈利预测：我们预计2025-2027 年公司EPS 分别为1.54、1.88、2.32 元，PE 分别为24、19、16 倍，维 持"买入"评级。 风险提示：需求走弱、竞争加剧造成盈利能力下降、地缘政治和汇率风险等。 业绩显著超预期，增长有数量更有质量。1）根据公司公告，2025Q1 实现营收5.55 亿元、同比增长 23.96%；归母净利润1.39 亿元、同比增长25.33%；扣非后为1.37 亿元、同比增长26.22%；经营性净现 金流为0.80 亿元、同比增长38.29%，业绩显著超出市场预期。盈利能力方面，2025Q1 公司毛利率为 41.61%，同比微降0.28 个百分点（2024Q1 为41.89%）；净利率为25.09%，同比提升0.30 个百分点 （2024Q1 为24.79%）；ROE 为4.28%，同比提升0.43 个百分点（2024Q1 为3.85%），总结来看，公司 2025Q1 业绩超预期，增长有数量、更有质量。2）订单方面，2025Q1 公司新签合同7.77 亿元、同比增 长30.4%；截至2025Q1 末，公司在手订单合计41.08亿元（公司2024 年收入为27.45 亿元、订 ...

根据公司一季报，分地区来看，1Q25 公司实现境内收入4.55 亿元，同比增长22.57%；实现境外收入 0.97 亿元，同比增长30.58%。年初至1Q25末公司新签合同为7.77 亿元，同比增长30.41%，截至1Q25 末 在手合同41.08 亿元，同比增长17.86%。 1Q25 毛利率保持高位，费用管控良好 1Q25 公司综合毛利率为41.61%，同比基本持平。费用方面，公司管控良好，1Q25 公司销售/管理/研发 费用率分别为4.25%/2.87%/8.89%，分别同比-0.38/+0.31/-1.66pct。截至1Q25 末公司研发人员为439 人， 占公司总人数的51.8%，1Q25 公司新增专利23 项（其中发明专利5 项）。 公司发布2025 年一季报，1Q25 公司营收为5.55 亿元，同比增长23.96%；归母净利润为1.39 亿元，略高 于我们的预期（1.33 亿元），同比增长25.33%。 1Q25 公司国内外收入均呈现良好增长态势，毛利率亦维持高位。展望未来，我们持续看好公司有望受 益于我国新型电力系统建设所带来的产业机遇，并看好公司在海外市场的发展潜力，维持"增持"评级。 1Q ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 业绩符合预期，国际化战略稳步推进 [Table_Title2] 威胜信息(688100) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688100 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 52.9/31.3 | | 目标价格： | | 总市值(亿) | 178.73 | | 最新收盘价： | 36.35 | 自由流通市值(亿) | 178.73 | | | | 自由流通股数(百万) | 491.69 | [Table_Summary] 事件： 公司发布 2025 年一季报，2025Q1 实现总营业收入 5.55 亿元，同比增长 23.96%；实现归母净利润 1.39 亿元， 同比增长 25.33%。 1、国际化战略稳步加速，在手订单情况持续增长 根据公司公众号，2025Q1 公司境内收入 4.55 亿元，同比增长 22.57%；实现境外收入 0.97 亿元，同比增长 30.58%。报告期内 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 49.76 RMB [7][5]. Core Views - The company reported a revenue of 555 million RMB in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to the parent company of 139 million RMB, slightly above expectations, with a year-on-year increase of 25.33% [1][2]. - Both domestic and international revenues showed strong growth, with domestic revenue at 455 million RMB (up 22.57%) and international revenue at 97 million RMB (up 30.58%) [2]. - The company has a robust order backlog, with total contracts signed in Q1 2025 amounting to 777 million RMB, a 30.41% increase year-on-year, and a total backlog of 4.108 billion RMB, up 17.86% [2][4]. - The gross margin for Q1 2025 was 41.61%, remaining stable year-on-year, with effective cost control reflected in the sales, management, and R&D expense ratios [3][4]. Summary by Sections Financial Performance - The company expects net profits for 2025, 2026, and 2027 to be 816 million RMB, 999 million RMB, and 1.193 billion RMB respectively, with a projected PE ratio of 30x for 2025 [5][11]. - Revenue forecasts for 2025, 2026, and 2027 are 3.391 billion RMB, 4.078 billion RMB, and 4.761 billion RMB, indicating growth rates of 23.56%, 20.24%, and 16.76% respectively [11][27]. Product Development - The company launched nearly 50 new products in 2024, generating 1.338 billion RMB in revenue, which accounted for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. Market Outlook - The company is expected to benefit from the construction of new power systems in China and has significant potential for growth in international markets [1][4].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 49.76 [7][5]. Core Views - The company reported a revenue of RMB 555 million in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of RMB 139 million, slightly above expectations, with a year-on-year increase of 25.33% [1]. - Both domestic and international revenues showed strong growth, with domestic revenue at RMB 455 million (up 22.57%) and international revenue at RMB 97 million (up 30.58%) in Q1 2025 [2]. - The company has a robust order backlog, with total contracts signed reaching RMB 777 million, a 30.41% increase year-on-year, and a backlog of RMB 4.108 billion, up 17.86% [2][4]. Summary by Sections Financial Performance - The comprehensive gross margin for Q1 2025 was 41.61%, remaining stable year-on-year. The company effectively managed its expenses, with sales, management, and R&D expense ratios at 4.25%, 2.87%, and 8.89%, respectively [3]. - The company is projected to achieve net profits of RMB 816 million, RMB 999 million, and RMB 1.193 billion for the years 2025, 2026, and 2027, respectively [5][11]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating RMB 1.338 billion in revenue, which accounted for 49% of its main business revenue. AI products contributed 30% of the new product revenue, indicating a significant growth area [4]. Market Outlook - The report expresses optimism regarding the company's potential to benefit from the construction of new power systems in China and its growth prospects in international markets [1][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company achieved a revenue of 555 million yuan in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The domestic market generated 455 million yuan in revenue, a 22.57% increase, while the international market saw revenue of 96.92 million yuan, growing by 30.58% [2]. - The company signed new orders worth 777 million yuan in Q1 2025, marking a 30.41% increase year-on-year, with a backlog of 4.108 billion yuan, up 17.86% [3]. - The integration of AI technology into the energy sector is a key focus, enhancing the efficiency and reliability of power distribution networks [4]. - The company is expected to benefit from significant investments in the digital grid and smart energy sectors, with projected net profits for 2025-2027 of 787 million, 972 million, and 1.185 billion yuan respectively [5]. Financial Data Summary - Revenue is projected to grow from 2.225 billion yuan in 2023 to 5.013 billion yuan in 2027, with annual growth rates of 11.06%, 23.35%, 23.08%, 22.22%, and 21.41% respectively [5][12]. - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.185 billion yuan in 2027, with growth rates of 31.26%, 20.07%, 24.81%, 23.44%, and 21.93% [5][12]. - The company’s P/E ratio is projected to decrease from 34.03 in 2023 to 15.09 in 2027, indicating improving valuation over time [5][12].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company has shown strong growth in revenue and net profit, with Q1 2025 revenue reaching 555 million yuan, a year-on-year increase of 23.96%, and net profit of 139 million yuan, up 25.33% [1]. - The company is expanding its international presence, with a new factory in Indonesia that has advanced manufacturing capabilities and aims to meet diverse market needs in Southeast Asia [2]. - The company has a robust order backlog, with new orders signed in Q1 2025 amounting to 777 million yuan, a 30.41% increase year-on-year, and a total backlog of 4.108 billion yuan, up 17.86% [3]. - The integration of AI technology into the energy sector is a key focus, enhancing operational efficiency and supporting the national "dual carbon" goals [4]. - The company is expected to benefit from significant investments in the digital grid and smart energy sectors, with projected net profits for 2025-2027 of 787 million, 972 million, and 1.185 billion yuan respectively [5]. Financial Data and Valuation - Revenue is projected to grow from 2.225 billion yuan in 2023 to 5.013 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.41% [5][12]. - The company's net profit is expected to increase from 525 million yuan in 2023 to 1.185 billion yuan in 2027, reflecting a strong growth trajectory [5][12]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.03 in 2023 to 15.09 in 2027, indicating improving valuation metrics over time [5][12].

Core Viewpoint - 威胜信息 reported a strong performance in Q1 2025, with significant growth in revenue and net profit, driven by robust order intake and technological innovation [1][2]. Financial Performance - The company achieved a revenue of 555 million yuan, representing a year-on-year increase of 24% [1]. - The net profit attributable to shareholders reached 139 million yuan, up 25.3% year-on-year [1]. - Operating cash flow was 79.86 million yuan, reflecting a growth of 38.3% compared to the previous year [1]. - New contracts signed in Q1 amounted to 777 million yuan, a 30.4% increase year-on-year, with total backlog reaching 4.108 billion yuan [1]. Technological Innovation - 威胜信息 has invested a total of 667 million yuan in R&D over the past three years, averaging 9.6% of revenue [1]. - The company has developed a core competitive advantage in "IoT + chips + AI," providing comprehensive solutions from data collection to analysis [1]. - The self-developed communication chip supports AMI communication solutions for over 70% of countries globally, enhancing the company's international technological capabilities [1][2]. Strategic Initiatives - The company integrates AI technologies into new power system construction, achieving breakthroughs in predictive maintenance and operational efficiency [2]. - In the smart city sector, 威胜信息 has developed AI edge computing gateways and smart security management platforms, enhancing capabilities in edge computing and security [2]. - The company is focused on international expansion, particularly in Belt and Road Initiative countries, with a strategy of "trade + empowerment + integration" [2][3]. Shareholder Returns - 威胜信息 has prioritized shareholder returns, distributing a cash dividend of 5.2 yuan per 10 shares, totaling 250 million yuan [3]. - Cumulatively, the company has distributed 958 million yuan in dividends and repurchased approximately 200 million yuan in shares since its listing, totaling 1.16 billion yuan in returns [3]. - The company commits to maintaining a baseline dividend payout ratio of 40% over the next five years, promoting a stable return mechanism [3].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company reported Q1 2025 revenue of 555 million yuan, a year-on-year increase of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The company has successfully opened its first overseas factory in Indonesia, which is expected to accelerate its international expansion [6]. - The company has a robust order backlog, with new contracts signed in Q1 2025 amounting to 777 million yuan, a 30.41% increase year-on-year [6]. - The company is well-positioned to benefit from the ongoing investment in China's power grid, which saw a 24.8% increase in investment in the first quarter of 2025 [6]. - The company is focusing on digital power grids and smart cities, with expectations for continued domestic business expansion and significant growth in overseas markets [6]. Financial Data and Valuation - Total revenue is projected to grow from 2.225 billion yuan in 2023 to 6.146 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 30% [2][14]. - Net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.280 billion yuan in 2027, reflecting a CAGR of 27% [2][14]. - The company's price-to-earnings (PE) ratio is projected to decrease from 34.0 in 2023 to 14.0 in 2027, indicating improving valuation metrics [2][15]. - The return on equity (ROE) is expected to rise from 20.8% in the most recent twelve months to 25.6% by 2027, showcasing enhanced profitability [3][15]. Business Developments - The company has established a new factory in Indonesia, which is expected to produce millions of units of various smart energy products [6]. - The company has secured international certifications for its self-developed communication chip modules, laying the groundwork for future overseas orders [6]. - The company is actively involved in the development of a rapid maglev transportation system, indicating its commitment to innovation and technology advancement [6].