Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's 2024 performance met expectations, with revenue of 2.745 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 631 million yuan, up 20.07% year-on-year [1] - The overseas business has made significant progress, achieving revenue of 421 million yuan, a year-on-year increase of 85.40%, and is seen as a key driver for future growth [2] - The company launched nearly 50 new products in 2024, generating 1.338 billion yuan in revenue, with AI products accounting for 30% of new product revenue [2] - The company has a robust order backlog of 4.017 billion yuan, a year-on-year increase of 15.35%, and new contracts signed in 2024 totaled 3.718 billion yuan, up 7.71% year-on-year [3] Financial Performance Summary - In 2024, the company's gross margin was 39.74%, a decrease of 1.05 percentage points year-on-year, while the net profit margin was 22.99%, down 0.67 percentage points year-on-year [1] - The company expects revenue growth of 22.4% in 2025, reaching 3.359 billion yuan, and net profit growth of 29.8%, reaching 819 million yuan [3][4] - The projected earnings per share for 2025 is 1.67 yuan, with a price-to-earnings ratio of 22x based on the closing price on February 28 [4]

Summary of Weisheng Information Conference Call Company Overview - Weisheng Information reported a revenue of 2.728 billion yuan and a net profit of 650 million yuan for 2024, representing year-on-year growth of 21% and 24% respectively, maintaining a dual growth trend since its listing with a net profit compound growth rate of 23.74% [2][3] Financial Performance - As of the end of 2024, the company had an order backlog of 4.017 billion yuan, providing a solid foundation for future performance [2][3] - The company plans to distribute a cash dividend of 700 million yuan in 2024 and repurchase shares worth 200 million yuan, achieving a total shareholder return rate of 26.66% and a return on equity of 23.20% [2][4] - For 2025, the company plans to distribute a cash dividend of 5.2 yuan per ten shares, a 21% increase year-on-year, and maintain a baseline dividend rate of 40% over the next five years [2][5] Research and Development - Weisheng Information invested over 8% of its revenue in R&D in 2024, launching nearly 50 innovative products and solutions, with new product revenue reaching 1.338 billion yuan, accounting for 49% of total revenue [2][6] - AI-related revenue in 2024 was 406 million yuan, primarily from the integration of hardware and software in the power grid [4][10] International Expansion - The company achieved record overseas revenue of 421 million yuan in 2024, an 85% increase year-on-year, and has established over ten overseas subsidiaries and sales offices [2][7] - In 2025, Weisheng Information will focus on the ASEAN market, accelerating the fulfillment of existing orders and ensuring the full operation of its factories in Indonesia and Saudi Arabia [2][8][9] AI Product Development - AI products accounted for 30% of new products, with significant contributions from the smart energy efficiency business and communication modules [4][10] - The company is developing AI solutions across cloud, network, edge, and terminal layers, enhancing its competitive edge in AI applications [4][14] Market Trends and Opportunities - The investment from China's State Grid and Southern Grid is expected to reach historical highs in 2025, focusing on renewable energy integration and load management [15][24] - The company is well-prepared to meet the increasing demand for intelligent distribution network upgrades and new energy systems [15][16] Project Highlights - The company secured a 177 million yuan contract for the Changsha Zhigu Smart Park project, showcasing its capabilities in smart city development [17][19] - Strategic partnerships have been established in the UAE and Saudi Arabia to promote smart park and property management solutions [20][21] Inventory and Supply Chain - An increase in communication gateway inventory is attributed to raw material stockpiling, with a focus on the implementation of automated distribution terminals in 2025 [22] Conclusion - Weisheng Information's growth is driven by accurate customer demand insights and a strong focus on innovation, positioning the company for continued success in both domestic and international markets [23]

Investment Rating - The report maintains an "Overweight" rating for the company [5][8]. Core Views - The company achieved a revenue of 2.745 billion RMB in 2024, representing a year-on-year growth of 23.35%, and a net profit of 630 million RMB, up 20.07% year-on-year. The fourth quarter of 2024 saw a revenue of 804 million RMB, a 42.70% increase year-on-year, with a net profit of 208 million RMB, growing 16.43% year-on-year [1][2]. - The company is expected to benefit from the opportunities arising from the construction of new power systems in China and has significant potential for growth in overseas markets, particularly with a 85.40% increase in overseas revenue to 421 million RMB in 2024 [1][4]. - The company has a strong order backlog of 4.017 billion RMB, a 15.35% increase year-on-year, which is anticipated to support future performance [4]. Revenue Breakdown - In 2024, the revenue from the perception layer was 1.063 billion RMB, up 55.19% year-on-year. The network layer revenue was 1.523 billion RMB, growing 10.26% year-on-year, with communication module revenue increasing 17.95% to 776 million RMB [2]. - Domestic revenue reached 2.314 billion RMB, a 16.40% increase, while international revenue was 421 million RMB, reflecting an 85.40% growth [2]. Profitability and Cost Management - The overall gross margin for 2024 was 40%, with the communication layer gross margin increasing by 2 percentage points to 45%, while the perception layer gross margin decreased by 4 percentage points to 34% [3]. - The company maintained stable expense control, with sales, management, and R&D expense ratios at 4.57%, 1.94%, and 8.78%, respectively [3]. Future Outlook - The company launched nearly 50 new products and solutions in 2024, generating 1.338 billion RMB in new product revenue, accounting for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. - The forecast for net profit for 2025-2027 is 816 million RMB, 999 million RMB, and 1.193 billion RMB, respectively, with a target price of 54.74 RMB based on a PE ratio of 33x for 2025 [5][9].

（一）情况概述 为满足经营和发展需求，公司及子公司2025年度拟向银行等金融机构申请不 超过人民币30亿元的综合授信额度，主要用于办理贷款、银行承兑汇票、商业承 兑汇票保贴、信用证、保函、供应链融资、应付账款保理以及衍生产品等业务， 具体授信额度和期限以各家金融机构最终核定为准。以上授信额度不等于公司的 实际融资金额，实际融资金额在总授信额度内，以公司及子公司与金融机构实际 1 2025年度公司及子公司拟向银行等金融机构申请不超过30亿元的综合 授信额度，并为综合授信额度内的公司及子公司融资提供合计不超过14 亿元的担保额度。 被担保人：公司全资子公司湖南威铭能源科技有限公司（以下简称"威 铭能源"）、湖南喆创科技有限公司（以下简称"喆创科技"）及珠海 中慧微电子有限公司（以下简称"珠海中慧"）。 截至本公告披露日，公司对子公司已实际发生的担保余额为44,775万元。 被担保人未提供反担保，公司无逾期对外担保情形。 本次担保无需提交公司股东大会审议。 证券代码：688100 证券简称：威胜信息 公告编号：2025-015 威胜信息技术股份有限公司 关于2025年度公司及子公司申请综合授信额度并提 供担保的公告 ...

威胜信息技术股份有限公司 2025年"提质增效重回报"⾏动⽅案 股票代码:688100 公司⽹址：https://www.willfar.com/ 地址：湖南省⻓沙市岳麓区桐梓坡西路468号威胜科技园 威胜信息技术股份有限公司 ⽬ 录CONTENTS 聚焦主业提质增效 筑牢⾼质量发展之路 提升股东回报 践⾏义利共⽣发展之道 创新驱动未来 点燃⾼质量发展引擎 强化信披投关效能 铺就资本市场进阶之路 前 ⾔ P03-07 P08-10 P11-14 P15-19 P01 2024亮点绩效 P02 强化治理基⽯ 构建⾼质量发展之堤 P20-23 P24-26 强化关键担当 筑就合规稳健发展之路 前 ⾔FOREWORD 威胜信息技术股份有限公司 2025年"提质增效重回报"⾏动⽅案 01 威胜信息技术股份有限公司（以下简称"威胜信息"或"公司"）积极贯彻落 实以投资者为本的发展理念，把让⽤⼾满意和让投资者分享公司红利作为公 电话：0731-88619798 司核⼼任务，于2024年2⽉29⽇发布《2024年"提质增效重回报"⾏动⽅案》， 并按时发布了半年度评估报告。在过去⼀年⾥，公司持续科技创新、聚焦主业 经营、提升 ...

威胜信息技术股份有限公司 董事会审计委员会对会计师事务所 2024 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《国有企业、上市公司选聘会计师事务所管理办法》等规定和要求， 威胜信息技术股份有限公司（以下简称"公司"）董事会审计委员会本着勤勉 尽责的原则，恪尽职守，认真履职，对天健会计师事务所（特殊普通合伙）（ 以下简称"天健所"）2024年度审计工作履行了监督职责，具体情况报告如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 天健所成立于2011年7月，注册地址为浙江省杭州市西湖区灵隐街道西溪 路128号，首席合伙人为钟建国先生。截至2024年12月31日，天健所合伙人数 量为241人，执业注册会计师2,356人，其中签署过证券服务业务审计报告的注 册会计师904人。2023年度上市公司（含A、B股）审计客户共计707家，审计收 费总额人民币7.20亿元。这些上市公司主要行业涉及制造业，信息传输、软件 和信息技术服务业，批发和零售业，水利、环境和公共设施管理业，电力、热 力、燃气及水生产和供应业，科学研究和技术服务行业，租赁 ...

威胜信息技术股份有限公司 关于续聘会计师事务所的公告 证券代码：688100 证券简称：威胜信息 公告编号：2025-012 重要内容提示： 拟聘任的会计师事务所名称：天健会计师事务所（特殊普通合伙） 威胜信息技术股份有限公司（以下简称"公司"）于2025年2月27日召开第 三届董事会第十七次会议、第三届监事会第十三次会议，审议通过了《关于续聘 天健会计师事务所（特殊普通合伙）为公司外部审计机构的议案》，公司拟续聘 天健会计师事务所（特殊普通合伙）（以下简称"天健所"）为公司2025年度外 部审计机构。该议案尚需提交公司2024年年度股东大会审议。现将相关事项公告 如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 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。 1. 基本信息 | 事务所名称 | | 天健会计师事务所（特殊普通合伙） | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | | 201 ...

威胜信息技术股份有限公司董事会 （本页无正文，为威胜信息技术股份有限公司董事会关于独立董事独 立性自查情况的专项报告之签字页） 董事签字： 李鸿 吉喆 王学信 李先怀 范律 张振华 关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等要求， 威胜信息技术股份有限公司（以下简称"公司"）董事会，就公司在任独立董事杨 艳、黄守道、顾清扬的独立性情况进行评估并出具如下专项意见： 经核查独立董事杨艳、黄守道、顾清扬的任职经历以及签署的相关自查文件， 上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担 任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独 立客观判断的关系，因此，公司董事会认为，公司独立董事符合《上市公司独立 董事管理办法》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等规定中对独立董事独立性的相关要求。 威胜信息技术股份有限公司董事会 2025 年 2 月 27 日 杨艳 黄守道 （本页无正文，为威胜信息技术股份有限公司 ...

| 写到中位:湖南成宿能 科技有限公司及 | | | | | | 公企01 长 | | --- | --- | --- | --- | --- | --- | --- | | | 男卡及 | 十年年末数 | 负债和所有者权益 | E 15 | 明末数 | 单位:人民币元 :年年末数 | | 流动障 : | | | 流动负债: | | | | | 质市资金 | 343, 416, 880, 92 | 335, 109, 072, 86 | 短期借款 | | | | | 文与性金康资产 | | | 文句性金融负债 | | 14,580, 456. 53 | 14,827, 247. 64 | | 日生金融资产 | | | 们生金融负债 | | | | | 应收票据 | 956, 133.20 | 449, 000, 00 | 应付票据 | | 38, 603, 595, 15 | 78, 155, 915. 72 | | 应收账款 反收次项建资 | 255. 305, 250. 48 | 233, 322, 794. 00 | 应付账款 | | 91, 274, 237. 09 | 70.927, 701. 42 ...

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。 一、募集资金基本情况 （一）实际募集资金金额和资金到位时间 经中国证券监督管理委员会《关于同意威胜信息技术股份有限公司首次公开 发行股票注册的批复》（证监许可〔2019〕2921号）同意注册，威胜信息技术股 份有限公司（以下简称"公司"）向社会公开发行面值为1元的人民币普通股 50,000,000股，发行价格为13.78元/股，募集资金总额为689,000,000.00元，扣除 发行费用78,166,110.81元（不含增值税）后，实际募集资金净额为610,833,889.19 元，上述资金已全部到位，并由天健会计师事务所（特殊普通合伙）验证并出具 天健验[2020]2-5号《验资报告》。 （二）募集资金本报告期使用金额及期末余额 证券代码：688100 证券简称：威胜信息 公告编号：2025-014 威胜信息技术股份有限公司 2024年度募集资金存放与实际使用情况的专项报 告 单位：人民币 万元 | 项 目 | | | 序号 | 金 额 | | --- | --- | -- ...