Investment Rating - The investment rating for the company is "Buy" with a target price of 39.52 CNY, maintaining the rating for the next six months [1]. Core Views - The company has shown continuous rapid growth in quarterly performance, with a significant improvement in profitability. In the first half of 2024, the company achieved a revenue of 1.223 billion CNY, representing a year-on-year increase of 20.76%, and a net profit attributable to shareholders of 272 million CNY, up 26.52% year-on-year [1]. - The company has made significant progress in its global expansion, with international business revenue doubling and a strong growth in communication chip business, which generated 270 million CNY in revenue, a year-on-year increase of 40.12% [1]. - The company has a robust order backlog, with orders amounting to 3.512 billion CNY as of June 2024, a year-on-year increase of 17%. The company is actively supporting the construction of a new power system in the country and has won a bid worth 312 million CNY in July 2024 [1]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 1.223 billion CNY, with a net profit of 272 million CNY, and a non-recurring net profit of 265 million CNY, reflecting a year-on-year growth of 15.86% [1]. - The company’s cash flow from operating activities improved significantly, reaching 160 million CNY, a year-on-year increase of 220.19% [1]. - The company’s total assets as of 2023 were 4.258 billion CNY, with a total liability of 1.286 billion CNY, resulting in a debt-to-asset ratio of 30.93% [1][4]. Earnings Forecast and Investment Suggestions - The company is expected to benefit from the ongoing investments in the new energy sector, with an estimated net profit of 655 million CNY, 841 million CNY, and 1.060 billion CNY for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 30, 24, and 19 times [1][3].

盈利质量优异，海外增速高企 通信芯片高速增长，技术领先扩大市占率。2024 年上半年，公司继续深 耕能源互联网通信业务，通信芯片业务继续高速增长，实现营业收入 2.7 亿元，同比增长 40.12%。公司电力物联网高速宽带载波通信技术及芯片 通过了院士专家团队科技成果评价，成果技术水平部分达到国际领先，整 体达到国际先进。新一代双模通信芯片作为第一梯队先后通过国家电网和 南方电网的检测认证，市场占有率持续提升。通信芯片是通信模块的核心 部分，对于通信模块性能、功耗等核心指标具有较大影响，公司通信芯片 技术的进步预计将有助于通信模块业务增长，奠定公司成长基石。 在手订单充足，经营质量表现优异。公司在手订单持续充盈，截至 6 月 底，在手订单结余 35.12 亿元，同比增长 17%，为后续业务提供有力支 撑。此外，公司 2024 年上半年实现经营性净现金流量 1.60 亿元，同比优 化 220%。上半年销售回款 10.26 亿元，同比增长 34%；应收周转天数 （年化）210 天，同比优化 13 天。 风险提示：市场竞争加剧，汇率波动风险，海外业务发展不及预期。 证券研究报告 | 半年报点评 | --- | --- ...

相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 2 评级说明 分析师承诺 上海：上海市浦东新区浦明路 8 号财富金融广场 1 幢 5F； 200120 威胜信息（688100.SH）2024 年半年报点评 Q2 业绩符合预期，海外市场加速拓展 2024 年 07 月 30 日 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|-------------------------|------------|-------| | 营业收入（百万元） | | 2,225 2,954 3,827 4,824 | | | | 增长率（%） | | 11.1 32.7 29.5 26.1 | | | | 归属母公司股东净利润（百万元） | | 525 676 868 1,104 | | | | 增长率（%） | | 31.3 28.8 28.4 27.2 | | | | 每股 ...

Q2 业绩快速增长，在手订单充盈 2Q24 业绩快速增长，在手订单持续充盈 威胜信息 (688100 CH) 华泰研究 2024年7月29日│中国内地 根据公司 2024 年中报，1H24 公司营收为 12.2 亿元，同比增长 20.8%；归 母净利润为 2.7 亿元，同比增长 26.5%；单季度来看，2Q24 公司营收为 7.7 亿元，同比增长 31.4%；归母净利润为 1.6 亿元，同比增长 29.9%。公司在 手订单持续充盈，截至 1H24 末公司在手订单为 35 亿元，同比增长 17%； 1H24 公司新签合同为 15 亿元，为后续业绩发展提供有力支撑。我们维持 公司 2024~2026 年归母净利润预期分别为 6.81/8.51/10.39 亿元，可比公司 2024 年 Wind 一致预期 PE 均值为 33x，给予公司 24 年 33x PE，对应目标 价 44.27 元（前值：46.04 元），维持"增持"评级。 证券研究报告 中报点评 通信设备制造 • 分析师王兴、高名垚本人及相关人士并不担任本报告所提及的标的证券或发行人的高级人员、董事或顾问。分析师 及相关人士与本报告所提及的标的证券或发行 ...

股票代码:688100 威胜信息技术股份有限公司 2024年提质增效重回报专项⾏动⽅案 半年度评估报告 公司⽹址：https://www.willfar.com/ 电话：0731-88619798 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 研发驱动 投资未来 创新成果 迭代接⼒ P02-06 规范运⾏ 坚强治理 三会⼀层 ⾄诚致精 P11-13 聚焦主业 外延发展 提质增效 做优做强 P07-10 投关信披 合规创新 价值凸显 稳健前⾏ P14-17 价值创造 回报股东 义利共⽣ 共同发展 P18-21 威胜信息技术股份有限公司 2024年提质增效重回报专项⾏动⽅案半年度评估报告 随着中国资本市场深化改⾰的不断推进，"新国九条"、科创板⼋条以及 "1+N"系列政策⽂件相继出台，我们积极响应并持续践⾏，把让⽤⼾满意和让 投资者分享公司发展红利作为公司核⼼任务，积极将ESG理念与⾏动融⼊到 公司发展战略、经营决策之中，以"价值创造为本"回馈⼴⼤投资者，在2⽉ 01 ⽬录 研发驱动 投资未来 创新成果 迭代接⼒ 规范运⾏ 坚强治理 三会⼀层 ⾄诚致精 29⽇发布2024年 ...

证券代码：688100 证券简称：威胜信息 公告编号：2024-040 威胜信息技术股份有限公司 2024年半年度募集资金存放与实际使用情况的专项报告 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 | 项 目 | 序号 | 金 | 额 | | | --- | --- | --- | --- | ...

证券代码：688100 证券简称：威胜信息 公告编号：2024-041 威胜信息技术股份有限公司 第三届监事会第十次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 威胜信息技术股份有限公司（以下简称"公司"）第三届监事会第十次会议于 2024年7月29日以现场方式召开，会议通知已于2024年7月19日以邮件方式发出。 本次会议应出席监事3名，实际出席监事3名。本次会议由监事会主席钟诗军主持。 本次会议的召集、召开和表决程序符合《中华人民共和国公司法》等法律、法规、 规范性文件和《威胜信息技术股份有限公司章程》的有关规定，会议决议合法、 有效。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）的《威 胜信息技术股份有限公司2024年半年度募集资金存放与实际使用情况的专项报 告》（公告编号2024-040）。 特此公告。 （一）审议通过《关于<2024年半年度报告及摘要>的议案》 经审核，监事会认为2024年半年度报告的编制和审议程序符合相关法律法规 及《公司章 ...

证券代码：688100 证券简称：威胜信息 公告编号：2024-042 威胜信息技术股份有限公司 第三届董事会第十二次会议决议公告 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、董事会会议召开情况 威胜信息技术股份有限公司（以下简称 "公司"）第三届董事会第十二次会 议（以下简称"本次会议"或"会议"）于2024年7月29日在公司行政楼会议室以现 场与通讯相结合的方式召开。本次会议的通知已于7月19日以邮件方式送达公司 全体董事。本次会议由公司董事长李鸿女士召集并主持，会议应出席董事9名， 实际出席董事9名。本次会议的召集、召开和表决程序符合《中华人民共和国公 司法》等法律、行政法规、部门规章、规范性文件和《威胜信息技术股份有限公 司章程》（以下简称"《公司章程》"）的规定，会议决议合法、有效。 二、董事会会议审议情况 经与会董事审议表决，形成会议决议如下： （一）审议通过《关于<2024年半年度报告及摘要>的议案》 表决结果：同意9票，反对0票，弃权0票。 具体内容详见公司同日刊登于上海证券交易所网站（www.ss ...

Research and Development - The company reported R&D expenses of 99.6 million yuan, representing a year-on-year increase of 5.08%[17] - The company has obtained a total of 713 valid patents, including 159 invention patents, and 969 software copyrights by the end of the reporting period[17] - The company has received 24 new patents during the reporting period, including 10 invention patents[17] - Research and development investment totaled ¥99,599,636.45, representing a 5.08% increase compared to ¥94,784,767.77 in the same period last year, while the proportion of R&D investment to operating income decreased by 1.21 percentage points to 8.15%[37] - The company has established a three-tier R&D organizational structure to support core technology and product development, emphasizing independent research and development[102] - The company has a total of 422 R&D personnel, accounting for 50.78% of the workforce, with 40.28% holding a master's degree or higher[192] - The company has filed 24 new patents during the reporting period, including 10 invention patents, bringing the total number of effective patents to 713, of which 159 are invention patents[193] Financial Performance - The company's revenue for the first half of 2024 reached ¥1,222,660,077.51, representing a 20.76% increase compared to ¥1,012,438,376.50 in the same period last year[63] - Net profit attributable to shareholders was ¥271,823,688.69, up 26.52% from ¥214,854,128.24 year-on-year[63] - The net cash flow from operating activities surged by 220.19%, amounting to ¥160,447,445.90 compared to ¥50,110,734.20 in the previous year[63] - Total assets increased by 3.46% to ¥4,404,931,221.90 from ¥4,257,559,449.71 at the end of the previous year[63] - The net assets attributable to shareholders increased by 2.40% to ¥3,006,488,645.30 from ¥2,936,112,073.92 at the end of the previous year[63] - The company's basic earnings per share (EPS) for the first half of 2024 was CNY 0.56, a 27.27% increase compared to CNY 0.44 in the same period last year[116] - The diluted EPS also stood at CNY 0.56, reflecting the same 27.27% growth year-over-year[116] - The weighted average return on equity (ROE) increased by 1.23 percentage points to 9.15% from 7.92% in the previous year[116] - The net profit margin attributable to the parent company reached 22.23%, an increase of 4.76% year-on-year[148] Market and Business Development - The company has over 100 million domestic IoT device connections and more than 10 million overseas user connections[4] - The company achieved significant recognition as a national-level specialized and innovative "little giant" enterprise in 2022[16] - The company is actively participating in the digital transformation of the energy sector, with investments in digitalization expected to reach hundreds of billions during the 14th Five-Year Plan[6] - The company is focusing on expanding its applications in smart power access devices and IoT communication connections[69] - The company aims to expand its market presence by establishing local marketing and engineering companies in various countries[112] - The company is advancing its AMI business and accelerating smart water services as part of its international market strategy, supporting the Belt and Road Initiative[102] - The company has seen positive growth in its overseas business as it expands its international market presence, primarily focusing on direct order procurement from customers[160] Technology and Innovation - The company launched a distributed photovoltaic orderly access solution, which has been successfully applied in the market[17] - The company has developed a proprietary HPLC+HRF dual-mode communication chip, which has received 1 copyright, 28 patents, and 15 software copyrights, meeting the dual-mode communication standards of the State Grid Corporation[20] - The company's Wi-SUN communication module technology has achieved international leading technical levels, enhancing data reading efficiency by 5-10 times and reducing network time deviation to within 1 second[24] - The company has launched a lightweight real-time operating system for the power IoT, achieving 100% code autonomy and significantly improving system stability and reliability[25] - The company has developed two broadband power line communication chips, reducing dynamic power consumption to 30% of the grid standard requirements, with applications in various domestic and international markets[26] - The company is focused on core technologies such as embedded software real-time operating systems and edge computing for digital grid applications[40] - The company is committed to advancing smart sensing technology and power semiconductor applications, collaborating closely with research institutions and universities to enhance its digital grid solutions[172] Quality and Management - The company emphasizes the importance of quality management and has established a comprehensive quality management system throughout the product lifecycle[147] - The company has implemented a comprehensive supplier management system to ensure the quality of raw materials and optimize procurement processes[106] - The company has passed strict supplier qualification reviews from major state-owned enterprises, ranking among the top in annual centralized procurement[175] Sustainability and Environmental Goals - The company is actively involved in the construction of a new type of power system to support the national "dual carbon" goals[40] - The company aims to achieve a leakage rate of public water supply networks below 9% by 2025, aligning with national goals for high-quality development in water management[165] - The company is focused on the integration of green energy and digital transformation, responding to global trends towards low-carbon and sustainable development[167] - The company is developing new products to enhance renewable energy integration capabilities, which are crucial for achieving national carbon neutrality goals[158] - The company is actively participating in the development of digital China and the global energy IoT transformation to support the dual carbon goals[146] Strategic Initiatives - The company has participated in the formulation and revision of 71 standards, including 1 international standard and 36 national standards, during the reporting period[31] - The company is developing key equipment for active distribution networks based on distributed renewable energy access, with a total investment of approximately ¥98.84 million, of which ¥22.89 million has been invested this period, and a cumulative investment of ¥57.18 million[158] - The company is also working on a digital comprehensive system for new power systems, with an expected total investment of ¥30.5 million, having invested ¥7.43 million this period and a cumulative investment of ¥28 million[158] - The company focuses on digital solutions for the new power system, leveraging its expertise in the power IoT sector to support the digital transformation of the national power system[99]

证券代码：688100 证券简称：威胜信息 公告编号：2024-038 威胜信息技术股份有限公司 关于注销公司部分回购股份并减少注册资本暨通知 债权人的公告 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、通知债权人的原因 威胜信息技术股份有限公司（以下简称"公司"）于2024年7月8日召开第三 届董事会第十一次会议、第三届监事会第九次会议，于2024年7月24日召开2024 年第二次临时股东大会，审议通过了《关于变更回购股份用途并注销暨减少注册 资本的议案》，同意公司对存放于回购专用账户中的8,314,825股份的用途进行 调整，由"用于员工持股计划或股权激励"调整为"用于注销并相应减少注册资 本"，并将该部分回购股份进行注销，同时按照相关规定办理注销手续。本次注 销完成后，公司总股本将由500,000,000股减少为491,685,175股，注册资本将由 500,000,000元减少为491,685,175元。具体内容详见公司于2024年7月9日在上海 证券交易所网站（www.sse.com.cn）上披露的《关于变 ...