| 2025 年 03 月 03 日 | | | --- | --- | | 评级 | 买入 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 39.32 | | 52 周价格区间（元） | 32.33-50.30 | | 总市值（百万） | 19333.06 | | 流通市值（百万） | 19333.06 | | 总股本（万股） | 49168.52 | | 流通股（万股） | 49168.52 | | 涨跌幅比较 | | % 1M 3M 12M 威胜信息 9.96 7.20 21.13 通信设备 -4.46 -3.68 20.42 -13% 7% 27% 47% 67% 2024-03 2024-06 2024-09 2024-12 2025-03 威胜信息 通信设备 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 1 威胜信息（688100.SH）三季报跟踪：海外业务 提速增长，新产品营收持续放量 2024-10-25 2 威胜信息（688100.SH）半年报跟踪：海外业务 高增长，现金流表现佳 2024-08-16 3 威 ...

证券代码：688100 证券简称：威胜信息 公告编号：2025-019 威胜信息技术股份有限公司 关于 2025 年 2 月中标合同情况的自愿性披露公告 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。 重要内容提示： 中标项目：国网湖南省电力有限公司2025年第一次物资公开招标采购项目中 标金额2,784.17万元人民币。 三、风险提示 1、以上项目已进行中标候选人公示，尚未与招标人签订相关正式合同，存 在不确定性，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。 2、合同在履行过程中如果遇到不可预计的或不可抗力等因素的影响，可能 会导致合同无法全部履行或终止的风险。 | | 项目一 | | --- | --- | | 一、项目基本情况 | | | 1.项目名称 | 国网湖南省电力有限公司 2025 年第一次物资公开 | | | 招标采购项目 | | 2.招标人 | 国网湖南省电力有限公司 | | 3.中标金额 | 2,784.17 万元人民币 | | 4.中标基本情况 | 新能源电能计量监 ...

证券代码：688100 证券简称：威胜信息 公告编号：2025-018 威胜信息技术股份有限公司 二、 回购股份的进展情况 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/1/15 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 10,000 万元~15,000 万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 120.48 万股 | | 累计已回购股数占总股本比例 | 0.2450% | | 累计已回购金额 | 4,272.05 万元 | | 实际回购价格区间 | 33.05 元/股~37.80 元/股 | 一、 回购股份的基本情况 2025 年 1 月 14 日，公司召开第三届董事会第十五次会议，审议通过了《关于 以集中竞价交易方式回购 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company achieved record high revenue and net profit in 2024, with revenue reaching 2.745 billion yuan, a year-on-year increase of 23.35%, and net profit attributable to shareholders at 631 million yuan, up 20.1% [1]. - The company is actively pursuing a global expansion strategy, with significant growth in both domestic and international markets. Domestic revenue grew by 16.4% to 2.314 billion yuan, while international revenue surged by 85.4% to 421 million yuan, increasing its share of total revenue from 10.24% to 15.38% [2]. - The integration of AI into new products has significantly contributed to revenue growth, with new product revenue accounting for 49% of total revenue, and AI products making up 30% of new product revenue [3]. - The company has a robust order backlog of 4.017 billion yuan, reflecting a 15.35% year-on-year increase, and has secured over 770 million yuan in contracts from major state-owned enterprises [4]. - The company is leveraging AI technology to enhance the construction of new energy systems, supporting the national "dual carbon" goals through advanced load forecasting and optimization technologies [5]. Financial Performance Summary - In 2024, the company reported operating cash flow of 474 million yuan, a 13.52% improvement year-on-year, and a net profit margin of 22.98% [2]. - The projected net profits for 2025-2027 are estimated at 787 million yuan, 972 million yuan, and 1.185 billion yuan, respectively, with corresponding P/E ratios of 25, 20, and 16 [6]. - The company’s total assets are expected to grow from 4.957 billion yuan in 2024 to 7.758 billion yuan by 2027, indicating strong growth potential [15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved record high revenue and net profit in 2024, with revenue reaching 2.745 billion yuan, a year-on-year increase of 23.35%, and a net profit of 631 million yuan, up 20.1% [1]. - The company is actively pursuing globalization, with domestic revenue growing by 16.40% to 2.314 billion yuan and international revenue soaring by 85.40% to 421 million yuan, increasing the share of international revenue in total revenue from 10.24% to 15.38% [2]. - The integration of AI into new products has significantly contributed to revenue growth, with new product revenue at 1.338 billion yuan, accounting for 49% of total revenue, and AI products making up 30% of new product revenue [3]. - The company has a robust order backlog of 4.017 billion yuan, reflecting a 15.35% year-on-year increase, and has secured over 770 million yuan in tenders from major state-owned enterprises [4]. Financial Performance - The company reported a net cash flow from operating activities of 474 million yuan, an improvement of 13.52% year-on-year, and a net profit margin of 22.98% in 2024 [2]. - The projected net profits for 2025-2027 are 787 million yuan, 972 million yuan, and 1.185 billion yuan, respectively, with corresponding P/E ratios of 25, 20, and 16 [6][11]. Industry Context - The report highlights the expected increase in investments from the State Grid and Southern Power Grid, with the State Grid's investment projected to exceed 650 billion yuan for the first time, focusing on optimizing the main grid and strengthening the distribution network [6]. - The company is positioned to benefit from the ongoing digital transformation in the energy sector, leveraging AI technology to enhance efficiency and reliability in power systems [5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 2.74 billion yuan in 2024, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 630 million yuan, up 20% year-on-year [1]. - The company has shown consistent growth for eight consecutive years, with a compound annual growth rate (CAGR) of 17% in revenue and 24% in net profit since its listing [1]. - The company is actively expanding its international presence, with overseas revenue reaching 420 million yuan in 2024, a significant increase of 85% year-on-year, and now accounting for 15% of total revenue [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.74 billion yuan, a 23% increase from the previous year, and a net profit of 630 million yuan, reflecting a 20% growth [1]. - The company’s core products, particularly the electric monitoring terminals, saw a remarkable revenue increase of 79%, reaching 830 million yuan, making it the fastest-growing segment [2]. - The company’s total orders on hand reached 4 billion yuan by the end of 2024, marking a 15% increase year-on-year [3]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating 1.3 billion yuan in revenue from new products, which accounted for 49% of total revenue [2]. - AI products contributed 30% of the new product revenue, indicating a strategic focus on innovation and meeting new market demands [2]. International Expansion - The company has established over 10 overseas subsidiaries and sales offices, with factories under construction in Saudi Arabia and Indonesia [3]. - The company has obtained several international certifications, enhancing its ability to penetrate overseas markets, particularly in the energy sector of developing countries [3]. Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 793 million yuan, 977 million yuan, and 1.19 billion yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 16 times [4]. - The company is well-positioned to benefit from the ongoing digitalization and smart technology trends in the energy sector, which is expected to drive sustained revenue growth [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a revenue of 2.74 billion yuan in 2024, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 630 million yuan, up 20% year-on-year [1] - The company has shown consistent growth for eight consecutive years, with a compound annual growth rate (CAGR) of 17% in revenue and 24% in net profit since its listing [1] - The company is actively expanding its international presence, with overseas revenue reaching 420 million yuan in 2024, a significant increase of 85% year-on-year, and now accounting for 15% of total revenue [3] Summary by Sections Financial Performance - In 2024, the company's revenue from communication chips and modules was 780 million yuan, an 18% increase, making it the largest product segment [2] - The electric monitoring terminal segment saw the highest growth, with revenue of 830 million yuan, up 79% year-on-year [2] - The company launched nearly 50 new products and solutions in 2024, generating 1.3 billion yuan in new product revenue, which constitutes 49% of total revenue [2] International Expansion - The company has established over 10 overseas subsidiaries and sales offices, with factories in Saudi Arabia and Indonesia under construction [3] - The company has obtained various international certifications, including the US FCC certification and CE-RED certification, enhancing its ability to penetrate overseas markets [3] Order Backlog and Market Position - The company has a robust order backlog of 4 billion yuan as of the end of 2024, reflecting a 15% year-on-year increase [3] - The company secured contracts worth over 770 million yuan in the centralized procurement for power information collection equipment, leading the industry in market share [3] Future Earnings Projections - The company is expected to achieve net profits of 793 million yuan, 977 million yuan, and 1.19 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24, 20, and 16 times, respectively [4]

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]

威胜信息 20250228 摘要 • 威胜信息 2024 年营收 27.28 亿元，净利润 6.5 亿元，分别同比增长 21%和 24%，上市以来保持营收和净利润双增长，净利润复合增长率达 23.74%。截至 2024 年底，在手订单 40.17 亿元，为未来业绩提供保障。 • 公司 2024 年现金分红 7 亿元，回购注销股份 2 亿元，股东总回报率达 26.66%，净资产收益率 23.20%。计划 2025 年每十股派发现金红利 5.2 元，同比增长 21%，并计划未来五年保持 40%基准分红率，及再次回购 1 至 1.5 亿元股份。 • 威胜信息持续投入研发，2024 年研发投入占营收超 8%，推出近 50 款创 新产品和解决方案，新品收入 13.38 亿元，占总营收 49%，其中 3%与 AI 相关。通讯芯片业务营收 7.76 亿元，同比增长 18%。 • 2024 年海外收入创历史新高，达 4.21 亿元，同比增长 85%。公司积极 优化海外市场布局，已设立十余家境外子公司和销售代表处，并在沙特、 印尼等地建设工厂，预计将有更多创新应用解决方案落地。 • 2025 年，威胜信息将重点布局东盟市场，加 ...

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].