证券研究报告 |首次覆盖报告 gszqdatemark 2025 04 10 年 月 日 | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,636 | 2,848 | 3,481 | 4,491 | 5,979 | | 增长率 yoy（%） | 30.5 | 74.0 | 22.2 | 29.0 | 33.1 | | 归母净利润（百万元） | 70 | 120 | 95 | 204 | 309 | | 增长率 yoy（%） | 16.9 | 72.3 | -21.4 | 115.2 | 51.8 | | EPS 最新摊薄（元/股） | 0.37 | 0.64 | 0.50 | 1.09 | 1.65 | | 净资产收益率（%） | 7.7 | 11.7 | 8.6 | 11.2 | 15.2 | | P/E（倍） | 80.0 | 46.4 | 59.1 | 27.5 | 18.1 | | P/B（倍） | 6.1 | 5.4 | 5.1 | 3.1 | ...

本次减持计划实施前，威腾电气集团股份有限公司（以下简称"公司"）股东 江苏威腾投资管理有限公司（以下简称"威腾投资"）持有公司股份 31,800,833 股, 占公司总股本的 16.9471%；公司股东镇江博爱投资有限公司（以下简称"博爱投 资"）持有公司股份 5,000,000 股，占公司总股本的 2.6646%。威腾投资和博爱投 资共同受公司控股股东、实际控制人蒋文功、蒋政达所控制，因此构成一致行动 人。上述股东为公司员工持股平台，其股份来源均为公司首次公开发行股票并上 市前取得的股份，且已于 2024 年 7 月 8 日解除限售并上市流通。 ? 减持计划的实施结果情况 《威腾电气集团股份有限公司股东集中竞价减持股份计划公告》（公告编号： 易方式减持股份数量不超过 333,333 股，占公司总股本比例不超过 0.1776%。 完成的告知函》，截至 2025 年 3 月 27 日，威腾投资减持公司股票 1,167,894 股， 占公司总股本比例为 0.6224%；博爱投资减持公司股票 333,333 股，占公司总股 本比例为 0.1776%。本次减持计划已实施完毕。 | 一、减持主体减持前基本情况 | | ...

股东减持股份结果公告 威腾电气集团股份有限公司 本公司董事会、全体董事及相关股东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： 证券代码：688226 证券简称：威腾电气 公告编号：2025-018 股东持股的基本情况 本次减持计划实施前，威腾电气集团股份有限公司（以下简称"公司"）股东 江苏威腾投资管理有限公司（以下简称"威腾投资"）持有公司股份 31,800,833 股, 占公司总股本的 16.9471%；公司股东镇江博爱投资有限公司（以下简称"博爱投 资"）持有公司股份 5,000,000 股，占公司总股本的 2.6646%。威腾投资和博爱投 资共同受公司控股股东、实际控制人蒋文功、蒋政达所控制，因此构成一致行动 人。上述股东为公司员工持股平台，其股份来源均为公司首次公开发行股票并上 市前取得的股份，且已于 2024 年 7 月 8 日解除限售并上市流通。 减持计划的实施结果情况 2025 年 2 月 26 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《威腾电气集团股份有限公司股东集中竞价减持股份 ...

证券代码：688226 证券简称：威腾电气 公告编号：2025-017 威腾电气集团股份有限公司 关于股东权益变动触及 1%的提示性公告 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： 本次权益变动不会导致公司控股股东、实际控制人发生变化。 1、蒋文功 | | 姓名 性别 | 蒋文功 男 | | --- | --- | --- | | 信息披露义 务人基本信 | | | | | 国籍 | 中国 | | 息 | 身份证号 | 321124************ | | | 是否取得境 外居留权 | 否 | 本次权益变动属于威腾电气集团股份有限公司（以下简称"公司"）持股 5% 以上股东及其一致行动人履行此前已披露的减持股份计划以及股权激励归 属导致的持股数量及持股比例变化，不触及要约收购。 江苏威腾投资管理有限公司（以下简称"威腾投资"）、镇江博爱投资有限 公司（以下简称"博爱投资"）系公司实际控制人蒋文功、蒋政达控制的企 业，本次权益变动后，公司实际控制人蒋文功、蒋政达及其控制的威腾投资、 博爱投资合计持 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company reported a revenue of 3.481 billion yuan for 2024, a year-on-year increase of 22.23%, but a net profit attributable to shareholders of 95 million yuan, a decrease of 21.16% year-on-year [1]. - The company's profitability is under pressure due to intensified competition in the photovoltaic industry and declining prices along the supply chain, particularly in the welding strip segment [1]. - The demand for computing power is expected to rise significantly, with global data center capacity projected to grow from 49 GW in 2023 to 96 GW by 2026, representing a CAGR of 25% [3]. - The company has made significant progress in global expansion, forming partnerships with several overseas firms, including a joint venture with ABB to enhance competitiveness in low-voltage bus products in China [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.481 billion yuan, with a growth rate of 22.23%. The net profit attributable to shareholders was 95 million yuan, reflecting a decline of 21.16% [1][5]. - Quarterly performance showed a revenue of 736 million yuan in Q4 2024, down 12.40% year-on-year and 17.60% quarter-on-quarter [1]. Market Opportunities - The report highlights that the busway solution is expected to become a mainstream distribution solution in data centers, offering better cost-effectiveness and operational efficiency compared to traditional cable and cabinet solutions [3]. - The company is well-positioned to benefit from the increasing demand for computing power and the rising penetration rate of busway solutions in the market [3]. Future Projections - Revenue projections for 2025 and 2026 are estimated at 4.972 billion yuan and 6.579 billion yuan, respectively, with corresponding net profits of 204 million yuan and 335 million yuan [4][5]. - The report anticipates a recovery in profitability for the welding strip segment as the photovoltaic market stabilizes [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company reported a revenue of 3.481 billion yuan for 2024, a year-on-year increase of 22.23%, but a net profit attributable to shareholders of 95 million yuan, a decrease of 21.16% year-on-year, indicating short-term pressure on performance due to intensified competition in the photovoltaic industry and declining prices in the supply chain [1]. - The company has accelerated its globalization efforts by forming partnerships with several overseas firms, including a joint venture with ABB to enhance competitiveness in low-voltage bus products in China [2]. - There is a significant increase in demand for computing power, with global data center capacity expected to grow from 49 GW in 2023 to 96 GW by 2026, leading to a projected compound annual growth rate (CAGR) of 25% from 2023 to 2026 [3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 3.481 billion yuan, with a growth rate of 22.23%. The net profit attributable to shareholders was 95 million yuan, reflecting a decline of 21.16% year-on-year. The fourth quarter of 2024 saw a revenue of 736 million yuan, down 12.40% year-on-year and 17.60% quarter-on-quarter [1][5]. - Forecasted revenues for 2025 and 2026 are 4.972 billion yuan and 6.579 billion yuan, respectively, with corresponding net profits of 204 million yuan and 335 million yuan [4][5]. Market Opportunities - The report highlights that the busway solution is expected to become the mainstream power distribution solution in data centers due to its advantages over traditional cable and cabinet solutions, including higher cost-effectiveness and lower operational costs [3]. - The company is well-positioned to benefit from the increasing demand for computing power and the rising penetration rate of busway solutions in the market [3]. Strategic Developments - The company has made significant strides in international collaboration, including partnerships with Westinghouse Electric and Japanese firms, which are expected to enhance its market presence in various regions [2]. - The joint venture with ABB aims to leverage both companies' strengths to improve the competitiveness of low-voltage bus products in China [2].

Core Viewpoint - The announcement of share reduction plans by major shareholders of Weiteng Electric (688226.SH) due to personal funding needs indicates potential changes in the company's ownership structure and may impact investor sentiment [1][2]. Shareholder Reduction Plans - Weiteng Investment plans to reduce up to 1,167,894 shares, representing no more than 0.6224% of the total share capital, while Boai Investment intends to reduce up to 333,333 shares, accounting for no more than 0.1776% of the total share capital [1]. - As of the announcement date, Weiteng Investment holds 31,800,833 shares (16.9471% of total shares), and Boai Investment holds 5,000,000 shares (2.6646% of total shares) [1]. Shareholder Control - Both Weiteng Investment and Boai Investment are controlled by the company's actual controllers, Jiang Wengong and Jiang Zhengda, constituting concerted action [2][3]. - Jiang Wengong and Jiang Zhengda hold 42.78% of Weiteng Investment and 76.16% of Boai Investment, indirectly controlling 27.18% and 4.27% of Weiteng Electric's shares, respectively [3][5]. Company Financials - Weiteng Electric's initial public offering (IPO) raised a total of 250 million yuan, with a net amount of 206 million yuan after deducting issuance costs [6]. - The final net fundraising amount was 200 million yuan less than the original plan of 406 million yuan, which was allocated for various projects including smart upgrades and production capacity [7]. - The company reported a revenue of 2.745 billion yuan for the first three quarters of 2024, a year-on-year increase of 36.73%, and a net profit of 109 million yuan, up 28.64% year-on-year [11].

证券代码：688226 证券简称：威腾电气 公告编号：2025-016 威腾电气集团股份有限公司 股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，威腾电气集团股份有限公司（以下简称"公司"）股东江 苏威腾投资管理有限公司（以下简称"威腾投资"）持有公司股份 31,800,833 股,占 公司总股本的16.9471%；公司股东镇江博爱投资有限公司（以下简称"博爱投资"） 持有公司股份 5,000,000 股，占公司总股本的 2.6646%。威腾投资和博爱投资共 同受公司控股股东、实际控制人蒋文功、蒋政达所控制，因此构成一致行动人。 上述股东为公司员工持股平台，其股份来源均为公司首次公开发行股票并上市前 取得的股份，且已于 2024 年 7 月 8 日解除限售并上市流通。 集中竞价减持计划的主要内容 公司于近日收到威腾投资、博爱投资两位股东出具的《关于减持计划的告知 函》，因股东自身资金需求，威腾投资拟通过集中竞价交易方式减持股份数 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

Financial Performance - The total operating revenue for 2024 reached CNY 348,081.30 million, representing a year-on-year increase of 22.23%[4] - Operating profit decreased to CNY 12,315.93 million, down 22.19% compared to the previous year[4] - Net profit attributable to shareholders of the parent company was CNY 9,497.73 million, a decline of 21.16% year-on-year[4] - The basic earnings per share decreased to CNY 0.61, reflecting a drop of 20.78% year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were CNY 483,273.55 million, an increase of 55.85% from the beginning of the period[8] - Shareholders' equity attributable to the parent company grew to CNY 166,637.72 million, up 61.38% from the start of the period[8] - The net asset per share attributable to the parent company increased by 35.42% to CNY 8.93[5] Market Conditions and Strategic Initiatives - The company experienced increased revenue but declining net profit due to intensified competition and price drops in the photovoltaic industry[8] - The company is investing in new projects, including a 5GWh energy storage system and a 25,000-ton intelligent production project for photovoltaic welding strips, contributing to asset growth[8] - The company raised CNY 569,864,137.75 from a specific stock issuance, which will enhance its capital base[6]