证券代码：688226 证券简称：威腾电气 公告编号：2025-020 威腾电气集团股份有限公司 关于对外投资设立合资公司的公告 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。 重要内容提示： 威腾电气集团股份有限公司（以下简称"公司"）拟与上海深度湾科技 有限公司（以下简称"深度湾"）、上海磐星企业管理合伙企业（有限合伙）（以 下简称"上海磐星"）拟共同投资设立"上海威璞芯光科技有限公司"（最终以 市场监督管理部门登记为准，以下简称"合资公司"），开展基于硅光技术和工 艺的高速光模块/组等光通信产品的研发、生产、销售及应用。合资公司注册资本 3,000 万元，其中公司以自有资金出资 1,530 万元，占合资公司注册资本的比例 为 51%。 公司于 2025 年 4 月 11 日召开第四届董事会第五次会议、第四届监事会 第五次会议，审议通过了《关于对外投资设立合资公司的议案》。 风险提示：合资公司尚未设立，相关业务尚未开展。虽然公司内部已就 开展基于硅光技术和工艺的高速光模块/组等光通信产品的研发、生产、销售及 应用业务（ ...

证券代码：688226 证券简称：威腾电气 公告编号：2025-019 威腾电气集团股份有限公司 二、监事会会议审议情况 （一）审议并通过《关于对外投资设立合资公司的议案》 监事会认为，本次对外投资设立合资公司事项符合公司的整体发展战略，有 利于增强公司的核心竞争力，审议程序符合《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》《公司 章程》的规定。本次对外投资使用公司自有资金，不会对公司财务和经营状况产 生不利影响，不存在损害公司、公司股东，特别是中小股东利益的情形。监事会 一致同意公司本次对外投资的事项。 第四届监事会第五次会议决议公告 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 威腾电气集团股份有限公司（以下简称"公司"）第四届监事会第五次会议于 2025 年 4 月 11 日在公司会议室以现场方式召开。会议通知于 2025 年 4 月 8 日以 电子邮件的方式发出。会议应到监事 3 人，实际出席监事 3 人。会议由公司监事 会主席贺正生 ...

Core Viewpoint - The company plans to establish a joint venture named "Shanghai Weipu Xinguang Technology Co., Ltd." with Shanghai Deep Bay Technology and Shanghai Panxing Enterprise Management Partnership, with a registered capital of 30 million yuan [1] Group 1 - The company will contribute 15.3 million yuan, holding a 51% stake in the joint venture [1] - The joint venture will focus on the research, development, production, sales, and application of optical communication products based on silicon photonics technology and processes, including high-speed optical modules [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Insights - The company, Weiteng Electric, is a leading player in the busbar industry, focusing on power distribution, photovoltaic materials, and energy storage, with a strong emphasis on data center busbars to benefit from the growth in AI computing power [1][2][3]. - The company has established deep partnerships with international giants like ABB and GE, enhancing its market position and competitiveness [1][2]. - The integration of various information systems is expected to improve operational efficiency and support rapid response and continuous innovation [2]. Summary by Sections Company Overview - Weiteng Electric has been deeply involved in the busbar industry for 20 years, expanding its business to include power distribution equipment, photovoltaic materials, and energy storage systems [1][21]. - The company has a concentrated ownership structure, with strong management expertise and stability among its technical staff [27]. Financial Performance - The company reported a revenue of 1,636 million in 2022, with a projected increase to 3,481 million in 2024, reflecting a growth rate of 22.2% [5][29]. - The net profit attributable to the parent company is expected to be 0.95 billion in 2024, with a corresponding PE ratio of 59 [3][5]. Market Position and Growth Potential - The company is positioned to benefit from the increasing demand for data center busbars as AI applications drive higher power density requirements [2][19]. - The report highlights the potential for the busbar market to grow significantly as data centers transition to higher power demands, with Weiteng Electric being one of the few domestic suppliers poised to capture this growth [3][19]. Product Lines - The company’s main business lines include power distribution equipment, photovoltaic materials, and energy storage systems, with busbars being a core product [23][24]. - The busbar products have shown stable gross margins, while photovoltaic products have experienced more volatility due to market competition [34]. Strategic Partnerships - The establishment of a joint venture with ABB in 2024 aims to enhance the competitiveness of busbar products in China, further solidifying the company's market presence [1][18]. Future Outlook - The report anticipates that the company's net profit will grow to 2.0 billion in 2025 and 3.1 billion in 2026, indicating a strong growth trajectory supported by the increasing adoption of busbars in data centers [3][5].

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].