Core Viewpoint - Company maintains net profit forecasts for 2025/2026 at 916 million and 1.136 billion HKD respectively, with current stock price corresponding to 9.5x and 7.6x P/E ratios for those years, and raises target price by 22% to 12 HKD, indicating a 25% upside potential from current price [1] Group 1: Financial Performance - For 1H25, company reported total revenue of 4.39 billion HKD, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million HKD, up 32.8% year-on-year, exceeding expectations [2] - Revenue breakdown shows electric AMI revenue increased by 29.8% to 1.88 billion HKD, communication AMI revenue rose by 12.8% to 1.30 billion HKD, and distribution ADO revenue grew by 6.1% to 1.21 billion HKD [2] Group 2: Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion HKD, accounting for 28.3% of total revenue, with significant growth in the Americas (up 26.0% to 680 million HKD), Asia (up 76.2% to 290 million HKD), and Europe (up 834% to 40 million HKD) [3] - New overseas orders signed in 1H25 rose by 22.9% to 2.13 billion HKD, with backlog orders as of June 30 increasing by 28% to 3.61 billion HKD [3] Group 3: Cost Control and Profitability - Gross margin for 1H25 was 35.1%, a decrease of 0.4 percentage points year-on-year, with electric AMI gross margin down 2.4 percentage points to 37.8% due to declining domestic tender prices [4] - Net profit margin for 1H25 improved by 1.2 percentage points to 10.0%, supported by a reduction in expense ratios across sales, management, and R&D [4] Group 4: Growth Opportunities - Company’s new factories in Hungary, Indonesia, and Malaysia are now operational, which is expected to enhance order volumes in Europe and Asia [5] - Company is actively expanding its product offerings overseas, achieving significant market breakthroughs in North and South America, and is collaborating with major players in the data center sector to capture domestic and international demand [5]
中金：维持威胜控股(03393)跑赢行业评级 上调目标价至12港元