Core Viewpoint - The stock price of Weisheng Holdings (03393) has increased by 124.5% since the initial coverage, with significant upward potential remaining. The target price has been raised from HKD 17.40 to HKD 21.75, reflecting a 30.4% upside based on a 16.0x FY26 target P/E ratio. The company is expected to be included in the Hong Kong Stock Connect in the first quarter of next year, which will better reflect its valuation [1]. Group 1 - The demand for intelligent power distribution services from AIDC clients is expected to exceed expectations, with new orders projected to reach approximately RMB 23 billion for FY25, including RMB 10 billion to be delivered this year. For FY26, new orders from AIDC clients are anticipated to be around RMB 36 billion, representing a year-on-year increase of 56.5% [2]. - The company is collaborating with major AIDC clients like GDS Holdings (09698) and is likely to sign new large clients, particularly in Southeast Asia's data center sector [2]. Group 2 - The intelligent power distribution business is expected to maintain high growth, with a projected compound annual growth rate (CAGR) of 25.4% for revenue and 27.9% for gross profit from FY24 to FY27. This growth rate is higher than the overall company revenue and gross profit growth rates of 19.8% and 21.8%, respectively. The proportion of total revenue and gross profit from this segment is expected to increase from 33.3% and 24.9% in FY24 to 38.1% and 27.6% in FY27 [3].
中泰国际证券：重申威胜控股(03393)“买入”评级 上调目标价至21.75港元