Group 1 - The core viewpoint of the report is that Weisheng Holdings' ADO business is entering a rapid growth phase driven by strong demand in data centers, becoming a key engine for the group's overall business growth [1][3]. - Guotou Securities maintains a "Buy" rating for Weisheng Holdings and has raised the target price to HKD 19.58 based on peer valuation comparisons [1]. Group 2 - Weisheng Holdings' subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will invest RMB 380 million for an 8% stake, valuing Weiyuan Energy at approximately RMB 4.75 billion [2]. - The partnership with Boyu Capital is expected to enhance Weisheng's business expansion and market competitiveness through capital and industrial resource collaboration, leveraging Boyu's extensive experience in data centers, technology, and new energy [2][4]. Group 3 - The ADO business, operated by Weiyuan Energy, includes power supply services for major domestic telecom operators and internet companies, as well as overseas data center and distribution businesses [3]. - The demand for data centers is experiencing explosive growth, with Weisheng Holdings securing strategic orders from major clients like GDS and ByteDance, and projecting a total of RMB 2.3 billion in data center orders by 2025, with RMB 1 billion expected to be recognized as revenue this year [3]. - The company anticipates a doubling of both orders and revenue in the data center business next year, indicating a strong growth trajectory for the ADO business [3]. Group 4 - Weisheng Holdings is expected to see net profit growth exceeding 30% in both 2025 and 2026, driven by the strong performance of the data center business [4]. - The valuation of Weisheng Holdings is expected to exceed that of traditional meter companies due to the strong correlation between data center power supply and AI development [4]. - Weiyuan Energy is also pursuing an A-share listing, which could further unlock the company's value if successful [4].
国投证券(国际)：维持威胜控股(03393)“买入”评级 提升目标价至19.58港元