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][2] - Weisheng Holdings has announced that its subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will invest a total of RMB 380 million for a stake of approximately 8% in Weiyuan Energy, valuing it at around RMB 4.75 billion [1][2] - The partnership with Boyu Capital is expected to enhance Weiyuan Energy's business expansion and market competitiveness through capital and industrial resource collaboration, leveraging Boyu's extensive experience in data centers, technology, and new energy sectors [1][3] Group 2 - 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 [2] - The demand for data centers is experiencing explosive growth, driven by the rise of AI, with Weisheng Holdings securing significant orders from strategic clients like GDS and ByteDance, and projecting a doubling of orders and revenue in the coming year [2] - The company anticipates a net profit growth rate exceeding 30% for both 2025 and 2026, with the valuation of the company expected to rise significantly due to the strong performance of the data center business [3]
国投证券(国际)：维持威胜控股“买入”评级 提升目标价至19.58港元