Core Viewpoint - Weisheng has announced that the Shanghai Stock Exchange has accepted its application for the listing of Weisheng Information Technology on the Sci-Tech Innovation Board, marking a significant breakthrough since the announcement of its spin-off in January 2017, although the specific timing remains uncertain [1][3]. Company Overview - Weisheng Information Technology is engaged in two main businesses: (1) data acquisition terminals and (2) water, gas, and thermal meters. As of the announcement date, Weisheng holds a 65% stake in Weisheng Information Technology [1][3]. - The company plans to issue up to 150 million new shares to raise approximately RMB 605 million, although the exact issuance scale is yet to be determined [3]. Financial Performance - In 2018, Weisheng Information Technology reported a net profit of RMB 177 million, an increase from RMB 149 million in 2017 and RMB 80.5 million in 2016. Revenue grew from RMB 680.3 million in 2016 to RMB 1.0386 billion in 2018 [3]. - The proportion of revenue from the top five customers decreased from 76.42% in 2016 to 64.78% in 2018, indicating a diversification in the customer base [3]. Industry Dynamics - The demand for high-end measurement equipment is expected to increase as the State Grid promotes the development of a ubiquitous power IoT. New standards for measurement equipment and communication are likely to be released in 2019, creating growth momentum for Weisheng's other business segments [4]. - The upgrade of power transmission standards is anticipated to drive the next phase of growth for Weisheng, as the company will benefit from providing measurement devices with communication and sensor functions [4].
威胜控股(3393.HK)：距离分拆更近一步，维持“买入”评级，目标价 5.43 港元