Investment Rating - The report maintains a "Buy" rating for 威胜控股 (3393.HK) and raises the target price to HKD 19.58 [1][4][6]. Core Insights - 威胜控股's ADO business is entering a rapid growth phase driven by strong demand in the data center sector, with significant orders already secured from major clients such as 万国数据 and 字节 [2][3]. - The partnership with 博裕投资 is expected to enhance 威胜控股's business development through capital and industrial resource collaboration, leveraging 博裕's extensive experience in data centers, technology, and renewable energy [1][3]. - The company's financial forecasts indicate a net profit growth rate exceeding 30% for both 2025 and 2026, supported by the booming data center business [4][5]. Financial Summary - Sales revenue is projected to grow from RMB 7.25 billion in FY 2023 to RMB 10.61 billion in FY 2025, reflecting a growth rate of 21.7% [5][12]. - Net profit is expected to increase from RMB 521.23 million in FY 2023 to RMB 923.22 million in FY 2025, with a growth rate of 30.8% [5][12]. - The gross margin is forecasted to remain stable around 34.6% from FY 2025 onwards, while the net profit margin is expected to improve to 8.7% by FY 2025 [5][12]. - The company is also projected to achieve a return on equity (ROE) of 11.9% in FY 2025, increasing to 15.2% by FY 2027 [5][12]. Market Position - 威胜控股's ADO business is strategically positioned to capitalize on the explosive growth in data center demand, both domestically and internationally, particularly benefiting from the rise of AI technologies [2][3]. - The company holds approximately 65% of the shares in its subsidiary, 惟远能源, which operates the ADO business [2][3].
威胜控股（03393）：ADO引入战略股东，数据中心推动快速发展