威胜控股（03393）：FY25盈利达预告上限，数据中心+海外客户双轮驱动

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 37.52, reflecting a potential upside of 23.5% based on a 24.0x FY26 P/E ratio [4][6]. Core Insights - The company is expected to achieve a significant increase in shareholder net profit for FY25, projected to rise by 50.0% to RMB 1.06 billion, surpassing previous forecasts due to strong revenue growth from digital energy services and effective cost management [1][4]. - The digital energy services segment, which includes data center clients, has seen a substantial increase in new orders, with a 99.5% year-on-year growth in orders from data center clients [2]. - The company's overseas business is rapidly expanding, with a 25.0% increase in revenue from international clients, significantly outpacing overall revenue growth [3]. Summary by Sections Financial Performance - FY25 shareholder net profit is expected to reach RMB 1.06 billion, a 50.0% increase from the previous year, driven by a 22.8% rise in revenue from digital energy services to RMB 3.56 billion [1][5]. - The operating profit margin improved by 3.4 percentage points to 17.7%, with operating profit increasing by 43.5% to RMB 1.78 billion [1]. Business Segments - The digital energy services segment, which is set to be spun off into a separate entity, has secured new orders worth RMB 4.8 billion, with a focus on providing stable power infrastructure for data centers [2]. - The overseas revenue contribution from the digital energy services segment surged by 111.8% to RMB 720 million, increasing its share of total overseas revenue from 14.1% to 23.8% [3]. Market Position and Outlook - The company is actively participating in international exhibitions and conferences to enhance its global presence, with plans to enter the U.S. market with its electric meter products [3]. - The report anticipates continued growth in the digital energy services business, particularly in the context of the expanding AI industry in the U.S., which could enhance the company's valuation [3].