威胜控股：深度布局数据中心，海外业务进入放量期-20260401

Investment Rating - The report assigns a rating of "Buy" for the company [6][28]. Core Insights - The company is deeply engaged in the data center sector, providing power distribution solutions and equipment, with overseas business entering a growth phase. The company has secured significant contracts, particularly in the data center segment, driven by the increasing demand for AI-driven infrastructure [3][11][21]. - Revenue projections for 2026-2028 are estimated at RMB 12.39 billion, RMB 15.41 billion, and RMB 19.26 billion, representing year-on-year growth of 23%, 24%, and 25% respectively. Net profit attributable to the parent company is expected to reach RMB 1.37 billion, RMB 1.74 billion, and RMB 2.22 billion during the same period, with growth rates of 29.7%, 27.0%, and 27.1% respectively [11][28]. Financial Summary - Revenue: - 2025A: RMB 10,074 million - 2026E: RMB 12,391 million (+23%) - 2027E: RMB 15,413 million (+24%) - 2028E: RMB 19,263 million (+25%) [5][11] - Net Profit: - 2025A: RMB 1,058 million - 2026E: RMB 1,372 million (+30%) - 2027E: RMB 1,743 million (+27%) - 2028E: RMB 2,216 million (+27%) [5][11] - Earnings Per Share (EPS): - 2025A: RMB 1.07 - 2026E: RMB 1.38 - 2027E: RMB 1.75 - 2028E: RMB 2.23 [5][11] - Price-to-Earnings (P/E) Ratio: - 2026E: 28X [28] Business Segments - Smart Grid Solutions: The global smart grid market is projected to grow from USD 52.55 billion in 2025 to USD 259.15 billion by 2035, with a CAGR of 17.3%. The company is positioned to provide comprehensive smart grid solutions, including smart meters and monitoring equipment [15][16]. - Digital Energy Services: The company, through its subsidiary, focuses on smart distribution networks, data centers, and new energy storage solutions. The revenue from this segment is expected to grow significantly, with projections of RMB 4.72 billion, RMB 6.38 billion, and RMB 8.61 billion for 2026-2028, reflecting growth rates of 32.5%, 35%, and 35% respectively [18][23]. - Smart Efficiency Management Solutions: This segment integrates digital and intelligent technologies to provide energy efficiency analysis and management services. Revenue is projected to reach RMB 3.29 billion, RMB 3.78 billion, and RMB 4.35 billion for 2026-2028, with a stable gross margin of 40% [24][25].