公司报告 | 半年报点评 威胜信息（688100） 证券研究报告 在手订单充裕海外业务良好发展，AI 助力新业务快速增长 事件：公司发布 2025 年半年报，25H1 实现营收 13.68 亿元，同比增长 11.88%，归母净利润 3.05 亿元，同比增长 12.24%，扣非归母净利润 2.98 亿元，同比增长 12.67%。 AI 助力新业务快速增长，赋能智慧电力系统及数智城市 在新能源、物联网与芯片行业蓬勃发展的浪潮中，科技创新已成为推动行 业进步的核心动力。25H1 威胜信息以科技创新为强劲引擎，物联网+芯片 +AI 为核心竞争力，已成功推出 36 款新产品及方案，实现收入 6.42 亿元。 占总营收的 47%。在智慧电力系统领域，公司是电力行业人工智能联盟副 理事长单位，2024 年，公司与由中央批准设立和管理的能源领域国家实验 室开展"芯片+人工智能"合作，实施科研成果的产业化工作。公司积极将 AI 技术融入产业，通过深入研究负荷预测、光伏发电功率预测及运行优化 控制等前沿技术，提高用电需求和新能源的预测精度，支撑对海量广域发 供用对象的智能协调控制；研究智能拓扑识别和接地故障保护等关键技术， 提升 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][4]. Core Views - The company focuses on digital power grids and smart cities, possessing comprehensive solutions for the energy IoT sector. With the acceleration of the new power system transformation and the promotion of smart city construction, domestic business is expected to continue expanding. Additionally, the company is actively seizing overseas development opportunities, particularly in emerging markets such as the Middle East and Southeast Asia, leading to anticipated high growth in overseas revenue [2][7]. - The company reported a revenue of 1.368 billion yuan for the first half of 2025, representing a year-on-year growth of 11.88%, and a net profit attributable to shareholders of 305 million yuan, up 12.24% year-on-year [1][2]. Financial Data and Valuation - The company’s total revenue is projected to reach 3.358 billion yuan in 2025, with a year-on-year growth rate of 22%. The net profit attributable to shareholders is expected to be 770 million yuan, also reflecting a 22% growth [3][14]. - The company’s earnings per share (EPS) is forecasted to be 1.57 yuan in 2025, with a price-to-earnings (PE) ratio of 22.0x [3][15]. - The overseas revenue for the first half of 2025 reached 283 million yuan, accounting for 20.82% of total revenue, with a year-on-year growth of 25.75% [7][14]. Business Expansion and Market Position - The company is enhancing its overseas localized production capacity, with the establishment of a manufacturing base in Indonesia and plans for factories in Saudi Arabia and Mexico. This dual approach of trade and localized production is expected to drive future growth in overseas business contributions [7][14]. - The report highlights that the national grid's investment in 2025 is expected to exceed 650 billion yuan, marking a historical high, which will significantly benefit the company as it participates in the construction of the new power system [7][14].