证券研究报告·公司点评报告 2026 年 3 月 2 日 江海证券研究发展部 电新汽车行业研究组 执业证书编号：S1410525090001 | 投资评级： 买入（维持） | | --- | | 当前价格: 90.06元 | | 总股本(百万股) | 138.89 | | --- | --- | | A 股股本(百万股) | 138.89 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 27.71 | | 12 个月最高/最低(元) | 124.00/70.79 | | 第一大股东 | | | 第一大股东持股比例(%) | 50.40 | | 上证综指/沪深 300 | 4162.88/4710.65 | % 1 个月 3 个月 12 个月 相对收益 1.00 -11.33 - 绝对收益 1.36 -2.21 - 1. 江海证券-公司深度报告-首次覆盖-开 发科技-920029：全球智能电表维持稳定 增长，公司市场地位稳步提升 – 2026.02.10 开发科技 920029.BJ 电力设备行业 分析师：王金帅 2025Q4 净利润实现高增，产品渗透率 +高毛利产品提升催化 投 ...

本报讯 （记者何文英）2月27日晚，威胜信息披露2025年年度报告。报告期内，公司实现营业收入29.78亿元，同比增长 8.48%；实现净利润6.66亿元，同比增长5.64%。2026年，公司明确将国际化与创新业务作为核心增长引擎，大力布局AI智算数 据中心赛道。 股份回购同步推进。2025年1月份，公司启动第二轮回购计划，并于7月份完成。本次回购共耗资1.5亿元，回购423.14万 股，充分彰显了对公司未来发展的信心。 自上市以来，公司已累计回购股份1654.62万股，回购总金额达4.49亿元。其中，已完成回购股份注销共计831.48万股，占 总股本的1.66%。 多维发力之下，公司股东回报成果显著。自上市以来，公司现金分红与股份回购金额累计达15.29亿元，占IPO时募集资金 净额的250%，股东总回报率达203.27%。 凭借稳健的市场表现，公司入选中证500指数、上证100指数、上证科创板100指数、上证科创板人工智能指数等，资本市 场认可度持续提升，企业价值不断释放。 深化全链条布局 2025年，威胜信息牢牢把握国内能源数字化升级机遇，在国网、南网集采及省网招标中，智能终端和通信模块中标金额均 排名 ...

Core Viewpoint - The article highlights the ongoing trend of energy storage companies, particularly Weiheng Intelligent Technology Co., Ltd., seeking to go public in Hong Kong, emphasizing its strong backing from notable investors and its strategic focus on commercial energy storage as a key growth area [2][4]. Group 1: Business Focus and Growth - Weiheng Intelligent has chosen to focus deeply on commercial energy storage, a segment with strong mid-to-long-term demand certainty and proven business models overseas. In 2023, this segment contributed 88.84 million yuan in revenue, accounting for 33.3% of total revenue, which is projected to rise to 220 million yuan (82.6%) in 2024 [6][10]. - The company has seen significant growth in overseas revenue, with its share increasing from 14.5% in 2023 to 50.6% in 2024, and maintaining 44.7% in the first three quarters of 2025. The European market is a major contributor, accounting for 79.1% of overseas revenue [10][13]. Group 2: Technological Edge and Digitalization - The article emphasizes that the true value in energy storage lies in software platforms rather than hardware alone. Weiheng Intelligent is positioned as a key player in energy digitalization, integrating hardware with software to create a closed-loop system for energy trading [17][24]. - The global market for digital energy solutions is expected to reach 301.9 billion yuan by 2030, with a compound annual growth rate of 20.8% from 2024 to 2030, indicating a significant growth opportunity for Weiheng Intelligent [18]. Group 3: Financial Performance and Market Position - Weiheng Intelligent's revenue from energy storage solutions has shown substantial growth, with figures of 267 million yuan, 268 million yuan, and 476 million yuan for 2023, 2024, and the first three quarters of 2025, respectively, reflecting a year-on-year growth of 281% [30]. - The company has improved its gross margin from 8.3% to 19.1%, driven by scale effects and a higher-value product mix. The gross margin for commercial energy storage solutions was 23.5% in the first three quarters of 2025, indicating a successful business model [30]. Group 4: Strategic Positioning and Future Outlook - Weiheng Intelligent is not just a follower in the energy storage sector but a pioneer in completing the "device-platform-operation" loop in commercial storage. The company is building capabilities that are essential for the future energy internet, which is crucial for its IPO evaluation [28]. - The company has established a virtual power plant (VPP) core platform and is expanding its operational capabilities across various regions, with plans to obtain operational qualifications in key markets by early 2026 [25][28].

Core Viewpoint - The negotiation between CATL and Huawei Digital Energy regarding a potential acquisition has shifted from a full acquisition to a minority stake, ultimately stalling due to valuation discrepancies and strategic considerations [2][4][12]. Group 1: Market Overview - The global energy storage market is experiencing intense competition, with CATL's market share in energy storage cells declining from 37.9% to 26% in 2024, while Huawei Digital Energy ranks fifth in global energy storage system shipments [8][12]. - Huawei Digital Energy, established in June 2021, reported a sales revenue of 68.7 billion yuan in 2024, with a year-on-year growth of 24.4%, making it the third-largest business segment within Huawei [4][8]. Group 2: Strategic Implications - The initial plan for CATL was to fully acquire Huawei Digital Energy, but the valuation gap—Huawei's asking price of nearly 400 billion yuan versus CATL's expectation of 150-200 billion yuan—led to a shift towards a potential 20% stake acquisition [4][9]. - Huawei's strategy of focusing on core assets may conflict with the decision to sell Digital Energy, which plays a crucial role in its "energy digitalization" strategy [5][7]. Group 3: Competitive Landscape - If the acquisition had proceeded, it could have significantly altered the energy storage industry landscape, potentially increasing market concentration and intensifying competition with companies like Sungrow and BYD [11][12]. - The ongoing competition will continue as Huawei Digital Energy focuses on its inverter and energy storage systems, leveraging its technological advantages, while CATL aims to enhance its capabilities through self-research and strategic partnerships [12].

会议分析了数字经济纵深推进、AI技术浪潮迭起、新型能源体系加速构建等多重战略机遇，紧扣发展新质生产力、强化科技创新的 国家战略部署，结合企业深化数字化转型与"AI+"行动的要求，以及国家电网公司推动数字化智能化升级的重点方向，对公司下一步 发展进行了深入研讨和谋划部署。远光软件董事长石瑞杰表示，公司将主动把握宏观政策导向与技术发展趋势的战略机遇，聚焦"数 智企业、智慧能源"两大领域精准发力，加速推进市场拓展与完善多元产品矩阵，在国产信创深化、人工智能、能源数字化变革中把 握先机。 2026年，远光软件的发展蓝图清晰而坚定。在市场方面，坚持深耕与拓展并重，既锚定能源电力行业持续深耕细作、做深做透，又 积极向施工建筑、装备制造、医疗等行业全面发力、拓展布局；同时，深化数字孪生电网、虚拟电厂、碳市场等智慧能源新兴业 务，构建全域协同、多点支撑的市场格局。在产品方面，驱动研发模式和产品矩阵迭代升级，深化垂域大模型及大小模型协同等前 沿技术应用，以更智能的应用体验、更高效的服务响应，精准满足客户需求。 转自：新华财经 1月29日，远光软件股份有限公司召开三届三次职工代表大会暨2026年工作会议。本次会议在系统总结202 ...

■李春莲 随着全球科技竞争进入AI主导的新阶段，算力成为各方角力的重点。而算力背后，需要巨量能源的支撑。近日，国家电网 有限公司宣布了"十五五"期间4万亿元固定资产投资的重磅规划，较"十四五"投资增长40%。1月19日，南方电网公司也对外透 露，2026年固定资产投资安排1800亿元，连续五年创新高。 在笔者看来，两大电网的投资规划，不仅意味着电力基建领域的规模突破，更勾勒出一幅技术融合、产业升级、生态共建 的能源数字化新图景，为AI时代筑牢能源底座。 首先，推动能源产业智能化变革，以生态重构激活创新活力。 电网兴则能源兴，能源强则国家强。能源是经济社会运转的"血液"，电网则是配置能源的"大动脉"与"毛细血管"。通过加 码能源基建投资，不仅能解决新能源"发得出、送不走、用不好"的痛点，还能更好适配AI时代的多元需求，体现了我国从能源 大国向能源强国跨越的坚定决心。 一笔笔投资逐步落地，将构建起主配微协同的新型电网平台，推动能源产业从传统模式向源网荷储（以电源、电网、负 荷、储能为核心的新型电力系统协同运行模式）的智能化形态全面转型。同时，激活全产业链创新活力，催生全新的产业生态 与价值链条，培育出自主可控、技 ...

Core Viewpoint - Honghua Smart Energy has been awarded the "Outstanding New Energy Listed Company" at the "2025 Hong Kong Wealth Management Summit and the 12th (Top 100 Hong Kong Stocks) Award Ceremony," highlighting its strategic positioning, business growth, and technological innovation in the new energy sector [1][4]. Group 1 - The "Top 100 Hong Kong Stocks" selection has evolved over twelve sessions, becoming a significant benchmark for assessing the comprehensive competitiveness and sustainable development capabilities of Hong Kong-listed companies [3]. - This year's evaluation focused on themes of energy revolution and low-carbon transformation, assessing companies across multiple dimensions including strategic foresight, business growth, technological innovation, and environmental social benefits [3]. - The award signifies the company's solid foundation and breakthrough progress in the new energy field, gaining widespread attention and professional recognition from the capital market [4]. Group 2 - The recognition reflects the company's strategic execution and business growth, as well as its industry influence in promoting energy cleanliness and intelligence [4]. - With a clear business model, enhanced technological integration capabilities, and replicable project experience, the company has gradually become a market benchmark in the domestic smart energy sector with systematic solution capabilities [4]. - Looking ahead, Honghua Smart Energy aims to continue exploring energy digitalization and market transaction innovations, striving to become a leading smart energy service provider and create lasting value for shareholders while contributing to society's low-carbon transition [4].

证券日报网1月9日讯，开发科技在接受调研者提问时表示，公司致力于在智能计量与能源数字化进程中 加速全球化布局，目标是成为全球领先的能源数字化解决方案提供商。公司坚持研发、营销"双轮驱 动"战略，在国际市场，持续巩固和深化现有优势；依托多年、丰富的国际市场拓展和项目经验，加大 国内市场开拓，形成国际、国内协同发展，相互促进的良性循环。 ...

Core Viewpoint - The conference focused on building an open and collaborative energy digitalization ecosystem, emphasizing the importance of creating an open industry ecosystem rather than just achieving technical capabilities [2][4]. Group 1: Event Overview - The 2025 Electric Hong Ecosystem Conference was held in Beijing, organized by China Southern Power Grid Co., with nearly 400 representatives from various sectors attending [2]. - The event aimed to outline a digitalization blueprint for the energy sector, promoting collaboration among government, industry organizations, energy companies, and academic institutions [2]. Group 2: Technical Innovations - The Electric Hong operating system was introduced to address challenges in the energy IoT sector, such as protocol unification and insufficient intelligence levels [4]. - The system features six core designs tailored to different device requirements, including small microkernels for resource-limited devices and high-performance kernels for complex scenarios [4]. - A significant advancement was made in real-time capabilities, reducing response time from hundreds of microseconds to under 15 microseconds, meeting application standards in control and protection fields [4]. Group 3: Security and Trustworthiness - The Electric Hong system has achieved the highest level of trusted security architecture certification in China, ensuring a secure operating environment from hardware to platform [5]. - A comprehensive technology stack was developed, enabling efficient collaboration between devices and applications, allowing for plug-and-play capabilities and flexible cloud management [5]. Group 4: Practical Applications and Future Plans - In the transmission sector, the system has evolved through various stages, with future developments aimed at real-time evaluation and predictive capabilities using AI [6]. - The distribution sector is highlighted as the largest application area, with plans to automate operations and replace traditional manual processes [6]. - The Electric Hong team aims to achieve breakthroughs in real-time control and large-scale AI applications, ultimately establishing a unified technical foundation for the energy industrial internet and exporting solutions internationally [6].

Core Viewpoint - The integration of energy and digital revolutions is crucial for establishing a new power system, with a focus on digitalization and intelligence as key drivers for innovation and industry collaboration in the energy sector [2][4]. Group 1: Event Overview - The 2025 Electric Hong Ecosystem Conference was held in Beijing, focusing on building a unified power IoT foundation to support the new power system [2]. - The conference gathered nearly 400 representatives from government, industry organizations, energy companies, universities, and innovation partners to discuss energy digitalization and intelligent transformation [2]. Group 2: Challenges and Solutions - The transition from traditional centralized power systems to complex, collaborative systems requires addressing challenges such as heterogeneous terminal access, rapid business scenario iterations, and cybersecurity risks [4]. - The "Electric Hong" open-source IoT operating system aims to standardize underlying technology and resolve issues related to protocol unification and data connectivity, thereby enhancing the safety and flexibility of the energy system [4][5]. Group 3: Technological Advancements - The Electric Hong initiative emphasizes a digital paradigm shift centered on "software-defined power," which is essential for supporting the operation of the new power system [5]. - The initiative has led to the establishment of the Open Atom Electric Hong Open Source Community, marking a strategic transition from enterprise-level products to an industry-level collaborative platform [7]. Group 4: Ecosystem Development - The Electric Hong ecosystem has attracted over 560 partners and adapted nearly 1,900 terminal devices, covering mainstream power chip systems, indicating a growing collaborative industry ecosystem [8]. - The ecosystem's collaborative effects are becoming evident, with partnerships enhancing the influence and reach of Electric Hong [10]. Group 5: Practical Applications - Electric Hong is being validated through large-scale applications in key areas such as grid operation and energy services, demonstrating its value as a unified digital foundation [11]. - In Guangzhou, the implementation of Electric Hong has led to significant improvements in distribution network management, achieving a 98% accuracy rate in automatic maintenance of over 5.5 million meters [12]. Group 6: Future Prospects - The future vision for Electric Hong includes integrating capabilities such as sensing terminals, power IoT, digital twins, and artificial intelligence to provide comprehensive solutions for the energy sector [13]. - The initiative is positioned to contribute to global energy digital transformation, offering a replicable Chinese model for balancing clean, low-carbon energy with economic efficiency [13].