盈利预测：我们预计2025-2027 年公司EPS 分别为1.54、1.88、2.32 元，PE 分别为24、19、16 倍，维 持"买入"评级。 风险提示：需求走弱、竞争加剧造成盈利能力下降、地缘政治和汇率风险等。 业绩显著超预期，增长有数量更有质量。1）根据公司公告，2025Q1 实现营收5.55 亿元、同比增长 23.96%；归母净利润1.39 亿元、同比增长25.33%；扣非后为1.37 亿元、同比增长26.22%；经营性净现 金流为0.80 亿元、同比增长38.29%，业绩显著超出市场预期。盈利能力方面，2025Q1 公司毛利率为 41.61%，同比微降0.28 个百分点（2024Q1 为41.89%）；净利率为25.09%，同比提升0.30 个百分点 （2024Q1 为24.79%）；ROE 为4.28%，同比提升0.43 个百分点（2024Q1 为3.85%），总结来看，公司 2025Q1 业绩超预期，增长有数量、更有质量。2）订单方面，2025Q1 公司新签合同7.77 亿元、同比增 长30.4%；截至2025Q1 末，公司在手订单合计41.08亿元（公司2024 年收入为27.45 亿元、订 ...

Core Viewpoint - 威胜信息 reported a strong performance in Q1 2025, with significant growth in revenue and net profit, driven by robust order intake and technological innovation [1][2]. Financial Performance - The company achieved a revenue of 555 million yuan, representing a year-on-year increase of 24% [1]. - The net profit attributable to shareholders reached 139 million yuan, up 25.3% year-on-year [1]. - Operating cash flow was 79.86 million yuan, reflecting a growth of 38.3% compared to the previous year [1]. - New contracts signed in Q1 amounted to 777 million yuan, a 30.4% increase year-on-year, with total backlog reaching 4.108 billion yuan [1]. Technological Innovation - 威胜信息 has invested a total of 667 million yuan in R&D over the past three years, averaging 9.6% of revenue [1]. - The company has developed a core competitive advantage in "IoT + chips + AI," providing comprehensive solutions from data collection to analysis [1]. - The self-developed communication chip supports AMI communication solutions for over 70% of countries globally, enhancing the company's international technological capabilities [1][2]. Strategic Initiatives - The company integrates AI technologies into new power system construction, achieving breakthroughs in predictive maintenance and operational efficiency [2]. - In the smart city sector, 威胜信息 has developed AI edge computing gateways and smart security management platforms, enhancing capabilities in edge computing and security [2]. - The company is focused on international expansion, particularly in Belt and Road Initiative countries, with a strategy of "trade + empowerment + integration" [2][3]. Shareholder Returns - 威胜信息 has prioritized shareholder returns, distributing a cash dividend of 5.2 yuan per 10 shares, totaling 250 million yuan [3]. - Cumulatively, the company has distributed 958 million yuan in dividends and repurchased approximately 200 million yuan in shares since its listing, totaling 1.16 billion yuan in returns [3]. - The company commits to maintaining a baseline dividend payout ratio of 40% over the next five years, promoting a stable return mechanism [3].

Financial Performance - The company reported a basic earnings per share of 0.2800 yuan for Q1 2025, representing a 21.74% increase compared to 0.2300 yuan in Q1 2024 [1] - The net profit for Q1 2025 was 1.39 billion yuan, up 25.23% from 1.11 billion yuan in Q1 2024 [1] - The operating revenue for Q1 2025 reached 5.55 billion yuan, reflecting a 23.88% increase from 4.48 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 4.10% in Q1 2025, compared to 3.72% in Q1 2024, marking a 10.22% increase [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 39,173.3 million shares, accounting for 79.67% of the circulating shares, with a decrease of 606.32 million shares from the previous period [1] - The largest shareholder, Weisheng Group Co., Ltd., holds 18,357.44 million shares, representing 37.34% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Weijia Creation Co., Ltd., holds 10,923.56 million shares, also with no change [2] - Notable changes include a decrease of 91.55 million shares held by Zou Qiming and a significant reduction of 399.99 million shares held by Chen Jun [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares in the current period [3]