智能电表产业链全景梳理：下游市场繁多 中国智能电表产业的上游主要为芯片与PCB、继电器与结构件、其他元器件等生产商;中游包括智能电 表生产等环节;下游则主要是个人家庭、充电桩、分布式能源等领域。 转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院智能电表研究小组发布的《中国智能电表行业发展前景与投资战 略规划分析报告》 行业主要上市公司：新天科技(300259)、科陆电子(002121)、林洋能源(601222)、迦南智能(300880)、万 胜智能(300882)、西力科技(688616)、煜邦电力(688597)等 本文核心数据：企业产能;企业产量 表产业链区域热力地图：广东省分布最集中 智能电 从企查猫以"智能电表"为关键词进行精确搜索，得到智能电表企业区域分布。从企业地区分布上来看， 目前中国智能电表企业主要分布在广东省。截至2025年12月，广东共有相关智能电表企业数500余家。 从智能电表行业上中下游产业链参与企业来看，上游企业包括力合微、复旦微电等硬件设计制造企业; 智能电表中游的企业则由科陆电子、新天科技、林洋能源等企业构成。 注：企查猫数据截止到2025年12月9日。 从代表性企业分布 ...

证券日报网讯 1月26日，万胜智能在互动平台回答投资者提问时表示，面对行业发展机遇，公司将加大 研发投入，深化与核心客户的协同合作，优化产能与供应链管理，以优质产品助力新型电网建设，进一 步巩固市场竞争力。 （编辑 楚丽君） ...

证券日报网讯1月23日，万胜智能（300882）在互动平台回答投资者提问时表示，公司目前正在编制 2025年年度报告，公司2025年总体情况或未来展望请参阅公司2025年年度报告。 ...

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Weisheng Holdings, which rose over 9% to reach a new historical high of 23.98 HKD, with a current price of 23.86 HKD and a trading volume of 131 million HKD [1] - The State Grid's fixed asset investment during the 14th Five-Year Plan has increased by over 40% compared to the previous plan, reaching a historical high, which is expected to directly benefit the power equipment sector, including Weisheng Holdings [1] - Weisheng Holdings is recognized as a leading smart meter company and a core supplier to the State Grid, with expectations for rapid growth in revenue and profit due to the anticipated boom in smart meter investments [1] Group 2 - Weisheng Holdings recently announced that its non-wholly owned subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which is expected to enhance the company's business expansion and market competitiveness through collaboration in capital and industrial resources [1] - The partnership with Boyu Capital leverages its extensive experience in data centers, technology, and renewable energy, which is anticipated to accelerate Weisheng Holdings' global expansion [1] - The strong demand for Weisheng Holdings' ADO business in data centers is entering a rapid growth phase, becoming a significant driver of overall business growth for the group [1]

Core Viewpoint - Weisheng Holdings (03393) has seen a significant increase in stock price, reaching a historical high of 23.2 HKD, driven by substantial investment growth from the State Grid Corporation of China [1] Group 1: Company Performance - Weisheng Holdings' stock rose nearly 6%, with a trading volume of 96.54 million HKD [1] - The company is recognized as a leading smart meter provider and a core supplier to the State Grid, benefiting from the increased investment in the power equipment sector [1] Group 2: Industry Trends - The State Grid's fixed asset investment during the 14th Five-Year Plan has increased by over 40% compared to the previous plan, reaching a historical high [1] - Analysts expect that the rise in smart meter investments will lead to rapid growth in Weisheng Holdings' revenue and profits [1] Group 3: Strategic Developments - Weisheng Holdings announced that its subsidiary, Weiyuan Energy, has introduced strategic investor Boyu Capital, which will enhance business expansion and market competitiveness [1] - The collaboration with Boyu Capital is expected to leverage its extensive experience in data centers, technology, and new energy sectors, facilitating global expansion [1] - The strong demand in the data center sector is propelling the ADO business of Weisheng Holdings into a rapid growth phase, becoming a key driver for overall business growth [1]

Investment Rating - The report maintains a "Buy" rating for 威胜控股 (3393.HK) and raises the target price to HKD 19.58 [1][4][6]. Core Insights - 威胜控股's ADO business is entering a rapid growth phase driven by strong demand in the data center sector, with significant orders already secured from major clients such as 万国数据 and 字节 [2][3]. - The partnership with 博裕投资 is expected to enhance 威胜控股's business development through capital and industrial resource collaboration, leveraging 博裕's extensive experience in data centers, technology, and renewable energy [1][3]. - The company's financial forecasts indicate a net profit growth rate exceeding 30% for both 2025 and 2026, supported by the booming data center business [4][5]. Financial Summary - Sales revenue is projected to grow from RMB 7.25 billion in FY 2023 to RMB 10.61 billion in FY 2025, reflecting a growth rate of 21.7% [5][12]. - Net profit is expected to increase from RMB 521.23 million in FY 2023 to RMB 923.22 million in FY 2025, with a growth rate of 30.8% [5][12]. - The gross margin is forecasted to remain stable around 34.6% from FY 2025 onwards, while the net profit margin is expected to improve to 8.7% by FY 2025 [5][12]. - The company is also projected to achieve a return on equity (ROE) of 11.9% in FY 2025, increasing to 15.2% by FY 2027 [5][12]. Market Position - 威胜控股's ADO business is strategically positioned to capitalize on the explosive growth in data center demand, both domestically and internationally, particularly benefiting from the rise of AI technologies [2][3]. - The company holds approximately 65% of the shares in its subsidiary, 惟远能源, which operates the ADO business [2][3].

Group 1: Economic Development and Industrial Transformation - Taizhou is accelerating the construction of a new development pattern, focusing on high-quality growth and innovation in the manufacturing sector, which is the foundation of its economy [1][3] - The city has implemented the "415X" advanced manufacturing cluster cultivation project, promoting the rise of new productive forces and transitioning from traditional manufacturing to intelligent manufacturing [3][4] - Taizhou has achieved full coverage of digital transformation for industrial enterprises, with 11 5G-connected factories and 10 provincial-level "future factories" established [4] Group 2: Emerging Industries and Technological Innovation - The city is fostering five strategic emerging industry clusters, including new energy vehicles, green energy, high-end equipment, new materials, and marine manufacturing, while also exploring future industries like low-altitude economy and artificial intelligence [5] - The Zhe Dongnan Intelligent Computing Center is transforming agricultural products into high-value items through AI and MGI technology, significantly enhancing research efficiency [5] Group 3: Urban Development and Quality of Life - Taizhou has been recognized as one of the "most livable cities" for the tenth time, reflecting its commitment to improving public services and urban living standards [7][8] - The city has completed significant urban renewal projects, enhancing the environment and infrastructure, which has increased residents' happiness and quality of life [8][9] - The introduction of the "Xiao Lan Ba" service has improved public transportation efficiency, with over 68,200 orders recorded in the first nine months of 2023 [8][9] Group 4: Social Welfare and Community Services - Taizhou is enhancing its social welfare programs, including the establishment of 100 "Old Peace of Mind" comprehensive service centers for elderly care and providing public school placements for migrant workers' children [11][12] - The city aims to improve healthcare access, with a grassroots consultation rate of 68.7%, ensuring that essential services are available to all residents [12]

Group 1 - The core point of the article is that Samsung Medical (601567.SH) announced a contract for a smart meter project in Brazil, valued at approximately 105.91 million Brazilian Reais, which is about 135 million Chinese Yuan [1] Group 2 - The contract was signed by Nansen Instrumentos de Precisão Ltda, a wholly-owned subsidiary of Samsung Medical [1] - The project involves the supply of smart meters for CPFL, a significant player in the Brazilian energy sector [1]

Group 1 - The core point of the article is that Samsung Medical (601567.SH) has signed a contract for a smart meter project in Brazil with CPFL, amounting to 105.9099 million Brazilian Reais, which is approximately 135 million Chinese Yuan [1] Group 2 - The contract is executed through Nansen Instrumentos de Precisão Ltda, a wholly-owned subsidiary of Samsung Medical [1] - The project signifies Samsung Medical's expansion into the Brazilian market, particularly in the smart meter sector [1] - The financial implications of the contract could enhance the company's revenue and market presence in Latin America [1]

Core Insights - Samsung Medical has achieved significant breakthroughs in both domestic and international power equipment markets, with contracts signed for an Indonesian electric meter project worth 160 million RMB and a pre-bid for a State Grid procurement project estimated at 124 million RMB [1][2] Group 1: International Expansion - The subsidiary's success in securing the Indonesian electric meter contract is attributed to local manufacturing capabilities, enhancing cost advantages and responsiveness in the Southeast Asian power market [1] - Samsung Medical has been actively expanding its overseas distribution market, with notable achievements in Hungary and Romania expected by mid-2025 [1] - The company is also establishing a production base in Kenya by July 2025 to support its business expansion in Africa [1] Group 2: Financial Performance - In the third quarter, Samsung Medical reported significant orders in various international projects, including 212 million RMB from the US Nexgrid smart meter framework, 185 million RMB from a smart meter project in Poland, and 419 million RMB from Egypt [2] - The company’s smart distribution and power supply business generated 6.354 billion RMB in revenue in the first half of 2025, accounting for 79.7% of total revenue, reflecting a year-on-year growth of 19.53% [2] - As of mid-2025, Samsung Medical's total orders on hand reached 17.632 billion RMB, marking an 18.39% increase year-on-year, with overseas distribution orders growing by 123.96% [3]