智能配电业务快速扩展 智能配电业务料将维持高增长。叠加因应AIDC订单的毛利率高于其他智能配电订单，该行预计FY24- 27期间，智能配电收入及毛利的复合年增长率分别为25.4%及27.9%，高于公司总收入及毛利的19.8%及 21.8%相关增长，所占总收入及毛利比例也分别由FY24的33.3%及24.9%上升至FY27的38.1%及27.6%。 风险提示：(一)生产或项目开发延误;(二)原材料价格急涨;(三)新增电网投资下跌;(四)海外生产成本上 升。 智通财经APP获悉，中泰国际证券发布研报称，自首次覆盖后，威胜控股(03393)股价至今已经上涨 124.5%，该行认为股价仍具充裕上行空间，分别调升FY25-27股东净利润预测1.2%、1.6%、2.1%，并将 目标价由17.40港元上调至21.75港元，对应16.0倍FY26目标市盈率及30.4%上行空间。如明年首季公司 被纳入港股通，公司估值届时将更有效反映。该行重申"买入"评级。AIDC(人工智能数据中心)客户对公 司的智能配电服务需求料高于预期，FY26相关新增订单有望大幅增长。公司的发展基础也因此进一步 由传统工业板块扩展至先进科技板块，支持更高 ...

消息面上，据报道，英伟达计划于下周举办一场私人峰会，邀请专注于解决数据中心电力问题的初创公 司参加，这些问题可能会阻碍人工智能的发展。中泰国际此前研报指出，正当AI产业全球崛起，数据 中心耗电需求跟随增长，促进公司的智能配电业务扩大。公司的业务定位也由传统工业扩展至先进科 技，提供重估机遇，突破港股工业板块估值的框架。 花旗此前研报指出，根据威胜控股指引，受强劲的人工智能数据中心(AIDC)需求推动下，其海外客户 2026年新订单金额将年可增54%至20亿元人民币。花旗预计，威胜数据中心的收入占比将从2024年的 9%，分别在2025、2026年逐步提升至16%和20%。鉴于AIDC业务更高的盈利贡献，花旗将威胜2025至 2027年的净利润预测上调11%至17%。 威胜控股(03393)涨超8%，截至发稿，涨8.47%，报16.4港元，成交额4388.07万港元。 ...

Core Viewpoint - Weisheng Holdings (03393) saw a significant stock price increase, reaching a historical high of 15.32 HKD, driven by developments in the artificial intelligence sector and strategic partnerships in smart distribution [1] Company Summary - Weisheng Holdings' stock rose over 6%, reaching a peak of 15.27 HKD, with a trading volume of 19.93 million HKD [1] - The company is expanding its smart distribution business, supported by data center clients starting from FY24 [1] - A new factory in Johor Bahru, Malaysia, has commenced operations, which is expected to further enhance Weisheng Holdings' overseas smart distribution business [1] Industry Summary - Microsoft CEO Satya Nadella highlighted that the AI industry is currently facing a power supply issue rather than an excess of computing power, with North America's power grid struggling to meet the growing demand [1] - A report from Zhongtai Securities noted that Weisheng Holdings is collaborating with Siemens and Global Data, with the latter's Singapore-based subsidiary DayOne reporting a 110.9% year-on-year increase in electricity consumption in Q2 2025 [1] - The strategic cooperation agreement signed with DayOne during the factory opening ceremony aims to deepen collaboration in the data center sector [1]

Core Viewpoint - The current challenges in the artificial intelligence industry are not due to excess computing power but rather a lack of sufficient electricity to support GPU operations, as highlighted by Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman [1] Company Summary - Wisenet Holdings (03393) saw its stock price increase by over 7%, reaching 14.4 HKD with a trading volume of 15.61 million HKD [1] - The company's smart distribution business is expected to expand due to the rising electricity demand from data centers driven by the growth of the AI industry [1] - A new factory in Johor Bahru, Malaysia, has commenced operations, which is anticipated to further boost Wisenet's overseas smart distribution business [1] - During the factory opening ceremony, the company signed a strategic cooperation agreement to deepen collaboration in the data center sector [1] Industry Summary - The U.S. Energy Information Administration (EIA) forecasts that electricity consumption in the U.S. will reach historical highs in 2025 and 2026, primarily driven by AI and data center expansion [1] - The global rise of the AI industry is leading to increased electricity consumption, which is beneficial for companies involved in smart distribution [1]

Core Viewpoint - The rise of the AI industry is driving increased demand for data center electricity, which presents growth opportunities for companies like 威胜控股 (Weisheng Holdings) in the smart distribution business [1] Group 1: Company Performance - 威胜控股's stock rose by 7.38%, reaching 14.4 HKD, with a trading volume of 15.61 million HKD [1] Group 2: Industry Insights - Microsoft CEO Satya Nadella and OpenAI CEO Sam Altman highlighted that the AI industry is facing a power supply issue rather than an excess of computing power, indicating a need for infrastructure development near power sources [1] - The U.S. Energy Information Administration (EIA) forecasts that electricity consumption in the U.S. will reach historical highs in 2025 and 2026, driven by AI and data center expansion [1] Group 3: Business Expansion - 中泰国际 (Zhongtai International) reported that the global rise of the AI industry and the corresponding increase in data center electricity demand are promoting the expansion of 威胜控股's smart distribution business [1] - The company is transitioning from traditional industrial operations to advanced technology, providing revaluation opportunities and breaking through the valuation framework of the Hong Kong industrial sector [1] - Starting from FY24, data center clients are expected to drive the expansion of 威胜控股's smart distribution business [1] - The new factory in Johor Bahru, Malaysia, which commenced operations in the first half of this year, is anticipated to further enhance 威胜控股's overseas smart distribution business [1] - During the factory opening ceremony, the company signed a strategic cooperation agreement for deep collaboration in the data center sector [1]

Core Viewpoint - The company is positioned to benefit from the global rise of the AI industry, which is driving increased electricity demand in data centers, thus expanding its smart distribution business [1][2] Group 1: Market Opportunity - The target price for the company has been raised from HKD 11.65 to HKD 17.40, reflecting a 39.3% upside potential based on a 13.0x FY26 target P/E ratio [1] - The International Energy Agency (IEA) projects that global electricity consumption by data centers will increase by approximately 127.7% from an estimated 415 TWh in 2024 to a forecasted 945 TWh by 2030 [1] - The electricity consumption of data centers in China and the U.S. is expected to grow by about 170% and 130%, respectively, reaching approximately 420 TWh and 275 TWh by 2030, together accounting for over 70% of the global forecast [1] Group 2: Business Expansion - Data center clients are driving the expansion of the company's smart distribution business, with significant collaborations with Siemens and Global Data [2] - The company's smart distribution business is projected to have a compound annual growth rate (CAGR) of 24.7% in revenue and 26.0% in gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.6% and 21.2% [2] - The contribution of smart distribution to total revenue and gross profit is expected to increase from 33.3% and 24.9% in FY24 to 37.7% and 27.9% in FY27, respectively [2]

Core Viewpoint - The rise of the AI industry globally is driving an increase in electricity demand from data centers, which is expanding the company's smart distribution business and providing revaluation opportunities in the Hong Kong industrial sector [1] Group 1: Data Center Electricity Demand - The International Energy Agency (IEA) predicts that global electricity consumption by data centers will increase by approximately 127.7% from an estimated 415 TWh in 2024 to a forecasted 945 TWh by 2030 [1] - In the same period, electricity consumption in data centers in China and the United States is expected to grow by about 170% and 130%, reaching approximately 420 TWh and 275 TWh, respectively, together accounting for over 70% of the global forecast for 2030 [1] Group 2: Smart Distribution Business Expansion - Starting from FY24, data center clients are driving the expansion of the company's smart distribution business, with significant growth observed in partnerships, such as with Siemens and Global Data [2] - The electricity consumption of DayOne, a subsidiary in Singapore, reached 213 MW in Q2 25, marking a year-on-year increase of 110.9% and a quarter-on-quarter increase of 49.0% [2] - The opening of a new factory in Johor, Malaysia, is expected to further boost the company's overseas smart distribution business [2] Group 3: Growth Projections for Smart Distribution - The company anticipates a compound annual growth rate (CAGR) of 24.7% for smart distribution revenue and 26.0% for gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.6% and 21.2% [3] - The proportion of smart distribution in total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 37.7% and 27.9% in FY27, respectively [3]

Core Insights - The rise of the AI industry is significantly increasing the electricity demand of data centers, which is expanding the company's smart distribution business [1] - The company has adjusted its earnings forecast based on the latest report data, raising the target price from HKD 11.65 to HKD 17.40, reflecting a 39.3% upside potential [1] Group 1: Data Center Electricity Demand - The International Energy Agency (IEA) projects that global electricity consumption by data centers will increase by approximately 127.7% from an estimated 415 TWh in 2024 to a forecasted 945 TWh by 2030 [1] - The electricity consumption in data centers in China and the U.S. is expected to grow by about 170% and 130%, reaching approximately 420 TWh and 275 TWh respectively, accounting for over 70% of the global forecast by 2030 [1] Group 2: Smart Distribution Business Expansion - Data center clients are driving the expansion of the company's smart distribution business, with significant growth observed in partnerships, such as with Siemens and DayOne [2] - DayOne's electricity consumption in Q2 2025 was 213 MW, representing a year-on-year increase of 110.9% and a quarter-on-quarter increase of 49.0% [2] Group 3: Growth Projections for Smart Distribution - The company anticipates a compound annual growth rate (CAGR) of 24.7% for smart distribution revenue and 26.0% for gross profit from FY24 to FY27, surpassing the overall company growth rates of 19.6% and 21.2% respectively [3] - The proportion of smart distribution in total revenue and gross profit is expected to rise from 33.3% and 24.9% in FY24 to 37.7% and 27.9% in FY27 [3]

Core Viewpoint - The strategic restructuring of two major energy giants in Henan Province, namely Henan Energy Group and China Pingmei Shenma Group, has led to a significant surge in the stock prices of related listed companies, with Yicheng New Energy hitting a 20% limit up [1][6][7]. Group 1: Market Performance - On September 26, the A-share market showed a generally weak performance, with major indices declining, including the ChiNext index dropping over 1% [2][4]. - Despite the overall market downturn, several stocks remained active, with companies like Jixin Technology and Jiaze New Energy achieving consecutive limit-ups [4]. Group 2: Strategic Restructuring - The Henan Provincial Government has decided to implement a strategic restructuring involving Henan Energy Group and China Pingmei Shenma Group, which includes the control of several listed companies such as Pingmei Shares and Shenma Shares [6][7]. - The restructuring is expected to enhance operational efficiency and market competitiveness for the involved companies, as they aim to consolidate resources and capabilities [6]. Group 3: Stock Reactions - Following the announcement of the restructuring, related companies experienced a collective surge in stock prices, with Yicheng New Energy reaching a 20% limit up, and other companies like Shenma Shares and Dayou Energy also hitting their daily limits [2][7]. - The market capitalization of these companies is significant, with Pingmei Shenma Group reporting an expected revenue of 168.8 billion yuan for 2024, while Henan Energy Group anticipates 121 billion yuan [7].

Group 1 - The core point of the news is the strategic restructuring of two major energy companies in Henan, which has led to a significant rise in the stock prices of related listed companies, with Yicheng New Energy hitting a 20% limit up [1][2][7][8] - The Henan Provincial Government has decided to implement a strategic reorganization of Henan Energy Group Co., Ltd. and China Pingmei Shenma Group Co., Ltd., which control several listed companies including Pingmei Shares, Shenma Shares, Yicheng New Energy, Silane Technology, and Dayou Energy [2][7][8] - Following the announcement, Yicheng New Energy, Shenma Shares, and Dayou Energy all reached their daily limit up, while Silane Technology rose over 14% and Pingmei Shares increased nearly 5% [2][8] Group 2 - In 2024, China Pingmei Shenma Group reported revenues of 168.8 billion yuan, while Henan Energy Group had revenues of 121 billion yuan [8] - The restructuring is expected to enhance operational efficiency and market competitiveness for the involved companies, as they aim to leverage synergies from the merger [7][8] Group 3 - In the Hong Kong market, Boreton experienced a significant rise, with its stock price increasing by over 40% following the announcement of a strategic cooperation agreement with Xinjiang Mingyang Mining Group [3][12][13] - The agreement focuses on long-term collaboration in the mining business, particularly in the areas of electric and intelligent mining transportation [13][14]