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 "Recommended" rating for the company [6] Core Views - The company demonstrated stable operations in H1 2025, achieving revenue of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit attributable to shareholders of 305 million yuan, up 12.24% year-on-year [1] - The company has a strong order backlog, with new orders signed in H1 2025 amounting to 1.627 billion yuan, representing an 8.31% year-on-year growth [2] - The company's overseas business is growing, with overseas revenue reaching 283 million yuan in H1 2025, accounting for 20.82% of total revenue, and a year-on-year increase of 25.75% [2] - The company launched 36 innovative products and solutions in H1 2025, generating revenue of 642 million yuan, which constitutes 47% of total revenue [3] - The company is expected to achieve revenues of 3.135 billion yuan, 3.841 billion yuan, and 4.739 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 14.2%, 22.5%, and 23.4% [3] Summary by Sections Financial Performance - In H1 2025, the company reported a net cash flow from operating activities of 178 million yuan, an 11.12% improvement year-on-year [2] - The company's return on equity (ROE) for H1 2025 was 9.18%, and the debt-to-asset ratio was 34.83% [2] Product Development - The company is actively responding to market opportunities and challenges, achieving breakthroughs in chip and module technologies [3] - New products include multi-mode communication chips and various communication modules, which are expected to drive future growth [3] Market Position - The company is focusing on the integration of IoT, chips, and artificial intelligence as its core competitive advantage, with ongoing developments in the power IoT and smart city sectors [3]