Core Viewpoint - Samsung Medical (601567.SH) has developed an integrated solution in the field of smart energy management to meet the needs of domestic and international customers [1] Group 1 - The company has formed a comprehensive solution in smart power distribution, which includes smart meters, smart terminals, communication modules, system software, transformers, box-type substations, switch cabinets, power boxes, photovoltaic/wind power box transformers, charging piles, inverters, and energy storage-related products [1] - Currently, the company does not have any military-related business [1]

格隆汇9月4日丨三星医疗(601567.SH)在互动平台表示，公司围绕国内外客户智慧能源管理需求，在智 能配用电领域已形成一体化的整体解决方案，包括智能电表、智能终端、通信模块、系统软件、变压 器、箱式变电站、开关柜、电力箱、光伏/风电箱变、充电桩、逆变器、储能相关产品等。目前没有军 品业务。 ...

股东方面，截至2025年3月31日，三星医疗股东户数16366户，较上次减少898户，户均持股市值35.28万 元，户均持股数量2.76万股。 宁波三星医疗电气股份有限公司的主营业务是智能配用电板块、医疗服务板块。公司的主要产品是智能 电表、高端关口表、智能终端、电力箱、通信模块、AMI/MDM等系统集成解决方案和总包服务、变压 器、环网柜/环保气体柜、一二次融合成套设备、高低压开关成套设备、智能化预装式变电站、光伏箱 变、风电箱变、光伏预制舱、逆变器、充电桩、储能产品及系统、医疗服务。公司荣获国家级知识产权 示范企业、省重点企业研究院、省企业技术中心，下属子公司三星智能荣获国家级知识产权优势企业、 省高新技术企业研究开发中心。报告期内，公司及下属子公司分别荣获国家绿色供应链。 最新一期业绩显示，2025年一季报，公司实现营业收入36.31亿元，同比20.03%；净利润4.89亿元，同 比34.33%，销售毛利率28.90%。 8月12日，三星医疗今日收盘24.4元，上涨4.18%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到14.38倍，创60天以来新低，总市值342.88亿元。 从行业市盈 ...

证券研究报告 | 公司动态点评 2025 年 08 月 11 日 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,225 | 2,745 | 3,367 | 4,141 | 5,105 | | 增长率 yoy（%） | 11.1 | 23.3 | 22.7 | 23.0 | 23.3 | | 归母净利润（百万元） | 525 | 631 | 758 | 940 | 1,179 | | 增长率 yoy（%） | 31.3 | 20.1 | 20.1 | 24.1 | 25.4 | | ROE（%） | 17.7 | 18.8 | 19.7 | 20.5 | 21.2 | | EPS 最新摊薄（元） | 1.07 | 1.28 | 1.54 | 1.91 | 2.40 | | P/E（倍） | 32.7 | 27.2 | 22.7 | 18.3 | 14.6 | | P/B（倍） | 5.8 | 5.1 | 4.5 | 3.7 | 3.1 | 资料来源：公司 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 1.368 billion yuan for the first half of 2025, representing a year-on-year growth 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 the first half of 2025 amounting to 1.627 billion yuan, a growth of 8.31% year-on-year, and a total contract backlog of 3.956 billion yuan, up 12.63% year-on-year [3]. - The company is actively expanding its overseas business, with foreign revenue reaching 283 million yuan, accounting for 20.82% of total revenue, and showing a year-on-year increase of 25.75% [2]. - The company has successfully launched 36 new products and solutions, generating 642 million yuan in revenue, which constitutes 47% of total revenue, leveraging AI technology in its offerings [4]. - The company emphasizes shareholder returns, having completed a cash dividend of 5.2 yuan per 10 shares, totaling 250 million yuan, and has committed to maintaining a 40% dividend payout ratio over the next five years [5]. Financial Performance - The company achieved a net cash flow from operating activities of 178 million yuan in the first half of 2025, an improvement of 11.12% year-on-year [3]. - The company's net asset return rate stood at 9.18%, with a debt-to-asset ratio of 34.83% [3]. - The projected net profit for the years 2025 to 2027 is estimated at 767 million yuan, 931 million yuan, and 1.124 billion yuan respectively, with corresponding P/E ratios of 22, 18, and 15 times [6].

近期威胜信息(688100)发布2025年中报，证券之星财报模型分析如下： 经营业绩 威胜信息(688100)发布的2025年中报显示，公司营业总收入达到13.68亿元，同比上升11.88%；归母净利 润为3.05亿元，同比上升12.24%；扣非净利润为2.98亿元，同比上升12.67%。这些数据显示公司在报告 期内实现了较为稳健的增长。 单季度数据 从单季度数据来看，第二季度营业总收入为8.13亿元，同比上升4.9%；归母净利润为1.66亿元，同比上 升3.18%；扣非净利润为1.61亿元，同比上升3.27%。尽管增速有所放缓，但整体表现仍然稳健。 主要财务指标 应收账款显著上升 值得注意的是，本报告期威胜信息的应收账款显著上升至22.14亿元，同比增幅达45.38%。这一增长幅 度远高于营业收入的增长速度，表明公司在应收账款管理方面可能存在一定压力。应收账款/利润比率 高达351.02%，建议投资者密切关注其回收情况。 现金流与负债情况 公司现金资产健康，有息负债减少，显示出良好的偿债能力。 发展战略与市场表现 威胜信息秉持"物联世界、芯连未来"的发展战略，提供面向全球的能源数字化综合解决方案。公司作为 ...

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]

Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Views - The company is a leading provider of energy IoT solutions, showcasing strong internal growth momentum with significant revenue and profit increases projected for the coming years [7]. - The international expansion strategy has yielded notable results, with a focus on the Middle East and the establishment of an overseas factory in Indonesia, driving substantial growth in international revenue [7]. - The company is well-positioned to benefit from increased investments in the domestic power grid, with a projected total investment of over 6,500 billion yuan by the State Grid in 2025 [7]. - The development of self-researched chips creates a competitive edge, ensuring a robust order backlog that supports future growth [7]. - The company is expected to see significant profit growth from 2025 to 2027, with attractive valuation metrics [7]. Company Overview - The company specializes in providing comprehensive IoT solutions across the entire industry chain, including sensing, networking, and application layers [12]. - Key products include electric monitoring terminals, water and gas sensors, communication gateways, and IoT application solutions [12][16]. Financial Data and Valuation - Projected total revenue for 2023 is 2,225 million yuan, with a year-on-year growth of 11%, and expected to reach 6,146 million yuan by 2027 [3]. - The net profit attributable to shareholders is projected to grow from 525 million yuan in 2023 to 1,280 million yuan in 2027, reflecting a compound annual growth rate of approximately 27% [3]. - The company’s current price-to-earnings (PE) ratio is 31.3, expected to decrease to 12.8 by 2027, indicating an attractive valuation [3]. Industry Overview - The electric monitoring terminal market is experiencing rapid growth due to the acceleration of smart grid construction and the digital transformation of industries [25]. - The demand for water, gas, and heat sensing terminals is increasing, driven by the need for efficient resource management in urban public utilities [28]. - Communication modules are essential for enabling data transmission between devices, with a growing market for smart home and industrial applications [32]. Investment Logic - The company’s early market positioning and dual growth drivers from the Middle East and emerging markets are expected to create future value [7]. - Record-breaking investments in the power grid are anticipated to enhance the company’s growth prospects in the smart grid sector [7]. - The collaboration with leading enterprises and strategic partnerships in the IoT space strengthens the company’s market position [20][21].

Group 1 - The core activity "Shareholders Come" aims to enhance institutional investors' understanding and trust in listed companies, thereby boosting investor confidence and promoting effective communication between companies and investors [1][3] - Beijing Yubang Electric Technology Co., Ltd. has over 20 years of experience in the smart grid sector, focusing on the research, production, and sales of smart electricity products, including smart meters and energy storage products [1][2] - In 2024, Yubang Electric achieved a revenue of 940 million yuan, a year-on-year increase of 67.35%, and a net profit of 111 million yuan, reflecting a significant growth of 195.77% [2] Group 2 - The company emphasizes a combination of production and research, with a 2024 R&D investment of 80.1465 million yuan, accounting for 8.52% of revenue, and has obtained 69 new intellectual property rights [2] - During the event, Yubang Electric's executives shared insights on the company's technological innovations and market positioning, as well as its role in supporting the construction of a new power system in China [3][4] - Guotai Junan Securities, as a co-organizer, provided macroeconomic analysis and insights into the opportunities presented by the clean electricity demand and the evolving competitive landscape in the power industry [4]