Core Viewpoint - The company reported strong financial performance for 1H25, with revenue and net profit exceeding expectations, driven by market expansion and robust demand in both domestic and overseas markets [1][2]. Financial Performance - Total revenue for 1H25 reached 4.39 billion yuan, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million yuan, up 32.8% [1]. - Revenue from electric AMI grew by 29.8% to 1.88 billion yuan, while communication AMI revenue increased by 12.8% to 1.30 billion yuan, and distribution ADO revenue rose by 6.1% to 1.21 billion yuan [1]. Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion yuan, accounting for 28.3% of total revenue [2]. - By region, revenue from the Americas rose by 26.0% to 680 million yuan, Asia saw a significant increase of 76.2% to 290 million yuan, while Europe surged by 834% to 40 million yuan [2]. - New overseas orders for 1H25 grew by 22.9% to 2.13 billion yuan, with backlog orders up 28% to 3.61 billion yuan as of June [2]. Profitability and Cost Control - The company's gross margin stood at 35.1%, a decrease of 0.4 percentage points year-on-year, while net profit margin improved by 1.2 percentage points to 10.0% [3]. - The company achieved a reduction in expense ratio to 21.2%, down 1.6 percentage points, with decreases in sales, management, and R&D expenses [3]. Growth Outlook - The company is optimistic about growth opportunities in overseas markets and data centers, with new factories in Hungary, Indonesia, and Malaysia expected to enhance order volumes [3]. - Collaborations with major players in the data center sector, including ByteDance, are anticipated to drive further growth [3]. Profit Forecast and Valuation - The company maintains net profit forecasts of 916 million yuan for 2025 and 1.136 billion yuan for 2026, with current stock price corresponding to P/E ratios of 9.5x and 7.6x for 2025 and 2026, respectively [3]. - The target price has been raised by 22% to 12 HKD, indicating a potential upside of 25% from the current stock price [3].

中金发布研报称，维持威胜控股(03393)2025/2026年净利润预测9.16/11.36亿元，当前股价对应 9.5x/7.6x2025/2026eP/E。维持跑赢行业评级，考虑到板块估值中枢上移，上调目标价22%至12港元，对 应12.0x/9.5x2025/2026eP/E，较当前股价仍有25%上行空间。 中金主要观点如下： 1H25营收同比+17.3%，归母净利润同比+32.8%，业绩超出该行的预期 看好出海、数据中心持续打开成长空间 1H25公司匈牙利新工厂进入正常交付运营期，印尼、马来新工厂正式投产运营，该行认为本地化有望 推动欧洲、亚洲区域订单再上一个台阶。公司积极带动多产品出海，1H25配电业务在北美、南美等区 域取得了重大市场突破，在北美、欧洲及澳洲有多个工商储试点项目稳定运行。数据中心领域，公司与 万国数据、DAYONE、西门子开展海外市场的深度合作，国内市场取得字节跳动订单突破，除供配电 系统外，积极布局液冷散热相关产品。该行看好公司凭借客户资源、海外供应链配套以及一站式解决方 案优势，把握国内外数据中心建设的需求机遇。 风险提示：国内电表招标不及预期，海外竞争加剧，海外业务经营风险。 ...

Core Viewpoint - Company maintains net profit forecasts for 2025/2026 at 916 million and 1.136 billion HKD respectively, with current stock price corresponding to 9.5x and 7.6x P/E ratios for those years, and raises target price by 22% to 12 HKD, indicating a 25% upside potential from current price [1] Group 1: Financial Performance - For 1H25, company reported total revenue of 4.39 billion HKD, a year-on-year increase of 17.3%, with net profit attributable to shareholders at 440 million HKD, up 32.8% year-on-year, exceeding expectations [2] - Revenue breakdown shows electric AMI revenue increased by 29.8% to 1.88 billion HKD, communication AMI revenue rose by 12.8% to 1.30 billion HKD, and distribution ADO revenue grew by 6.1% to 1.21 billion HKD [2] Group 2: Overseas Revenue and Orders - Overseas revenue for 1H25 increased by 19.1% to 1.24 billion HKD, accounting for 28.3% of total revenue, with significant growth in the Americas (up 26.0% to 680 million HKD), Asia (up 76.2% to 290 million HKD), and Europe (up 834% to 40 million HKD) [3] - New overseas orders signed in 1H25 rose by 22.9% to 2.13 billion HKD, with backlog orders as of June 30 increasing by 28% to 3.61 billion HKD [3] Group 3: Cost Control and Profitability - Gross margin for 1H25 was 35.1%, a decrease of 0.4 percentage points year-on-year, with electric AMI gross margin down 2.4 percentage points to 37.8% due to declining domestic tender prices [4] - Net profit margin for 1H25 improved by 1.2 percentage points to 10.0%, supported by a reduction in expense ratios across sales, management, and R&D [4] Group 4: Growth Opportunities - Company’s new factories in Hungary, Indonesia, and Malaysia are now operational, which is expected to enhance order volumes in Europe and Asia [5] - Company is actively expanding its product offerings overseas, achieving significant market breakthroughs in North and South America, and is collaborating with major players in the data center sector to capture domestic and international demand [5]