20241030-天风证券-威胜控股-03393.HK-三架马车拉动_出海志存高远_18页_2mb

英文 Summary

1. Company Overview:
Viescon Holdings is a leading domestic supplier of intelligent metering, distribution, and energy management solutions. It boasts a diversified business structure with core subsidiaries focusing on energy, information, and metering sectors.

2. Growth Drivers:

• Domestic Market: Profiting from the replacement and upgrade of existing electric meters, which are entering a roundabout period, and the upgrade of distribution networks under the new energy transformation trend.
• Overseas Expansion: Benefiting from strategic investments in regions like Latin America, Africa, and Europe, with ongoing efforts to expand market share and product categories abroad.

3. Financial Performance:

• In the past three years, revenue grew steadily, primarily driven by overseas business expansion. In 2023, overseas revenue reached CNY 15.99 billion, recording a 30% growth.
• Overseas orders grew rapidly during the first half of 2024, increasing by 52% YoY.

4. Investment Recommendation:

• Rating: Buy (6-month outlook).
• Target Price: HKD 1,014 per share.
• Valuation Base: 2025 PE of 10x, based on peer average valuation adjusted for market conditions.

5. Risks:

• Slower-than-expected overseas market expansion.
• Foreign policy changes or bidding rules affecting overseas projects.
• Intensified competition in core markets.

中文要点摘要

1. 公司简介：
威胜控股是国内领先的智能计量、配电与能源管理解决方案供应商，业务涵盖电表、能源物联网技术、配电自动化等。

2. 成长动力：

• 国内市场： 依托电表存量更新和电网升级改造，享受国内表计轮换与能效管理升级红利。
• 海外市场： 巴西、墨西哥等地工厂投入产出显著提升，带动海外收入年复合增速达66%，目标市场进一步多元化。

3. 财务表现：
2023年公司海外收入达159.9亿元，同比增长30%。2024年上半年海外订单增长52%，覆盖全年海外营收的65%。毛利率从31.57%提升至35.59%，盈利能力持续增强。

4. 投资评级：

• 评级： 买入（6个月）。
• 目标价： 1014港元。
• 估值逻辑： 基于2025年10倍PE，参考可比公司三星医疗、海兴电力估值。

5. 风险提示：

• 海外市场拓展不及预期。
• 各国电网政策变动可能导致海外市场机会减少。
• 行业竞争加剧，公司难以维持技术或市场份额领先地位。