每經(jing)AI快訊，2023年12月(yue)27日，華金證券發布研報點評威勝信息（688100）。

投資要點

事件：威勝(sheng)信(xin)息2023年國(guo)網、南網總部集采(cai)招標(biao)項目(mu)中標(biao)4.48億(yi)元，排名第一(yi)。

國(guo)(guo)網(wang)(wang)/南(nan)網(wang)(wang)持續(xu)中(zhong)(zhong)(zhong)(zhong)標(biao)，布局配網(wang)(wang)側(ce)產(chan)(chan)品(pin)/解決方(fang)(fang)案(an)(an)。11月，威(wei)勝信(xin)息在(zai)數(shu)字電(dian)(dian)(dian)(dian)網(wang)(wang)、通(tong)信(xin)芯片市場(chang)連續(xu)中(zhong)(zhong)(zhong)(zhong)標(biao)，先后中(zhong)(zhong)(zhong)(zhong)標(biao)國(guo)(guo)網(wang)(wang)湖(hu)南(nan)省(sheng)電(dian)(dian)(dian)(dian)力(li)(li)有限(xian)公(gong)(gong)司(si)(si)、國(guo)(guo)網(wang)(wang)河南(nan)省(sheng)電(dian)(dian)(dian)(dian)力(li)(li)公(gong)(gong)司(si)(si)、國(guo)(guo)網(wang)(wang)安徽省(sheng)電(dian)(dian)(dian)(dian)力(li)(li)有限(xian)公(gong)(gong)司(si)(si)、國(guo)(guo)網(wang)(wang)重慶(qing)市電(dian)(dian)(dian)(dian)力(li)(li)公(gong)(gong)司(si)(si)、南(nan)方(fang)(fang)電(dian)(dian)(dian)(dian)網(wang)(wang)電(dian)(dian)(dian)(dian)力(li)(li)科(ke)技股份有限(xian)公(gong)(gong)司(si)(si)等(deng)采購項目。在(zai)今(jin)年兩次南(nan)方(fang)(fang)電(dian)(dian)(dian)(dian)網(wang)(wang)總部(bu)集(ji)采招(zhao)標(biao)中(zhong)(zhong)(zhong)(zhong)，公(gong)(gong)司(si)(si)各(ge)標(biao)段(duan)全部(bu)中(zhong)(zhong)(zhong)(zhong)標(biao)，總中(zhong)(zhong)(zhong)(zhong)標(biao)金額2.11億(yi)元，排名第一；公(gong)(gong)司(si)(si)今(jin)年在(zai)國(guo)(guo)家電(dian)(dian)(dian)(dian)網(wang)(wang)、南(nan)方(fang)(fang)電(dian)(dian)(dian)(dian)網(wang)(wang)總部(bu)集(ji)采中(zhong)(zhong)(zhong)(zhong)標(biao)合計4.48億(yi)元綜合排名第一。在(zai)配電(dian)(dian)(dian)(dian)側(ce)，公(gong)(gong)司(si)(si)中(zhong)(zhong)(zhong)(zhong)標(biao)標(biao)準設計V3.0智(zhi)能配電(dian)(dian)(dian)(dian)系列傳感終(zhong)(zhong)端物資已(yi)超8000萬(wan)，同時面向南(nan)方(fang)(fang)電(dian)(dian)(dian)(dian)網(wang)(wang)，針對變線戶識(shi)別、線損異常(chang)輔助(zhu)診斷、新裝電(dian)(dian)(dian)(dian)表自(zi)動識(shi)別、無檔案(an)(an)識(shi)別等(deng)需求，提供了以智(zhi)能量測終(zhong)(zhong)端為核心產(chan)(chan)品(pin)的(de)臺區解決方(fang)(fang)案(an)(an)。

盈(ying)利(li)(li)(li)(li)能力(li)保(bao)持(chi)(chi)穩定，在手訂(ding)單(dan)充(chong)盈(ying)。公司(si)在2023年前三季度收入(ru)凈(jing)(jing)利(li)(li)(li)(li)持(chi)(chi)續雙(shuang)增(zeng)(zeng)(zeng)長(chang)(chang)，實(shi)(shi)現(xian)營業收入(ru)16.62億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)11.85%；實(shi)(shi)現(xian)歸屬于上市公司(si)股(gu)東(dong)(dong)的(de)(de)凈(jing)(jing)利(li)(li)(li)(li)潤(run)(run)3.46億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)21.88%；實(shi)(shi)現(xian)歸屬于上市公司(si)股(gu)東(dong)(dong)的(de)(de)扣除非經常(chang)性(xing)損益(yi)的(de)(de)凈(jing)(jing)利(li)(li)(li)(li)潤(run)(run)3.58億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)18.65%。公司(si)第三季度實(shi)(shi)現(xian)營業收入(ru)6.5億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)20.86%；歸母凈(jing)(jing)利(li)(li)(li)(li)潤(run)(run)1.32億(yi)元(yuan)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)40.05%，環比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)6.4%。盈(ying)利(li)(li)(li)(li)能力(li)保(bao)持(chi)(chi)穩定，實(shi)(shi)現(xian)毛(mao)利(li)(li)(li)(li)率(lv)40.7%，同(tong)比(bi)提(ti)升3.7個(ge)百分點(dian)；在手訂(ding)單(dan)持(chi)(chi)續充(chong)盈(ying)，截(jie)至2023年9月底在手訂(ding)單(dan)29.26億(yi)，同(tong)比(bi)增(zeng)(zeng)(zeng)長(chang)(chang)28.5%。

海外(wai)業務加速(su)布局，與沙特(te)簽署(shu)(shu)長期供貨協議(yi)。截至2023年6月(yue)，中國已經同152個國家(jia)和32個國際組織簽署(shu)(shu)200余(yu)份共(gong)(gong)建(jian)“一帶一路(lu)”合作(zuo)(zuo)文(wen)件(jian)。“一帶一路(lu)”共(gong)(gong)同發展(zhan)倡議(yi)驅動沿(yan)線國家(jia)基礎設(she)施(shi)建(jian)設(she)8萬(wan)億美(mei)元巨大(da)市(shi)場，電力AMI建(jian)設(she)全面推(tui)(tui)(tui)進(jin)。公司(si)的海外(wai)銷售網絡(luo)覆蓋亞(ya)洲、非洲、南美(mei)等(deng)市(shi)場。今年6月(yue)，公司(si)在利雅(ya)得參加中阿合作(zuo)(zuo)論壇第(di)十屆企(qi)業家(jia)大(da)會，同時與沙特(te)NTCC集團就共(gong)(gong)同推(tui)(tui)(tui)進(jin)沙特(te)智慧(hui)城市(shi)建(jian)設(she)，并在智慧(hui)能(neng)源及新能(neng)源應用、智慧(hui)水務、智慧(hui)樓宇控制(zhi)、綜合節能(neng)工程、通訊(xun)技術等(deng)方面簽署(shu)(shu)合作(zuo)(zuo)備忘錄(lu)（MOU）。目(mu)前(qian)沙特(te)子(zi)公司(si)已完成工商(shang)登記，預計明年將推(tui)(tui)(tui)動廠(chang)房(fang)和生產線的搭建(jian)。目(mu)前(qian)公司(si)又與沙特(te)Al-KhorayefIndustryCompany正式簽署(shu)(shu)了長期供貨協議(yi)。

投資建(jian)議：我(wo)們認為(wei)公(gong)司(si)作為(wei)電力互聯網企業，隨著(zhu)能源互聯網、數字(zi)電網的(de)景氣(qi)度(du)提升，將保持(chi)較高成長性。維(wei)持(chi)盈利(li)預測(ce)(ce)，預測(ce)(ce)公(gong)司(si)2023-2025年收入26.41/34.15/ 43.09億(yi)元，同(tong)比增(zeng)長31.8%/29.3%/26.2%，公(gong)司(si)歸母凈利(li)潤分別為(wei)5.05/6.64/8.44億(yi)元，同(tong)比增(zeng)長26.1% / 31.7% / 27.0%，對應EPS 1.01/1.33 / 1.69元，PE 26.8 / 20.3 / 16.0；維(wei)持(chi)“增(zeng)持(chi)-B”評級。

風(feng)險提示：新(xin)產品(pin)研發不及預期(qi)；市場競爭持續加劇；海外(wai)市場拓展不及預期(qi)。

(來源：慧博投研)

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(編輯 曾健輝)