WEIHAI GUANGTAI(SZ:002111) Xin Lang Cai Jing·2025-04-23 10:43Core Viewpoint - The company reported a significant increase in revenue for 2024, achieving 2.888 billion yuan, a year-on-year growth of 20.09%, but faced a substantial decline in net profit attributable to shareholders, which was 75 million yuan, down 40.62% year-on-year [1][2]. Group 1: Financial Performance - The main reasons for the performance changes include special customer product pricing issues and the provision for goodwill impairment [2]. - The net profit, excluding non-recurring gains and losses, was 70 million yuan, reflecting a year-on-year decrease of 31.61% [2]. - Despite the significant revenue growth, the decline in net profit is attributed to increased R&D and marketing expenses, as well as rising raw material costs and intensified market competition [2]. Group 2: Business Segments and Market Expansion - Revenue growth was primarily driven by the expansion of the airport equipment and emergency rescue equipment sectors [2]. - The airport equipment segment benefited from electrification transformation and a comprehensive product range, achieving breakthroughs in both domestic and international general aviation airport markets [3]. - The emergency rescue equipment sector, including firefighting, mobile medical, and drone equipment, saw strong demand due to national policies promoting comprehensive emergency response [2][3]. Group 3: Product Development and Technological Advancements - The company made significant progress in product accumulation and technological breakthroughs, completing the electrification development and manufacturing of a full range of airport equipment [3]. - A comprehensive "air-ground integrated" emergency rescue solution was developed, covering multiple fields such as firefighting and mobile medical services [3]. - The company launched several high-performance firefighting and emergency rescue vehicles to meet diverse disaster scenarios, enhancing the performance of oxygen supply equipment [3]. Group 4: Future Outlook and Investment Rating - The company’s performance is under pressure, leading to a downward revision of profit forecasts for 2025-2026, with expected net profits of 133 million and 162 million yuan, respectively [4]. - The new forecast for 2027 is set at 185 million yuan, with corresponding price-to-earnings ratios of 40, 33, and 29 times [4]. - Given the recovery of the domestic and international aviation industry and the company's advantages in electrification technology, a "buy" rating is maintained [4].