Willfar(SH:688100) Xin Lang Cai Jing·2025-04-29 02:35Core Insights - The company reported Q1 2025 revenue of 555 million yuan, a year-on-year increase of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1][2] - The performance exceeded market expectations, with significant growth in both quantity and quality [2] Financial Performance - Q1 2025 operating cash flow was 80 million yuan, a year-on-year increase of 38.29% - Gross margin for Q1 2025 was 41.61%, a slight decrease of 0.28 percentage points from Q1 2024 - Net margin improved to 25.09%, an increase of 0.30 percentage points year-on-year - Return on equity (ROE) rose to 4.28%, up 0.43 percentage points from the previous year [2] Order and Revenue Growth - New contracts signed in Q1 2025 totaled 777 million yuan, a year-on-year increase of 30.4% - As of the end of Q1 2025, the company had a total order backlog of 4.108 billion yuan, a year-on-year increase of 17.9% [2] Shareholder Returns - Since its listing, the company has distributed a total of 958 million yuan in cash dividends and repurchased shares worth approximately 200 million yuan, totaling 1.16 billion yuan, which exceeds the net amount raised during the IPO [2] New Business Developments - In 2024, the company launched nearly 50 AI products and solutions, generating 1.338 billion yuan in new product revenue, accounting for 49% of total revenue, with AI products contributing 30% of new product revenue - Overseas revenue in 2024 was 421 million yuan, an increase of 85.40%, rising from 10% to 15% of total revenue; Q1 2025 overseas revenue was 97 million yuan, a year-on-year increase of 30.6%, further increasing its share of total revenue to 17.6% [2] Earnings Forecast - The company is projected to have EPS of 1.54, 1.88, and 2.32 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 24, 19, and 16 times [3]