WEIHAI GUANGTAI(002111) 浙商证券·2024-07-16 01:02Investment Rating - The report upgrades the company's investment rating to "Buy" due to strong recovery in domestic airport equipment business and robust momentum in electrification exports [9][20] Core Views - The company is expected to achieve net profit attributable to parent company of 301, 421, and 561 million yuan in 2024-2026, with year-on-year growth of 139%, 40%, and 33% respectively [9] - The company's airport equipment business achieved a 122% year-on-year increase in orders in H1 2024, reaching a record high [18] - The company's firefighting equipment subsidiary won a major contract worth 375 million yuan, accounting for 15.6% of 2023 revenue [18] Financial Performance - Revenue is expected to grow at 26.56%, 26.30%, and 25.06% in 2024-2026 [2] - Gross margin is projected to increase from 27.02% in 2023 to 34.56% in 2026 [2] - ROE is forecasted to rise from 4.00% in 2023 to 13.65% in 2026 [2] Business Development - The company has developed airport equipment technologies for various types of general aviation airports [4] - The company's heavy-duty multi-rotor drones and helicopter platforms have been selected for key application scenarios in Shandong Province [4] Valuation - The company's P/E ratio is expected to decrease from 45.96 in 2023 to 10.29 in 2026 [2] - The company's P/B ratio is projected to decline from 1.83 in 2023 to 1.35 in 2026 [2]