Willfar(688100) 民生证券·2024-10-23 12:12Investment Rating - The report maintains a "Recommend" rating for the company [4] Core Views - The company achieved revenue of 1,941 million yuan in the first three quarters of 2024, a year-on-year increase of 16.79%, with net profit attributable to the parent company reaching 422 million yuan, up 21.95% year-on-year [2] - Overseas revenue grew significantly by 105.85% year-on-year, accounting for 17% of total revenue, while domestic revenue increased by 7.38% [2] - The company's gross margin and net margin for the first three quarters of 2024 were 39.13% and 21.78%, respectively, with a slight improvement in net margin [2] - New contracts signed in the first three quarters of 2024 amounted to 2,559 million yuan, a year-on-year increase of 13.61%, with outstanding contracts reaching 3,766 million yuan, up 28.70% [2] - The communication module became the top product, contributing 597 million yuan in revenue, accounting for 30.88% of total revenue, with a year-on-year growth of 22.27% [2] - The company launched over 30 new products and solutions, including distributed photovoltaic solutions, which have already been applied in over 100,000 renovation projects [2] - R&D expenses for the first three quarters of 2024 were 176 million yuan, accounting for 9.07% of revenue, with R&D personnel making up 51.3% of the total workforce [2] Financial Forecasts - Revenue for 2024-2026 is projected to be 2,701 million yuan, 3,298 million yuan, and 4,029 million yuan, respectively, with growth rates of 21.4%, 22.1%, and 22.2% [2] - Net profit attributable to the parent company for 2024-2026 is expected to be 655 million yuan, 805 million yuan, and 989 million yuan, with growth rates of 24.7%, 23.0%, and 22.8% [2] - The PE ratios for 2024-2026 are estimated at 32x, 26x, and 21x, respectively [2] - Gross margin is expected to remain stable at around 41% from 2024 to 2026, with net margin slightly increasing to 24.54% by 2026 [5] - ROE is forecasted to grow from 19.38% in 2024 to 21.56% in 2026, reflecting improved profitability [5] Business Highlights - The company's core competitiveness lies in its focus on "IoT + Digitalization + Chips," with ongoing advancements in power IoT, smart cities, and overseas markets [2] - The company's product portfolio is expanding rapidly, with new products contributing 900 million yuan in revenue, accounting for 47% of total revenue, with a year-on-year growth of 32.4% [2] - The company's strong order book and continuous product innovation provide a solid foundation for future growth [2]