Willfar(688100) Great Wall Securities·2024-10-25 06:54Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [1][13]. Core Insights - The company has demonstrated steady performance with a revenue of 1.941 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 16.79%. The net profit attributable to shareholders reached 422 million yuan, up 21.95% year-on-year [2][3]. - The company is actively expanding its international presence, participating in exhibitions and signing cooperation agreements, which positions it as a leader in setting industry standards [3]. Financial Performance Summary - Revenue Growth: The company achieved a revenue of 2.225 billion yuan in 2023, with projections of 3.024 billion yuan for 2024, representing a growth rate of 35.9% [1][9]. - Net Profit: The net profit for 2023 was 525 million yuan, expected to rise to 666 million yuan in 2024, with a year-on-year growth of 26.9% [1][9]. - Earnings Per Share (EPS): The EPS is projected to increase from 1.07 yuan in 2023 to 1.36 yuan in 2024 [1][9]. - Return on Equity (ROE): The ROE is expected to improve from 17.7% in 2023 to 19.5% in 2024 [1][9]. Market and Product Insights - Domestic vs. International Revenue: Domestic revenue was 1.605 billion yuan, growing by 7.38%, while international revenue surged by 105.85% to 329 million yuan [2]. - Product Performance: New product revenue accounted for 47% of total revenue, with a year-on-year growth of 32.4% [2]. - Order Backlog: The company signed new contracts worth 2.559 billion yuan, with a backlog of 3.766 billion yuan, indicating a healthy order pipeline [2]. Future Projections - The company is projected to achieve revenues of 3.950 billion yuan in 2025 and 5.079 billion yuan in 2026, with net profits expected to reach 833 million yuan and 1.042 billion yuan respectively [1][9].