威海广泰：新签订单不断增长，海外市场空间广阔

Investment Rating - The report maintains a "Buy" rating for the company, Weihai Guangtai (002111) [2][4]. Core Views - The company reported a revenue of 2.074 billion yuan for the first nine months of 2024, representing a year-on-year growth of 28.94%. The net profit attributable to shareholders was 129 million yuan, up 89.14% year-on-year, with basic earnings per share (EPS) of 0.25 yuan, an increase of 92.31% compared to the same period last year [2][3]. Summary by Sections New Orders and Production Efficiency - In Q3 2024, the company secured new domestic orders for airport equipment amounting to 263 million yuan, a year-on-year increase of 96.02%. International orders for airport equipment reached 314 million yuan, growing by 110.73%. The company also obtained new orders for firefighting and rescue equipment totaling 279 million yuan, reflecting a 90.13% increase year-on-year. To meet the rising demand, the company has implemented various measures to enhance production capacity, including optimizing production processes and introducing automated equipment [3][4]. Market Position and Growth Potential - The company has over 30 years of experience in the airport equipment sector, offering a comprehensive range of ground support equipment for airports. It is the only company globally capable of providing all ground support equipment for a single airport, with a domestic market share exceeding 50% for some leading products. The company has accelerated its international expansion, forming strategic partnerships with global firms such as Swissport and Dnata, significantly enhancing its brand influence and growth potential in overseas markets [4][5]. Financial Forecasts - The company is projected to achieve net profits of 318 million yuan, 419 million yuan, and 530 million yuan for the years 2024, 2025, and 2026, respectively. Corresponding EPS estimates are 0.60 yuan, 0.79 yuan, and 1.00 yuan, with price-to-earnings (PE) ratios of 20x, 16x, and 12x for the same years [4][5].