Willfar(688100) 民生证券·2025-01-17 01:40Investment Rating - The report maintains a "Recommend" rating for the company [4][5] Core Views - The company's share repurchase plan, ranging from 100 million to 150 million yuan, demonstrates confidence in future development [1] - The company is expected to benefit from the acceleration of State Grid investments in 2025, which are projected to exceed 650 billion yuan [2] - The company secured new overseas orders exceeding 100 million yuan in January 2025, with ongoing expansion in Southeast Asia, Africa, and other regions [3] - The company's self-developed chips and communication modules have gained international recognition, with significant market share in global power AMI communication solutions [4] Financial Projections - Revenue is projected to grow from 2,701 million yuan in 2024 to 4,029 million yuan in 2026, with a CAGR of 22.1% [8] - Net profit attributable to shareholders is expected to increase from 634 million yuan in 2024 to 981 million yuan in 2026, with a CAGR of 24.3% [8] - The company's PE ratio is forecasted to decline from 27x in 2024 to 17x in 2026, indicating potential undervaluation [8] Business Highlights - The company has established 10 overseas branches and is constructing factories in Saudi Arabia, Indonesia, and Mexico [3] - The company's communication modules, including HPLC, Wi-SUN, and G3-PLC, are being delivered in bulk to multiple countries, including Indonesia, Mexico, and Egypt [4] - The company's core competitiveness lies in its "IoT + Digitalization + Chip" strategy, with ongoing advancements in power IoT, smart cities, and overseas markets [4] Industry Outlook - The State Grid's focus on strengthening distribution networks and supporting new energy development is expected to drive significant investment opportunities in 2025 [2] - The company's technological expertise in power IoT positions it well to capitalize on the accelerated investment trend in distribution networks [2]