Willfar(688100) 华泰证券·2025-02-28 15:15Investment Rating - The report maintains an "Overweight" rating for the company [5][8]. Core Views - The company achieved a revenue of 2.745 billion RMB in 2024, representing a year-on-year growth of 23.35%, and a net profit of 630 million RMB, up 20.07% year-on-year. The fourth quarter of 2024 saw a revenue of 804 million RMB, a 42.70% increase year-on-year, with a net profit of 208 million RMB, growing 16.43% year-on-year [1][2]. - The company is expected to benefit from the opportunities arising from the construction of new power systems in China and has significant potential for growth in overseas markets, particularly with a 85.40% increase in overseas revenue to 421 million RMB in 2024 [1][4]. - The company has a strong order backlog of 4.017 billion RMB, a 15.35% increase year-on-year, which is anticipated to support future performance [4]. Revenue Breakdown - In 2024, the revenue from the perception layer was 1.063 billion RMB, up 55.19% year-on-year. The network layer revenue was 1.523 billion RMB, growing 10.26% year-on-year, with communication module revenue increasing 17.95% to 776 million RMB [2]. - Domestic revenue reached 2.314 billion RMB, a 16.40% increase, while international revenue was 421 million RMB, reflecting an 85.40% growth [2]. Profitability and Cost Management - The overall gross margin for 2024 was 40%, with the communication layer gross margin increasing by 2 percentage points to 45%, while the perception layer gross margin decreased by 4 percentage points to 34% [3]. - The company maintained stable expense control, with sales, management, and R&D expense ratios at 4.57%, 1.94%, and 8.78%, respectively [3]. Future Outlook - The company launched nearly 50 new products and solutions in 2024, generating 1.338 billion RMB in new product revenue, accounting for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. - The forecast for net profit for 2025-2027 is 816 million RMB, 999 million RMB, and 1.193 billion RMB, respectively, with a target price of 54.74 RMB based on a PE ratio of 33x for 2025 [5][9].