Willfar(688100) 民生证券·2025-03-03 12:31Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's 2024 performance met expectations, with revenue of 2.745 billion yuan, a year-on-year increase of 23.35%, and a net profit attributable to shareholders of 631 million yuan, up 20.07% year-on-year [1] - The overseas business has made significant progress, achieving revenue of 421 million yuan, a year-on-year increase of 85.40%, and is seen as a key driver for future growth [2] - The company launched nearly 50 new products in 2024, generating 1.338 billion yuan in revenue, with AI products accounting for 30% of new product revenue [2] - The company has a robust order backlog of 4.017 billion yuan, a year-on-year increase of 15.35%, and new contracts signed in 2024 totaled 3.718 billion yuan, up 7.71% year-on-year [3] Financial Performance Summary - In 2024, the company's gross margin was 39.74%, a decrease of 1.05 percentage points year-on-year, while the net profit margin was 22.99%, down 0.67 percentage points year-on-year [1] - The company expects revenue growth of 22.4% in 2025, reaching 3.359 billion yuan, and net profit growth of 29.8%, reaching 819 million yuan [3][4] - The projected earnings per share for 2025 is 1.67 yuan, with a price-to-earnings ratio of 22x based on the closing price on February 28 [4]