Willfar(688100) GOLDEN SUN SECURITIES·2025-03-04 01:27Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 2.74 billion yuan in 2024, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 630 million yuan, up 20% year-on-year [1]. - The company has shown consistent growth for eight consecutive years, with a compound annual growth rate (CAGR) of 17% in revenue and 24% in net profit since its listing [1]. - The company is actively expanding its international presence, with overseas revenue reaching 420 million yuan in 2024, a significant increase of 85% year-on-year, and now accounting for 15% of total revenue [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.74 billion yuan, a 23% increase from the previous year, and a net profit of 630 million yuan, reflecting a 20% growth [1]. - The company’s core products, particularly the electric monitoring terminals, saw a remarkable revenue increase of 79%, reaching 830 million yuan, making it the fastest-growing segment [2]. - The company’s total orders on hand reached 4 billion yuan by the end of 2024, marking a 15% increase year-on-year [3]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating 1.3 billion yuan in revenue from new products, which accounted for 49% of total revenue [2]. - AI products contributed 30% of the new product revenue, indicating a strategic focus on innovation and meeting new market demands [2]. International Expansion - The company has established over 10 overseas subsidiaries and sales offices, with factories under construction in Saudi Arabia and Indonesia [3]. - The company has obtained several international certifications, enhancing its ability to penetrate overseas markets, particularly in the energy sector of developing countries [3]. Future Outlook - The report projects net profits for 2025, 2026, and 2027 to be 793 million yuan, 977 million yuan, and 1.19 billion yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 16 times [4]. - The company is well-positioned to benefit from the ongoing digitalization and smart technology trends in the energy sector, which is expected to drive sustained revenue growth [4].