Willfar(688100) 天风证券·2025-03-04 08:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Insights - The company achieved record high revenue and net profit in 2024, with revenue reaching 2.745 billion yuan, a year-on-year increase of 23.35%, and a net profit of 631 million yuan, up 20.1% [1]. - The company is actively pursuing globalization, with domestic revenue growing by 16.40% to 2.314 billion yuan and international revenue soaring by 85.40% to 421 million yuan, increasing the share of international revenue in total revenue from 10.24% to 15.38% [2]. - The integration of AI into new products has significantly contributed to revenue growth, with new product revenue at 1.338 billion yuan, accounting for 49% of total revenue, and AI products making up 30% of new product revenue [3]. - The company has a robust order backlog of 4.017 billion yuan, reflecting a 15.35% year-on-year increase, and has secured over 770 million yuan in tenders from major state-owned enterprises [4]. Financial Performance - The company reported a net cash flow from operating activities of 474 million yuan, an improvement of 13.52% year-on-year, and a net profit margin of 22.98% in 2024 [2]. - The projected net profits for 2025-2027 are 787 million yuan, 972 million yuan, and 1.185 billion yuan, respectively, with corresponding P/E ratios of 25, 20, and 16 [6][11]. Industry Context - The report highlights the expected increase in investments from the State Grid and Southern Power Grid, with the State Grid's investment projected to exceed 650 billion yuan for the first time, focusing on optimizing the main grid and strengthening the distribution network [6]. - The company is positioned to benefit from the ongoing digital transformation in the energy sector, leveraging AI technology to enhance efficiency and reliability in power systems [5].