Willfar(688100) 国盛证券·2025-03-04 01:23Investment 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's revenue from communication chips and modules was 780 million yuan, an 18% increase, making it the largest product segment [2] - The electric monitoring terminal segment saw the highest growth, with revenue of 830 million yuan, up 79% year-on-year [2] - The company launched nearly 50 new products and solutions in 2024, generating 1.3 billion yuan in new product revenue, which constitutes 49% of total revenue [2] International Expansion - The company has established over 10 overseas subsidiaries and sales offices, with factories in Saudi Arabia and Indonesia under construction [3] - The company has obtained various international certifications, including the US FCC certification and CE-RED certification, enhancing its ability to penetrate overseas markets [3] Order Backlog and Market Position - The company has a robust order backlog of 4 billion yuan as of the end of 2024, reflecting a 15% year-on-year increase [3] - The company secured contracts worth over 770 million yuan in the centralized procurement for power information collection equipment, leading the industry in market share [3] Future Earnings Projections - The company is expected to achieve net profits of 793 million yuan, 977 million yuan, and 1.19 billion yuan for the years 2025, 2026, and 2027, respectively [4] - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24, 20, and 16 times, respectively [4]