WEIXING(SZ:002003) Changjiang Securities·2025-03-05 02:01Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 4.67 billion yuan for 2024, representing a year-on-year increase of 19.6%, and a net profit attributable to shareholders of 710 million yuan, up 26.4% year-on-year. In Q4 alone, revenue reached 1.09 billion yuan, a 9% increase year-on-year, with net profit soaring by 218% to 80 million yuan [3][4]. - The company continues to see strong order performance, with a near double-digit growth in orders from January 2025 to date. The overseas orders are expected to perform better than domestic ones due to weaker domestic demand and a high base from the previous year [8][9]. - Looking ahead, the company anticipates a strong performance in Q1 despite a high base, with expectations of a front-loaded order performance in the first half of 2025 and accelerated growth in the second half. The company is focused on enhancing automation and expanding overseas, with projected net profits of 810 million yuan and 920 million yuan for 2025 and 2026, respectively, reflecting year-on-year growth of 15% and 13% [8][9]. Financial Summary - For 2024, the company expects total revenue of 4.672 billion yuan, with a gross profit margin of approximately 41%. The net profit attributable to shareholders is projected to be 705 million yuan for 2024, with earnings per share (EPS) of 0.60 yuan [12]. - The financial forecasts for 2025 and 2026 indicate revenues of 5.249 billion yuan and 5.901 billion yuan, respectively, with corresponding net profits of 811 million yuan and 916 million yuan [12].