Willfar(SH:688100) Minsheng Securities·2025-03-12 08:40Investment 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, which accounts for 49% of its main business 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 amounted to 3.718 billion yuan, up 7.71% year-on-year [3] Financial Summary - The company's projected revenue for 2025-2027 is expected to be 3.359 billion, 4.116 billion, and 5.078 billion yuan, with growth rates of 22.4%, 22.5%, and 23.4% respectively [4] - The net profit attributable to shareholders for the same period is projected to be 819 million, 1.005 billion, and 1.241 billion yuan, with growth rates of 29.8%, 22.7%, and 23.5% respectively [4] - The company's PE ratios for 2025-2027 are projected to be 22x, 18x, and 15x respectively, based on the closing price on February 28 [4]