WEIGUANG(SZ:002801) CMS·2025-03-29 12:04Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to recover growth in 2024, with a projected revenue of 1.409 billion yuan, representing an 11.12% year-on-year increase, and a net profit of 220 million yuan, reflecting an 82.16% year-on-year increase [1]. - The company has shown resilience in both domestic and international sales, achieving a 15.2% increase in overseas revenue, which now accounts for 54.8% of total revenue [5]. - The servo motor segment has seen significant growth, with revenue reaching 107 million yuan, a year-on-year increase of 18.97% [5]. - The company is committed to innovation, having developed several new products and increased its R&D investment to 57.36 million yuan, approximately 4.07% of revenue [5]. - The global trend towards energy efficiency is expected to benefit the company's ECM and servo motors, aligning with international standards for energy-efficient motors [5]. Financial Performance - The company reported total revenue of 1.409 billion yuan for 2024, with a projected growth rate of 11% for the following years [6]. - The net profit is expected to grow from 221 million yuan in 2024 to 336 million yuan in 2025, with corresponding PE ratios of 40.4 and 26.6 [6][9]. - The company's return on equity (ROE) is projected to improve from 14.0% in 2024 to 18.8% in 2025 [9]. Product Development and Market Position - The company has successfully launched various new products, including high-efficiency electric motors and servo motors, which are expected to contribute to future revenue growth [5]. - The company has established a research institute focused on intelligent and efficient fans, enhancing its competitive position in the market [5]. Future Outlook - The company is projected to achieve revenues of 1.614 billion yuan in 2025, with a net profit of 336 million yuan, indicating a strong growth trajectory [6]. - The report anticipates continued demand for energy-efficient products, driven by both domestic policies and international market trends [5].