GW COMPOS(300699) 东方证券·2025-04-10 12:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.59 CNY based on a 27x P/E ratio for 2025 [2][5]. Core Insights - The company's revenue for 2024 is projected to decline by 2.7% to 2.45 billion CNY, with a recovery expected in 2025, where revenue is forecasted to increase by 17.9% to 2.89 billion CNY [4][10]. - The decline in T300 revenue is attributed to reduced demand in the equipment sector, while T800 revenue is expected to grow significantly due to successful product validation and subsequent mass supply [10]. - The overall gross margin is expected to decrease to 45.5% in 2024, but is projected to recover slightly in the following years [4][10]. Financial Summary - Revenue Forecast: - 2023: 2,518 million CNY - 2024: 2,450 million CNY - 2025: 2,888 million CNY - 2026: 3,366 million CNY - 2027: 3,950 million CNY [4][10] - Net Profit Forecast: - 2023: 873 million CNY - 2024: 741 million CNY - 2025: 970 million CNY - 2026: 1,124 million CNY - 2027: 1,324 million CNY [4][10] - Earnings Per Share (EPS): - 2023: 1.05 CNY - 2024: 0.89 CNY - 2025: 1.17 CNY - 2026: 1.35 CNY - 2027: 1.59 CNY [4][10] - Profitability Ratios: - Gross Margin: 48.7% (2023), 45.5% (2024), 48.3% (2025) - Net Margin: 34.7% (2023), 30.3% (2024), 33.6% (2025) - Return on Equity (ROE): 16.9% (2023), 13.5% (2024), 15.9% (2025) [4][10].