MAYAIR(688376) 国海证券·2025-04-29 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.723 billion yuan in 2024, representing a year-on-year growth of 14.45%, and a net profit attributable to shareholders of 192 million yuan, up 10.83% year-on-year [3] - In Q1 2025, the company reported a revenue of 317 million yuan, a year-on-year increase of 16.02%, and a net profit attributable to shareholders of 42 million yuan, growing 18.45% year-on-year [3] - The company is experiencing significant growth in overseas markets, with foreign revenue reaching 228 million yuan in 2024, up 33.38% year-on-year, accounting for 13.21% of total revenue [5][6] Summary by Sections Financial Performance - In 2024, the company's gross margin was 29.62%, an increase of 2.37 percentage points year-on-year, while the net margin was 11.16%, a slight decrease of 0.32 percentage points [6] - For Q1 2025, the gross margin was 29.86%, down 0.58 percentage points year-on-year, and the net margin was 13.84%, an increase of 0.89 percentage points [6] Product and Market Insights - The revenue from replacement consumables accounted for over 30% of total revenue, indicating a strong growth in the replacement market [5] - The company’s wind turbine filter unit generated revenue of 1.517 billion yuan in 2024, a year-on-year increase of 16.83%, while other products saw a slight decline in revenue [5] Inventory and Contract Liabilities - As of Q1 2025, the company's inventory was 834 million yuan, a year-on-year increase of 42.58%, and contract liabilities were 309 million yuan, up 101.32%, indicating a strong order backlog [6] Future Projections - The company is projected to achieve revenues of 2.695 billion yuan, 3.441 billion yuan, and 4.140 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 313 million yuan, 412 million yuan, and 515 million yuan [7][8]