WEIHAI GUANGTAI(SZ:002111) Huachuang Securities·2025-05-05 12:50Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][17]. Core Views - The company reported a revenue of 2.89 billion yuan for 2024, a year-on-year increase of 20.1%, while the net profit attributable to shareholders decreased by 40.6% to 75 million yuan [2][4]. - The first quarter of 2025 saw a revenue of 640 million yuan, up 12.6% year-on-year, but the net profit attributable to shareholders also declined by 15.2% to 42 million yuan [2][4]. - The company is expected to maintain rapid growth in the airport equipment sector, driven by domestic recovery and international expansion, with a projected revenue of 3.61 billion yuan in 2025 [2][4]. Financial Summary - Total revenue is projected to grow from 2.89 billion yuan in 2024 to 5.01 billion yuan by 2027, with year-on-year growth rates of 20.1%, 25.1%, 19.0%, and 16.6% respectively [4]. - The net profit attributable to shareholders is expected to rebound significantly in 2025, reaching 260 million yuan, a growth of 248.7% compared to 2024 [4]. - The earnings per share (EPS) is forecasted to increase from 0.14 yuan in 2024 to 0.82 yuan by 2027 [4]. Market Position and Growth Drivers - The company has secured international orders worth 1.04 billion yuan, a year-on-year increase of 67%, indicating strong demand in the global market [2][8]. - Domestic orders for airport equipment reached 1.06 billion yuan, up 68% year-on-year, reflecting a robust recovery in the domestic market [2][8]. - The company is also expanding into the mobile medical and emergency rescue drone sectors, which are expected to become new growth points [2][8].