WEIHAI GUANGTAI(002111) 华创证券·2025-05-05 15:15Investment 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 target price adjusted to 12.3 yuan based on a 25x PE ratio for 2025 [8][4]. Financial Performance Summary - 2024 Financials: Total revenue of 2.89 billion yuan, net profit of 75 million yuan, and a diluted EPS of 0.14 yuan [4][5]. - 2025 Projections: Expected revenue of 3.61 billion yuan, net profit of 260 million yuan, and a diluted EPS of 0.49 yuan [4][5]. - Growth Rates: Revenue growth is projected at 25.1% for 2025, with net profit expected to rebound by 248.7% [4][9]. Business Segment Insights - The airport equipment segment achieved a revenue of 1.6 billion yuan in 2024, reflecting a 32.3% year-on-year increase, with international orders growing by 67% [8][4]. - The firefighting equipment segment also saw significant growth, with orders reaching 1.06 billion yuan, up 69.2% year-on-year [8][4]. - The company is expanding into mobile medical equipment and emergency rescue drones, aiming to capture new growth opportunities in the low-altitude economy [8][4].