HWHG(SH:600079) Hua Yuan Zheng Quan·2025-05-06 01:42Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Yichang Renfu shows steady growth, and the major shareholder's increase in holdings reflects confidence in long-term development [5] - The company reported a significant decline in profits for 2024, primarily due to credit impairment losses of 283 million and asset impairment losses of 394 million [7] - The company has set a revenue target of over 27 billion for 2025, with a product gross margin target of over 45% [7] - The R&D pipeline is continuously expanding, indicating potential for long-term growth [7] - The projected net profit for 2025-2027 is expected to be 2.38 billion, 2.61 billion, and 2.88 billion respectively, with corresponding growth rates of 78.91%, 9.84%, and 10.08% [7] Financial Summary - As of April 30, 2025, the closing price is 20.87 yuan, with a total market value of approximately 34.06 billion [3] - The company’s revenue for 2024 is reported at 25.44 billion, with a year-on-year growth of 3.71% [7] - The projected earnings per share (EPS) for 2025 is 1.46 yuan, with a price-to-earnings (P/E) ratio of 14.32 [6][8] - The company’s total assets are estimated at 36.51 billion for 2024, with total liabilities of 15.82 billion [8]