SHANDONG WEIDA(SZ:002026) Guoxin Securities·2025-05-23 08:14Investment Rating - The report gives an "Outperform" rating for the company [5] Core Views - The company is a leader in electric tool accessories and is accelerating its layout in the new energy and high-end equipment sectors [1][14] - The electric tool market demand is recovering, leading to significant improvements in the company's electric tool accessory business revenue and profitability [2][8] - The company is actively expanding its battery pack and battery swap station businesses in the new energy sector [2][52] - The high-end equipment manufacturing business is developing steadily, with the company moving towards becoming an integrated solution provider [3][71] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.22 billion yuan, a year-on-year decrease of 6%, and a net profit attributable to shareholders of 300 million yuan, a year-on-year increase of 80% [1][24] - The gross margin was 25.89%, up 6.91 percentage points year-on-year, and the net margin was 13.63%, up 6.03 percentage points year-on-year [1][24] - For Q1 2025, the company reported a revenue of 440 million yuan, a year-on-year decrease of 10%, and a net profit of 59 million yuan, a year-on-year increase of 1% [1][8] Business Segments - Electric Tool Accessories: In 2024, revenue was 1.14 billion yuan, a year-on-year increase of 30%, accounting for 51% of total revenue [2][31] - New Energy: Revenue was 809 million yuan, a year-on-year decrease of 33%, accounting for 36% of total revenue [2][31] - High-end Equipment Manufacturing: Revenue was 201 million yuan, a year-on-year decrease of 8%, accounting for 9% of total revenue [3][31] Market Trends - The global electric tool market is expected to grow, with a projected shipment of 570 million units in 2024, a year-on-year increase of 25% [43][46] - The company has established a strong position in the electric tool chuck market, holding nearly 50% of the global market share [1][14] - The trend towards cordless and lithium battery-powered electric tools is driving demand for battery packs and related products [52][54] Future Outlook - The company is expected to achieve a revenue of 2.54 billion yuan in 2025, with a projected net profit of 337 million yuan, reflecting a year-on-year growth of 12% [4][80] - The estimated reasonable stock value is between 13.60 and 15.10 yuan, indicating a potential upside of 15% to 27% from the current stock price [5][80]