Willfar(SH:688100) Western Securities·2025-07-30 06:53Investment Rating - The investment rating for the company is "Buy" [5][10] Core Views - The company reported a revenue of 1.368 billion yuan for the first half of 2025, representing a year-on-year growth of 11.88%. The net profit attributable to shareholders was 305 million yuan, up 12.24% year-on-year [1][5] - The company emphasizes shareholder returns through a semi-annual cash dividend of 2.5 yuan per 10 shares, totaling 122 million yuan, which accounts for 39.94% of the net profit for the first half of the year [3][5] - The company has successfully launched 36 innovative products and solutions, generating revenue of 642 million yuan, which constitutes 47% of total revenue for the first half of 2025 [2][3] Financial Performance Summary - In Q2 2025, the company achieved a revenue of 813 million yuan, a year-on-year increase of 4.90%. The net profit for the quarter was 166 million yuan, up 3.18% year-on-year [2] - The total new orders signed in the first half of 2025 amounted to 1.627 billion yuan, reflecting an 8.31% year-on-year growth. The total contracts on hand reached 3.956 billion yuan, a 12.63% increase year-on-year [2] - The company's return on equity (ROE) for the first half of 2025 was 9.18%, with a debt-to-asset ratio of 34.83% [2] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.54 yuan, 1.88 yuan, and 2.32 yuan respectively, with corresponding price-to-earnings (PE) ratios of 22, 18, and 15 [3][4]