Willfar(SH:688100) Great Wall Securities·2025-08-11 06:26Investment Rating - The report maintains a rating of "Add" for the company [6] Core Viewpoints - The company has demonstrated stable growth in performance, with a significant increase in revenue and net profit in the first half of 2025, achieving total revenue of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [1][2] - The company has a strong order backlog, with new orders signed in the first half of 2025 amounting to 1.627 billion yuan, a year-on-year increase of 8.31%, and a total contract on hand of 3.956 billion yuan, up 12.63% year-on-year [2] - The company is accelerating its international expansion, with a new factory in Indonesia that began operations in April 2025, contributing to a 25.75% year-on-year increase in overseas revenue, which reached 283 million yuan, accounting for 20.82% of total revenue [3] Financial Performance Summary - The company is projected to achieve revenues of 3.367 billion yuan, 4.141 billion yuan, and 5.105 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 758 million yuan, 940 million yuan, and 1.179 billion yuan [10] - The company's earnings per share (EPS) are expected to grow from 1.54 yuan in 2025 to 2.40 yuan in 2027, with a price-to-earnings (P/E) ratio decreasing from 22.7x to 14.6x over the same period [10] - The return on equity (ROE) is projected to increase from 19.7% in 2025 to 21.2% in 2027, indicating improving profitability [10]