Vanward(SZ:002543) Tianfeng Securities·2025-08-27 08:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a revenue of 4.08 billion yuan for H1 2025, representing a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 380 million yuan, up 6.7% year-on-year [1] - The domestic revenue decreased by 4.4% to 2.27 billion yuan, while overseas revenue increased by 26.5% to 1.73 billion yuan, indicating stronger performance in international markets [2] - The company is focusing on global operations as a strategic priority, with investments in its Thailand production base to enhance capacity and optimize costs [2] - The overall gross margin for H1 2025 was 27.0%, a decrease of 1.8 percentage points year-on-year, with domestic gross margin at 33.1% and overseas gross margin at 18.9% [3] - The company is undergoing significant internal reforms and seeking growth in the new energy water heating sector and kitchen and bathroom solutions, entering a new phase of development [3] Financial Summary - The company expects net profits for 2025, 2026, and 2027 to be 726.82 million yuan, 827.18 million yuan, and 944 million yuan respectively, with corresponding dynamic P/E ratios of 12.58x, 11.06x, and 9.69x [3][9] - The projected revenue growth rates for the years 2024 to 2027 are 20.29%, 11.79%, 13.30%, and 12.86% respectively [9] - The company maintains a stable net profit margin of 9.3% for H1 2025, with a slight decrease in the non-recurring net profit margin to 10.0% [3][10]