WONLY(SH:605268) Tianfeng Securities·2025-09-20 08:24Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [7] Core Views - The company reported a revenue of 900 million with a year-on-year growth of 9% in Q2 2025, and a net profit attributable to the parent company of 40 million, up 14% year-on-year. For the first half of 2025, revenue reached 1.4 billion, a 10% increase, and net profit attributable to the parent company was 70 million, growing 24% year-on-year [1] - The company plans to build a new production base in Songzi, Hubei, to optimize its production layout and enhance its regional supply chain, which is expected to improve delivery speed and reduce logistics costs, thereby increasing market competitiveness [2] - The company has established a diversified sales channel system, including direct sales, distribution, and e-commerce, covering all 31 provinces, autonomous regions, and municipalities in China, which supports rapid response and feedback for product promotion and application [3] - Based on the performance in the first half of 2025, the profit forecast has been adjusted, with expected revenues of 3.5 billion, 4.1 billion, and 4.7 billion for 2025, 2026, and 2027 respectively, and net profits of 180 million, 230 million, and 300 million for the same years [4] Financial Data Summary - The company’s revenue for 2023 is projected at 3,044.25 million, with a growth rate of 38.20%. The net profit attributable to the parent company is expected to be 54.64 million, with a significant growth rate of -227.12% [6] - The earnings per share (EPS) for 2025 is estimated to be 0.40 yuan, with a price-to-earnings (P/E) ratio of 25.71 [6] - The company’s total assets are projected to reach 4,710.73 million by 2025, with a debt-to-asset ratio of 60.53% [12]