Willfar(SH:688100) ZHESHANG SECURITIES·2025-10-26 14:09Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company has achieved steady growth in both revenue and net profit, with a revenue of 2.112 billion yuan for the first three quarters of 2025, representing an 8.80% year-on-year increase, and a net profit of 474 million yuan, up 12.24% year-on-year [1] - The company is accelerating its localization strategy overseas, with significant contributions from Indonesia and Saudi Arabia, achieving overseas revenue of 398 million yuan, a 20.98% increase year-on-year, accounting for 18.91% of total revenue [2] - The domestic market is entering a new round of prosperity, with domestic revenue reaching 1.705 billion yuan, a 6.21% increase year-on-year, benefiting from substantial investments in the power sector during the 14th Five-Year Plan [3] - Profitability is improving, with a gross margin of 39.95% for the first three quarters, up 0.82 percentage points year-on-year, and a net profit margin of 22.45%, up 0.67 percentage points year-on-year [1] Financial Summary - The company forecasts net profits of 710 million yuan, 858 million yuan, and 1.037 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 25, 21, and 17 [4] - The projected revenue for 2025 is 3.095 billion yuan, reflecting a 12.75% growth from the previous year [6]