Willfar(SH:688100) GOLDEN SUN SECURITIES·2026-01-19 11:56Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Insights - The company is positioned to benefit from the optimistic investment expectations in the domestic power grid, with a projected total investment of 4 trillion yuan during the 14th Five-Year Plan. Additionally, the global AIDC trend is leading to a revaluation of the company's worth as a rare asset in energy management [1] - The transition from power IoT to AIDC energy digitalization is highlighted, emphasizing the importance of power quality and collaborative computing in AIDC. The company is expected to align its valuation with technology sectors rather than traditional power grid investment rhythms [1] - The company is expected to see continuous growth in its net profit, with projections of 7.2 billion yuan, 8.7 billion yuan, and 10.5 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 28, 24, and 20 times [3] Financial Summary - Revenue projections for the company are as follows: 2,225 million yuan in 2023, 2,745 million yuan in 2024, 3,101 million yuan in 2025, 3,718 million yuan in 2026, and 4,582 million yuan in 2027, with year-on-year growth rates of 11.1%, 23.3%, 13.0%, 19.9%, and 23.2% respectively [5] - The company's net profit is projected to grow from 525 million yuan in 2023 to 1,046 million yuan in 2027, with year-on-year growth rates of 31.3%, 20.1%, 14.8%, 19.6%, and 20.8% [5] - The latest diluted EPS is expected to increase from 1.07 yuan in 2023 to 2.13 yuan in 2027 [5] Business Strategy - The company leverages its existing capabilities in smart metering, energy management, and comprehensive energy services to create synergies within the group, enhancing its value in data, perception, and underlying platform layers [9] - The company has established a significant presence in overseas markets, with 19% of its revenue coming from international operations in the first three quarters of 2025, and has set up local factories in Indonesia and Saudi Arabia [9] - The company is transitioning its digital capabilities to AIDC energy scenarios, utilizing AI for load forecasting and developing edge computing capabilities to meet the real-time and stability requirements of energy systems [9]