WEIXING(SZ:002003) GOLDEN SUN SECURITIES·2026-03-03 05:24Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to face profit pressure in 2025 due to increased financial expenses, with a projected decline in net profit by 8.4% to 642 million yuan, despite a revenue growth of 2.41% to 4.787 billion yuan [1] - The international business is anticipated to continue expanding, with a year-on-year revenue growth of 13.72% in the first half of 2025, which helps mitigate the pressures from the domestic market [1] - The Vietnam industrial park is expected to remain in a loss state in 2025 but is projected to gradually achieve profitability as orders increase [2] - For 2026, the company is forecasted to see revenue growth of 8.8% and a slight improvement in profit margins, supported by the expansion of its global customer base [2] - The company is recognized as a leading player in the global auxiliary materials market, with continuous improvements in product R&D and smart manufacturing capabilities [3] Financial Summary - Revenue for 2025 is projected at 4.787 billion yuan, with a growth rate of 2.4% year-on-year [4] - The net profit for 2025 is expected to be 642 million yuan, reflecting a decrease of 8.4% year-on-year [4] - The earnings per share (EPS) for 2025 is estimated at 0.54 yuan [4] - The company’s net profit for 2026 is projected to increase to 701 million yuan, with a growth rate of 9.3% [4] - The price-to-earnings (P/E) ratio for 2026 is expected to be 17 times [3]