WEIHAI GUANGTAI(002111) 信达证券·2024-05-15 07:30Investment Rating - The report assigns a "Buy" rating to Weihai Guangtai (002111), indicating that the stock is expected to outperform the benchmark by more than 15% over the next 6 months [10] Core Views - Weihai Guangtai is a global leader in airport equipment and a pioneer in emergency rescue equipment, with significant growth potential in both domestic and international markets [10] - The company recently secured a major order for fire trucks worth 375 million yuan, its largest special market order since June 2021, which is expected to enhance its market competitiveness and brand influence [10] - Domestic airport equipment demand is recovering, with Q1 2024 domestic orders reaching 240 million yuan, up 108% YoY [10] - International orders surged 419% YoY in Q1 2024 to 287 million yuan, driven by the company's overseas expansion strategy [10] - Emergency rescue equipment orders grew 183% YoY to 218 million yuan, with non-government orders in the oil and petrochemical sectors reaching 13 million yuan [10] - The company achieved a "good start" in mobile medical equipment exports, securing an initial order of 18.75 million yuan [10] Financial Projections - Revenue is expected to grow from 2.4 billion yuan in 2023 to 4.8 billion yuan in 2026, with a CAGR of 20% [11] - Net profit attributable to the parent company is projected to increase from 126 million yuan in 2023 to 581 million yuan in 2026, with a CAGR of 33% [11] - Gross margin is forecasted to improve from 27% in 2023 to 34.1% in 2026 [11] - ROE is expected to rise from 4% in 2023 to 13% in 2026 [11] - EPS is projected to grow from 0.24 yuan in 2023 to 1.09 yuan in 2026 [11] Competitive Advantages - Weihai Guangtai is one of the world's largest manufacturers of airport ground equipment and the only company capable of providing a complete set of airport ground equipment for an aircraft [10] - The company's electric airport equipment and technology are world-leading, offering advantages such as low noise, low maintenance costs, improved air quality, and enhanced airport image [10] - It has developed innovative products like battery-swapping tractors, pure electric platform vehicles, airport smart charging stations, and aircraft charging stations [10] - The company's unmanned baggage tractors have completed testing at Hong Kong Airport's B2B cargo terminal [10] - Its emergency rescue equipment product line is comprehensive, with strong R&D capabilities in high-end intelligent equipment manufacturing [10] Market Opportunities - The global airport equipment market is vast, and Weihai Guangtai is well-positioned to expand its international presence, with products already serving over 90 countries and regions and more than 1,000 airports [10] - The company is deepening cooperation with French aviation companies, aiming to promote its electric airport equipment to more customers in France [10] - The domestic airport equipment market is expected to see a demand inflection point, with product exports accelerating, potentially leading to a qualitative leap in market potential [10] - Emergency rescue equipment is benefiting from strong military and civilian demand, as well as policy opportunities in low-altitude economy, equipment renewal, and trillion-yuan national bonds [10]