WEIHAI GUANGTAI(002111) 华鑫证券·2024-06-29 13:02Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the upcoming year [22][35]. Core Insights - The aviation industry is experiencing a rapid recovery, leading to increased demand for airport equipment procurement [22]. - The company holds a leading market share in airport equipment, with over 50% market share in some key products, and is expanding its overseas market presence significantly [22][22]. - The company's revenue is projected to grow significantly, with estimates of 30.33 billion, 37.07 billion, and 44.89 billion yuan for the years 2024, 2025, and 2026 respectively [22][22]. Financial Projections - Main revenue (in million yuan) is forecasted to be 2,404 in 2023, increasing to 3,033 in 2024, 3,707 in 2025, and 4,489 in 2026, reflecting growth rates of 2.5%, 26.1%, 22.3%, and 21.1% respectively [9]. - Net profit attributable to shareholders (in million yuan) is expected to recover from a loss of 126 in 2023 to 307 in 2024, 416 in 2025, and 529 in 2026, with growth rates of -47.6%, 144.5%, 35.5%, and 27.1% respectively [9]. - The diluted earnings per share (in yuan) is projected to rise from 0.24 in 2023 to 0.58 in 2024, 0.78 in 2025, and 1.00 in 2026 [9]. Market Position and Strategy - The company is the only global player capable of providing all ground support equipment for a single airport, which enhances its competitive advantage [22]. - The overseas revenue share has increased from 1.34% in 2021 to 13.45% in 2023, driven by improvements in product performance and quality [22]. - The company is focusing on expanding its market share by strengthening sales promotions with major airlines and airports [22].