WEIHAI GUANGTAI(002111) 天风证券·2024-07-09 13:02Investment Rating - The report assigns a "Buy" rating for the company with a target price of 16.44 CNY per share, indicating a potential upside of over 20% from the current price of 10.59 CNY [5][47]. Core Insights - The company is positioned as a leader in the airport equipment sector, benefiting from both domestic and international demand recovery, particularly in the context of the low-altitude economy and electric vehicle transformation [4][27]. - The company has achieved significant growth in international orders, with a 352% year-on-year increase in overseas orders amounting to 621 million CNY in 2023 [17][27]. - The financial outlook is optimistic, with projected revenues increasing significantly from 2,404.43 million CNY in 2023 to 3,263.37 million CNY in 2024, reflecting a growth rate of 35.72% [18][209]. Summary by Sections 1. Airport Equipment - The company holds a dominant market share in the domestic airport equipment sector, with over 50% market share in key products, and is entering a new phase of independent innovation [24][52]. - The company has diversified its business from a single industry to multiple sectors, including emergency rescue equipment, drone equipment, and mobile medical equipment, enhancing its overall business strength [11][33]. - The financial data indicates a temporary pressure on performance, but profitability is expected to recover, with a projected net profit of 349.39 million CNY in 2024 [18][29]. 2. Electric Transformation and International Expansion - The company has been at the forefront of electric airport equipment development since 2009, successfully entering international markets and establishing long-term partnerships with major global operators [17][120]. - The low-altitude economy policies are expected to significantly benefit the company, with a projected increase in demand for electric airport equipment [57][129]. - The company has signed its largest sales agreement to date, valued at approximately 800 to 1,000 million CNY, marking a significant milestone in its international sales efforts [154][156]. 3. Firefighting Equipment - The domestic market for firefighting equipment is experiencing stable growth, with the company maintaining a leading market position [40][195]. - The company has broken the monopoly of foreign patented technologies in the firefighting equipment sector, achieving a leading market position in various firefighting vehicles and emergency rescue equipment [74][90]. - The expected revenue growth for firefighting equipment is projected at 25% for 2024, indicating strong market demand supported by government policies [90][174]. 4. Mobile Medical Equipment - The mobile medical vehicle market is showing a clear growth trend, with the company positioned as a leading manufacturer in this sector, providing comprehensive emergency medical solutions [78][207]. - The global market for mobile medical vehicles is expected to grow significantly, with the company actively expanding its product offerings to meet diverse medical needs [79][181]. - The company has developed a range of mobile medical solutions, including mobile surgical vehicles and emergency medical response units, enhancing its competitive edge in the healthcare sector [207][208]. 5. Financial Forecast and Valuation - The company is expected to achieve net profits of 3.49 billion CNY, 4.79 billion CNY, and 7.03 billion CNY from 2024 to 2026, with corresponding P/E ratios of 16.10, 11.75, and 8.01 [47][209]. - The valuation analysis suggests a target market capitalization of 8.73 billion CNY for 2024, based on a 25x P/E ratio, reflecting the company's strong growth potential [47][209].