Willfar(688100) 天风证券·2025-03-04 08:46Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company achieved record high revenue and net profit in 2024, with revenue reaching 2.745 billion yuan, a year-on-year increase of 23.35%, and net profit attributable to shareholders at 631 million yuan, up 20.1% [1]. - The company is actively pursuing a global expansion strategy, with significant growth in both domestic and international markets. Domestic revenue grew by 16.4% to 2.314 billion yuan, while international revenue surged by 85.4% to 421 million yuan, increasing its share of total revenue from 10.24% to 15.38% [2]. - The integration of AI into new products has significantly contributed to revenue growth, with new product revenue accounting for 49% of total revenue, and AI products making up 30% of new product revenue [3]. - The company has a robust order backlog of 4.017 billion yuan, reflecting a 15.35% year-on-year increase, and has secured over 770 million yuan in contracts from major state-owned enterprises [4]. - The company is leveraging AI technology to enhance the construction of new energy systems, supporting the national "dual carbon" goals through advanced load forecasting and optimization technologies [5]. Financial Performance Summary - In 2024, the company reported operating cash flow of 474 million yuan, a 13.52% improvement year-on-year, and a net profit margin of 22.98% [2]. - The projected net profits for 2025-2027 are estimated at 787 million yuan, 972 million yuan, and 1.185 billion yuan, respectively, with corresponding P/E ratios of 25, 20, and 16 [6]. - The company’s total assets are expected to grow from 4.957 billion yuan in 2024 to 7.758 billion yuan by 2027, indicating strong growth potential [15].