Willfar(688100) 财信证券·2025-03-05 10:49Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][12] Core Views - The report highlights strong growth in overseas business and continuous revenue generation from new products, indicating a positive outlook for the company's future performance [3][4][8] - The company achieved a revenue of 2.745 billion yuan in 2024, representing a year-on-year growth of 23.35%, and a net profit of 631 million yuan, with a growth of 20.07% [5][7] - The company has a robust order backlog, with new contracts signed amounting to 3.718 billion yuan in 2024, reflecting a year-on-year increase of 7.71% [5][8] Financial Performance - The company's main revenue is projected to grow from 2.225 billion yuan in 2023 to 3.326 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 16% [3][8] - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 733 million yuan in 2025, indicating a strong growth trajectory [3][8] - The earnings per share (EPS) is forecasted to rise from 1.068 yuan in 2023 to 1.491 yuan in 2025 [3][8] Product and Market Development - The company has seen significant growth in its electric monitoring terminal products, with revenue reaching 830 million yuan in 2024, a 79.28% increase [5][8] - The overseas business revenue reached 421 million yuan in 2024, marking an impressive year-on-year growth of 85.40% [5][8] - The company has established over 10 overseas subsidiaries and sales offices, enhancing its international presence [5][8] Research and Development - The company invested 241 million yuan in R&D in 2024, a 5.95% increase from the previous year, with a focus on innovation and new product development [8] - New products contributed 1.338 billion yuan in revenue, accounting for 49% of the main business income, with AI products making up 30% of new product revenue [8] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 255 million yuan, which represents 40.48% of the net profit attributable to shareholders [5][8] - Since its listing, the company has distributed a total of 704 million yuan in cash dividends and repurchased shares worth approximately 200 million yuan [8] Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 30-35 times for 2025, with a reasonable price range estimated between 44.7 yuan and 52.2 yuan [8]