Willfar(688100) 天风证券·2025-04-26 12:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company achieved a revenue of 555 million yuan in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The domestic market generated 455 million yuan in revenue, a 22.57% increase, while the international market saw revenue of 96.92 million yuan, growing by 30.58% [2]. - The company signed new orders worth 777 million yuan in Q1 2025, marking a 30.41% increase year-on-year, with a backlog of 4.108 billion yuan, up 17.86% [3]. - The integration of AI technology into the energy sector is a key focus, enhancing the efficiency and reliability of power distribution networks [4]. - The company is expected to benefit from significant investments in the digital grid and smart energy sectors, with projected net profits for 2025-2027 of 787 million, 972 million, and 1.185 billion yuan respectively [5]. Financial Data Summary - Revenue is projected to grow from 2.225 billion yuan in 2023 to 5.013 billion yuan in 2027, with annual growth rates of 11.06%, 23.35%, 23.08%, 22.22%, and 21.41% respectively [5][12]. - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.185 billion yuan in 2027, with growth rates of 31.26%, 20.07%, 24.81%, 23.44%, and 21.93% [5][12]. - The company’s P/E ratio is projected to decrease from 34.03 in 2023 to 15.09 in 2027, indicating improving valuation over time [5][12].