Willfar(688100) 华泰证券·2025-04-27 09:18Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 49.76 [7][5]. Core Views - The company reported a revenue of RMB 555 million in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of RMB 139 million, slightly above expectations, with a year-on-year increase of 25.33% [1]. - Both domestic and international revenues showed strong growth, with domestic revenue at RMB 455 million (up 22.57%) and international revenue at RMB 97 million (up 30.58%) in Q1 2025 [2]. - The company has a robust order backlog, with total contracts signed reaching RMB 777 million, a 30.41% increase year-on-year, and a backlog of RMB 4.108 billion, up 17.86% [2][4]. Summary by Sections Financial Performance - The comprehensive gross margin for Q1 2025 was 41.61%, remaining stable year-on-year. The company effectively managed its expenses, with sales, management, and R&D expense ratios at 4.25%, 2.87%, and 8.89%, respectively [3]. - The company is projected to achieve net profits of RMB 816 million, RMB 999 million, and RMB 1.193 billion for the years 2025, 2026, and 2027, respectively [5][11]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating RMB 1.338 billion in revenue, which accounted for 49% of its main business revenue. AI products contributed 30% of the new product revenue, indicating a significant growth area [4]. Market Outlook - The report expresses optimism regarding the company's potential to benefit from the construction of new power systems in China and its growth prospects in international markets [1][4].