WBTL(SH:603596) Changjiang Securities·2024-09-03 07:11Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - The company achieved revenue of 2.11 billion yuan in Q2 2024, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 250 million yuan, up 35.0% year-on-year [6]. - The growth is attributed to the ramp-up of lightweight and intelligent electronic control products, as well as increased sales from downstream customers [6]. - The company has seen strong performance from major clients, with passenger vehicle wholesale sales increasing by 4.6% year-on-year in Q2 [6]. - The company is expected to continue its growth trajectory due to accelerated new product launches and ongoing capacity expansion [7]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.11 billion yuan, a 32.4% increase year-on-year, and a net profit of 250 million yuan, reflecting a 35.0% year-on-year growth [6]. - The gross margin for Q2 was 21.4%, a decrease of 1.3 percentage points year-on-year but an increase of 0.7 percentage points quarter-on-quarter [6]. - The net profit margin was 11.7%, with a slight year-on-year increase of 0.2 percentage points [6]. Product and Capacity Development - The company added 196 new projects in the first half of 2024, with significant advancements in electric tailgate and other new products [7]. - The company is in a rapid capacity expansion phase, with ongoing projects in various manufacturing bases globally [7]. - The company aims to become a global platform enterprise for chassis systems, benefiting from the expansion of lightweight and electronic parking brake (EPB) products [7]. Future Outlook - The company forecasts net profits of 1.09 billion yuan, 1.48 billion yuan, and 1.79 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 20.6X, 15.3X, and 12.6X [7].