WBTL(SH:603596) Haitong Securities·2024-09-04 00:41Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][11]. Core Views - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year increase of 28% [5]. - The net profit attributable to shareholders for the same period was 460 million yuan, up 29% year-on-year, with a gross margin of 21.1% [5]. - The company is focusing on increasing R&D investment and advancing new product development and mass production delivery [5]. - The company has a rich reserve of projects under research and is steadily advancing new product development and mass production delivery [5]. Financial Summary - Revenue for 2024 is projected to be 9.43 billion yuan, with net profits expected to reach 1.15 billion yuan [6]. - The earnings per share (EPS) for 2024 is estimated at 1.90 yuan, with a projected growth in EPS to 3.18 yuan by 2026 [6][8]. - The company is expected to maintain a gross margin around 22% over the next few years [6][8]. Product Performance - Sales of intelligent electronic control products reached 1,997,738 units, a year-on-year increase of 32.04% [5]. - The sales of disc brakes were 1,397,998 units, up 14.99% year-on-year, while lightweight brake components saw a significant increase of 61.17% in sales [5]. Capacity Expansion - The company is accelerating capacity construction based on its order situation and the anticipated future development of new energy vehicles [5]. - New production capacity includes 300,000 units per year for EPS and EPS-ECU production lines [5].