WBTL(SH:603596) Guolian Securities·2024-09-04 12:40Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a revenue of 3.97 billion yuan for the first half of 2024, representing a year-on-year growth of 28.3%. The net profit attributable to shareholders was 457 million yuan, up 28.7% year-on-year, while the net profit after deducting non-recurring items was 422 million yuan, reflecting a growth of 29.4% [11][12] - In Q2 2024, the company achieved a revenue of 2.11 billion yuan, a year-on-year increase of 32.4%, and a net profit of 248 million yuan, which is a 35.0% increase compared to the same period last year [11][12] - The company is experiencing accelerated capacity ramp-up and steady improvement in gross margin, with Q2 gross margin at 21.4%, showing a quarter-on-quarter increase of 0.7 percentage points [11][12] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 3.97 billion yuan, with a year-on-year growth of 28.3%. The sales volume of smart control and lightweight products reached 1.998 million and 6.13 million sets, respectively, with year-on-year growth of 32% and 61% [11][12] - The company expects revenues for 2024-2026 to be 10.01 billion, 13.02 billion, and 16.59 billion yuan, with year-on-year growth rates of 33.9%, 30.0%, and 27.5% respectively [11][12] Profitability - The net profit attributable to shareholders for H1 2024 was 457 million yuan, with a year-on-year increase of 28.7%. The net profit margin for Q2 was 11.7%, showing a quarter-on-quarter increase of 0.4 percentage points [11][12] - The company maintains a gross margin above 20%, alleviating market concerns regarding profitability [11][12] Subsidiary Performance - Subsidiaries such as Bertli Electronics, Weihai Bertli, and Wanda achieved revenues of 570 million, 830 million, and 450 million yuan, respectively, with net profit margins of 9.4%, 14.3%, and 8.8% [11][12] Market Outlook - The company is expected to benefit from a clear upgrade in line control chassis and a defined capacity release schedule, leading to sustained high growth in performance [11][12]