WBTL(SH:603596) EBSCN·2024-09-04 23:37Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's 1H24 performance met expectations, with revenue increasing by 28.3% year-on-year to 3.97 billion yuan, accounting for approximately 41% of the full-year forecast [2]. - The growth in lightweight braking sales is attributed to increased sales from key customer Chery, which saw a 48% year-on-year increase in sales to 1.1 million vehicles in 1H24 [2]. - The company has a strong order pipeline, with a 35% year-on-year increase in new projects, particularly in smart electronic control products [2]. Summary by Sections Financial Performance - 1H24 revenue reached 3.97 billion yuan, with a gross margin of 21.1%, down 1.0 percentage points year-on-year [2]. - Net profit attributable to shareholders increased by 28.7% year-on-year to 460 million yuan [2]. - In Q2 2024, revenue was 2.11 billion yuan, up 32.4% year-on-year and 13.5% quarter-on-quarter [2]. Product Performance - Sales of lightweight braking products grew by 61.2% year-on-year, driven by increased demand from Chery and contributions from the new Mexico plant [2]. - The company’s subsidiaries showed varied performance, with Weihai Berteli's revenue up 39.7% to 830 million yuan, while Zhejiang Wanda's revenue decreased by 4.5% to 450 million yuan [2]. Strategic Developments - The company is expanding its global capacity, with the first phase of the Mexico project producing 4 million lightweight components annually and the second phase expected to start production in Q3 2024 [2]. - The company aims to develop an integrated chassis domain control system, with significant progress in R&D for new products [2]. Profit Forecasts - The report raises the net profit forecasts for 2024E, 2025E, and 2026E by 2.7%, 1.1%, and 2.4% respectively, projecting net profits of 1.15 billion yuan, 1.5 billion yuan, and 1.88 billion yuan [2].