WBTL(SH:603596) ZHONGTAI SECURITIES·2024-09-05 07:30Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 37.2 yuan [2]. Core Views - The company is experiencing steady revenue growth, with a focus on global expansion and increased production capacity in North America. The release of capacity in Mexico is driving sales growth in lightweight components, while intelligent electronic control systems are maintaining rapid growth [6][7]. - The company is expected to achieve a net profit of 1.16 billion yuan in 2024, with a year-on-year growth rate of 31%. The projected net profits for 2025 and 2026 are 1.52 billion yuan and 1.87 billion yuan, respectively, with growth rates of 30% and 24% [7][8]. Financial Summary - Revenue Forecast: - 2022A: 5,539 million yuan - 2023A: 7,474 million yuan (yoy growth: 35%) - 2024E: 9,674 million yuan (yoy growth: 29%) - 2025E: 11,796 million yuan (yoy growth: 22%) - 2026E: 14,001 million yuan (yoy growth: 19%) [2][8] - Net Profit Forecast: - 2022A: 699 million yuan - 2023A: 891 million yuan (yoy growth: 28%) - 2024E: 1,164 million yuan (yoy growth: 31%) - 2025E: 1,515 million yuan (yoy growth: 30%) - 2026E: 1,874 million yuan (yoy growth: 24%) [2][8] - Earnings Per Share (EPS): - 2022A: 1.15 yuan - 2023A: 1.47 yuan - 2024E: 1.92 yuan - 2025E: 2.50 yuan - 2026E: 3.09 yuan [2][8] - Valuation Ratios: - P/E: - 2023A: 32.3 - 2024E: 25.3 - 2025E: 19.4 - 2026E: 14.9 - 2026E: 12.0 [2] - P/B: - 2023A: 5.4 - 2024E: 4.0 - 2025E: 3.4 - 2026E: 2.8 - 2026E: 2.3 [2] Market Position and Strategy - The company is advancing its globalization strategy, with production capacity in Mexico expected to ramp up significantly. The first phase of the project, capable of producing 4 million lightweight components annually, was launched in Q3 2023, while the second phase is expected to be operational by the end of 2024 [6][7]. - The company has established strong partnerships with major global OEMs, which is facilitating its entry into overseas markets for lightweight components and electronic parking brakes (EPB) [6][7].