WTJX(BJ:830839) KAIYUAN SECURITIES·2024-10-30 09:20Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4] Core Insights - The company reported a net profit attributable to shareholders of 75.55 million yuan for Q1-Q3 2024, representing a year-on-year increase of 30.71%. Revenue for the same period was 443 million yuan, a decrease of 15.44% year-on-year. The increase in profit is attributed to a higher proportion of high-margin products such as oil-gas springs and overseas sales, along with cost optimization measures [4][5] - The company is expected to achieve net profits of 99 million yuan, 123 million yuan, and 144 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.83 yuan, 1.03 yuan, and 1.21 yuan. The current stock price corresponds to PE ratios of 18.9, 15.2, and 13.0 for the respective years [4][5] Financial Performance Summary - For Q1-Q3 2024, the company achieved a revenue of 443 million yuan, down 15.44% year-on-year, while the net profit attributable to shareholders was 75.55 million yuan, up 30.71% year-on-year. The net profit excluding non-recurring items was 68.95 million yuan, reflecting a growth of 24.68% year-on-year [4] - The gross margin increased by 6.13 percentage points year-on-year due to a rise in the proportion of high-margin products and a decrease in raw material costs [4] - The company’s overseas sales grew by 62.04% year-on-year, driven by new customer development and increasing demand for specialized products [5] Product Development and Market Expansion - The company has developed electric cylinders and lifting systems for dump trucks, enhancing its product offerings and market competitiveness. The oil-gas spring product line has seen a compound annual growth rate (CAGR) of 89.55% from 2021 to 2023, with a revenue of 52.29 million yuan in H1 2024, marking a 119% year-on-year increase [5][6] - The company is actively researching and developing new products, including intelligent oil-gas suspension systems, to meet the growing market demand [5][6]