WBTL(603596) Haitong Securities·2024-10-31 01:13Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 2.61 billion yuan for Q3 2024, representing a year-on-year increase of 30% and a quarter-on-quarter increase of 24%. The net profit attributable to shareholders was 320 million yuan, up 34% year-on-year and 30% quarter-on-quarter. The gross margin was 21.56%, down 1.05 percentage points year-on-year but up 0.13 percentage points quarter-on-quarter. The net profit margin was 12.57%, an increase of 0.40 percentage points year-on-year and 0.70 percentage points quarter-on-quarter [5][6] - The company is increasing its R&D investment and steadily advancing new product development and mass production delivery. The WCBS1.5 has successfully achieved mass production in multiple customer projects, and the WCBS2.0 has successfully achieved small batch supply in its first customer project. The electric tailgate is about to enter mass production, and the development of new products such as EMB and suspension is progressing smoothly [5][6] - The company is expected to have new production capacity that will support order releases, with significant capacity expansions planned for lightweight products and EPS production lines [6] Financial Summary - The company’s revenue is projected to reach 9.619 billion yuan in 2024, with net profits of 1.156 billion yuan, and EPS of 1.91 yuan. The revenue is expected to grow to 12.053 billion yuan in 2025 and 14.936 billion yuan in 2026, with net profits of 1.501 billion yuan and 1.950 billion yuan respectively. The EPS is projected to be 2.48 yuan in 2025 and 3.22 yuan in 2026 [7][9] - The gross margin is expected to be 21.9% in 2024, 22.0% in 2025, and 22.4% in 2026, while the net asset return rate is projected to increase from 17.5% in 2024 to 19.4% in 2026 [7][9]