WBTL(603596) Soochow Securities·2024-10-31 21:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported better-than-expected performance in Q3 2024, with revenue reaching 2.607 billion yuan, representing a quarter-on-quarter increase of 29.66% and a year-on-year increase of 23.52%. The net profit attributable to the parent company was 321 million yuan, with a year-on-year increase of 33.96% [2][3] Revenue and Profit Forecast - The company is projected to achieve total revenue of 10.131 billion yuan in 2024, with a year-on-year growth of 36%. The net profit attributable to the parent company is expected to be 1.147 billion yuan, reflecting a year-on-year increase of 29% [5] Customer and Product Performance - Core customer production and sales have improved significantly, contributing to high revenue growth. Notable increases in production for key clients such as Chery, Geely, and Changan were observed, with respective quarter-on-quarter production increases of 13%, 14%, and a decrease of 17% [3] Margin and Cost Management - The gross margin for Q3 2024 was reported at 21.60%, marking a recovery with a quarter-on-quarter increase. The company maintained a stable expense ratio of 8.71% during the same period [4] Order Acquisition and Product Development - The company successfully secured 301 new projects in Q3 2024, with significant additions in various product lines, indicating a robust pipeline for future growth [5]