WBTL(603596) Orient Securities·2024-11-03 03:13Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.44 CNY [2][5] Core Insights - The company's performance meets expectations, with a revenue of 6.578 billion CNY for the first three quarters, representing a year-on-year growth of 28.9%. The net profit attributable to shareholders reached 778 million CNY, up 30.8% year-on-year [1] - The gross margin improved sequentially, with a gross margin of 21.3% for the first three quarters, a decrease of 1.0 percentage points year-on-year, but a slight increase of 0.1 percentage points quarter-on-quarter [1] - The company continues to expand its product offerings and secure new projects, with significant growth in sales of intelligent electronic control products and lightweight brake components [1] Financial Performance Summary - Revenue for 2022 was 5.539 billion CNY, projected to grow to 7.474 billion CNY in 2023, and further to 10.033 billion CNY in 2024, reflecting a year-on-year growth of 34.9% [4] - The net profit attributable to shareholders is expected to increase from 891 million CNY in 2023 to 1.175 billion CNY in 2024, indicating a growth rate of 27.6% [4] - The company's gross margin is projected to improve slightly from 22.6% in 2023 to 22.7% in 2024 [4] Market Expansion and Capacity Building - The company is actively expanding its overseas market presence, establishing partnerships with major clients like General Motors and Stellantis, with a projected annual demand for lightweight components of 7.7 million units [1] - The company has a robust order backlog, with expected annual revenue from new projects reaching 7.822 billion CNY upon full capacity [1]