WBTL(603596) Guolian Securities·2024-11-03 04:00Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 2.61 billion yuan in Q3 2024, representing a year-on-year growth of 29.7%. The net profit attributable to shareholders was 321 million yuan, up 34.0% year-on-year [6]. - The company is expected to achieve revenues of 9.96 billion, 13.02 billion, and 16.59 billion yuan for the years 2024, 2025, and 2026, with year-on-year growth rates of 33.3%, 30.6%, and 27.5% respectively [6]. - The net profit attributable to shareholders is projected to be 1.18 billion, 1.58 billion, and 2.05 billion yuan for the same years, with growth rates of 32.1%, 34.2%, and 30.0% respectively [6]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a gross margin of 21.6%, a decrease of 1.0 percentage points year-on-year but an increase of 0.1 percentage points quarter-on-quarter [6]. - The company’s operating expenses for Q3 2024 were 227 million yuan, with an expense ratio of 8.7%, down 0.3 percentage points from the previous quarter [6]. Product Development - The company has seen significant growth in product sales, with smart control and lightweight products sold at 1.347 million and 3.531 million units respectively, marking year-on-year increases of 33% and 55% [6]. - The number of new projects and clients has increased, with 301 new projects added, a 65% increase year-on-year [6]. Market Position - The company maintains a high barrier to entry and stable profit growth, which supports the "Buy" rating [6]. - The company’s earnings per share (EPS) are projected to be 1.94, 2.61, and 3.38 yuan for 2024, 2025, and 2026 respectively [6].