WBTL(603596) Changjiang Securities·2024-11-07 06:20Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][7]. Core Views - The company has shown strong revenue growth due to the ramp-up of lightweight and intelligent electronic control products, achieving a revenue of 2.61 billion yuan in Q3 2024, representing a year-on-year increase of 29.7% and a quarter-on-quarter increase of 23.5% [2][4]. - The net profit attributable to the parent company reached 320 million yuan in Q3 2024, marking a year-on-year growth of 34.0% [2][5]. - The company is expected to continue its upward trajectory in profitability, with a focus on lightweight chassis electronics and successful overseas expansion, positioning itself as a global chassis platform enterprise [6][7]. Financial Performance - In Q3 2024, the company's gross profit margin was 21.6%, with a slight year-on-year decrease of 1.0 percentage points but a quarter-on-quarter increase of 0.1 percentage points [5]. - The net profit margin for Q3 2024 was 12.3%, reflecting a year-on-year increase of 0.4 percentage points and a quarter-on-quarter increase of 0.6 percentage points [5]. - The company has a total revenue forecast of 9.66 billion yuan for 2024, with projected net profits of 1.14 billion yuan, 1.51 billion yuan, and 1.90 billion yuan for the years 2024, 2025, and 2026 respectively [10][7]. Product and Capacity Expansion - The company added 105 new projects in Q3 2024, including 17 new projects for line control braking and 10 new mass production projects [6]. - The company is in a rapid capacity expansion phase, with ongoing construction of several production bases and a capital expenditure of 490 million yuan in the first three quarters of 2024, a decrease of 31.2% year-on-year [6][10]. - The company aims to develop an integrated automotive chassis domain control system, with successful mass production of new products like WCBS1.5 and upcoming mass production of electric tailgates [6][7].