WBTL(603596) ZHESHANG SECURITIES·2024-11-13 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company achieved rapid growth in performance, with revenue reaching 6.578 billion yuan in the first three quarters of 2024, a year-on-year increase of 28.85%. The net profit attributable to shareholders was 778 million yuan, up 30.79% year-on-year [1] - The company is expanding its research and production projects quickly, with a total of 432 ongoing projects, a 12% increase year-on-year, and 235 new production projects, a 19% increase year-on-year [2] - Revenue from the main business increased significantly, with a total of 6.378 billion yuan in the first three quarters, representing a 29.43% year-on-year growth [2] Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 2.607 billion yuan, a year-on-year increase of 29.66%, and a net profit of 321 million yuan, up 33.96% year-on-year [1] - The gross margin was 21.29%, a decrease of 1.04% year-on-year, while the net margin was 11.99%, an increase of 0.08% year-on-year [1] Sales and Product Development - The sales volume of smart electronic control products reached 3.34 million units, a year-on-year increase of 32.53%, while the sales of lightweight brake components surged by 58.99% year-on-year [2] - The company is actively expanding its market presence, with a significant increase in new designated projects, totaling 301, which is a 65% year-on-year growth [2] Earnings Forecast and Valuation - The projected total revenue for 2024-2026 is 9.589 billion, 11.925 billion, and 14.795 billion yuan, with year-on-year growth rates of 28.31%, 24.36%, and 24.07% respectively [3] - The expected net profit attributable to shareholders for the same period is 1.104 billion, 1.392 billion, and 1.785 billion yuan, with year-on-year growth rates of 23.81%, 26.09%, and 28.25% respectively [3]