WTJX(830839) 兴业证券·2024-11-29 00:28Investment Rating - No rating provided for the company [4] Core Views - The company achieved a revenue of 443.21 million yuan in 2024Q1-Q3, a year-on-year decrease of 15.44%, while net profit attributable to the parent company increased by 30.71% to 75.55 million yuan [1] - Gross margin for 2024Q1-Q3 was 27.12%, an increase of 6.13 percentage points year-on-year, and net profit margin attributable to the parent company was 17.05%, an increase of 6.02 percentage points [1] - In 2024Q3, the company achieved a revenue of 138.73 million yuan, a year-on-year decrease of 22.60%, while net profit attributable to the parent company increased by 27.12% to 27.57 million yuan [1] - Gross margin for 2024Q3 was 28.93%, an increase of 8.13 percentage points year-on-year, and net profit margin attributable to the parent company was 19.88%, an increase of 7.77 percentage points [1] - The company's high-margin products and overseas revenue contributed to a 30.71% increase in profit for the first three quarters of 2024 [4] Financial Performance - Revenue for 2020-2023 was 317.89 million yuan, 335.63 million yuan, 504.72 million yuan, and 668.54 million yuan, respectively, with year-on-year growth rates of 1.34%, 5.58%, 50.38%, and 32.46% [3] - Net profit attributable to the parent company for 2020-2023 was 60.41 million yuan, 42.66 million yuan, 63.34 million yuan, and 79.35 million yuan, respectively, with year-on-year growth rates of 47.88%, -29.39%, 48.47%, and 25.28% [3] - Gross margin for 2020-2023 was 30.27%, 26.14%, 21.80%, and 21.89%, respectively [3] - ROE for 2020-2023 was 18.96%, 10.49%, 14.48%, and 16.23%, respectively [3] - Earnings per share for 2020-2023 were 0.97 yuan, 0.36 yuan, 0.55 yuan, and 0.68 yuan, respectively [3] - P/E ratio for 2020-2023 was 16.47, 26.92, 12.40, and 18.71, respectively [3] Market Data - Closing price on 2024/11/22 was 20.93 yuan [2] - Total share capital was 119.22 million shares, with 65.09 million shares in circulation [2] - Net assets were 550.46 million yuan, and total assets were 723.44 million yuan [2] - Net assets per share were 4.62 yuan [2] Company Overview - The company is engaged in the R&D, production, and sales of hydraulic products, including dump truck cylinders, machinery cylinders, and air springs [4] - The company has developed core technologies and holds a series of independent intellectual property rights, making it a professional supplier of medium and high-pressure cylinders in China [4] - The company's products are widely used in automotive, energy mining equipment, construction machinery, and military equipment [4] - As of November 22, 2024, the company's market capitalization was 2.495 billion yuan, with a P/E (TTM) of 25.70 times [4]