Wencan(603348) 民生证券·2025-01-27 02:58Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index [6][13]. Core Insights - The company is projected to achieve a revenue of 6.25 billion yuan in 2024, representing a year-on-year growth of 22.6%. The net profit attributable to shareholders is expected to be between 1.1 to 1.4 billion yuan, reflecting a significant increase of 118.1% to 177.6% year-on-year [1]. - The fourth quarter of 2024 is anticipated to see a revenue of 1.53 billion yuan, a year-on-year increase of 19.7%, driven by stable sales from key clients and the ramp-up of new projects [2]. - The company has secured 14 large integrated structural component contracts from various automotive clients, showcasing its leadership in the lightweight product development sector [3]. - The core clients, including Huawei's Seres, are expected to significantly increase their vehicle deliveries, which will enhance the company's production capacity and profitability starting in 2025 [3][4]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenues of 62.5 billion yuan for 2024, 80.2 billion yuan for 2025, and 97.1 billion yuan for 2026. The net profit attributable to shareholders is projected to be 1.25 billion yuan in 2024, 3.16 billion yuan in 2025, and 4.28 billion yuan in 2026 [4][5]. - The earnings per share (EPS) are expected to be 0.40 yuan in 2024, 1.00 yuan in 2025, and 1.36 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 58, 23, and 17 [5][4]. Market Position and Strategy - The company is recognized as a pioneer in integrated die-casting and is actively engaging with leading new energy vehicle manufacturers, which is expected to drive revenue growth [4]. - The ongoing construction and capacity release of new factories in Mexico are part of the company's strategy to enhance its global presence and operational efficiency [2][4]. Client and Project Development - The company has a robust order book, including new projects from key clients, which is anticipated to lead to a significant increase in production capacity utilization and overall performance from 2025 onwards [3][4].