WTJX(830839) 东吴证券·2025-03-14 02:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a 37% year-on-year growth in performance for 2024, driven by high-margin market expansion and cost reduction initiatives [2] - The revenue for 2024 is projected to be 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders is expected to reach 109 million yuan, an increase of 37.02% year-on-year [2] - The decline in revenue is primarily due to a slowdown in demand for energy mining equipment, but the increase in net profit is attributed to an optimized product structure and a higher proportion of high-margin products [2][3] Financial Performance Summary - The company reported a total revenue of 668.54 million yuan in 2023, with a projected revenue of 628.52 million yuan for 2024, followed by increases to 778.12 million yuan in 2025 and 918.26 million yuan in 2026 [1][10] - The net profit attributable to shareholders is forecasted to grow from 79.35 million yuan in 2023 to 108.72 million yuan in 2024, and further to 137.35 million yuan in 2025 [1][10] - The earnings per share (EPS) is expected to rise from 0.67 yuan in 2023 to 0.91 yuan in 2024, reaching 1.15 yuan in 2025 [1][10] Market and Product Insights - The company has successfully expanded its overseas market, with revenue from international markets increasing by 62.71% year-on-year [2] - The oil and gas spring segment has seen significant growth, with revenue increasing by 93.34% year-on-year, contributing to 15.81% of total revenue [3] - The company focuses on four main industries: automotive, energy mining machinery, engineering machinery, and JG equipment, with ongoing efforts to innovate and meet market demands [4]