WTJX(830839) 东吴证券·2025-03-14 16:00Investment 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 rise in high-margin product sales [2][3] Revenue and Profitability - The company's revenue for 2023 was 668.54 million yuan, with a projected revenue of 628.52 million yuan for 2024, followed by 778.12 million yuan in 2025 [1][10] - The net profit for 2023 was 79.35 million yuan, with a forecasted increase to 108.72 million yuan in 2024 and 137.35 million yuan in 2025 [1][10] - The gross profit margin improved by 6.04 percentage points to 27.93%, and the net profit margin increased by 5.43 percentage points to 17.30% [2] Market Performance - The company has successfully expanded its overseas market, with revenue from international markets increasing by 62.71% year-on-year [2] - The sales of oil gas springs have seen a significant growth of 93.34% year-on-year, contributing to 15.81% of total revenue [3] Strategic Focus - The company focuses on four main industries: automotive, energy mining machinery, engineering machinery, and JG equipment, with a dual approach to market expansion both domestically and internationally [4] - The company is actively developing innovative products to meet market demands, particularly in the dumper truck and mechanical equipment sectors [4] Financial Projections - The projected net profit for 2025 is 137 million yuan, with further increases to 170 million yuan in 2026 and 193 million yuan in 2027 [1][10] - The earnings per share (EPS) are expected to rise from 0.67 yuan in 2023 to 0.91 yuan in 2024, reaching 1.15 yuan in 2025 [1][10]