WTJX(BJ:830839) Soochow Securities·2025-03-14 01:35Investment 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] - Despite a 5.99% decline in total revenue to 628.52 million yuan, the net profit attributable to shareholders increased by 37.02% to 108.72 million yuan, primarily due to an optimized product mix and a significant increase in overseas market revenue [2][3] - The gross profit margin improved by 6.04 percentage points to 27.93%, while the net profit margin increased by 5.43 percentage points to 17.30% [2] Revenue and Profit Analysis - The company's revenue from the mechanical equipment segment decreased by 17.53% to 392 million yuan, while the revenue from the self-dumping truck segment increased by 10.02% to 123 million yuan [3] - The oil and gas spring segment saw a substantial growth of 93.34%, reaching 99 million yuan, contributing to 15.81% of total revenue [3] Market Strategy - The company focuses on four main industries: automotive, energy extraction machinery, engineering machinery, and JG equipment, with a dual approach to market expansion both domestically and internationally [4] - Continuous innovation and product development in the self-dumping truck segment are expected to drive future revenue growth [4] Financial Forecasts - The company is projected to achieve net profits of 137 million yuan, 170 million yuan, and 193 million yuan for the years 2025, 2026, and 2027, respectively [9] - The price-to-earnings ratio (P/E) is expected to decrease from 32.51 in 2024 to 18.32 by 2027, indicating improving valuation [9]