WTJX(830839) 申万宏源证券·2025-03-18 02:48Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Insights - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new sectors expanding aggressively [6]. - The company reported a revenue of 629 million yuan for 2024, a year-over-year decrease of 5.99%, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% year-over-year [6]. - The company plans to distribute a cash dividend of 0.5 yuan per share and aims for a minimum annual dividend payout ratio of 10% over the next three years [6]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is 765 million yuan, with a year-over-year growth rate of 21.7% [8]. - The net profit attributable to shareholders is projected to be 149 million yuan in 2025, reflecting a growth rate of 36.9% [8]. - The gross profit margin is expected to improve to 29.0% in 2025, up from 27.9% in 2024 [8]. - The return on equity (ROE) is forecasted to reach 20.9% in 2025 [8]. Business Performance - The company experienced a significant recovery in Q4 2024, with revenue growth of 28.3% year-over-year and a quarter-over-quarter increase of 33.6% [8]. - The gross profit margin for the company improved to 27.93% in 2024, an increase of 6.2 percentage points [8]. - The revenue from the self-dumping truck cylinder segment increased by 10.02%, while the oil-gas spring segment saw a revenue increase of 93.34% [8]. Future Growth Potential - The company is optimistic about the growth potential of oil-gas springs and is actively expanding into new business areas [8]. - The company has developed various products based on oil-gas springs for heavy mining trucks and is working on integrated oil-gas suspension systems for passenger vehicles [8]. - The company has established partnerships to enter new markets, such as hydraulic cylinders for wind turbine pitch control, indicating a focus on import substitution [8].