WTJX(830839) 江海证券·2025-03-31 07:19Investment Rating - The investment rating for the company is "Hold" (downgraded) [1] Core Views - The company reported a revenue of 629 million yuan in 2024, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company is optimizing its product structure, which has led to a significant increase in net profit, supported by a decrease in raw material prices and automation upgrades [6] - The domestic engineering machinery market shows signs of recovery, with excavator sales increasing by 52.8% year-on-year in February, indicating a positive trend for the company's related products [6] - The company is actively launching new products, including oil-gas spring products and electric cylinders, which are expected to open up growth opportunities [6] Financial Performance - The company’s total revenue for 2023 was 668.54 million yuan, with a projected revenue of 784.09 million yuan for 2025, reflecting a growth rate of 24.75% [8] - The net profit for 2023 was 79.35 million yuan, with an expected increase to 144.36 million yuan by 2025, indicating a growth rate of 32.78% [8] - The company's comprehensive gross margin improved by 6.20 percentage points year-on-year, driven by the increase in high-margin product revenue [6] Market Outlook - The engineering machinery industry is expected to continue its positive trajectory, benefiting from sustained demand growth and policy support [6] - The company has established a partnership with a leading manufacturer in the lubrication systems sector, which is anticipated to enhance its market position in the hydraulic cylinder segment [6]