WBTL(603596) Minsheng Securities·2025-04-23 23:32Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported 2024 revenue of 9.937 billion yuan, a year-on-year increase of 33.0%, and a net profit of 1.209 billion yuan, up 35.7% year-on-year. The fourth quarter of 2024 saw revenue of 3.358 billion yuan, a year-on-year increase of 41.8% and a quarter-on-quarter increase of 28.8% [1][2]. - The company expects 2025 revenue to reach 12.7 billion yuan, a year-on-year increase of 28%, and a net profit of 1.51 billion yuan, up 24% year-on-year [2]. - The company is benefiting from increased sales from key customers, with Chery and Geely's sales growing by 38.4% and 27.6% respectively in 2024. Additionally, the company added 8 new customers and saw significant sales growth in key products [2][3]. - The company is advancing in smart and electric vehicle technologies, becoming the first domestic supplier to mass-produce line control braking systems and planning to expand production capacity [3][4]. Summary by Sections Financial Performance - In 2024, the company's gross margin was 21.1%, a decrease of 1.5 percentage points year-on-year. The fourth quarter gross margin was 20.9%, down 2.2 percentage points year-on-year [3]. - The company achieved a net profit margin of 12.17% in 2024, with a significant increase in net profit from its subsidiary, Bertley Electronics, which saw a net profit of 166 million yuan, up 182% year-on-year [2][3]. Growth Strategy - The company is focusing on smart and electric vehicle technologies, with plans to produce 1 million line control braking systems and expand its electric parking brake (EPB) production capacity [3][4]. - The company is also expanding its global footprint, with plans for new production bases in Morocco and Mexico, enhancing its international presence [3][4]. Investment Outlook - The company is projected to achieve revenues of 13.075 billion yuan in 2025, 17.089 billion yuan in 2026, and 22.044 billion yuan in 2027, with corresponding net profits of 1.594 billion yuan, 2.104 billion yuan, and 2.793 billion yuan respectively [5][10]. - The report indicates that the company’s earnings per share (EPS) are expected to grow from 1.99 yuan in 2024 to 4.60 yuan in 2027, with a price-to-earnings (PE) ratio decreasing from 30 in 2024 to 13 in 2027 [5][10].