WBTL(603596) 东吴证券·2025-04-25 06:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report shows performance exceeding expectations, driven by new product launches and overseas expansion [1] - Key customers such as Chery and Geely have seen production increases of 38% and 30% respectively, contributing to revenue growth [8] - The company has successfully secured 416 new projects, with significant growth in lightweight products and electronic components [8] Financial Summary - Total revenue for 2024 is projected at 99.37 billion yuan, a year-on-year increase of 33.0% [8] - Net profit attributable to shareholders is expected to reach 12.09 billion yuan, up 35.6% year-on-year [8] - The company anticipates revenue growth of 30% in 2025, 20% in 2026, and 19% in 2027, with net profit growth of 28%, 22%, and 21% respectively [8][9] Key Financial Metrics - The latest diluted EPS is projected at 1.99 yuan for 2025, with a P/E ratio of 22.89 [1][9] - The gross margin for 2024 is expected to be 21.14%, a decrease of 1.4 percentage points year-on-year, primarily due to the ramp-up phase of the Mexican factory [8] - The company’s operating cash flow for 2024 is projected at 1.058 billion yuan [9]