WBTL(603596) 华泰证券·2025-04-25 10:45Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved revenue of 9.937 billion RMB in 2024, a year-over-year increase of 32.95%, and a net profit of 1.209 billion RMB, up 35.60% year-over-year, exceeding market expectations [1] - The rapid growth of electric control products is expected to continue, driven by technological and cost advantages, with significant sales increases projected for the future [2] - The company's gross margin improved due to scale effects, with a reported gross margin of 21.14% for 2024, and a net profit margin increase to 12.2% [3] - The establishment of overseas production capacity, particularly in Mexico, is expected to enhance global growth opportunities, with overseas revenue increasing by 25.9% to 1.09 billion RMB [4] - Profit forecasts for 2025 and 2026 are maintained at 1.51 billion RMB and 1.93 billion RMB respectively, with a target price set at 65.49 RMB based on a PE ratio of 26.3 for 2025 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.937 billion RMB, a 32.95% increase year-over-year, and a net profit of 1.209 billion RMB, reflecting a 35.60% growth [1] - The fourth quarter of 2024 saw revenue of 3.358 billion RMB, a 41.80% increase year-over-year, and a net profit of 431 million RMB, up 45.25% year-over-year [1] Product Development - The company’s electric control products saw a significant sales increase, with Q4 2024 sales rising by 48% year-over-year to 1.78 million units [2] - The company is expected to continue benefiting from the launch of new products, including the WCBS 1.5, which is anticipated to meet the growing demand for L3 assisted driving [2] Profitability and Margins - The gross margin for 2024 was reported at 21.14%, with an adjusted Q4 gross margin estimated at approximately 22.2% after accounting for warranty reclassification [3] - The net profit margin for 2024 improved to 12.2%, indicating enhanced profitability driven by scale effects and operational efficiencies [3] Global Expansion - The company’s overseas revenue reached 1.09 billion RMB in 2024, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The establishment of a second factory in Mexico is expected to further enhance production capabilities and profitability [4] Valuation and Forecast - The company’s net profit forecasts for 2025 and 2026 are set at 1.51 billion RMB and 1.93 billion RMB respectively, with a target price of 65.49 RMB based on a PE ratio of 26.3 for 2025 [5]