WBTL(SH:603596) Minsheng Securities·2025-08-01 03:59Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Insights - The company has launched an employee stock ownership plan aimed at enhancing long-term growth, covering up to 258 core technical and managerial personnel, with a total of no more than 1.8 million shares, representing 0.30% of the current total share capital [1][2] - The employee stock plan is priced at 24.97 CNY per share, which is a 47.03% discount compared to the current price, indicating a significant incentive to attract and retain talent [2] - The company is advancing in smart and electric vehicle technologies, becoming the first domestic supplier to mass-produce line control braking systems and EPB, with plans to expand production capacity significantly [3] - The company has made strategic acquisitions, including a 45% stake in Wanda, enhancing its product offerings and operational efficiency, with plans to establish a new suspension technology company [4] Financial Projections - Revenue projections for 2025-2027 are estimated at 130.75 billion CNY, 170.89 billion CNY, and 220.44 billion CNY respectively, with net profits of 15.94 billion CNY, 21.04 billion CNY, and 27.93 billion CNY [4][5] - The expected EPS for the same period is 2.63 CNY, 3.47 CNY, and 4.60 CNY, with corresponding PE ratios of 18, 14, and 10 [5][4] - The company anticipates a revenue growth rate of approximately 31.6% in 2025, with a net profit growth rate of 31.9% [5][9]