WBTL(SH:603596) EBSCN·2025-09-02 03:53Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3][6]. Core Insights - The company's revenue for 1H25 increased by 30.0% year-on-year to 5.16 billion yuan, accounting for approximately 39% of the original full-year forecast. However, the gross margin decreased by 2.5 percentage points to 18.6% [1]. - In 1H25, the company saw significant growth in its intelligent electronic control products, with sales increasing by 43.1% year-on-year. The number of new projects also rose by 44% to 282 [2]. - The company is accelerating its global expansion, with its Mexican subsidiary achieving stable profitability and ongoing construction of a factory in Morocco [3]. Summary by Sections Financial Performance - 1H25 total revenue reached 5.16 billion yuan, with a net profit of 520 million yuan, reflecting a year-on-year increase of 14.2% [1]. - The gross margin for 2Q25 was 19.2%, showing a year-on-year decline of 2.2 percentage points [1]. Product Development - The company is focusing on new product development, particularly in integrated chassis systems, with successful mass production of line control braking systems [2]. - The company is preparing for mass production of new products such as EMB and air suspension systems, with significant production capacity planned [2]. Global Strategy - The Mexican subsidiary reported a net profit of approximately 18.27 million yuan, with expectations for continued growth as production capacity increases [3]. - The company has established a 200 million yuan industrial fund to invest in emerging fields such as humanoid robots and low-altitude economy [3]. Earnings Forecast - The report has adjusted the profit forecasts for 2025, 2026, and 2027 down by 10%, 6%, and 1% respectively, but maintains a positive long-term growth outlook due to the integrated chassis strategy [3].