WBTL(SH:603596) Guoyuan Securities·2025-09-09 04:13Investment Rating - The report upgrades the investment rating to "Buy" based on the company's significant growth and potential in new projects [4][6]. Core Insights - The company achieved a revenue of 5.164 billion yuan in H1 2025, representing a year-on-year growth of 30.04%, and a net profit of 522 million yuan, up 14.19% year-on-year [1]. - The company is actively expanding its client base and project portfolio, with a total of 51 clients and 486 ongoing projects, marking an 8.97% increase year-on-year [2]. - New designated projects increased by 43.88% year-on-year, with an expected annualized revenue of 4.18 billion yuan from these projects [2]. - The company continues to innovate with new products, including the successful mass supply of WCBS2.0 and other lightweight components [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.395 billion yuan, 1.729 billion yuan, and 2.066 billion yuan respectively, with corresponding EPS of 2.30 yuan, 2.85 yuan, and 3.41 yuan [4][5]. - The company is expected to maintain a steady revenue growth rate, with projected revenues of 12.402 billion yuan in 2025, 15.539 billion yuan in 2026, and 18.970 billion yuan in 2027 [5][7].