WBTL(SH:603596) NORTHEAST SECURITIES·2025-12-30 07:45Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4]. Core Views - The company has shown robust growth in the first three quarters, with a year-on-year revenue increase of 27.0% to 8.36 billion yuan and a net profit increase of 14.6% to 890 million yuan [1]. - The gross margin for the first three quarters was 19.3%, down 2.0 percentage points year-on-year, while the net profit margin was 10.7%, down 1.2 percentage points year-on-year [1]. - The company’s smart electronic control products are the main growth driver, with sales of 4.733 million units in the first three quarters, a year-on-year increase of 41.6% [2]. - The company has a strong order backlog and is actively advancing capacity construction, with 536 projects under research, a year-on-year increase of 24.1% [3]. - The company raised 2.802 billion yuan through convertible bonds in July 2025 to invest in various production projects, including the production of 600,000 units of EMB and 1 million units of WCBS annually [3]. Financial Summary - The company’s projected revenues for 2025-2027 are 12.8 billion, 15.8 billion, and 19.2 billion yuan, respectively, with corresponding net profits of 1.42 billion, 1.81 billion, and 2.23 billion yuan [4]. - The projected price-to-earnings (PE) ratios for 2025-2027 are 22, 17, and 14 times, respectively [4]. - The gross margin is expected to improve, with a forecast of 20.5% for Q3 2025, up 1.4 percentage points from the previous quarter [1].