WBTL(SH:603596) Guolian Minsheng Securities·2026-01-26 08:17Investment Rating - The report maintains a "Buy" rating for the company with a target price of 57.70 CNY per share [2]. Core Insights - The company is positioned as a leader in the line-controlled chassis sector and is expected to play a significant role in the future of humanoid robotics. It has established a comprehensive product layout in braking systems, steering, suspension, control, and structural components, transitioning from traditional mechanical systems to intelligent electric control systems [8][9]. - The company is benefiting from the ongoing trends of electrification and automation in the automotive industry, with a strong focus on global expansion and technological innovation [12][16]. Summary by Sections 1. Line-Controlled Chassis Leadership - The company has developed a robust capability in intelligent chassis systems, with a complete product layout in braking, steering, suspension, and control systems. It has established partnerships with major automotive brands, including both domestic and international clients [21][29]. - The company has made significant advancements in electric control systems, becoming a leader in the domestic market for electronic parking brakes (EPB) and expanding into active suspension systems [24][35]. 2. Technical Capability Building - The company has a strong focus on R&D, with continuous investment leading to a significant increase in its technical capabilities. It has established multiple R&D centers globally, enhancing its innovation capacity [61][66]. - The company has developed a comprehensive product matrix, including lightweight components, electric control systems, and line-controlled chassis, which positions it well for future growth [70]. 3. Transition from Automotive to Robotics - The company is leveraging its extensive experience in the automotive sector to expand into the humanoid robotics market. It has already established subsidiaries focused on key components such as motors and actuators, which are essential for robotics [13][18]. - The global market for humanoid robots is expected to grow significantly, with the company poised to become a key player in this emerging field due to its technological expertise and established supply chain [12][18]. 4. Financial Performance and Forecast - The company is projected to achieve revenues of 12.88 billion CNY in 2025, with a compound annual growth rate (CAGR) of 29.6% from 2024 to 2027. Net profit is expected to reach 1.51 billion CNY in 2025, reflecting a strong growth trajectory [2][52]. - The financial metrics indicate a healthy growth outlook, with improvements in gross margins expected as new products scale up and operational efficiencies are realized [55][58].