WBTL(SH:603596) Changjiang Securities·2026-03-02 09:42Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company announced plans to acquire 50.9727% of Yubei Steering, becoming its controlling shareholder. This acquisition will enhance the company's layout in the steer-by-wire chassis sector. With the expected growth in sales from downstream customers, the company's performance is anticipated to rebound. The company is positioned to become a global platform enterprise for intelligent chassis solutions [2][4]. Summary by Relevant Sections Acquisition Details - The company plans to acquire shares from shareholders of Yubei Steering, which will allow it to consolidate its position in the steer-by-wire chassis market. The acquisition is expected to be valued at no more than 2.2 billion yuan, based on the audited net asset situation of Yubei Steering by the end of 2025 [4][11]. Financial Performance and Projections - The company has seen a continuous increase in new orders, with 131 new designated projects in Q3 2025, representing a 24.8% increase year-on-year. The projected annualized revenue from these projects is 7.1 billion yuan for 2025, up from 6.54 billion yuan in 2024. The company is also increasing its R&D investments, particularly in new products like EMB and suspension systems [11]. Market Position and Future Outlook - The company's intelligent electronic control products are accelerating in volume, and the lightweight chassis electronics are expected to contribute to rapid growth in performance. The company is on track to become a global chassis platform enterprise, with projected net profits of 1.25 billion yuan, 1.6 billion yuan, and 1.95 billion yuan for 2025, 2026, and 2027, respectively [11][17].