WBTL(SH:603596) Haitong Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a revenue of 7.47 billion yuan in 2023, representing a year-on-year increase of 35%, and a net profit attributable to shareholders of 0.89 billion yuan, up 28%, with a net profit margin of 12.2% [5][6] - In Q4 2023, the company reported a revenue of 2.37 billion yuan, a 28% increase year-on-year, and a net profit of 0.30 billion yuan, a 34% increase year-on-year, with a net profit margin of 12.8% [5] - The company has a rich reserve of projects under research and development, with a total of 319 new designated projects in 2023, including various systems for new energy vehicles [5][6] - The company is expected to achieve revenues of 9.74 billion yuan, 12.04 billion yuan, and 15.08 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.22 billion yuan, 1.60 billion yuan, and 2.08 billion yuan for the same years [6][8] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.47 billion yuan, with a year-on-year growth of 34.9% expected for 2024 [6][8] - The net profit for 2023 was 0.89 billion yuan, with a projected growth of 27.6% for 2024 [6][8] - The earnings per share (EPS) for 2023 was 2.06 yuan, expected to rise to 2.83 yuan in 2024 [6][8] Market Position and Growth Potential - The company is one of the few domestic brands with independent intellectual property rights capable of mass production of various intelligent electronic control products [5][6] - The company has a strong focus on expanding its market presence and has a rich pipeline of projects in development [5][6] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 25 to 30 times for 2024, corresponding to a fair value range of 70.71 to 84.85 yuan [5][6]