WBTL(SH:603596) ZHONGTAI SECURITIES·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [1][7][9] Core Insights - The company's performance met expectations, with a revenue of 7.474 billion yuan in 2023, reflecting a year-on-year growth of 34.9% [4][5] - The net profit for 2023 was 891 million yuan, a year-on-year increase of 27.6% [4][5] - The company is accelerating its globalization process, with the North American production capacity set to be released soon [5][6] Financial Performance Summary - Revenue Forecast: - 2022A: 5.539 billion yuan - 2023A: 7.474 billion yuan (yoy +34.9%) - 2024E: 9.442 billion yuan (yoy +26%) - 2025E: 11.660 billion yuan (yoy +23%) - 2026E: 14.001 billion yuan (yoy +20%) [1][8] - Net Profit Forecast: - 2022A: 699 million yuan - 2023A: 891 million yuan (yoy +27.6%) - 2024E: 1.164 billion yuan (yoy +31%) - 2025E: 1.515 billion yuan (yoy +30%) - 2026E: 1.874 billion yuan (yoy +24%) [1][8] - Earnings Per Share (EPS): - 2022A: 1.61 yuan - 2023A: 2.06 yuan - 2024E: 2.69 yuan - 2025E: 3.50 yuan - 2026E: 4.33 yuan [1][8] - Price-to-Earnings (P/E) Ratio: - 2022A: 36.0 - 2023A: 28.2 - 2024E: 21.6 - 2025E: 16.6 - 2026E: 13.4 [1][8] Business Segment Performance - Intelligent Control Business: - Revenue increased by 38.8% in 2023, contributing significantly to overall growth [5][6] - Lightweight Components: - Revenue from lightweight parts reached 3.37 billion yuan in 2023, up 26.6% year-on-year [5][6] - Production Capacity Expansion: - The first phase of the Mexico plant, capable of producing 4 million lightweight components annually, commenced operations in Q3 2023 [5][6] Strategic Outlook - The company is focusing on enhancing its global presence, particularly in North America and Europe, by leveraging partnerships with major OEMs [5][6] - The ongoing development of the line control chassis aims to position the company as a tier 1 supplier in the future [6]