WBTL(SH:603596) 东吴汽车黄细里团队·2025-05-06 15:21Core Viewpoint - The company reported lower-than-expected performance in Q1 2025, with revenue of 2.64 billion yuan, a year-on-year increase of 41.8% but a quarter-on-quarter decrease of 21.5% [2]. Revenue and Profitability - In Q1 2025, the company's revenue was 2.64 billion yuan, with a year-on-year growth of 41.8% and a quarter-on-quarter decline of 21.5%. The net profit attributable to the parent company was 270 million yuan, reflecting a year-on-year increase of 28.8% but a quarter-on-quarter decrease of 37.3% [2]. - The gross profit margin for Q1 2025 was 17.8%, down 2.3 percentage points year-on-year and 2.9 percentage points quarter-on-quarter, primarily due to the annual decline in downstream customer demand and the ongoing ramp-up phase of the Mexican factory [4]. Customer Demand and Product Performance - Key customer demand saw significant growth, with production from core clients Chery and Geely increasing by 29% and 43% year-on-year, respectively. The sales of Geely's Galaxy 3.0 platform models exceeded 170,000 units, contributing significantly to the growth in line control braking [3]. - In terms of product performance, sales of intelligent electronic control products (EPB + line control braking) increased by 58% year-on-year, while disc brake sales rose by 36% and lightweight products by 23% [3]. Cost Management and Efficiency - The company experienced a scale effect in its expense management, with the expense ratio for Q1 2025 at 7.40%, showing a year-on-year decrease of 1.5 percentage points and a quarter-on-quarter increase of 1.3 percentage points. The breakdown of expense ratios included sales expense ratio at 0.41%, management expense ratio at 2.55%, R&D expense ratio at 4.87%, and financial expense ratio at -0.45% [4]. Order Acquisition and International Expansion - The company successfully acquired 416 new projects in 2024, with specific increases in projects for disc brakes, lightweight products, and mechanical steering columns [5][6]. - The expansion of the Mexican production capacity is progressing smoothly, with the first phase of the project, which has an annual capacity of 4 million lightweight components, having commenced production by the end of Q3 2023. The company is actively advancing plans for an annual capacity of 7.2 million lightweight components and 2 million brake calipers in Mexico, with expectations for volume and profit growth by 2025 [7]. Financial Forecast - The company maintains revenue forecasts for 2025-2027 at 12.92 billion, 15.50 billion, and 18.38 billion yuan, representing year-on-year growth of 30%, 20%, and 19%, respectively. The net profit attributable to the parent company is projected at 1.55 billion, 1.88 billion, and 2.29 billion yuan for the same period, with corresponding year-on-year growth rates of 28%, 22%, and 21% [8].