WBTL(SH:603596) 汽车琰究·2025-08-01 06:51Event Overview - On July 31, the company announced the first phase of its employee stock ownership plan for 2025, covering core technical personnel and middle management (totaling ≤258 people). The stock source is from the company's repurchased shares, totaling no more than 1.8 million shares, accounting for 0.30% of the current total share capital. The employee purchase price is set at 24.97 yuan/share, with a total self-funded amount not exceeding 44.946 million yuan [2]. Employee Stock Ownership Plan - The incentive targets are broad, including core technical personnel and middle management, with a total of ≤258 individuals. The expected expense amortization amounts for 2025-2030 are 4.16 million, 9.98 million, 9.98 million, 8.31 million, 5.15 million, and 2.33 million yuan, indicating a minimal impact on the company's performance [3]. - The incentive is significant, with the grant price of 24.97 yuan/share representing a 47.03% discount compared to the current price. This plan is expected to attract and retain talent, enhance operational efficiency, and drive performance growth through a tiered unlocking and multiple assessment mechanisms, ensuring long-term development [3]. Strategic Developments - The company is actively expanding its smart and electric vehicle capabilities. It has become the first domestic supplier to mass-produce and deliver line control braking systems, with plans to build an annual production capacity of 1 million units by 2024, which will help seize market opportunities and expand its first-mover advantage [4]. - The company is also the first domestic supplier to achieve mass production of Electric Parking Brakes (EPB), with plans to expand production by 1 million units in 2024, effectively alleviating capacity bottlenecks and strengthening competitive advantages [4]. - Since 2012, the company has been engaged in lightweight braking components and has established a global presence, including a production base in Mexico that began operations in 2023, with plans for a base in Morocco in 2024 [4]. Integration and Market Position - The company has made strategic acquisitions, such as acquiring 45% of Wanda in 2022, enhancing its automotive chassis layout (braking + steering). Post-acquisition integration has led to a significant increase in net profit margins [5]. - In November 2024, the company plans to establish Bertley Automotive Suspension Technology Company and aims to add 200,000 units of suspension capacity annually, targeting the line control chassis market, which is projected to be worth hundreds of billions [5]. Financial Projections - The company is expected to benefit in the short term from the increased penetration of smart electric control businesses like EPB and line control braking systems. In the medium to long term, the line control chassis is anticipated to contribute significantly to revenue growth, with overseas production capacity gradually ramping up. Revenue projections for 2025-2027 are 13.075 billion, 17.089 billion, and 22.044 billion yuan, with net profits of 1.594 billion, 2.104 billion, and 2.793 billion yuan, respectively. Corresponding EPS is projected at 2.63, 3.47, and 4.60 yuan, with PE ratios of 18, 14, and 10 times [6][7].