WBTL(603596) Guoyuan Securities·2024-09-02 12:00Investment Rating - The report maintains a "Buy" rating for Berteli (603596.SH) with a target price of 45.43 CNY, indicating a potential upside from the current price of 37.20 CNY over the next six months [4]. Core Insights - Berteli's H1 2024 revenue reached 3.971 billion CNY, a year-on-year increase of 28.32%, while net profit attributable to shareholders was 457 million CNY, up 28.65% year-on-year [2]. - The company has seen significant growth in its smart electric control products and lightweight brake components, with sales increasing by 32.04% and 61.17% respectively [2]. - The company is expanding its market presence both domestically and internationally, with 196 new project approvals in H1 2024, a 35% increase from the previous year [2]. Summary by Sections Financial Performance - In H1 2024, Berteli achieved a gross margin of 21.43% and a net margin of 11.87%, showing improvement from Q1 [2]. - The company forecasts net profits of 1.152 billion CNY, 1.422 billion CNY, and 1.715 billion CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.90 CNY, 2.34 CNY, and 2.83 CNY [3][4]. Business Development - The company is actively pursuing new business opportunities, with successful mass production of WCBS 1.5 and initial supply of WCBS 2.0 to clients [2]. - Berteli is also expanding its production capacity, including a new annual capacity of 300,000 units for EPS and EPS-ECU production lines [2]. Market Position - Berteli's strategy includes optimizing its customer structure and increasing the number of new clients, which has led to a robust order book [2]. - The company is well-positioned in the automotive electronics and control components sector, with key subsidiaries showing improved profitability [2].