WBTL(603596) Guohai Securities·2024-09-29 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has shown steady revenue growth in the first half of 2024, driven by increased product sales and ongoing development of new products and capacity expansion [3][5] - The company is positioned as a leading player in the autonomous braking sector, with high technical barriers and continuous upgrades, aiming to evolve into a chassis platform enterprise [2][3] - The revenue forecast for 2024-2026 is adjusted to 9.65 billion, 11.87 billion, and 15.23 billion yuan, with year-on-year growth rates of 29%, 23%, and 28% respectively [2][5] Summary by Sections Performance Overview - In the first half of 2024, the company's main business revenue reached 3,836.28 million yuan, a year-on-year increase of 28.15% [3] - Sales of smart electronic control products increased by 32.04%, disc brakes by 14.99%, and lightweight brake components by 61.17% [3] Product Development and Capacity Expansion - The company is actively developing new technologies and products, with successful mass production of WCBS1.5 and initial small-batch supply of WCBS2.0 [3] - New production capacity includes 300,000 sets of EPS and EPS-ECU production lines, with ongoing expansion in Mexico [3] Financial Projections - The company is expected to achieve net profits of 1.17 billion, 1.45 billion, and 1.88 billion yuan for 2024-2026, with growth rates of 31%, 24%, and 29% respectively [2][5] - The estimated EPS for the same period is projected to be 1.93, 2.40, and 3.10 yuan, with corresponding P/E ratios of 23, 19, and 14 times [2][5]