WBTL(603596) 国投证券·2024-10-30 02:23Investment Rating - The report maintains a "Buy - A" investment rating for the company, with a 6-month target price of 58.75 CNY [5][6]. Core Insights - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 28.85% to 6.578 billion CNY and a net profit increase of 30.79% to 778 million CNY [1][2]. - The company is positioned as a core player in the next-generation braking technology (EMB) sector, with significant regulatory progress in China [3]. - The expansion of the company's global customer base and production capacity in Mexico is accelerating, with new projects expected to generate substantial revenue [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 6.578 billion CNY, a 28.85% increase year-on-year, and a net profit of 778 million CNY, up 30.79% year-on-year [1]. - In Q3 2024 alone, the company achieved a revenue of 2.607 billion CNY, representing a 29.66% year-on-year increase and a 23.52% quarter-on-quarter increase [1][2]. - The gross margin for Q3 2024 was 21.56%, showing a slight decrease year-on-year but an improvement from the previous quarter [2]. Business Segment Performance - The smart electric control segment saw a 33% increase in sales volume in Q3 2024, driven by the ramp-up of line control braking products and EPB products [2]. - The lightweight segment experienced a significant 55% increase in sales volume, attributed to the gradual ramp-up of the Mexico plant [2]. - The mechanical steering segment's sales volume increased by 17% year-on-year in Q3 2024 [2]. Future Projections - The company expects net profits of 1.17 billion CNY, 1.43 billion CNY, and 1.74 billion CNY for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 25.7, 21.1, and 17.3 [5][9].