WBTL(603596) 西南证券·2024-10-31 00:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 performance exceeded expectations, with revenue and profit showing significant growth. For the first three quarters of 2024, revenue reached 6.578 billion yuan, up 28.9% year-on-year, and net profit attributable to shareholders was 778 million yuan, up 30.8% year-on-year [1] - The company is experiencing rapid growth in various product lines, with notable increases in sales of intelligent electronic control products, disc brakes, lightweight brake components, and mechanical steering products [2] - The company is expanding its production capacity and has successfully launched new projects, including significant contracts with North American and German automotive companies [3] - The company is increasing its R&D investment to advance new product development and delivery, with successful mass production of several new technologies [3] Financial Summary - For Q3 2024, the company reported revenue of 2.607 billion yuan, a year-on-year increase of 29.7% and a quarter-on-quarter increase of 23.5%. The net profit for Q3 was 321 million yuan, up 34% year-on-year and 29.5% quarter-on-quarter [1] - The gross margin for Q3 was 21.6%, a decrease of 1 percentage point year-on-year but an increase of 0.2 percentage points quarter-on-quarter. The net margin was 12.6%, up 0.4 percentage points year-on-year and 0.7 percentage points quarter-on-quarter [2] - The company forecasts EPS for 2024-2026 to be 1.87, 2.34, and 3.01 yuan, respectively, with a projected CAGR for net profit attributable to shareholders of 27% [4]