WFHT(000581) 广发证券·2024-11-13 12:24Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 8.22 billion yuan in the first three quarters of 2024, a year-on-year decrease of 1.5%, while the net profit attributable to the parent company was 1.28 billion yuan, reflecting a year-on-year decrease of 3.4% and an increase of 3.3% for the non-recurring profit [1][6]. - The gross margin and net margin for the first three quarters of 2024 were 17.8% and 16.2%, respectively, showing a year-on-year increase of 1.6 percentage points and a decrease of 0.2 percentage points [6][9]. - The company has a strong financial position with total liquid assets amounting to 7.14 billion yuan at the end of Q3 2024, a year-on-year increase of 1.5%, and a debt-to-asset ratio of 27.1% [9][10]. Summary by Sections Revenue and Profitability - In Q3 2024, the company reported a revenue of 2.52 billion yuan, a year-on-year increase of 14.0% but a quarter-on-quarter decrease of 9.6%. The net profit attributable to the parent company was 320 million yuan, down 13.5% year-on-year and 28.8% quarter-on-quarter [1][6]. - The company’s operating expenses showed a mixed trend, with sales expenses at 2.6%, management expenses at 7.4%, and R&D expenses at 6.2% for Q3 2024 [7][8]. Financial Health - The company’s financial health remains robust, with a total of 7.14 billion yuan in cash and equivalents, accounts receivable, and other current assets at the end of Q3 2024, indicating a solid liquidity position [9][10]. - The long-term capital debt ratio is only 2.6%, reflecting a conservative capital structure [9]. Earnings Forecast and Investment Advice - The company is expected to benefit from the early stage of an upturn in the truck industry, with projected EPS for 2024, 2025, and 2026 at 1.75, 1.93, and 2.13 yuan per share, respectively [1][6]. - The report assigns a target PE of 13 times for 2024, leading to a reasonable value estimate of 22.71 yuan per share [1][6].