WTJX(830839) 开源证券·2025-03-07 06:32Investment Rating - The investment rating for the company is "Buy" (maintained) [4][17]. Core Views - The company is expected to achieve a revenue of 629 million yuan in 2024, a decrease of 5.99% year-on-year, while the net profit attributable to the parent company is projected to be 109 million yuan, reflecting a growth of 37.02% year-on-year [4]. - The company has optimized its revenue structure, increasing the proportion of high-margin products, which has led to a 6.2 percentage point increase in overall gross margin [4]. - The company is actively developing new products such as intelligent oil-gas suspension systems, which are gaining market recognition and demand [5]. - The company has established capabilities in the design and production of electric cylinders and is developing lifting systems for dump trucks, which are expected to enhance its competitive edge [6]. Financial Summary and Valuation Indicators - Revenue (million yuan): 2022A: 505, 2023A: 669, 2024E: 629, 2025E: 781, 2026E: 968 [8]. - Net profit (million yuan): 2022A: 63, 2023A: 79, 2024E: 109, 2025E: 127, 2026E: 167 [8]. - Gross margin (%): 2022A: 21.8, 2023A: 21.9, 2024E: 26.4, 2025E: 24.2, 2026E: 25.0 [8]. - EPS (diluted, yuan): 2022A: 0.53, 2023A: 0.67, 2024E: 0.91, 2025E: 1.07, 2026E: 1.40 [8]. - P/E (times): 2022A: 50.8, 2023A: 40.6, 2024E: 29.6, 2025E: 25.3, 2026E: 19.3 [8].