WTJX(830839) 华源证券·2025-03-14 12:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has established a strategic partnership with Pangu Intelligent to expand its business dimensions and is intensifying its layout in the humanoid robot sector [5] - In 2024, the company reported a revenue of 629 million yuan, with a net profit attributable to shareholders of 108.72 million yuan, reflecting a year-on-year increase of 37.02% [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares, totaling an expected cash dividend payout of 59.10 million yuan [6] - The company is focusing on the transformation of its core business towards intelligence and greening, with a significant increase in revenue from its oil and gas spring business, which grew by 93% year-on-year in 2024 [6] Financial Performance Summary - The company achieved a total revenue of 629 million yuan in 2024, a decrease of 5.99% compared to 2023, while the net profit attributable to shareholders was 109 million yuan, an increase of 37.02% [8] - The gross margin improved to 27.93%, up by 6.2 percentage points year-on-year, driven by growth in the gross margins of all three main business segments [6][8] - The company expects net profits for 2025, 2026, and 2027 to be 141 million yuan, 186 million yuan, and 221 million yuan respectively, with corresponding EPS of 1.18 yuan, 1.56 yuan, and 1.85 yuan per share [7][8] Business Development - The company is actively developing new customers domestically and has seen significant success in expanding its international market, with overseas revenue increasing by 63% year-on-year in 2024 [6] - The company has successfully developed new products such as the intelligent weighing full oil-gas suspension system and the candle-type suspension oil-gas spring, which are expected to enhance its market presence [6] - The strategic cooperation with Pangu Intelligent is anticipated to broaden the company's business coverage and enhance its overall competitiveness [6]