WBTL(603596) 长城证券·2025-04-23 11:15Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a revenue of 9.937 billion yuan in 2024, representing a year-on-year growth of 33.0%, and a net profit of 1.209 billion yuan, up 35.6% year-on-year [7][9] - The company is focusing on expanding its electric control projects and advancing towards intelligent driving, with 430 projects under research and 309 new projects entering mass production in 2024 [3][9] - The company is expected to achieve revenues of 12.989 billion yuan, 16.527 billion yuan, and 21.085 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 1.539 billion yuan, 1.916 billion yuan, and 2.452 billion yuan [9] Financial Summary - Revenue and Profitability: The company reported a revenue of 7.474 billion yuan in 2023, with a projected increase to 9.937 billion yuan in 2024, and a net profit of 891 million yuan in 2023, expected to rise to 1.209 billion yuan in 2024 [1][7] - Profit Margins: The gross margin for 2024 is projected at 21.1%, a decrease of 1.4 percentage points year-on-year, while the net profit margin is expected to be 11.2% [2] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 1.99 yuan in 2024, increasing to 2.54 yuan in 2025 [1][9] Market Position and Growth - The company is a leader in the chassis sector, with significant advancements in intelligent driving technologies and a strong focus on lightweight and electric control products [3][9] - The company has secured mass production contracts with major automotive manufacturers, indicating a robust market position [9]