WBTL(603596) 招商证券·2025-04-23 11:35Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4] Core Views - The company achieved revenue and net profit that exceeded expectations for 2024, with total revenue of 9.937 billion and net profit attributable to shareholders of 1.209 billion, representing year-on-year growth of 32.95% and 35.69% respectively [1] - The company is recognized as a leading enterprise in the domestic line control braking sector and is actively expanding into overseas markets, showing strong performance [4] Financial Performance - In Q4 2024, the company reported revenue of 3.358 billion and net profit of 431 million, with year-on-year growth of 41.80% and 45.25% respectively [7] - The main business revenue for 2024 was 9.646 billion, reflecting a year-on-year increase of 33.59% [7] - The company’s gross profit margin for 2024 was 21.14%, and the net profit margin was 12.30% [1][7] Product Development - The company has seen significant growth in its product lines, with smart electronic control products achieving sales of 5.212 million units, a year-on-year increase of 40.00% [7] - New project approvals for various products include 72 for disc brakes, 39 for lightweight products, and 156 for electronic parking brake systems, indicating a strong focus on new energy vehicles [2][3] Future Projections - The company forecasts net profits of 1.593 billion, 2.073 billion, and 2.624 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21.0, 16.2, and 12.8 [4][8] - Revenue projections for the next few years are 12.918 billion in 2025, 16.793 billion in 2026, and 21.831 billion in 2027, with expected growth rates of around 30% [8][12]