WBTL(603596) 国投证券·2025-04-24 03:35Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 75.3 CNY [6][8]. Core Insights - The company reported a revenue of 9.937 billion CNY for 2024, representing a year-on-year increase of 32.95%. The net profit attributable to shareholders was 1.209 billion CNY, up 35.6% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 3.358 billion CNY, which is a 41.79% increase year-on-year and a 28.8% increase quarter-on-quarter [1]. - The growth in the smart electronic control segment was significant, with annual sales reaching 5.21 million units, a 40% increase year-on-year, and Q4 sales of 1.87 million units, up 56% year-on-year [2]. - The company is positioned as a core player in the next-generation braking technology EMB, with significant regulatory progress in China [4]. Financial Performance - The overall gross margin for 2024 was 21.14%, a decrease of 1.4 percentage points year-on-year. However, the Q4 gross margin was adjusted to 22.6% after accounting for warranty provisions, showing a quarter-on-quarter improvement of 1.07 percentage points [3]. - The net profit margin for the subsidiary Bertli Electronics was 11.28%, reflecting a 5.4 percentage point increase year-on-year, attributed to higher profitability from WCBS1.5 [3]. Market Expansion - The company has accelerated its global customer expansion, securing a lightweight project with a North American EV company expected to generate approximately 122 million USD in total sales over five years [5]. - The Mexican factory's capacity is expanding, with the first phase already operational, producing 4 million steering knuckles, and plans for a second phase to increase production further [5].