WBTL(603596) 东吴证券·2025-04-25 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report shows performance exceeding expectations, driven by new product launches and overseas expansion [1] - Key customers such as Chery and Geely have increased production significantly, contributing to revenue growth [8] - The company has successfully secured 416 new projects, indicating strong order acquisition and ongoing international strategy [8] Financial Summary - Total revenue for 2024 is projected at 99.37 billion yuan, a year-on-year increase of 33.0% [8] - Net profit attributable to shareholders is expected to reach 12.09 billion yuan, up 35.6% year-on-year [8] - The company anticipates revenue growth of 30% in 2025 and 20% in 2026, with net profit growth of 28% and 22% respectively [8][9] Product and Market Development - The company is experiencing rapid growth in line control braking and lightweight products, with significant increases in revenue from subsidiaries [8] - The expansion of the Mexican production facility is progressing well, with plans for increased capacity expected to enhance profitability [8] Cost and Profitability Metrics - The gross margin for 2024 is projected at 21.14%, reflecting a slight decrease due to the ramp-up phase of the Mexican factory [8] - The company has managed to reduce its expense ratio, indicating improved operational efficiency [8]