WBTL(603596) 信达证券·2025-04-25 12:07Investment Rating - The investment rating for Bertli (603596) is not explicitly stated in the provided documents, but the overall sentiment indicates a positive outlook based on performance metrics and market expansion efforts [1][2]. Core Insights - Bertli reported a revenue of 9.94 billion yuan for 2024, representing a year-on-year growth of 32.95%, with a net profit of 1.21 billion yuan, up 35.6% year-on-year. In Q4 alone, revenue reached 3.36 billion yuan, marking a 41.8% increase year-on-year and a 28.8% increase quarter-on-quarter [2][3]. - The company has increased its market development efforts, adding 8 new clients in 2024, including notable names in the North American market, and has a total of 416 new projects, which is a 30.4% increase from the previous year. The annualized revenue from these new projects is projected at 6.54 billion yuan [3]. - Bertli's gross margin for 2024 was reported at 21.1%, a slight decrease of 1.4 percentage points year-on-year, while the net profit margin was 12.2%, an increase of 0.24 percentage points year-on-year [3]. Financial Summary - The total revenue for Bertli is projected to grow from 7.47 billion yuan in 2023 to 21.03 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 26.4% [5]. - The net profit attributable to the parent company is expected to rise from 891 million yuan in 2023 to 2.72 billion yuan in 2027, reflecting a CAGR of around 29.7% [5]. - The earnings per share (EPS) is forecasted to increase from 1.47 yuan in 2023 to 4.48 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 39.73 to 13.04 over the same period [5][6].