WBTL(603596) 长江证券·2025-04-25 13:13Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company benefited from the ramp-up of new projects in smart electronic control products and growth in downstream customer sales, achieving a revenue of 9.94 billion yuan in 2024, a year-on-year increase of 33.0%, and a net profit attributable to shareholders of 1.21 billion yuan, a year-on-year increase of 35.6% [2][4]. - The company's profitability is entering an upward channel, with a focus on chassis electronic lightweight solutions and successful overseas expansion, positioning it to become a global chassis platform enterprise [2][8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 9.94 billion yuan, with a net profit of 1.21 billion yuan, reflecting significant growth of 33.0% and 35.6% respectively [2][4]. - The fourth quarter of 2024 saw a wholesale volume of 8.876 million passenger vehicles, a year-on-year increase of 12.6% and a quarter-on-quarter increase of 32.5% [8]. - The company’s smart electronic control product sales reached 1.869 million units in Q4 2024, marking a year-on-year increase of 55.7% [8]. Product and Market Development - The company’s revenue from smart electronic control, mechanical braking, and mechanical steering products in 2024 was 4.53 billion yuan, 4.45 billion yuan, and 560 million yuan respectively, with year-on-year growth rates of 37.4%, 32.1%, and 15.7% [8]. - Domestic revenue for 2024 was 8.55 billion yuan, a year-on-year increase of 34.6%, while overseas revenue was 1.09 billion yuan, a year-on-year increase of 25.9% [8]. Future Outlook - The company is expected to continue its growth trajectory with new product launches and capacity expansions, projecting net profits of 1.6 billion yuan, 2.03 billion yuan, and 2.52 billion yuan for 2025, 2026, and 2027 respectively [8]. - The company has established 17 manufacturing bases and 7 R&D centers globally, with a capital expenditure of 730 million yuan in 2024, a decrease of 29.1% year-on-year [8].