WBTL(603596) 光大证券·2025-04-26 13:14Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Viewpoints - The company's performance in 2024 met expectations, with total revenue increasing by 33.0% year-on-year to 9.94 billion yuan, and net profit rising by 35.6% to 1.21 billion yuan [1]. - The growth in revenue is driven by the steady increase in sales of lightweight and EPB products, as well as the ramp-up in line control braking systems [2]. - The company has expanded its customer base and production capacity, with a clear strategy for integrated chassis development and entry into the robotics sector [3]. Summary by Sections Financial Performance - In 2024, total revenue reached 9.94 billion yuan, with a year-on-year growth of 33.0%. The gross margin decreased by 1.4 percentage points to 21.1%, while the net profit attributable to shareholders increased by 35.6% to 1.21 billion yuan [1]. - For Q4 2024, revenue was 3.36 billion yuan, reflecting a year-on-year increase of 41.8% and a quarter-on-quarter increase of 28.8% [1]. Product Sales and Growth Drivers - The company saw significant sales growth across various product lines: intelligent electric control (40.0%), disc brakes (19.2%), lightweight brakes (35.3%), and mechanical steering (23.7%) [2]. - The number of new mass production projects increased by 28% to 309, with intelligent electric control products accounting for 61% of new projects, indicating a strong focus on innovation and market demand [2]. Customer and Capacity Expansion - The company added 8 new customers in 2024, including notable names in the North American electric vehicle market, bringing the total customer count to 50 [3]. - New production capacities include EPB (1.25 million sets), AC6 actuator assembly (1.4 million sets), lightweight casting (2 million sets), and C-EPS (260,000 sets) [3]. Future Profitability and Valuation - The report projects an increase in net profit estimates for 2025 and 2026 by 4% and 10% respectively, with a new estimate for 2027 set at 2.67 billion yuan [4]. - The company's valuation metrics indicate a P/E ratio of 30 for 2024, decreasing to 13 by 2027, suggesting a favorable long-term investment outlook [12].