WBTL(603596) 银河证券·2025-04-29 14:32Investment Rating - The report maintains a "Recommended" rating for the company [2][8]. Core Insights - The company has achieved significant growth in its intelligent electronic control business, with a notable increase in revenue and net profit for 2024, driven by core customers' production increases [5][6]. - The integration of chassis systems has shown remarkable progress, with new products and production capacity expected to contribute to a second growth curve for the company [2][5]. - The company has successfully expanded its customer base, adding eight new clients in 2024, which strengthens its growth potential [5][6]. Financial Performance Summary - In 2024, the company reported total revenue of 9.937 billion yuan, a year-on-year increase of 32.95%, and a net profit attributable to shareholders of 1.209 billion yuan, up 35.60% [5][7]. - The revenue breakdown for 2024 shows mechanical braking, intelligent electronic control, and mechanical steering products generating revenues of 4.449 billion yuan, 4.530 billion yuan, and 0.559 billion yuan, respectively [5]. - The company’s gross margin for 2024 was 21.14%, with a slight decrease attributed to the ramp-up of lightweight product capacity [5][10]. Future Projections - The company is projected to achieve revenues of 13.072 billion yuan, 16.581 billion yuan, and 20.350 billion yuan for 2025, 2026, and 2027, respectively [7][8]. - The expected net profit for the same years is 1.540 billion yuan, 1.957 billion yuan, and 2.451 billion yuan, with corresponding EPS of 2.54 yuan, 3.23 yuan, and 4.04 yuan [8][10]. - The report anticipates a gradual decline in revenue growth rates, projecting 31.56% for 2025, 26.84% for 2026, and 22.73% for 2027 [7][10].