WBTL(603596) Tianfeng Securities·2024-05-09 08:30Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][11]. Core Insights - The company reported a revenue of 1.86 billion yuan in Q1 2024, representing a year-on-year growth of 24.04% but a quarter-on-quarter decline of 21.47%. The net profit attributable to the parent company was 210 million yuan, up 21.85% year-on-year but down 29.23% quarter-on-quarter [1]. - The gross margin for Q1 2024 was 20.75%, a decrease of 0.75 percentage points year-on-year and 2.34 percentage points quarter-on-quarter. The net margin was 11.31%, down 0.36 percentage points year-on-year and 1.47 percentage points quarter-on-quarter [1]. - The company has successfully expanded its overseas customer base, with significant sales growth in various product categories, including a 28% increase in smart electronic control products and a 52% increase in lightweight brake components [2]. - The company is actively pursuing a global strategy, with a new production base in Mexico expected to enhance capacity and support international orders [3]. Financial Performance Summary - For 2024E, the company is projected to achieve a revenue of 10.35 billion yuan, with a growth rate of 38.50%. The net profit attributable to the parent company is expected to reach 1.19 billion yuan, reflecting a growth rate of 33.93% [4][7]. - The company's earnings per share (EPS) for 2024E is estimated at 2.76 yuan, with a price-to-earnings (P/E) ratio of 20.89 [4][7]. - The company’s total assets are projected to grow from 10.75 billion yuan in 2023 to 13.91 billion yuan in 2024E, indicating a robust growth trajectory [7].