Minsheng Securities: Maintains WBTL "Recommended" rating, launches employee stock ownership plan to support long-term growth

Minsheng Securities research report points out that WBTL has launched an employee stock ownership plan to support long-term growth. This employee stock ownership plan has a wide coverage, which helps attract and retain outstanding talent, fully mobilizes the enthusiasm of core personnel, improves operational efficiency, and promotes performance growth through a tiered unlocking and multiple assessment mechanisms, ensuring the company's long-term development. In addition, in 2024, the company will establish Bertli Automotive Suspension Technology Company and plans to add suspension production capacity of 200,000 units per year, aiming to become a supplier of drive-by-wire chassis and targeting the top 100 global automotive parts manufacturers. The company's customer and product structure are balanced, benefiting in the short term from the increased penetration of intelligent electronic control businesses such as EPB and drive-by-wire braking, while in the medium to long term, drive-by-wire chassis is expected to contribute significant incremental growth, with overseas production capacity gradually ramping up. Corresponding to the closing price of 47.1 yuan per share on July 31, 2025, the PE ratios are 18/14/10 times, maintaining a "recommend" rating