Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.28 [1][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 21.2-21.8 billion for H1 2024, representing a year-on-year growth of 103%-108%. The net profit after deducting non-recurring items is projected to be RMB 20.3-20.9 billion, a year-on-year increase of 79%-84% [1]. - The company’s tire sales have reached historical highs, with both domestic and international sales increasing by over 30% year-on-year. The company is well-positioned to benefit from favorable overseas market demand [2]. - The company is advancing its global expansion strategy, with successful project implementations in Cambodia, Vietnam, Mexico, and Indonesia, enhancing its competitiveness in international markets [3]. Summary by Sections Financial Performance - For H1 2024, the company anticipates a net profit of RMB 21.2-21.8 billion, with Q2 expected to contribute RMB 10.9-11.5 billion, reflecting a 57%-66% year-on-year increase [1]. - The projected net profits for 2024, 2025, and 2026 are RMB 43.9 billion, RMB 48.0 billion, and RMB 53.0 billion, respectively, with corresponding EPS of RMB 1.33, RMB 1.46, and RMB 1.61 [1][7]. Sales and Market Demand - The company’s tire sales in 2023 reached 55.79 million units, a 27.1% increase year-on-year, with Q1 2024 sales at 16.58 million units, up 43.7% year-on-year [2]. - The U.S. market saw a 10% increase in imports of semi-steel tires and a 30% increase in imports of all-steel tires from January to May 2024 [2]. Global Expansion - The company is enhancing its production capabilities with ongoing projects in Cambodia, Vietnam, Mexico, and Indonesia, which are expected to bolster its international competitiveness [3]. - The company is investing in new projects, including a semi-steel tire project in Cambodia with an annual capacity of 12 million units and a 6 million unit capacity project in Mexico [3].
赛轮轮胎:H1净利预增,轮胎销量再创新高