Linglong Tyre(601966) 华鑫证券·2024-08-27 14:04Investment Rating - The report maintains a "Buy" investment rating for Linglong Tire [3][6]. Core Insights - Linglong Tire has achieved breakthroughs in the mid-to-high-end market by optimizing its supply chain and product structure, with significant recognition from both domestic and international manufacturers [2][3]. - The company reported a revenue of 10.38 billion yuan for the first half of 2024, a year-on-year increase of 12.37%, and a net profit of 0.925 billion yuan, up 64.95% year-on-year [3][6]. - Linglong Tire's production and sales volumes have significantly increased, with a total production of 43.39 million tires in the first half of 2024, representing an 18.71% year-on-year growth [3][6]. Summary by Sections Market Performance - The company has successfully entered the mid-to-high-end market by launching 13 new commercial vehicle tire projects and 21 new passenger vehicle tire projects domestically, along with 16 new overseas projects [2]. - The global supply volume has exceeded 13 million tires, with a cumulative supply of nearly 280 million tires, making it the leading tire supplier in China [2]. Strategic Layout - Linglong Tire is expanding its overseas production capacity, with a planned investment of 4.62 billion yuan to expand its factory in Serbia, aiming for an annual production capacity of 1.1 million high-performance tires [5][6]. - The company continues to implement its "7+5" strategic layout, launching new product series to stand out in a competitive market [4][5]. Profit Forecast - The company expects to confirm an increase in net profit due to anti-dumping tax refunds amounting to 56.06 million USD [6]. - Forecasted EPS for 2024-2026 are 1.53, 1.88, and 2.23 yuan, with corresponding PE ratios of 10.3, 8.4, and 7.0 times [6].