玲珑轮胎：二季度净利润同比增长40%，全球化战略加速推进

Investment Rating - The report maintains an "Outperform" rating for Linglong Tire (601966.SH) [1][3][23] Core Views - Linglong Tire's net profit in Q2 increased by 40% year-on-year, driven by a global strategy and strong domestic and international demand [1][4] - The company is expected to benefit from its "7+5" globalization strategy, focusing on capacity expansion, high-end product penetration, and retail growth [1][23] - The report forecasts a steady increase in net profit for the years 2024, 2025, and 2026, estimating RMB 22.1 billion, RMB 29.0 billion, and RMB 33.8 billion respectively [1][23] Financial Performance Summary - In H1 2024, Linglong Tire achieved revenue of RMB 10.38 billion, a year-on-year increase of 12.4%, and a net profit of RMB 930 million, up 65% year-on-year [1][4] - The Q2 2024 revenue was RMB 5.34 billion, reflecting a 10% increase year-on-year, with tire sales volume reaching 20.92 million units, up 8.6% year-on-year [1][4] - The gross margin for Q2 2024 was 22.1%, an increase of 3.4 percentage points year-on-year, attributed to improved capacity utilization and product mix optimization [1][4] Capacity and Production Insights - The report highlights the successful ramp-up of production at the Thailand factory, which contributed RMB 490 million to net profit in H1 2024, a 29.1% increase year-on-year [1][4] - The Serbia factory is expected to gradually contribute positively to profits as it begins production of truck and passenger car tires [1][4][13] Strategic Initiatives - Linglong Tire is focusing on enhancing its retail presence through the establishment of "Linglong Car Service Stations" and partnerships with platforms like JD.com to boost sales [1][17][18] - The company is also investing in R&D to improve product quality and performance, with a focus on innovative tire technologies [1][19][20] Market Position and Competitive Edge - Linglong Tire continues to lead in the domestic tire market, with a strong emphasis on high-end product offerings and partnerships with major automotive brands [1][16][23] - The company has maintained its position as the top supplier for various domestic and international automotive manufacturers, enhancing its brand recognition globally [1][16][20]