森麒麟：单季度利润创新高，摩洛哥工厂投产

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company achieved a record high quarterly profit in Q3 2024, with a net profit of 648 million yuan, representing a year-on-year increase of 67.48% and a quarter-on-quarter increase of 13.04% [1] - The company's revenue for the first three quarters of 2024 reached 6.34 billion yuan, a year-on-year growth of 10.42% [1] - The production and sales of tires continue to grow, with the company producing 24.24 million tires in the first nine months of 2024, a year-on-year increase of 14.05% [1] - The new factory in Morocco has commenced production, expected to contribute significantly to profit growth, with an anticipated annual output of 6-8 million tires in 2025 and full capacity of 12 million tires by 2026 [1] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 9.515 billion yuan, a year-on-year increase of 21.3%, and a net profit of 2.219 billion yuan, reflecting a growth of 62.1% [3][4] - The gross profit margin for the first three quarters of 2024 was 35.45%, an increase of 11.08 percentage points year-on-year [1] - The company’s earnings per share (EPS) for 2024 is estimated at 2.16 yuan, with a price-to-earnings (P/E) ratio of 11.9x [3][4] Production and Sales Data - The company sold 23.36 million tires in the first nine months of 2024, a year-on-year increase of 7.88% [1] - The production of semi-steel tires reached 23.56 million units, up 13.73% year-on-year, while the production of all-steel tires increased by 26.10% to 685,000 units [1] Future Outlook - The company is expected to benefit from the booming tire market and reduced trade tariffs, with continuous growth anticipated following the ramp-up of production at the Morocco factory [1]