赛轮轮胎：不惧行业风雨业绩亮眼，持续升级产品铸就品牌

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience against industry challenges, achieving record highs in production, sales, revenue, and net profit [1] - The company is expanding its global industrial layout with the planning of the Cambodia Kampot Economic Zone project, which is expected to enhance its competitive edge [1][2] - The global tire market is steadily growing, providing significant development opportunities for Chinese tire manufacturers [1][2] Financial Performance - In Q3 2024, the company reported total revenue of 8.474 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [1] - The net profit attributable to the parent company was 1.092 billion yuan, reflecting a year-on-year growth of 11.50% but a quarter-on-quarter decrease of 2.29% [1] - The company’s tire production reached 19.22 million units, and sales were 19.33 million units, both setting new quarterly records [1] Future Projections - Revenue projections for 2024-2026 are 31.012 billion yuan, 34.949 billion yuan, and 39.871 billion yuan, with year-on-year growth rates of 19.4%, 12.7%, and 14.1% respectively [3] - Net profit attributable to the parent company is expected to reach 4.219 billion yuan, 5.008 billion yuan, and 6.013 billion yuan for the same period, with growth rates of 36.5%, 18.7%, and 20.1% respectively [3] Product Innovation - The company has introduced the "Liquid Gold" tire, which has been validated by multiple international testing organizations for its superior fuel efficiency and durability [2] - The company is actively expanding its market presence in both original equipment and replacement markets, partnering with several domestic and international automotive manufacturers [2] Market Outlook - The global tire market is projected to grow steadily, with a reported 900 million units sold in the first half of 2024, marking a year-on-year increase of 2.69% [1][2] - The demand for tires is expected to benefit from the ongoing increase in global vehicle ownership and the recovery of automotive production and sales [1][2]