赛轮轮胎：经营稳健，布局柬埔寨贡布经济特区

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a total revenue of 23.63 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 24.3%. The net profit attributable to shareholders reached 3.24 billion RMB, up 60.2% year-on-year [2]. - In Q3 2024, the company reported a single-quarter revenue of 8.47 billion RMB, a year-on-year increase of 14.8% and a quarter-on-quarter increase of 7.8%. The net profit for the quarter was 1.09 billion RMB, reflecting an 11.5% year-on-year growth but a 2.3% decline quarter-on-quarter [2]. - The company is investing in the Cambodia Kampot Economic Zone project with a total investment of 112 million USD, aimed at enhancing its global strategy and optimizing its supply chain [2]. Summary by Sections Financial Performance - The tire production volume reached 19.22 million units in Q3 2024, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 5.8%. Sales volume was 19.33 million units, up 22.8% year-on-year and 7.6% quarter-on-quarter [2]. - The average price of tire products decreased by 5.6% year-on-year but increased by 0.4% quarter-on-quarter due to changes in product structure [2]. - The company faced raw material cost pressures, with prices for key materials like natural rubber and synthetic rubber rising by 15.1% year-on-year and 1.8% quarter-on-quarter [2]. Investment and Growth Strategy - The company is focused on global expansion and supply chain optimization through the Cambodia project, which is expected to generate significant rental income from land leasing starting in 2026 [2]. - The projected revenue from the project is estimated at 15.4 million USD, with a net profit of approximately 5.019 million USD over the lease period [2]. Profit Forecast and Valuation - The company is expected to see net profits of 4.264 billion RMB, 4.756 billion RMB, and 5.177 billion RMB for the years 2024, 2025, and 2026, respectively. The corresponding PE ratios are projected to be 11.3, 10.13, and 9.3 times [3].