QINGDAO SENTURY TIRE CO.(002984) 华创证券·2025-04-26 04:15Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company experienced a decline in gross profit in the first quarter due to rising raw material costs, but the Moroccan factory is expected to ramp up production soon, which could enhance profitability [1]. - The company's revenue for 2024 is projected at 85.11 billion, with a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to be 21.86 billion, reflecting a significant increase of 59.7% year-on-year [6]. - The report highlights the company's ongoing global expansion, particularly through the new Moroccan factory, which is anticipated to contribute positively to profits in the medium to long term [6]. Financial Summary - Revenue Projections: - 2024: 85.11 billion - 2025: 108.83 billion (27.9% growth) - 2026: 119.84 billion (10.1% growth) - 2027: 129.56 billion (8.1% growth) [2] - Net Profit Projections: - 2024: 21.86 billion - 2025: 19.92 billion (-8.9% decline) - 2026: 23.68 billion (18.9% growth) - 2027: 26.59 billion (12.3% growth) [2] - Earnings Per Share (EPS): - 2024: 2.11 - 2025: 1.92 - 2026: 2.29 - 2027: 2.57 [2] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025 is projected at 10x, with a target price of 26.88 yuan based on a 14x P/E multiple [6]. - Market Performance: The company's stock price has fluctuated between 18.90 and 28.60 over the past 12 months, with a current market capitalization of 195.70 billion [3].