Linglong Tyre(601966) 浙商证券·2025-04-29 14:57Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 22.06 billion yuan in 2024, a year-on-year increase of 9.39%, and a net profit attributable to shareholders of 1.75 billion yuan, up 26.01% year-on-year [1] - The tire sales volume for 2024 reached 85.45 million units, a year-on-year increase of 9.57%, primarily driven by the growth in semi-steel tires [2] - The company plans to invest 8.7 billion yuan in Brazil to build a project with an annual production capacity of 14.7 million high-performance tires, further deepening its global presence [4] Financial Summary - In 2024, the company reported a gross margin of 22.06%, an increase of 1.05 percentage points year-on-year, and a net profit margin of 7.94%, up 1.04 percentage points year-on-year [2] - The forecast for net profit attributable to shareholders is adjusted to 1.97 billion yuan for 2025 and 2.27 billion yuan for 2026, with an expected PE ratio of 10.6 for 2025 [5][7] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 9.39% from 2024 to 2027 [7]