SAILUN GROUP(601058) 海通国际证券·2025-05-09 08:40Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company's performance is stable, with ongoing global project advancements. The EPS forecasts for 2025 and 2026 are RMB 1.45 and RMB 1.59, respectively, with a new forecast for 2027 at RMB 1.76. Given the company's position as an industry leader and clear overseas capacity growth, a PE ratio of 13.16x is assigned for 2025, resulting in a target price of RMB 19.08 [4][9]. - In 2024, the company achieved revenue and net profit attributable to shareholders of RMB 31.80 billion and RMB 4.06 billion, respectively, representing year-on-year growth of 22.42% and 31.42% [4][9]. - The company is expanding its production capacity globally, with projects in Vietnam, Cambodia, Mexico, and Indonesia. By 2024, the planned production capacity includes 27.65 million all-steel radial tyres, 106 million semi-steel radial tyres, and 447,000 tons of off-road tyres annually [4][9]. Financial Summary - For 2024, the company reported revenue of RMB 31.80 billion and net profit of RMB 4.06 billion, with a year-on-year increase of 22.42% and 31.42%, respectively. The fourth quarter of 2024 saw revenue and net profit of RMB 8.17 billion and RMB 0.82 billion, with a quarter-on-quarter decrease of 3.54% and 25.00% [3][9]. - In the first quarter of 2025, the company generated revenue of RMB 8.41 billion and net profit of RMB 1.04 billion, showing a year-on-year increase of 15.29% and 0.47%, and a quarter-on-quarter increase of 2.90% and 26.79% [4][9]. - The company's tyre production reached 74.81 million units in 2024, a year-on-year increase of 27.59%, while sales reached 72.16 million units, up 29.34% year-on-year [4][9].