SAILUN GROUP(601058) 长江证券·2025-05-14 10:05Investment Rating - The investment rating for the company is "Buy" and is maintained [5][8] Core Insights - The company reported a revenue of 31.8 billion yuan for 2024, representing a year-on-year increase of 22.4%, with a net profit attributable to shareholders of 4.06 billion yuan, up 31.4% year-on-year [2][4] - For Q1 2025, the company achieved a revenue of 8.41 billion yuan, reflecting a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 1.04 billion yuan, a slight increase of 0.5% year-on-year [2][4] - The company plans to distribute a cash dividend of 0.23 yuan per 10 shares to all shareholders [2][4] Financial Performance - In 2024, the company's tire production and sales volumes were 74.81 million and 72.16 million units, respectively, with year-on-year increases of 27.6% and 29.3% [8] - The overall gross margin for 2024 was 27.6%, a slight decrease of 0.1 percentage points year-on-year [8] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.15 billion yuan, 5.23 billion yuan, and 6.19 billion yuan, respectively [8] Market Position and Strategy - The company is focusing on expanding its non-road tire business, with a total annual production capacity of 215,000 tons for non-road tires by the end of 2024 [8] - The company has established a joint venture in Mexico to build a production facility with an annual capacity of 6 million semi-steel tires and is also planning investments in Indonesia [8] - The company has developed a product called "Liquid Gold" tires, which have received international recognition for their superior performance and lower carbon emissions compared to standard tires [8]