通用股份：海外双基地同步扩张，实现国内外双循环

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for investment [13][15][153]. Core Insights - The company is expanding its overseas production bases in Thailand and Cambodia, aiming to achieve a dual circulation strategy that integrates domestic and international markets [13][15][17]. - The tire industry is recovering from the lows experienced during 2021-2022, with a steady increase in demand expected in the long term [14][208]. - The company has significantly increased its export revenue, growing from under 500 million yuan in 2020 to approximately 3.7 billion yuan in 2023 [31][35]. Summary by Sections Company Overview - Established in 2002, the company has evolved from producing all-steel tires to semi-steel tires and has initiated a global expansion strategy [2][13]. - The company has invested 300 million USD in Thailand and has launched production in Cambodia, marking a significant step in its international growth [2][13]. Overseas Expansion - The company has achieved full production capacity at its Thailand facility and is ramping up operations in Cambodia, with plans for further expansion in both locations [13][15][31]. - By 2023, the company’s semi-steel and all-steel tire production capacities are approximately 12 million and 4.24 million units, respectively, primarily located in its overseas bases [13][15]. Industry Recovery - The tire industry is expected to return to normalcy in 2023, with global tire demand projected to reach approximately 1.788 billion units, reflecting a year-on-year growth of 2.17% [14][95]. - The company is well-positioned to benefit from the increasing market share of domestic tires, particularly in the context of rising demand for cost-effective products in the U.S. and European markets [14][127]. Financial Projections - The company forecasts a net profit of approximately 662 million, 960 million, and 1.362 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding PE ratios of about 14, 9, and 7 [15][178]. - Revenue is expected to grow significantly, with projections of 7.611 billion, 9.658 billion, and 11.773 billion yuan for 2024, 2025, and 2026, respectively [15][178].