森麒麟：智能制造打造效率优势，全球布局加速成长

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company focuses on the tire market and is actively expanding its global presence through its "833Plus" strategic plan, aiming to establish eight digital smart manufacturing bases worldwide over the next ten years [4][12]. - The company benefits from a significant cost advantage in domestic tire production, which is expected to enhance its global market share [4][33]. - The company is accelerating its overseas market layout, particularly in Morocco and Spain, to increase production capacity [4][39]. Summary by Sections 1. Market Performance - The company has shown a steady financial performance with revenue growth from 51.77 billion yuan in 2021 to 78.42 billion yuan in 2023, reflecting a year-on-year growth rate of 24.63% [16]. - The net profit attributable to the parent company increased from 7.53 billion yuan in 2021 to 13.69 billion yuan in 2023, with a significant growth rate of 70.88% in 2023 [16][19]. 2. Global Expansion Strategy - The company plans to build eight digital smart manufacturing bases globally, with three in China, two in Thailand, and one each in Europe, Africa, and North America [4][31]. - The company is also establishing three R&D centers and three user experience centers as part of its global strategy [31]. 3. Competitive Advantages - The company has a strong product lineup, including four major tire brands, and focuses on high-performance and high-margin segments [12][13]. - The company has achieved a high gross margin, with figures of 23.33%, 20.50%, and 25.21% from 2021 to 2023, which is above the industry average [21][19]. 4. Overseas Market Growth - The company is expanding its production capacity in Morocco and Spain, with projects aimed at producing 12 million high-performance tires annually in each location [4][39]. - The reduction of anti-dumping duties on tires produced in Thailand is expected to enhance the company's profitability in overseas markets [4][39]. 5. Financial Forecast - The company is projected to achieve revenues of 98.01 billion yuan, 117.60 billion yuan, and 135.23 billion yuan from 2024 to 2026, with net profits of 21.51 billion yuan, 25.94 billion yuan, and 30.15 billion yuan respectively [4].