森麒麟：Q2业绩有望续创新高，全球化布局稳步推进

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 1.0 billion to 1.2 billion yuan in the first half of 2024, representing a year-on-year growth of 65.0% to 97.9% [5][6]. - For Q2 2024, the estimated net profit is projected to be between 0.5 billion to 0.7 billion yuan, with a year-on-year increase of 39.4% to 95.6% [5][6]. - The company is a leading domestic tire manufacturer with global leadership in intelligent manufacturing, and its overseas production capacity is steadily being released [5][6]. Summary by Sections Performance Outlook - The company has announced a profit increase for the first half of 2024, with expectations of achieving a historical high in net profit for Q2 2024 [5][6]. - The company is experiencing high demand for its high-quality semi-steel tire products in the overseas market, particularly in Europe and the United States, where orders are in short supply due to capacity constraints [5][6]. International Expansion - The company is actively expanding its international production capacity, with significant projects underway in Thailand and Morocco [6]. - The Thai subsidiary's anti-dumping tax rate has been set at 1.24%, which is expected to enhance the company's competitiveness in the U.S. market [5][6]. Financial Projections - The company forecasts net profits of 2.49 billion yuan, 2.81 billion yuan, and 3.33 billion yuan for the years 2024, 2025, and 2026, respectively [6][11]. - The projected revenue for 2024 is estimated at 10.11 billion yuan, with a gross profit margin of 32% [11].