赛轮轮胎：H1业绩高增，全球化稳步推进

Investment Rating - The investment rating for the company is "Buy" with a target price of 14.56 yuan, maintained from previous assessments [1]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 2.12 to 2.18 billion yuan in the first half of 2024, representing a year-on-year growth of 102.7% to 108.4% [3]. - The company’s performance in H1 2024 is attributed to its globalization strategy, technological innovation, and brand building, with sales of all categories of tires reaching historical highs [4]. - The company has a rich project reserve, including factories in Cambodia, Mexico, and Indonesia, which are expected to enhance its long-term growth and risk resilience [6]. - The company’s revenue is projected to grow significantly over the next three years, with expected revenues of 32.2 billion yuan in 2024, 36.3 billion yuan in 2025, and 42.9 billion yuan in 2026, reflecting growth rates of 24%, 13%, and 18% respectively [7]. Financial Performance Summary - The company’s revenue for 2024 is estimated at 32.2 billion yuan, with a year-on-year growth rate of 23.98% [8]. - The net profit attributable to shareholders is projected to be 4.28 billion yuan in 2024, with a growth rate of 38.47% [8]. - The earnings per share (EPS) is expected to be 1.30 yuan in 2024, with a compound annual growth rate (CAGR) of 26% over three years [7]. - The company’s gross margin is expected to improve, with a projected gross margin of 27.22% in 2024 [12].