赛轮轮胎：业绩符合预期，成长动能充足

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance in the first half of 2024 met expectations, with significant growth momentum. Revenue reached 15.15 billion yuan, up 30% year-on-year, and net profit attributable to shareholders was 2.15 billion yuan, up 106% year-on-year [10][11] - The company has successfully navigated challenges in the tire industry through its globalization strategy, technological innovation, and brand building, achieving record production and sales across all tire categories [10][11] - The company is accelerating its global expansion, with ongoing projects in Cambodia, Mexico, and Indonesia, which are expected to enhance its international competitiveness and ensure long-term growth [10][11] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 15.15 billion yuan, a 30% increase year-on-year, and a net profit of 2.15 billion yuan, a 106% increase year-on-year. In Q2 2024, revenue was 7.86 billion yuan, up 26% year-on-year and 8% quarter-on-quarter, with net profit of 1.12 billion yuan, up 62% year-on-year and 8% quarter-on-quarter [10][11] - The company reported a total production and sales volume of 35.41 million and 34.54 million tires respectively, both up 38% year-on-year [10][11] Market Conditions - The tire industry faced various challenges in H1 2024, but the company's strategic initiatives have shown positive results. The impact of rising shipping costs is expected to diminish as shipping rates have started to stabilize [10][11] Global Expansion Strategy - The company has planned the construction of production facilities with an annual capacity of 26 million steel tires, 103 million semi-steel tires, and 447,000 tons of non-road tires. The Cambodian factory is expected to commence production by the end of this year, while projects in Mexico and Indonesia are progressing steadily [10][11] Future Projections - Revenue projections for 2024-2026 are 32.2 billion yuan, 36.3 billion yuan, and 42.9 billion yuan respectively, with year-on-year growth rates of 24%, 13%, and 18%. Net profit projections for the same period are 4.3 billion yuan, 5.1 billion yuan, and 6.2 billion yuan, with growth rates of 38%, 20%, and 21% respectively [10][11]