Investment Rating - Buy (Maintained) [1] Core Views - The company achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 23.74%, and net profit attributable to the parent company reaching 811 million yuan, a year-on-year increase of 148.04% [2] - The gross profit margin improved to 24.62%, an increase of 5.64 percentage points year-on-year, and the net profit margin reached 15.08%, an increase of 7.56 percentage points year-on-year [2] - The company's tire sales increased by 19.3% year-on-year, with semi-steel tire sales growing by 24.1% and all-steel tire sales growing by 10.8% [2] - The company's production capacity utilization rates are high, with semi-steel tire utilization rates at 97.6% in Thailand and 96.5% in Shandong [3] - The company is expected to achieve a CAGR of 16.3% in net profit attributable to the parent company from 2024 to 2026 [7] Financial Performance - Revenue for 2024E is projected to be 10.878 billion yuan, with a growth rate of 9.35% [8] - Net profit attributable to the parent company for 2024E is expected to be 1.314 billion yuan, with a growth rate of 27.18% [8] - EPS for 2024E is forecasted to be 2.06 yuan, with a P/E ratio of 3.54 [8] - The company's ROE is expected to be 21.58% in 2024E, up from 19.02% in 2023A [8] Production and Capacity - The company's production capacity in Thailand and Shandong is steadily increasing, with all-steel tire capacity at 2 million and 7.4 million units, and semi-steel tire capacity at 10 million and 11.53 million units, respectively [3] - The company completed the optimization and upgrade of the semi-steel radial tire production line in Shandong in Q2 2024, and the third-phase project in Thailand is expected to reach full production by Q4 2024 [3] Market and Industry Trends - Domestic rubber tire production increased by 10.1% year-on-year in the first seven months of 2024, while exports grew by 9.7% [2] - The company is focusing on green and high-performance products, launching 300 new products in the first half of 2024, including 14 all-steel radial tires and 286 semi-steel radial tires [7] Profitability and Cost Management - The company's profitability was less affected by cost pressures in the first half of 2024, with raw material prices increasing by 6.5% in Q2 compared to Q1 [2] - The company implemented price increases in Q1 and Q2 to pass on cost pressures, maintaining strong profitability [2]
浦林成山：2024半年报点评：24H1营收和利润大增，扩产项目稳步落地