通用股份：业绩高速增长，海外布局继续深化

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with total revenue reaching 3.068 billion RMB, a year-on-year increase of 37%, and net profit attributable to shareholders of 287 million RMB, a remarkable growth of 393% [3][4]. - The company's overseas dual-base layout in Thailand and Cambodia has led to substantial growth in tire production and sales, with total tire production increasing by 69% year-on-year to 8.85 million units in the first half of 2024 [3][4]. - The company is capitalizing on domestic and international dual-circulation development opportunities, with ongoing expansion of its overseas production bases and successful strategic partnerships with leading global clients [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.625 billion RMB, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56%. The net profit for the same quarter was 134 million RMB, showing a year-on-year growth of 184.94% but a quarter-on-quarter decline of 12.48% [3][4]. - The projected net profits for 2024-2026 are estimated at 644 million RMB, 1.009 billion RMB, and 1.235 billion RMB, respectively, with corresponding PE ratios of 10.52, 6.71, and 5.48 [4][6]. Production and Sales - The company’s total tire production for the first half of 2024 was 8.85 million units, a 69% increase year-on-year, while total sales reached 8.08 million units, a 51% increase [3][4]. - The second quarter alone saw tire production of 4.68 million units, a 107% year-on-year increase, and sales of 4.33 million units, a 74% increase [3][4]. Strategic Developments - The company has successfully established three major production bases in China, Thailand, and Cambodia, with the Thai factory experiencing high demand for semi-steel tires and the Cambodian factory achieving full production capacity within a year [3][4]. - Recent expansions include the commencement of a 10 million unit semi-steel tire project in Thailand and a 6 million unit semi-steel tire project in China, both of which began production on June 28 [3][4].