QINGDAO SENTURY TIRE CO.(SZ:002984) Guotai Junan Securities·2024-08-31 17:36Investment Rating - The report maintains an "Accumulate" rating for the company [5][10] Core Views - The company's Q2 2024 performance met expectations, with the Morocco project accelerating towards production in Q4 2024, which is expected to contribute to incremental growth [4][10] - The company has received the lowest anti-dumping tax rate for its Thailand factory, enhancing its competitive edge [10] - The report raises the company's 2024 EPS forecast to 2.11 yuan from 1.98 yuan, while maintaining EPS estimates for 2025 and 2026 at 2.44 yuan and 2.81 yuan respectively [10] Financial Performance Summary - For H1 2024, the company achieved revenue of 4.109 billion yuan, a year-on-year increase of 16.21%, and a net profit attributable to shareholders of 1.077 billion yuan, up 77.71% year-on-year [10] - Q2 2024 revenue was 1.994 billion yuan, reflecting a year-on-year increase of 6.16% but a quarter-on-quarter decrease of 5.70% [10] - The company’s tire production for H1 2024 totaled 1,608.66 million units, with semi-steel tires and all-steel tires showing year-on-year increases of 17.90% and 62.78% respectively [10] Market and Industry Insights - The report indicates that the demand for high-quality, high-performance semi-steel tires in the European and American markets remains strong, with the company continuing to explore high-growth potential in the domestic market [10] - The report notes limited impact from cost fluctuations due to geopolitical factors affecting shipping prices, as the company has a higher market share in North America [10] - The average price of natural rubber as of August 23 was 14,933 yuan per ton, with a half-year increase of 13.27% [10]