森麒麟：Q2业绩新高，摩洛哥项目投产在即

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a record high performance in Q2 2024, with revenue of 4.11 billion yuan in H1 2024, representing a year-on-year increase of 16%, and a net profit attributable to shareholders of 1.08 billion yuan, up 78% year-on-year [10][11] - The demand for overseas semi-steel tires continues to rise, with the company's high-quality products experiencing strong order demand in the European and American markets [10][11] - The Morocco project is expected to commence production in Q4 2024, further enhancing the company's global layout [10][11] Financial Performance - In Q2 2024, the company reported revenue of 1.99 billion yuan, a year-on-year increase of 6% but a quarter-on-quarter decrease of 6%, with a net profit of 570 million yuan, up 61% year-on-year and 14% quarter-on-quarter [10][11] - The company's tire production and sales in H1 2024 reached 16.09 million and 15.10 million units, respectively, representing year-on-year increases of 19% and 10% [10][11] - The company's overseas revenue in H1 2024 increased by 21% year-on-year to 3.66 billion yuan, accounting for 89% of total revenue [10][11] Future Outlook - The company expects revenue for 2024-2026 to be 9.8 billion, 11.8 billion, and 13.8 billion yuan, with growth rates of 24%, 21%, and 17% respectively [10][11] - The net profit attributable to shareholders is projected to be 2.2 billion, 2.8 billion, and 3.4 billion yuan for the same period, with growth rates of 64%, 23%, and 24% respectively [10][11] - The company plans to implement a mid-term dividend distribution, proposing a cash dividend of 2.1 yuan per 10 shares, reflecting a commitment to investor returns [10][11]