GS(601500) Guohai Securities·2024-09-02 14:30Investment Rating - The report maintains a "Buy" rating for the company [2][6][21] Core Insights - The company achieved a revenue of 3.068 billion yuan in H1 2024, representing a year-on-year increase of 36.91% [3] - The net profit attributable to shareholders reached 287 million yuan, up 393.32% year-on-year, while the net profit after deducting non-recurring gains and losses was 276 million yuan, an increase of 514.84% [3] - The company continues to expand its international presence with the successful launch of the second phase of its Cambodia project, which is expected to generate significant revenue [5][6] Financial Performance Summary - In Q2 2024, the company reported a revenue of 1.625 billion yuan, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56% [3] - The gross profit margin for Q2 2024 was 17.37%, up 2.88 percentage points year-on-year, while the net profit margin was 8.26%, an increase of 4.33 percentage points year-on-year [3][8] - The company’s tire production volume in Q2 2024 was 4.6843 million units, a year-on-year increase of 57.95%, and the sales volume was 4.3322 million units, up 50.86% year-on-year [3][8] Future Projections - The company is projected to achieve revenues of 6.730 billion yuan, 9.568 billion yuan, and 11.104 billion yuan for the years 2024, 2025, and 2026, respectively [6][21] - The net profit attributable to shareholders is expected to be 627 million yuan, 937 million yuan, and 1.180 billion yuan for the same years [6][21] - The report anticipates a PE ratio of 11, 7, and 6 for the years 2024, 2025, and 2026, respectively, indicating strong growth potential [6][21]