森麒麟：公司动态研究：摩洛哥工厂稳步推进，Q2净利润环比提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][26]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.11 billion yuan, up 16.21% year-on-year, and net profit increasing by 77.71% to 1.08 billion yuan [3][4]. - The sales gross margin improved to 33.24%, reflecting a year-on-year increase of 10.84 percentage points, while the net profit margin rose to 26.21%, up 9.07 percentage points [3]. - The company is experiencing strong demand for its high-quality semi-steel tires in overseas markets, particularly in Europe and the United States, while also expanding in the domestic market [5][9]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 1.995 billion yuan, a year-on-year increase of 6.16%, but a quarter-on-quarter decrease of 5.7% [3]. - The net profit for Q2 2024 was 574 million yuan, showing a year-on-year growth of 61.11% and a quarter-on-quarter increase of 13.88% [3][6]. - The operating cash flow for Q2 2024 was 296 million yuan, a decrease compared to the previous quarter [3][6]. Production and Sales Data - In Q2 2024, the company produced 8.01 million tires, a year-on-year increase of 10.95%, while sales volume reached 7.49 million tires, up 5.40% year-on-year [5][11]. - The company’s Thai subsidiary reported a revenue of 2.609 billion yuan for H1 2024, a year-on-year increase of 42.36%, with net profit rising by 109.73% to 708 million yuan [5]. Future Outlook - The company forecasts revenues of 9.071 billion yuan, 11.501 billion yuan, and 13.003 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.258 billion yuan, 2.662 billion yuan, and 2.999 billion yuan [9][26]. - The projected P/E ratios for the next three years are 11, 9, and 8 times, indicating a favorable growth outlook [9][26].