SAILUN GROUP(601058) 华金证券·2024-09-18 03:30Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company has shown impressive performance with a revenue of 15.154 billion yuan in the first half of 2024, representing a year-on-year growth of 30.29%. The net profit attributable to shareholders reached 2.151 billion yuan, up 105.77% year-on-year [1]. - The tire industry continues to thrive, supported by a growing global automotive market and strong demand for replacement tires. The company is benefiting from its global expansion strategy and technological innovations [1][3]. - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projected revenues of 31.356 billion yuan, 34.865 billion yuan, and 40.184 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 28.77%, an increase of 4.79 percentage points year-on-year. The second quarter of 2024 saw a revenue of 7.858 billion yuan, a year-on-year increase of 25.53% [1]. - The company produced 35.41 million tires in the first half of 2024, a year-on-year increase of 37.89%, with sales reaching 34.54 million tires, also up 37.56% year-on-year [1][4]. - The projected net profit for 2024 is 4.313 billion yuan, reflecting a year-on-year growth of 39.5% [3][4]. Global Expansion Strategy - The company is the first Chinese tire manufacturer to establish overseas production facilities, with ongoing investments in Vietnam, Cambodia, Mexico, and Indonesia. The planned production capacity includes 26 million steel radial tires and 103 million semi-steel radial tires annually [1][3]. - The company has successfully increased its market share in the global tire market, with significant sales growth both domestically and internationally [1][3].