森麒麟：需求旺盛叠加双反降税助力业绩高增，静候摩洛哥工厂投产

Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has shown strong performance with a revenue of 4.11 billion yuan in the first half of 2024, representing a year-on-year growth of 16.21%. The net profit attributable to shareholders reached 1.08 billion yuan, up 77.71% year-on-year [1]. - The company is benefiting from strong demand, tax reductions, and robust production and sales, with a focus on both domestic and international markets [1][2]. - The company aims to become a global leader in high-end tires for new energy vehicles, capitalizing on the growing market for electric vehicles [2]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 4.11 billion yuan, a 16.21% increase year-on-year. The net profit attributable to shareholders was 1.08 billion yuan, reflecting a 77.71% increase year-on-year. The gross profit margin improved to 33.24%, up 10.84 percentage points year-on-year [1]. - For 2024, the company forecasts revenues of 9.515 billion yuan, 11.326 billion yuan, and 12.814 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.3%, 19.0%, and 13.1% [2][3]. Production and Sales - The company produced 16.09 million tires in 2024 H1, a year-on-year increase of 18.90%. The sales volume reached 15.10 million tires, up 10.35% year-on-year [1]. - The company is expanding its production capacity, with projects in Morocco and Spain expected to contribute significantly to output in the near future [1]. Market Outlook - The demand for tires, particularly semi-steel tires, remains strong in both domestic and international markets, with the company focusing on high-growth potential areas [1][2]. - The company is well-positioned to leverage the increasing demand for new energy vehicle tires, as the market for electric vehicles continues to grow [2].