森麒麟：智能制造持续赋能，引领国产轮胎第二轮出海

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5][10]. Core Viewpoints - The company is positioned in the high-end tire market, focusing on large-sized tires (17 inches and above), which account for over 60% of its sales revenue. The company aims to establish eight digital smart manufacturing bases globally over the next ten years as part of its "833" plus globalization strategy [2][16]. - The global tire market has significant growth potential, with an estimated sales value of approximately $190 billion in 2023. The market share of the three major tire manufacturers (Michelin, Bridgestone, and Goodyear) has decreased from 55.7% in 2003 to 38.9% in 2022, allowing Chinese tire companies to rapidly gain market share [2][26]. - The company benefits from the reduction of anti-dumping duties in Thailand, enhancing its competitiveness in the U.S. market. It is also expanding its production capacity in Morocco and Spain, which will secure its long-term growth [3][19]. Summary by Sections Business Overview - The company focuses on high-end tire products, including economy, high-performance, racing, and specialty tires. It has established a strong brand image in international markets and aims to create a world-class tire brand [16][18]. - The current production capacity is concentrated in Thailand and Qingdao, with plans for new factories in Morocco and Spain to ensure long-term growth [18][19]. Financial Analysis - The company has shown steady revenue growth, with 2023 revenue reaching 7.84 billion yuan, a 24.63% increase year-on-year. The net profit for the same year was 1.37 billion yuan, up 70.88% [20][21]. - The company’s overseas revenue accounted for a significant portion of its total revenue, with a gross margin of 25.61% for international sales compared to 21.82% for domestic sales in 2023 [22][23]. Industry Landscape - The global tire market is projected to reach a trillion-dollar scale, with a significant portion driven by replacement demand. The company is well-positioned to capitalize on this growth due to its high-end product offerings and expanding international presence [26][28]. - The report highlights a shift in market dynamics, with Chinese tire manufacturers increasing their market share as the dominance of the three major tire companies declines [44].