Linglong Tyre(601966)2024-10-10 07:09Investment Rating - The report maintains an "Outperform" rating for Linglong Tire (601966) [5] Core Views - The company achieved a net profit attributable to shareholders of 1.65-1.75 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 72%-82% [5] - The third quarter net profit attributable to shareholders is estimated to be 725-825 million yuan, with a year-on-year growth of 94% and a quarter-on-quarter increase of 60% [5] - The increase in profit is attributed to rising overseas sales and tax rebates, with a significant contribution from the Thai tax rate reduction [5][6] - The company is actively upgrading its products and adjusting its structure in both domestic and international markets [5] - The production capacity in Serbia is gradually becoming profitable, with plans for further expansion to support future growth [6] Summary by Sections Market Data - Closing price: 19.00 yuan - Market capitalization: 27,997 million yuan - Price-to-book ratio: 1.3 - Dividend yield: 2.51% [2] Financial Data - Net asset per share: 14.41 yuan - Debt-to-asset ratio: 51.79% [3] Sales and Profit Forecast - Total revenue forecast for 2024-2026 is approximately 21.3 billion, 25.1 billion, and 28.2 billion yuan respectively, with corresponding PE ratios of about 13, 11, and 10 [6] - The company expects a total revenue of 22,911 million yuan in 2024, with a year-on-year growth rate of 13.6% [7] - The projected net profit for 2024 is 2,133 million yuan, reflecting a year-on-year increase of 53.4% [7] Production and Sales Performance - The company sold approximately 61.44 million tires in the first three quarters of 2024, a year-on-year increase of about 11% [5] - The third quarter sales volume was around 21.54 million tires, with a year-on-year growth of 11.2% [5]