SAILUN GROUP(601058) 国金证券·2024-10-11 00:30Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.1-32.8 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 58.52%-61.98% [1] - The total sales volume of tire products increased by over 30% year-on-year, with all categories (full steel, semi-steel, and non-road tires) reaching historical highs [1] - The company has a strong risk resistance capability due to its global production layout and the gradual easing of export pressures from high shipping costs [1] - The company is projected to have net profits of 42.9 billion RMB, 48.05 billion RMB, and 52.5 billion RMB for 2024-2026, with corresponding PE ratios of 11.66, 10.41, and 9.53 [2] Summary by Sections Company Performance - The company reported a net profit of 32.1-32.8 billion RMB for the first three quarters of 2024, an increase of 11.85-12.55 billion RMB year-on-year [1] - The net profit excluding non-recurring items is expected to be 31.1-31.8 billion RMB, up by 10.11-10.81 billion RMB, reflecting a growth of 48.17%-51.50% [1] Market Position and Strategy - The company is recognized as a leading domestic tire manufacturer, with expectations for further global market share growth due to ongoing overseas capacity expansion [2] - The company has established production bases in Vietnam and Cambodia, with ongoing projects in Mexico and Indonesia [1] Financial Projections - The projected revenue for 2024 is 31.719 billion RMB, with a growth rate of 22.10% [4] - The expected net profit for 2024 is 4.29 billion RMB, reflecting a growth rate of 38.77% [4] - The diluted earnings per share for 2024 is projected to be 1.305 RMB [4]