Linglong Tyre(601966) Caixin Securities·2024-10-14 06:30Investment Rating - The report maintains a "Buy" rating for Linglong Tire (601966.SH) [1][2] Core Views - The company is expected to achieve a net profit of 16.50 billion to 17.50 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 72% to 82% [5] - The overall sales volume of the company has shown a growth trend, with a year-on-year increase of approximately 11% in the first three quarters [5] - The company plans to invest an additional 4.62 billion yuan in expanding its Serbia base, which is expected to become a significant growth point for future performance [5] Summary by Sections Investment Rating - Current price is 19.62 yuan with a market cap of 28,910.52 million yuan [2] Financial Performance - Forecasted revenue for 2024 is 225.64 billion yuan, with net profits of 22.56 billion yuan [4][5] - Earnings per share (EPS) is projected to be 1.53 yuan for 2024, increasing to 2.20 yuan by 2026 [4][5] Sales and Profitability - The company received approximately 300 million yuan in anti-dumping tax refunds, which is expected to enhance non-recurring income [5] - The gross profit margin is projected to improve, with a net profit margin of 25.20% expected in 2024 [7] Market Position and Strategy - The company is actively optimizing product upgrades and making structural adjustments in domestic and international retail and supporting markets [5] - The Serbia factory is entering a phase of capacity release, supporting rapid growth in overseas markets [5]