森麒麟：Q3业绩新高，摩洛哥项目步入兑现期

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved record high performance in Q3 2024, with significant contributions from the Morocco project entering the realization phase [11] - The company reported a revenue of 6.34 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 10.4%, and a net profit attributable to shareholders of 1.73 billion yuan, up 73.7% year-on-year [11] - The demand for overseas semi-steel tires continues to rise, leading to high growth in performance [11] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.23 billion yuan, a year-on-year increase of 1.1% and a quarter-on-quarter increase of 11.8% [11] - The net profit for Q3 2024 was 648 million yuan, reflecting a year-on-year growth of 67.5% and a quarter-on-quarter growth of 13.0% [11] - The company produced 23.56 million semi-steel tires from January to September 2024, a year-on-year increase of 13.7%, with sales of 22.68 million semi-steel tires, up 7.3% year-on-year [11] Project Developments - The Morocco factory has commenced production, with the first tire produced on September 30, 2024, and is expected to significantly enhance performance [11] - The Morocco project is projected to release a production capacity of 6-8 million tires by 2025 and reach full capacity of 12 million tires by 2026 [11] Future Outlook - The company expects revenues of 9.8 billion yuan, 11.8 billion yuan, and 13.8 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 24%, 21%, and 17% [11] - The projected net profits for the same years are 2.2 billion yuan, 2.8 billion yuan, and 3.4 billion yuan, with growth rates of 64%, 23%, and 24% respectively [11] - The current market capitalization corresponds to a price-to-earnings ratio of 11.7, 9.5, and 7.6 for the years 2024, 2025, and 2026 respectively [11]