森麒麟：Q3业绩增长，摩洛哥项目正式投产

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 38.09 [5][6]. Core Views - The company reported Q3 revenue of RMB 2.23 billion, with a year-over-year increase of 10.4% for the first three quarters, and a net profit of RMB 648 million, reflecting a significant year-over-year growth of 73.7% [1][4]. - The official launch of the Morocco factory on September 30, 2024, is expected to enhance the company's overseas competitiveness and contribute to steady revenue growth [3][4]. - The company has a strong order backlog for its high-quality semi-steel tires in the European and American markets, with total tire sales reaching 23.36 million units in the first three quarters, a year-over-year increase of 8% [2][4]. Summary by Sections Financial Performance - Q3 revenue was RMB 2.23 billion, up 1.1% quarter-over-quarter and 11.8% year-over-year, while net profit reached RMB 648 million, up 67.5% quarter-over-quarter and 13.0% year-over-year [1]. - For the first three quarters, total revenue was RMB 6.34 billion, with a net profit of RMB 1.73 billion, indicating a strong growth trajectory [1][4]. Production and Capacity Expansion - The Morocco factory is projected to release 6-8 million units in 2025 and reach full capacity of 12 million units by 2026, with pre-orders exceeding planned production for next year [3][4]. - The company’s global expansion strategy is expected to significantly enhance its competitive position in international markets [3]. Market Demand and Sales - The company continues to experience robust demand for its semi-steel tires, with Q3 sales of 8.26 million units, a 10% increase from Q2 [2]. - The overall gross margin for the first three quarters was 35.4%, with Q3 gross margin at 39.5%, reflecting improved profitability [2].