QINGDAO SENTURY TIRE CO.(SZ:002984) Guohai Securities·2024-10-21 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for Q3 2024, with a year-on-year revenue growth of 10.42% and a net profit increase of 73.72% [3] - The company's Moroccan factory has successfully launched its first batch of tires, enhancing its production capabilities and meeting strong market demand [8] - The company is expected to maintain robust growth in revenue and profit over the next few years, with projected revenues of 90.71 billion, 115.01 billion, and 130.13 billion for 2024, 2025, and 2026 respectively [21] Summary by Sections Market Data - Total market capitalization is 26,127.16 million [1] - Total share capital is 102,943.88 thousand shares [1] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 63.40 billion, a net profit of 17.26 billion, and a gross profit margin of 35.45% [3] - In Q3 2024 alone, the company reported a revenue of 22.30 billion, with a net profit of 6.48 billion, reflecting a year-on-year increase of 67.48% [3][5] - The operating cash flow for Q3 2024 was 8.27 billion, showing a slight increase compared to the previous quarter [3][20] Production and Sales - The company produced 2,424.31 million tires in the first three quarters of 2024, a 14.05% increase year-on-year, with sales reaching 2,335.81 million tires, up 7.88% [4] - In Q3 2024, tire production was 815.65 million, and sales were 826.10 million, indicating a strong performance in both production and sales [4][10] Industry Outlook - The tire industry remains robust, with the company experiencing a continuous increase in production and sales volume [4] - The company is actively expanding its market presence in both domestic and overseas markets, particularly in high-growth regions [4][8] Future Projections - The company forecasts a net profit of 24.05 billion, 27.05 billion, and 34.34 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 11, 10, and 8 [21]