森麒麟：24Q3业绩符合预期，高端配套持续进击

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported Q3 2024 results that met expectations, with revenue of 6.34 billion yuan, a year-on-year increase of 10.42%, and a net profit of 1.73 billion yuan, a year-on-year increase of 73.72% [1]. - Tire sales improved quarter-on-quarter, with Q3 2024 tire sales reaching 8.26 million units, a quarter-on-quarter increase of 10.29% [1]. - The company is expanding its global production capacity, with the Morocco factory expected to release 6-8 million units by 2025 and reach full capacity of 12 million units by 2026 [2]. - The company is gaining recognition as a qualified supplier for major global OEMs, enhancing its brand influence and market share [2]. - Revenue projections for 2024-2026 are 8.99 billion, 11.55 billion, and 13.05 billion yuan, with net profits of 2.21 billion, 2.48 billion, and 2.84 billion yuan, respectively [2]. Financial Summary - For 2023, the company expects revenue of 7.84 billion yuan, with a growth rate of 24.63% [8]. - The projected diluted EPS for 2024, 2025, and 2026 are 2.15, 2.41, and 2.76 yuan, with corresponding PE ratios of 11.72, 10.45, and 9.14 [8][12]. - The company’s gross margin is projected to be 32.89% in 2024, with a net margin of 24.62% [12].