森麒麟：Q3净利润增长强劲，摩洛哥工厂正式投产

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 25.21 CNY [1]. Core Insights - The company reported a strong net profit growth in Q3, with a total revenue of 6.34 billion CNY for the first three quarters, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 1.726 billion CNY, up 73.7% year-on-year [2]. - The company's production capacity is expected to increase significantly with the official launch of the Morocco factory, which is projected to produce 12 million high-performance tires annually by 2026 [2][3]. - The company anticipates a compound annual growth rate (CAGR) of 30% for net profit from 2024 to 2026, supported by strong order growth and the establishment of overseas production bases [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.23 billion CNY, with a year-on-year increase of 11.8% and a quarter-on-quarter increase of 1.1%. The net profit for Q3 was 648 million CNY, reflecting a year-on-year growth of 67.5% [2]. - The company’s gross margin improved significantly, reaching 39.52% in Q3, an increase of 12.03 percentage points year-on-year. The net profit margin also reached a historical high of 29.07% [2]. - The company’s tire production for the first nine months of 2024 was 24.24 million units, a year-on-year increase of 14.05%, with sales of 23.36 million units, up 7.88% year-on-year [2]. Future Projections - Revenue projections for 2024 to 2026 are as follows: 7.842 billion CNY in 2024, 8.964 billion CNY in 2025, and 11.543 billion CNY in 2026, with respective growth rates of 14.31% and 28.77% [4]. - The net profit attributable to shareholders is expected to reach 1.369 billion CNY in 2024, 2.377 billion CNY in 2025, and 3.015 billion CNY in 2026, with growth rates of 73.66% and 12.63% [4][5].