森麒麟：公司事件点评报告：Q3业绩持续高增长，摩洛哥项目快速推进

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company achieved a significant increase in revenue and net profit in Q3 2024, with total revenue reaching 6.34 billion yuan, a year-on-year growth of 10.42%, and a net profit of 1.726 billion yuan, up 73.72% year-on-year [2] - The tire business continues to grow rapidly, with record sales in Q3 2024, driven by recovering overseas demand and the resolution of previous shipping delays [3] - The establishment of a factory in Morocco is expected to enhance production capacity significantly, contributing to a 40% increase in overall capacity by 2026 [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 6.34 billion yuan, a 10.42% increase year-on-year, and a net profit of 1.726 billion yuan, a 73.72% increase year-on-year [2] - In Q3 2024 alone, revenue was 2.23 billion yuan, reflecting a 1.13% year-on-year increase and an 11.82% quarter-on-quarter increase, while net profit reached 648 million yuan, up 67.48% year-on-year and 13.04% quarter-on-quarter [2] Business Growth - The production of semi-steel and full-steel tires increased by 14% and 26% respectively in the first nine months of 2024, with sales growing by 7% and 30% respectively [3] - Q3 2024 saw record sales of semi-steel tires at 8.069 million units, a significant increase of 737,600 units quarter-on-quarter, and full-steel tire sales of 192,000 units, up 3.35% quarter-on-quarter [3] Profitability Enhancement - The company benefited from a 200 million yuan export tax rebate, which helped reduce costs, while product structure optimization led to an increase in overall gross margin to 39.52%, up 4.25 percentage points quarter-on-quarter [4] - Operating cash flow for Q3 2024 was 1.522 billion yuan, showing a slight decrease of 0.23 million yuan year-on-year, indicating stable operations [4] Capacity Expansion - The Moroccan factory, with an annual production capacity of 12 million tires, was completed in just 11 months and is expected to ramp up production significantly by 2026, alleviating capacity constraints [5]