GS(601500) Guolian Securities·2024-10-30 01:17Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company achieved a revenue of 4.99 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 36%, and a net profit attributable to the parent company of 380 million yuan, up 139% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 1.92 billion yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 18%. However, the net profit attributable to the parent company was 93 million yuan, down 7% year-on-year and down 30% quarter-on-quarter [6] - The growth in revenue was driven by the ramp-up of overseas bases in Thailand and Cambodia, while profit was pressured by rising raw material costs, foreign exchange losses, and shipping subsidies [2][6] - The company is actively pursuing opportunities in the "Going Global 2.0" strategy, with overseas bases expected to contribute to growth over the next two years [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.99 billion yuan, a 36% increase year-on-year, and a net profit of 380 million yuan, a 139% increase year-on-year. The net profit excluding non-recurring items was 360 million yuan, up 163% year-on-year [6] - In Q3 2024, the company achieved a revenue of 1.92 billion yuan, a 33% increase year-on-year and an 18% increase quarter-on-quarter. The net profit attributable to the parent company was 93 million yuan, down 7% year-on-year and down 30% quarter-on-quarter [6] Production and Capacity - In Q3 2024, the company produced and sold 5.7 million and 5.52 million tires, respectively, with year-on-year increases of 55% and 36% [6] - The company’s overseas bases in Thailand and Cambodia are ramping up production, with the Thailand Phase I and II projects achieving a daily output of over 27,000 semi-steel tires as of October 15 [6] Future Outlook - The company expects revenue growth of 7.71 billion yuan in 2024, 11.63 billion yuan in 2025, and 12.91 billion yuan in 2026, with year-on-year growth rates of 52%, 51%, and 11%, respectively [7] - The net profit attributable to the parent company is projected to be 590 million yuan in 2024, 1.06 billion yuan in 2025, and 1.34 billion yuan in 2026, with year-on-year growth rates of 172%, 80%, and 27%, respectively [7] - The company aims to achieve a global production capacity of 50 million tires within ten years as part of its "5X Strategy" [6]