SAILUN GROUP(SH:601058) Guohai Securities·2024-10-31 07:30Investment Rating - The report maintains a "Buy" rating for the company [2][10][15] Core Insights - The company achieved a record high net profit attributable to shareholders in Q3 2024, with a net profit of 10.92 billion yuan, representing a year-on-year increase of 11.50% [3][4] - The company's revenue for Q3 2024 was 84.74 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [4] - The company plans to increase its investment in its Mexican subsidiary to support the construction of a new tire production project [8][9] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 236.28 billion yuan, up 24.28% year-on-year, and a net profit of 32.44 billion yuan, up 60.17% year-on-year [3] - The company's gross profit margin for Q3 2024 was 27.69%, a slight decrease of 0.09 percentage points year-on-year [4] - The average selling price of tires in Q3 2024 was 422.73 yuan per tire, a year-on-year decrease of 5.55% [4] Future Growth Potential - The company is expanding its production capacity with new projects in Cambodia and Mexico, aiming to enhance its global footprint [8][9] - Revenue projections for 2024-2026 are 323.95 billion yuan, 375.77 billion yuan, and 439.07 billion yuan, respectively, with net profits expected to reach 43.85 billion yuan, 52.12 billion yuan, and 63.59 billion yuan [10][15]