赛轮轮胎：业绩持续稳健，看好长期成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady performance with a revenue of 23.63 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 24%, and a net profit of 3.24 billion yuan, up 60% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 8.47 billion yuan, a 15% increase year-on-year and an 8% increase quarter-on-quarter, with a net profit of 1.092 billion yuan, up 12% year-on-year but down 2% quarter-on-quarter [2][6] - The company’s production and sales of all-steel, semi-steel, and non-road tires reached historical highs in the first three quarters of 2024, despite facing pressures from increased costs and domestic demand fluctuations [6] - The company is advancing its construction projects, which are expected to enhance its international competitiveness and ensure long-term growth [2][6] Financial Performance Summary - For the first three quarters of 2024, the company produced and sold 54.63 million and 53.88 million tires respectively, marking a year-on-year increase of 30% and 32% [6] - The gross profit margin for the first three quarters improved by 2.92 percentage points to 28.38% [6] - The company’s projected revenues for 2024-2026 are 32.2 billion, 36.3 billion, and 42.9 billion yuan respectively, with year-on-year growth rates of 24%, 13%, and 18% [6][7] - The projected net profits for the same period are 4.3 billion, 5.1 billion, and 6.2 billion yuan, with growth rates of 38%, 20%, and 21% respectively [6][7] Global Expansion and Investment Plans - The company is actively pursuing global expansion, with plans to invest 110 million USD in the construction of the Kampot Economic Zone in Cambodia, aimed at attracting leading companies in the rubber industry [6] - Current projects include a factory in Cambodia with an annual capacity of 12 million semi-steel tires, a construction project in Mexico, and a new facility in Indonesia [6]