SAILUN GROUP(601058) 国泰君安·2024-11-02 14:39Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Views - The company's Q3 2024 performance met expectations, with production and sales remaining at high levels. New expansion projects in locations such as Dongjiakou, Cambodia, Mexico, and Indonesia are progressing smoothly, which is expected to support continued upward momentum in the company's performance [3][9]. - The company achieved a net profit attributable to shareholders of approximately 3.244 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 60.17%. The net profit for Q3 2024 was 1.092 billion yuan, up 11.50% year-on-year [9][11]. - The company is actively managing cost pressures through price increases, with recent adjustments to TBR and PCR product prices ranging from 2% to 5% [9][11]. Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 1.30 yuan, 1.45 yuan, and 1.59 yuan respectively. The target price is set at 19.28 yuan, based on a PE ratio of 14.83 times for 2024 [9][11]. - Revenue for 2024 is projected to be 30.725 billion yuan, with a year-on-year growth of 18.3%. The net profit for 2024 is expected to reach 4.277 billion yuan, reflecting a growth of 38.4% [11][12]. - The company has a total market capitalization of 48.795 billion yuan and a current share price of 14.84 yuan, with a 52-week price range of 10.67 to 17.22 yuan [5][9]. Production and Capacity Expansion - The company is advancing its capacity expansion projects, including the Cambodia Kampot Economic Zone project and increasing the registered capital of its Mexican subsidiary STT from 120 million USD to 240 million USD [9][11]. - The company has achieved record production and sales volumes across its product categories, with total tire sales increasing by over 30% year-on-year [9][11].