AEOLUS(SH:600469) Guohai Securities·2024-11-03 06:05Investment Rating - The report maintains a "Buy" rating for the company [2][7][11] Core Views - The company achieved a revenue of 4.88 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 14.78%. However, the net profit attributable to shareholders decreased by 2.05% to 276 million yuan [2] - The company is actively overcoming adverse factors such as shipping costs and exchange rate fluctuations, with tire sales showing a quarter-on-quarter increase [3] - The company is expanding its production capacity for giant tires, which is expected to significantly enhance profitability once the new projects are fully operational [5] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.73 billion yuan, a year-on-year increase of 17.07% and a quarter-on-quarter increase of 3.03%. The net profit attributable to shareholders was 45 million yuan, down 59.57% year-on-year and 71.14% quarter-on-quarter [3] - The gross profit margin for Q3 2024 was 14.60%, a decrease of 7.26 percentage points year-on-year, while the net profit margin was 2.60%, down 4.94 percentage points year-on-year [3] Market Position and Strategy - The company is transitioning towards a non-highway tire strategy, with a focus on expanding its giant tire production capacity. The completion of new projects is expected to add significant revenue and profit [5][6] - The company plans to distribute cash dividends amounting to 0.12 yuan per share for the first three quarters of 2024, with a cash dividend ratio of 31.74% [6] Earnings Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.435 billion yuan, 6.730 billion yuan, and 7.331 billion yuan, respectively. The net profits are expected to be 351 million yuan, 472 million yuan, and 642 million yuan, corresponding to P/E ratios of 13, 10, and 7 [7][11]