玲珑轮胎：退税增厚利润，Q3业绩环比大幅提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported significant growth in its Q3 performance, with a revenue of 55.7 billion yuan, a year-on-year increase of 5.2% and a quarter-on-quarter increase of 4.4%. The net profit for Q3 reached 7.9 billion yuan, reflecting a year-on-year increase of 97.3% and a quarter-on-quarter increase of 62.4% [3][5]. - The overall gross margin for the first three quarters was 24.4%, up 4.6 percentage points year-on-year, primarily due to increased production and sales from overseas bases, strong export demand, and tax refunds from the Thailand base [5]. - The company has a global strategy of "7+5," which includes seven production bases in China and five overseas, aimed at enhancing its global presence and optimizing its production capacity [5]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a total revenue of 159.5 billion yuan, a year-on-year increase of 9.8%, and a net profit of 17.1 billion yuan, up 78.4% year-on-year. The net profit excluding non-recurring items was 14.0 billion yuan, a year-on-year increase of 56.7% [3][5]. - In Q3 alone, the company produced 22.33 million tires, a quarter-on-quarter increase of 2.3%, and sold 21.43 million tires, a quarter-on-quarter increase of 2.4% [5]. Market Dynamics - The company benefited from a tax refund of 56.06 million USD from the U.S. Department of Commerce, which was recognized as non-recurring profit in the current period [5]. - The company’s tire prices increased by 2.24% quarter-on-quarter in Q3, contributing to the revenue growth [5]. Strategic Initiatives - The company is focusing on high-end product offerings and has made significant breakthroughs in domestic and international partnerships, including new projects with major automotive brands [5]. - The ongoing expansion of production capacity in Serbia and other locations is expected to further enhance the company's revenue and profit margins in the coming years [5].