Linglong Tyre(601966) Guohai Securities·2024-11-11 00:25Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][9] Core Views - The report highlights a significant increase in the company's net profit attributable to shareholders, which reached 1.712 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 56.72% [1][2] - The sales gross margin improved to 10.73%, an increase of 4.13 percentage points year-on-year, indicating enhanced profitability [1][2] - The report emphasizes the company's long-term growth potential, driven by increased tire sales and the receipt of anti-dumping tax refunds from the United States [2][3] Financial Performance Summary - For Q3 2024, the company achieved a net profit of 786 million yuan, a year-on-year increase of 4.39% [2] - The total revenue for Q3 2024 was 5.569 billion yuan, reflecting a year-on-year growth of 5.22% and a quarter-on-quarter increase of 97.3% [1][2] - The company's tire production reached 22.33 million units in Q3 2024, with a quarter-on-quarter increase of 2.26% [2] Future Projections - The company is projected to achieve revenues of 22.678 billion yuan, 27.186 billion yuan, and 28.408 billion yuan for the years 2024, 2025, and 2026, respectively [6][7] - The net profit attributable to shareholders is expected to be 2.3 billion yuan, 2.688 billion yuan, and 2.992 billion yuan for the same years [6][7] - The report anticipates a price-to-earnings (P/E) ratio of 13, 11, and 10 for the years 2024, 2025, and 2026, respectively, reflecting the company's growth potential [6][7]