森麒麟：Q3业绩稳健增长，摩洛哥工厂投产助力全球化

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 6.34 billion yuan in Q3 2024, representing a year-on-year growth of 10.4% and a net profit of 1.73 billion yuan, up 73.7% year-on-year [1] - The company's gross margin improved to 39.5% in Q3, an increase of 12 percentage points year-on-year [1] - The new factory in Morocco commenced production, enhancing the company's global competitiveness and capacity [1] Financial Performance Summary - Revenue Forecast: - 2022A: 6,292 million yuan - 2023A: 7,842 million yuan - 2024E: 9,741 million yuan (24% growth) - 2025E: 12,646 million yuan (30% growth) - 2026E: 14,474 million yuan (14% growth) [1] - Net Profit Forecast: - 2022A: 801 million yuan - 2023A: 1,369 million yuan - 2024E: 2,260 million yuan (65% growth) - 2025E: 2,964 million yuan (31% growth) - 2026E: 3,372 million yuan (14% growth) [1] - Earnings Per Share (EPS): - 2022A: 1.23 yuan - 2023A: 1.84 yuan - 2024E: 3.04 yuan - 2025E: 3.98 yuan - 2026E: 4.53 yuan [1] Operational Highlights - Tire Production: - Total tire production for January to September 2024 reached 24.24 million units, a year-on-year increase of 14.1% [1] - Sales of tires amounted to 23.36 million units, up 7.9% year-on-year [1] - Cost Management: - The company's selling, general, and administrative expenses showed a slight increase, while the financial expense ratio improved [1] Strategic Developments - The new Moroccan factory has a capacity of 12 million passenger car tires, expected to release 6-8 million units by 2025, supporting the company's vision of becoming a world-class tire brand [1]