森麒麟：布局谨慎，具备全球视野的智能胎企

Investment Rating - The report gives a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [3][262]. Core Insights - The company has a competitive advantage through its focus on semi-steel tires, early international expansion, and smart manufacturing, leading to superior profitability compared to peers [2][3]. - The Moroccan plant is expected to significantly boost production capacity and revenue, with a projected output of 6-8 million tires in 2025 and full capacity of 12 million tires by 2026 [3][232]. - The company is well-positioned to benefit from the growing automotive industry in Morocco, being the first tire manufacturer in the region [240][246]. Summary by Sections Investment Logic - The company has a long-standing focus on semi-steel tire production, with a capacity of 30 million tires, of which 28 million are semi-steel tires, capturing a 1.8% global market share in 2023 [2][3]. - Semi-steel tire sales increased by 7.3% year-on-year to 22.68 million units in the first three quarters of the year [2]. - The company has a high overseas production ratio, with 57% of semi-steel tire capacity located abroad, and overseas sales accounting for about 90% of revenue [2][3]. Future Growth - The Moroccan plant's production ramp-up is expected to drive revenue growth, alongside high-end product offerings enhancing brand value [3][240]. - The company has appointed an experienced executive to lead high-end product development, which is anticipated to strengthen its market position [3][240]. Profit Forecast, Valuation, and Rating - Revenue projections for 2024, 2025, and 2026 are estimated at 87.8 billion, 114.1 billion, and 129.7 billion RMB, respectively, with corresponding net profits of 22.7 billion, 26.5 billion, and 29.9 billion RMB [3][261]. - The current stock price reflects a low valuation relative to the company's competitive advantages and growth potential, justifying the "Buy" rating [3][261].