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赛轮轮胎:业绩符合预期,彰显龙头韧性-20250429

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a significant increase in stock price over the next 6-12 months [5][13]. Core Insights - The company reported a total revenue of 31.8 billion RMB for 2024, a year-on-year increase of 22.4%, and a net profit of 4.06 billion RMB, up 31.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 8.4 billion RMB, reflecting a 15.3% year-on-year growth and a 2.9% quarter-on-quarter increase, with a net profit of 1.04 billion RMB, which is a slight increase of 0.47% year-on-year and a 26.8% increase quarter-on-quarter [2]. - The company is experiencing rapid growth in tire production and sales, with a production volume of 74.81 million tires in 2024, up 27.6% year-on-year, and sales of 72.16 million tires, up 29.3% year-on-year [3]. - The company is implementing a global strategy, with production bases in Mexico and Indonesia under construction, which is expected to enhance its global market share and drive revenue growth [4]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 31.8 billion RMB in 2024 to 36.12 billion RMB in 2025, with a growth rate of 13.57% [9]. - The net profit is expected to increase from 4.06 billion RMB in 2024 to 4.49 billion RMB in 2025, reflecting a growth rate of 10.61% [9]. - The diluted earnings per share are forecasted to rise from 1.236 RMB in 2024 to 1.367 RMB in 2025 [9]. Production and Sales - The company’s tire production and sales are on an upward trajectory, with Q1 2025 sales volume increasing by 16.84% year-on-year [3]. - The average selling price of tires has slightly decreased by 0.4% year-on-year due to changes in product structure [3]. Strategic Initiatives - The company is expanding its production capabilities internationally to mitigate trade barriers and enhance its competitive position in the global market [4]. - The construction of new production bases in Mexico and Indonesia is expected to be completed this year, further solidifying the company's global footprint [4].