QINGDAO SENTURY TIRE CO.(002984) 国海证券·2025-05-05 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in net profit attributable to shareholders, with a year-on-year increase of 59.74% in 2024, reaching 2.186 billion yuan [3] - The company is expanding steadily in both domestic and international markets, with a revenue of 8.511 billion yuan in 2024, representing an 8.53% year-on-year increase [2] - The company is recognized for its leading position in intelligent manufacturing within the industry, having received multiple national honors for its smart manufacturing practices [9] - The company has successfully entered the high-end tire supply market, becoming a qualified supplier for major automotive manufacturers, including Volkswagen and Audi [8] - The company is also making strides in the aviation tire sector, having developed capabilities to produce tires for various aircraft, including those for Boeing and Airbus [10] Financial Performance Summary - In 2024, the company achieved a tire production volume of 32.2261 million units, a 10.22% increase year-on-year, with sales volume reaching 31.4087 million units, up 7.34% [2] - The average tire price was 270.70 yuan per unit, reflecting a 1.14% increase compared to the previous year [2] - For Q1 2025, the company reported a revenue of 2.056 billion yuan, a decrease of 2.79% year-on-year, with a net profit of 361 million yuan, down 28.29% year-on-year [4] - The company’s cash flow from operating activities for 2024 was 1.960 billion yuan, a decrease of 17.19% year-on-year [3] Future Projections - The company is projected to achieve revenues of 10.856 billion yuan, 12.531 billion yuan, and 13.056 billion yuan for the years 2025, 2026, and 2027 respectively [12] - The net profit attributable to shareholders is expected to be 2.243 billion yuan, 2.664 billion yuan, and 2.835 billion yuan for the same years [12] - The company maintains a strong outlook with a leading position in intelligent manufacturing and ongoing expansion in both domestic and international markets, justifying the "Buy" rating [10]