SAILUN GROUP(601058)2025-05-06 06:44Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 31.802 billion yuan in 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 4.063 billion yuan, up 31.4% year-on-year [7] - In Q1 2025, the company achieved a revenue of 8.411 billion yuan, reflecting a year-on-year increase of 15.3%, and a net profit of 1.039 billion yuan, which is a slight increase of 0.5% year-on-year [7] - The company’s tire production and sales are expected to steadily increase in 2024, driven by the expansion of overseas bases and deeper penetration into domestic channels [7] - The company has established approximately 22 new tire sales companies in 2024, leading to an increase in inventory and accounts receivable [7] Financial Data and Profit Forecast - Total revenue (million yuan): 31,802 in 2024, 38,713 in 2025E, 43,210 in 2026E, 45,109 in 2027E [3] - Net profit attributable to the parent company (million yuan): 4,063 in 2024, 4,540 in 2025E, 5,290 in 2026E, 5,706 in 2027E [3] - Earnings per share (yuan/share): 1.26 in 2024, 1.38 in 2025E, 1.61 in 2026E, 1.74 in 2027E [3] - Gross margin (%): 27.6 in 2024, 26.5 in 2025E, 26.6 in 2026E, 26.6 in 2027E [3] - Return on equity (ROE, %): 20.8 in 2024, 19.5 in 2025E, 18.5 in 2026E, 16.7 in 2027E [3] Market Data - Closing price (yuan) as of April 30, 2025: 12.22 [4] - Market capitalization (million yuan): 40,181 [4] - Dividend yield (%): 2.62 [4] - Price-to-earnings ratio (PE): 10 in 2024, projected to decrease to 7 by 2027 [3][4]