SAILUN GROUP(601058) 长江证券·2025-05-14 05:43Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 31.8 billion yuan for 2024, representing a year-on-year increase of 22.4%, with a net profit attributable to shareholders of 4.06 billion yuan, up 31.4% year-on-year [2][6]. - For Q1 2025, the company achieved a revenue of 8.41 billion yuan, reflecting a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 1.04 billion yuan, a slight increase of 0.5% year-on-year [2][6]. - The company is focusing on expanding its global production capacity, with plans for new projects in Vietnam, Cambodia, Mexico, and Indonesia, aiming to enhance its market presence and profitability [10][10]. Summary by Sections Financial Performance - In 2024, the company produced 74.81 million tires and sold 72.16 million tires, with revenue and profit both showing significant growth [10]. - The overall gross margin for 2024 was 27.6%, slightly down by 0.1 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of 0.23 yuan per 10 shares to all shareholders [2]. Market Dynamics - The company has maintained a strong export growth rate due to the competitive pricing of its products, particularly in the European and American markets [10]. - The company has been actively enhancing its non-road tire business, with a total annual production capacity of 215,000 tons expected by the end of 2024 [10]. Product Innovation - The company has developed a new product called "Liquid Gold" tires, which have received international recognition for their superior performance in terms of rolling resistance, wet slip resistance, and wear resistance [10]. - The lifecycle carbon emissions of the "Liquid Gold" tires are significantly lower compared to standard tires, indicating a strong potential market opportunity [10]. Future Outlook - The company expects to see continued revenue and profit growth as it expands its production capacity both domestically and internationally [10]. - Forecasted net profits for 2025, 2026, and 2027 are projected to be 4.15 billion yuan, 5.23 billion yuan, and 6.19 billion yuan, respectively [10].