SAILUN GROUP(SH:601058) Shenwan Hongyuan Securities·2025-08-15 06:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company plans to establish a new facility in Egypt, investing $291 million to produce 3 million semi-steel tires and 600,000 all-steel tires, with an expected annual revenue contribution of $190 million and a net profit of $34.77 million once fully operational [6] - The strategic location of the new factory in the Suez Canal area provides significant geographical advantages for trade, connecting Europe and Asia [6] - The company has a diversified global presence with existing bases in Vietnam, Cambodia, Indonesia, and Mexico, and aims to enhance its market share despite recent tariff challenges in the U.S. [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 31,802 million yuan in 2024 to 44,713 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.8% [5][7] - The net profit attributable to the parent company is expected to increase from 4,063 million yuan in 2024 to 5,276 million yuan in 2027, reflecting a growth rate of 10.1% in 2027 [5][7] - The company's gross margin is forecasted to stabilize around 25.9% in 2025 and 2027, with a return on equity (ROE) projected to be 17.9% in 2025 [5][7]