森麒麟（002984）：销量较为坚挺，盈利由于关税及费用影响有所下降

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company's sales remain resilient, but profitability has declined due to tariffs and increased costs [1] - The company reported a total revenue of 41.19 billion yuan for the first half of 2025, a year-on-year increase of 0.24%, while the net profit attributable to shareholders was 6.72 billion yuan, down 37.64% year-on-year [6] - The report highlights a decrease in tire production and sales, with production down 3.21% to approximately 15.57 million units and sales down 1.5% to about 14.87 million units [6][7] - The company is experiencing pressure on profitability due to rising raw material prices and tariffs affecting exports [6] - The report projects a decline in net profit for 2025 to approximately 14.07 billion yuan, down from previous estimates, with expected PE ratios of 15, 11, and 10 for the next three years [6][7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2024: 8,511 million yuan, 2025: 8,699 million yuan, 2026: 10,649 million yuan, 2027: 12,151 million yuan [5] - The expected net profit for 2025 is 1,407 million yuan, with a year-on-year decrease of 35.6% [5] - The gross margin is projected to decline to 23.8% in 2025, down from 32.8% in 2024 [5] - The report indicates a significant drop in return on equity (ROE) to 9.9% for 2025, compared to 16.2% in 2024 [5]