SAILUN GROUP(SH:601058) Xinda Securities·2025-10-29 01:12Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a record high in tire sales, with quarterly revenue surpassing 10 billion yuan for the first time, indicating strong performance across multiple metrics [3] - The company's global capacity expansion is seen as a key driver for future growth, with significant production capabilities planned in various countries [3] - A decline in raw material prices and shipping costs is expected to positively impact the company's performance [3] - The company is enhancing its brand strength through technological advancements, product diversification, and innovative channel strategies [3][4] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 27.587 billion yuan, a year-on-year increase of 16.76%, and a net profit attributable to shareholders of 2.872 billion yuan, a decrease of 11.47% [1] - In Q3 2025, the company achieved total revenue of 10 billion yuan, up 18.01% year-on-year and 8.99% quarter-on-quarter, with a net profit of 1.041 billion yuan, down 4.71% year-on-year but up 31.35% quarter-on-quarter [1] - The company is projected to achieve revenues of 36.872 billion yuan, 44.271 billion yuan, and 51.484 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.9%, 20.1%, and 16.3% [6] - The estimated net profit for 2025 is 3.900 billion yuan, with a projected EPS of 1.19 yuan [6]