SAILUN GROUP(SH:601058) KAIYUAN SECURITIES·2025-10-29 14:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved record-high revenue in Q3 2025, with a year-on-year increase of 16.76% for the first three quarters and an 18.01% increase in Q3 alone. The net profit attributable to the parent company decreased by 11.47% year-on-year, but showed a significant quarter-on-quarter increase of 31.35% in Q3 [4][5] - The company's global expansion strategy is progressing, with new production bases established in various countries, including a recent investment in Egypt for a new tire production project [6] - The long-term growth potential of the company is supported by its increasing market share in the global tire market and the anticipated benefits from its global branding efforts [6] Financial Summary - For Q1-Q3 2025, the company reported revenue of 275.87 billion yuan, with Q3 revenue reaching 100.00 billion yuan. The net profit for Q3 was 10.41 billion yuan [4][5] - The company’s tire production and sales in Q3 2025 were 20.49 million and 21.30 million units, respectively, reflecting year-on-year increases of 6.65% and 10.18% [5] - The average selling price of tires in Q3 was approximately 453 yuan per unit, with a year-on-year increase of 7.25% [5] - The company’s projected net profits for 2025-2027 are 39.64 billion, 48.99 billion, and 59.07 billion yuan, respectively, with corresponding EPS of 1.21, 1.49, and 1.80 yuan [4][7]