业绩亮眼，稳扎稳打推进全球化布局

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 7.84 billion RMB in 2023, representing a year-on-year growth of 24.6%, and a net profit attributable to shareholders of 1.37 billion RMB, up 71% year-on-year [2] - The tire industry is experiencing a favorable cycle, with the company benefiting from improved global conditions and strong demand for its high-quality products in both overseas and domestic markets [2] - The company is implementing its "833Plus" strategy, aiming to establish a global manufacturing and R&D footprint, including digital manufacturing bases and user experience centers [2] Summary by Sections Financial Performance - In Q4 2023, the company recorded a revenue of 2.1 billion RMB, a 36% increase year-on-year, but a 4.8% decrease quarter-on-quarter [2] - The total tire sales for 2023 reached 29.26 million units, a 29% increase, with semi-steel tire sales growing by 28% and all-steel tire sales increasing by 94% [2] Strategic Initiatives - The company is advancing its Thailand Phase II project to meet customer demand and is also progressing with projects in Morocco and Spain [2] - The "833Plus" strategy includes plans for eight digital tire manufacturing bases, three global R&D centers, and three user experience centers, with an additional goal of acquiring a well-known global tire manufacturer [2] Market Position - The company holds over 5% market share in the U.S. replacement tire market and over 4% in the European replacement tire market, with expectations for further market share growth as new capacities come online [2] - The company is positioned as a leader in intelligent tire manufacturing in China, with steady growth in performance anticipated alongside its global expansion efforts [2] Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 1.86 billion RMB, 2.12 billion RMB, and 2.42 billion RMB, respectively, with corresponding PE ratios of 12.49, 10.96, and 9.58 times [2]