2023年报点评：23Q4业绩符合预期，海外项目有序推进

Investment Rating - The report maintains a "Buy" rating for the company [1][2] - The target price is set at 40.60 yuan, which corresponds to a PE ratio of 17.42 for the year 2024 [1][2] Core Insights - The company's performance meets expectations, with steady progress in overseas projects [1] - The company achieved a revenue of 7.842 billion yuan in 2023, representing a year-on-year growth of 25% [2] - The net profit attributable to shareholders reached 1.369 billion yuan, up 71% year-on-year [2] - The company benefits from a favorable tax rate in Thailand, enhancing its competitive edge in exports [1] Summary by Sections Financial Performance - The company reported a revenue of 7.842 billion yuan in 2023, with a net profit of 1.369 billion yuan, reflecting a year-on-year increase of 25% and 71% respectively [2] - The earnings per share (EPS) for 2023 is 1.85 yuan, projected to grow to 2.33 yuan in 2024 [1][2] Production and Sales - The company produced 2,923.68 million tires in 2023, a 32.98% increase from the previous year [1] - The sales volume of semi-steel tires and all-steel tires reached 2,846.66 million and 79.33 million respectively, showing significant growth [1] Market Position - The company has established itself as a qualified supplier for major automotive brands, including Volkswagen and Audi [1] - The market share in the replacement market in the US and Europe exceeded 4% in 2023 [1] Strategic Developments - The company is advancing its high-end and intelligent manufacturing capabilities globally [1] - The second phase of the Thailand factory is expected to commence full production, further boosting capacity [1]