23年经营业绩表现亮眼，新基地持续推进助力未来成长

Investment Rating - The investment rating for the company is maintained at "Buy" [4] Core Views - The company reported a strong performance in 2023, achieving revenue of 7.842 billion yuan, a year-on-year increase of 24.63%, and a net profit attributable to shareholders of 1.369 billion yuan, up 70.88% year-on-year [3][4] - The tire industry is experiencing a comprehensive recovery, with significant growth in both overseas and domestic markets, particularly in the sales of semi-steel and all-steel tires, which increased by 28% and 94% respectively [3][4] - The company is focused on high-performance tires and is one of the few manufacturers capable of producing aviation tires, with a global sales presence in over 150 countries [4] Financial Summary - In 2023, the company achieved a gross profit margin of 25.2% and a return on equity (ROE) of 11.6% [5] - The earnings per share (EPS) for 2024-2025 are projected to be 2.64 yuan and 3.25 yuan respectively, with a new EPS forecast for 2026 set at 3.84 yuan [4][5] - The company’s total assets reached 15.64993 billion yuan, with net assets of 11.7863 billion yuan [2][5]