业绩基本符合预期，越南基地成长可期

Investment Rating - The investment rating for the company is "Buy" [15]. Core Views - The company's performance in 2023 met expectations, with significant growth driven by product structure adjustments and increased production and sales [2][12]. - The company achieved a net profit of 833 million yuan in 2023, a year-on-year increase of 94.2%, primarily due to favorable raw material prices and improved capacity utilization in its Vietnam project [12][14]. - The company is expanding its production capabilities with ongoing projects, including the Zhazuo Phase IV and Vietnam Phase II, which are expected to contribute to revenue growth in the coming years [13][14]. Financial Data and Valuation - Revenue for 2023 was 9,601 million yuan, a growth of 13.76% from the previous year, with projections for 2024 to reach 11,500 million yuan, reflecting a growth rate of 19.78% [4]. - The company's EBITDA for 2023 was 1,481 million yuan, with an expected increase to 2,077 million yuan in 2024 [4]. - The net profit attributable to the parent company for 2023 was 833 million yuan, with forecasts of 1,059 million yuan for 2024, indicating a growth rate of 27.20% [4]. - The earnings per share (EPS) for 2023 was 0.57 yuan, projected to rise to 0.72 yuan in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is currently at 10.9, with a target P/E of 11 for 2024, suggesting a target price of 7.90 yuan [15][14]. Growth Potential - The company is expected to see revenue growth of 20% in 2024, followed by 10% in 2025 and 23% in 2026, with net profits projected to grow at rates of 27%, 21%, and 25% respectively during the same period [14]. - The company is entering the semi-steel tire market with a new project in Vietnam, which is anticipated to enhance its growth prospects [13][14].