单季度净利创新高，全球化布局引领长期成长

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a record high net profit in Q1 2024, with revenue of 2.115 billion yuan, a year-on-year increase of 27.6% and a quarter-on-quarter increase of 0.7%. The net profit attributable to shareholders reached 504 million yuan, up 101.3% year-on-year and 34.4% quarter-on-quarter [2][3] - The tire industry continues to experience high demand, with the company's Q1 performance driven by its competitive advantage in the European and American tire markets, leading to sustained order demand. The sales volume of semi-steel tires increased by 12.8% year-on-year, while the sales volume of all-steel tires surged by 175.3% year-on-year [3] - The company is executing its "833plus" strategy, aiming to establish eight digital intelligent manufacturing bases globally over the next ten years, with significant progress in its Thailand project and ongoing developments in Morocco and Spain [4] - The company has announced a three-year shareholder return plan, committing to distribute cash dividends of no less than 20%, 25%, and 30% of the net profit attributable to shareholders from 2023 to 2025, respectively [5] - The company is expected to benefit from the ongoing high demand in the tire industry, with projected revenues of 9.78 billion yuan, 11.77 billion yuan, and 13.965 billion yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 25%, 20%, and 19% [6] Financial Summary - The company reported a revenue of 6.292 billion yuan in 2022, which is expected to grow to 9.780 billion yuan in 2024, with a growth rate of 24.72% [7] - The net profit attributable to shareholders is projected to increase from 801 million yuan in 2022 to 2.233 billion yuan in 2024, representing a growth rate of 63.19% [7] - The earnings per share (EPS) is expected to rise from 1.08 yuan in 2022 to 3.02 yuan in 2024 [7]