Q1业绩表现超预期，全球化布局持续推进 推荐

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported Q1 2024 results that exceeded expectations, with revenue of 2.115 billion and a year-on-year growth of 27.59%, and a net profit of 504 million, reflecting a year-on-year increase of 101.34% [1]. - The company’s tire production and sales volumes reached 8.0757 million and 7.6071 million units respectively, with year-on-year growth of 28.00% and 15.70% [1]. - The company benefits from a competitive edge in pricing and quality, leading to sustained demand amid high inflation pressures in Europe and the US [1]. - The company’s gross margin and net margin for Q1 were 31.32% and 23.82%, showing improvements due to enhanced cost and expense management [1]. - The company’s Thai subsidiary will benefit from a significantly reduced anti-dumping tax rate of 1.24%, enhancing its competitiveness in the US market [1]. Financial Performance Summary - Revenue projections for 2024-2026 are 9.274 billion, 11.339 billion, and 13.021 billion respectively, with growth rates of 18.27%, 22.27%, and 14.83% [2]. - Net profit projections for the same period are 2.132 billion, 2.368 billion, and 2.717 billion, with growth rates of 55.78%, 11.05%, and 14.76% [2]. - Earnings per share (EPS) are expected to be 2.89, 3.20, and 3.68, with corresponding price-to-earnings (PE) ratios of 11.88, 10.69, and 9.32 [2]. Global Expansion and Market Position - The company is actively expanding its global production capacity, with bases in Qingdao and Thailand, and plans for new facilities in Morocco and Spain [1]. - The company’s competitive position is strengthened by its ability to capture market share in the domestic tire market, particularly in the context of rising import volumes from Thailand and Vietnam [1].