2024年一季报点评：净利率环比显著提升，摩洛哥项目进展顺利

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2024 performance shows significant growth in net profit and revenue, with a year-on-year increase of 101.34% in net profit and 27.59% in revenue [3][4] - The company is progressing well with its Morocco project, which is expected to enhance its production capacity and revenue in the future [10][14] Financial Performance Summary - For Q1 2024, the company achieved a revenue of 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.73% [3] - The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year growth of 101.34% and a quarter-on-quarter growth of 34.28% [3] - The gross profit margin improved to 31.21%, up 8.98 percentage points year-on-year and 3.83 percentage points quarter-on-quarter [3][12] - The company produced 8.0757 million tires in Q1 2024, a 28% increase compared to the same period last year [5][12] Market Position and Competitive Advantage - The company has seen a significant increase in tire sales, with a total of 7.6071 million tires sold in Q1 2024, a 15.70% increase year-on-year [5][12] - The average selling price of tires was 278.04 yuan per tire, showing a slight increase of 0.74% from the previous quarter [5][12] - The reduction in various expenses, including sales and management costs, contributed to the improved profitability [6][12] Future Outlook - The company forecasts net profits of 2.253 billion yuan, 2.660 billion yuan, and 2.998 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12, 10, and 9 [14][16] - The ongoing construction of the Morocco project is expected to generate significant revenue once operational, with projected annual revenue of 210 million USD upon completion [10][14]