公司季报点评：2024Q1归母净利润环比增长34.28%，持续推进国际化产能布局

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a net profit attributable to shareholders of 504 million yuan in Q1 2024, representing a year-on-year increase of 101.34% and a quarter-on-quarter increase of 34.28% [5] - The company is actively expanding its international production capacity, with significant projects in Thailand and Morocco aimed at enhancing competitiveness and profitability [6] - The company plans to use net proceeds of 2.79 billion yuan from fundraising to provide loans to its subsidiaries in Hong Kong and Morocco for project implementation [5][6] Financial Performance - In Q1 2024, the company reported revenue of 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.73% [5] - The company’s tire production reached 8.0757 million units in Q1 2024, a year-on-year increase of 28% [5] - The projected net profits for 2024, 2025, and 2026 are 2.203 billion yuan, 2.635 billion yuan, and 3.167 billion yuan respectively, with corresponding year-on-year growth rates of 61.0% and 19.6% [6][11] Capacity and Production - The company’s production capacity utilization rates are expected to be 97%, 89%, and 100% for the years 2024 to 2026 [8] - The company is expanding its production capacity in Thailand to 6 million high-performance semi-steel tires and 2 million high-performance all-steel tires [6] Valuation - The company is assigned a price-to-earnings (P/E) ratio of 14-16 times for 2024, leading to a reasonable value range of 29.82 to 34.08 yuan per share [6][11]