系列点评二：业绩超预期 智能制造赋能全球化

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.72%. The net profit attributable to shareholders reached 504 million yuan, up 101.34% year-on-year and 34.32% quarter-on-quarter [1]. - The company's tire production reached 8.0757 million units in Q1 2024, representing a year-on-year increase of 28%. The sales volume of tires was 7.6071 million units, an increase of 15.70% year-on-year [1]. - The company is benefiting from the recovery of the tire industry in China and the expansion of its production capacity in Thailand, which has significantly contributed to its revenue growth [1]. - The implementation of smart manufacturing strategies is enhancing the company's global development capabilities, with ongoing projects in Spain and Morocco aimed at increasing production capacity [1][3]. - The reduction of anti-dumping duties on tires produced in Thailand is expected to improve the company's profitability [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.115 billion yuan, with a year-on-year growth of 27.59% and a quarter-on-quarter growth of 0.72%. The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year increase of 101.34% [1]. - The company expects revenues of 9.745 billion yuan, 11.661 billion yuan, and 13.497 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.212 billion yuan, 2.490 billion yuan, and 2.845 billion yuan for the same years [3][4]. Production and Sales - The tire production volume in Q1 2024 was 8.0757 million units, with a year-on-year increase of 28%. The sales volume was 7.6071 million units, up 15.70% year-on-year [1]. - The company has expanded its production capacity significantly, particularly in Thailand, which has contributed to its strong performance [1]. Strategic Initiatives - The company is advancing its "833plus" strategy, which includes the establishment of smart manufacturing facilities in Spain and Morocco, aimed at enhancing production efficiency and capacity [1][3]. - The company has been recognized for its smart manufacturing capabilities, being the only Chinese tire manufacturer to receive national-level honors four times [1]. Market Conditions - The tire industry in China is experiencing a comprehensive recovery, with strong demand in both domestic and overseas markets, benefiting the company's sales and profitability [1].