受益于反倾销税率降低，公司利润同比大增，看好公司摩洛哥项目进展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [3][15]. Core Views - The company is expected to benefit significantly from the reduction in anti-dumping tax rates, leading to a substantial increase in profits year-on-year. The Moroccan project is also viewed positively for its potential contributions to future earnings [1][5]. Financial Performance Summary - Revenue: The company's revenue is projected to grow from 7,842 million yuan in 2023 to 9,674 million yuan in 2024, reflecting a year-on-year growth rate of 23.4% [2][11]. - Net Profit: The net profit attributable to shareholders is expected to rise from 1,369 million yuan in 2023 to 2,143 million yuan in 2024, marking a significant year-on-year increase of 56.6% [2][11]. - Earnings Per Share (EPS): The EPS is forecasted to increase from 1.85 yuan in 2023 to 2.90 yuan in 2024 [2][11]. - Return on Equity (ROE): The ROE is anticipated to improve from 11.6% in 2023 to 15.7% in 2024 [2][11]. Operational Highlights - The company reported a tire production of 8.08 million units in Q1 2024, a year-on-year increase of 28%, with significant growth in both semi-steel and all-steel tire segments [4]. - The sales volume for tires reached 7.61 million units in Q1 2024, reflecting a year-on-year growth of 15.7% [4]. - The reduction in anti-dumping tax rates for the company's Thai factory has significantly enhanced profitability, with the tax rate dropping from 17.06% to 1.24% [4]. Project Developments - The company is accelerating its Moroccan project, which is expected to contribute positively to its earnings as it approaches production ramp-up [5][8]. - The Moroccan project, with a planned annual capacity of 12 million high-performance tires, is set to commence production soon, further enhancing the company's market position [8]. Market Positioning - The company is focusing on high-end market segments and has established partnerships with several major automotive manufacturers, including Volkswagen and Audi, to supply high-performance tires [8]. - The strategic shift towards high-end tire production is expected to strengthen the company's competitive edge in the market [8].