SAILUN GROUP(601058) 开源证券·2024-04-27 14:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in Q1, with a year-on-year increase in revenue and net profit, indicating robust profitability and growth potential [5] - The company is expanding its global footprint with new production facilities in Indonesia, Cambodia, and Mexico, which is expected to drive long-term growth [7] - The demand for tires is recovering, and the company's market share in the global tire market is steadily increasing, supporting a positive outlook for future performance [5][6] Financial Performance Summary - In 2023, the company achieved revenue of 25,978 million yuan, a year-on-year increase of 18.61%, and a net profit of 3,091 million yuan, up 132.07% [5] - For Q1 2024, the company reported revenue of 7,296 million yuan, a year-on-year increase of 35.84%, and a net profit of 1,034 million yuan, up 191.19% [5] - The projected net profits for 2024-2026 are 3,459 million yuan, 3,859 million yuan, and 4,749 million yuan, respectively, with corresponding EPS of 1.05, 1.17, and 1.44 yuan [5][8] Market and Operational Insights - The company sold 16.58 million tires in Q1 2024, an increase of 11.05% from Q4 2023, although the average price per tire decreased by 5.06% [6] - The prices of key raw materials remained stable, with a slight year-on-year increase of 1.72% and a quarter-on-quarter decrease of 1.06% [6] - The company has planned production capacity expansions totaling 26 million radial tires and 1.03 million non-road tires, which are expected to enhance its competitive advantage [7]