业绩亮眼，规划丰富产能助力成长

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company achieved a revenue of 25.98 billion RMB in 2023, representing an 18.6% year-on-year growth, and a net profit of 3.09 billion RMB, which is a significant increase of 132.1% [1] - In Q1 2024, the company reported a revenue of 7.3 billion RMB, a 35.8% increase year-on-year, and a net profit of 1.03 billion RMB, up 191.2% year-on-year [1] - The tire sales volume for the company reached 58.64 million units in 2023, a 35.7% increase, significantly outpacing the industry growth rate [1] - The company is rapidly advancing its global layout with substantial planned production capacity, including 26 million all-steel tires and 103 million semi-steel tires annually [1] Summary by Sections Company Overview - The company is a leading tire manufacturer in China, benefiting from the growth in global automotive sales and rigid consumer demand [1][2] Financial Performance - The company’s revenue and net profit forecasts for 2024-2026 are 41.51 billion RMB, 46.64 billion RMB, and 50.56 billion RMB respectively, with corresponding PE ratios of 13.07, 11.63, and 10.73 [2] - The average annual production capacity achieved in 2023 was 13.8 million all-steel tires and 56 million semi-steel tires [1] Market Position - The company is expected to enhance its global market share due to the ongoing expansion of overseas production capacity and brand strength [2]