产销两旺盈利能力强劲，产能储备众多保障未来成长

Investment Rating - The investment rating for the company is maintained at "Accumulate" [3][4]. Core Views - The company has shown strong growth in both production and sales, with significant capacity reserves ensuring future growth. In 2023, the company achieved a revenue of 25.978 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 3.091 billion yuan, a year-on-year increase of 132.12% [2][3]. - The company is expanding its production capacity with new facilities planned in Qingdao and Weifang, as well as overseas in Mexico and Indonesia, aiming for a total production capacity of 26 million all-steel radial tires and 103 million semi-steel radial tires [3][4]. Financial Summary - For 2023, the company reported a revenue of 25.978 billion yuan, with a year-on-year growth of 18.6% and a net profit of 3.091 billion yuan, reflecting a 132.1% increase [2]. - The projected revenues for 2024, 2025, and 2026 are 29.854 billion yuan, 35.621 billion yuan, and 40.993 billion yuan respectively, with expected growth rates of 14.9%, 19.3%, and 15.1% [2]. - The company's gross margin is projected to be 27.1% in 2024, decreasing to 25.7% by 2026, while the return on equity (ROE) is expected to remain strong at around 21.1% in 2024 [2][3].