业绩高增长，受益轮胎出口高景气

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 45.00 CNY for the next six months [4]. Core Views - The company is experiencing high growth in performance, benefiting from the strong demand for tire exports. The tire mold export market remains robust, and there is marginal improvement in the large component sector. The machine tool business is expected to unlock growth potential, leading to stable revenue growth throughout the year [2][3]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 1.766 billion CNY, a year-on-year increase of 7.32%. The net profit attributable to shareholders was 400 million CNY, up 28.70% year-on-year, while the net profit excluding non-recurring items was 375 million CNY, reflecting a 23.97% increase year-on-year [2]. - The gross margin for Q1 2024 was 35.49%, an increase of 4.43 percentage points year-on-year, while the net margin was 22.70%, up 3.82 percentage points year-on-year [3]. Business Segments - Tire Molds: In 2023, the tire mold business generated revenue of 3.790 billion CNY, accounting for 55.16% of total revenue. The recovery in shipping prices and the competitive pricing of Chinese tires in the European and American markets are driving growth in this segment [2]. - Large Components: This segment generated revenue of 2.770 billion CNY in 2023, representing 38.65% of total revenue. The demand for gas turbines is expected to remain strong due to the upgrade of traditional coal-fired power plants and the maturity of hydrogen energy technology [2]. - Machine Tools: The machine tool business generated revenue of 308 million CNY in 2023, accounting for 4.30% of total revenue. The establishment of a new subsidiary and the introduction of new products are expected to enhance growth in this segment [2]. Future Projections - Revenue projections for 2024-2026 are 8.288 billion CNY, 9.450 billion CNY, and 10.588 billion CNY, with year-on-year growth rates of 15.66%, 14.01%, and 12.04%, respectively. Net profits are expected to be 1.802 billion CNY, 1.978 billion CNY, and 2.232 billion CNY, with growth rates of 11.80%, 9.74%, and 12.85% [7][8].