业绩表现亮眼，加快推进全球化布局

Investment Rating - Buy/Maintain rating for Sailun Tire (601058) [1] Core Views - Sailun Tire's performance is strong, with significant revenue and profit growth in 2023 and Q1 2024 [1] - The company is accelerating its global expansion strategy, with record-high tire production and sales [1] - "Liquid Gold" tires and non-road tires are key drivers of high-end product development and profitability [1] Financial Performance - 2023 revenue: RMB 25,978 million, up 18.61% YoY; net profit: RMB 3,091 million, up 132.07% YoY [1] - Q1 2024 revenue: RMB 7,296 million, up 35.86% YoY; net profit: RMB 1,034 million, up 191.19% YoY [1] - 2023 tire production: 58.64 million units, up 35.71% YoY; sales: 55.79 million units, up 27.07% YoY [1] - Q1 2024 tire production: 17.25 million units, up 49.77% YoY; sales: 16.58 million units, up 43.71% YoY [1] Profitability and Margins - 2023 gross margin: 27.64%, up 9.22 pct YoY; net margin: 12.33%, up 5.81 pct YoY [1] - Q1 2024 gross margin: 27.68%, up 7.36 pct YoY; net margin: 14.39%, up 7.52 pct YoY [1] Capacity Expansion - Planned annual capacity: 26 million all-steel radial tires, 103 million semi-steel radial tires, and 447,000 tons of non-road tires [1] - New projects in Cambodia, Mexico, Indonesia, and Qingdao Dongjiakou expected to further expand capacity [1] Product Development - "Liquid Gold" tires: Superior performance, increasing market influence through social media promotion, and successful testing with multiple automakers [1] - Non-road tires: Comprehensive product range, high-quality, and partnerships with leading global and domestic machinery companies [1] Financial Forecasts - 2024-2026 net profit forecast: RMB 4,156 million, RMB 4,958 million, and RMB 5,580 million, respectively [2] - 2024-2026 PE ratios: 13x, 11x, and 10x, respectively [2] - 2024-2026 revenue growth forecast: 21.59%, 17.20%, and 10.72%, respectively [3] - 2024-2026 net profit growth forecast: 34.45%, 19.28%, and 12.55%, respectively [3] Valuation Metrics - 2024-2026 EPS forecast: RMB 1.26, RMB 1.51, and RMB 1.70, respectively [3] - 2024-2026 ROE forecast: 20.41%, 19.58%, and 18.06%, respectively [5] - 2024-2026 ROA forecast: 9.59%, 9.07%, and 8.41%, respectively [5]