SAILUN GROUP(601058) 中泰证券·2024-05-16 01:30Investment Rating - The report maintains an "Invest Buy" rating for the company [2] Core Views - The company has shown a strong revenue growth of 4% quarter-on-quarter and 35.8% year-on-year in Q1 2024, driven by increased tire sales and improved industry conditions [2][3] - The company is expanding its global production capacity, with new facilities in Cambodia and Vietnam, which will enhance its ability to serve existing customers and attract new ones [2][3] Financial Performance Summary - Revenue (in million CNY): - 2022: 21,902 - 2023: 25,978 - 2024E: 31,810 - 2025E: 36,665 - 2026E: 41,350 - Year-on-Year Growth Rate: - 2022: 22% - 2023: 19% - 2024E: 22% - 2025E: 15% - 2026E: 13% [2] - Net Profit (in million CNY): - 2022: 1,332 - 2023: 3,091 - 2024E: 3,988 - 2025E: 4,786 - 2026E: 5,487 - Year-on-Year Growth Rate: - 2022: 1% - 2023: 132% - 2024E: 29% - 2025E: 20% - 2026E: 15% [2] - Gross Margin: - Q1 2024: 27.68%, up 9.22 percentage points year-on-year [2] - Net Margin: - Q1 2024: 3.83%, down 0.25 percentage points year-on-year [2] Market and Industry Insights - The tire industry is experiencing a recovery, with the company's tire sales reaching 16.58 million units in Q1 2024, representing a 43.71% year-on-year increase [2] - The domestic tire production in China has been growing, with a total output of 786 million units in 2023, up 17.8% year-on-year [2] - The company is strategically enhancing its global production capacity to mitigate risks associated with trade tensions and to better serve its customer base [2][3]