森麒麟：2024Q1业绩增长亮眼，行业向好态势明显

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next 6 to 12 months compared to the benchmark index [2][10]. Core Insights - The company reported a significant revenue increase of 27.59% year-on-year in Q1 2024, achieving a total revenue of 2.115 billion yuan, with a net profit growth of 101.34% year-on-year [4]. - The company's tire production reached 8.0757 million units in Q1 2024, marking a 28% increase year-on-year, with notable growth in both semi-steel and full-steel tire segments [4]. - The reduction in anti-dumping tax rates for the company's Thai subsidiary is expected to enhance its competitiveness and profitability in the U.S. market [4]. Financial Performance Summary - Revenue projections for the company are as follows: 7.842 billion yuan in 2023, 9.660 billion yuan in 2024, 11.629 billion yuan in 2025, and 13.482 billion yuan in 2026, with year-on-year growth rates of 22%, 25%, 23%, 20%, and 16% respectively [2]. - Net profit forecasts are 1.369 billion yuan for 2023, 2.152 billion yuan for 2024, 2.633 billion yuan for 2025, and 3.024 billion yuan for 2026, with growth rates of 6%, 71%, 57%, 22%, and 15% respectively [2]. - The company's earnings per share (EPS) are projected to increase from 1.84 yuan in 2023 to 4.06 yuan in 2026 [2]. Market Outlook - The domestic and international markets for tire products are showing positive trends, with strong demand expected to continue due to economic stability and competitive pricing of Chinese tire products [5]. - The Chinese automotive industry is projected to maintain steady growth, with production and sales of new energy vehicles expected to continue their explosive growth, providing favorable market opportunities for the company [5].