Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [1][10][16]. Core Views - The company is expected to achieve significant growth in 2024, with a forecasted net profit of 2.1 to 2.36 billion RMB, representing a year-on-year increase of 53.45% to 72.45% [3][5]. - The Moroccan factory is anticipated to commence full production in 2025, contributing to the company's revenue growth [4][5]. Summary by Sections Historical Performance - The company's stock has shown a performance of -11% to +24% over the past year, compared to the CSI 300 index [2]. Revenue and Profit Forecast - The company is projected to generate total revenues of 9.39 billion, 12.23 billion, and 14.18 billion RMB for the years 2024 to 2026, with year-on-year growth rates of 19.7%, 30.3%, and 16.0% respectively [5][8]. - The net profit forecast for the same period is 2.24 billion, 2.59 billion, and 3.03 billion RMB, with growth rates of 63.9%, 15.6%, and 16.8% respectively [5][8]. Business Segmentation - The semi-steel tire segment is expected to contribute significantly to revenue, with projected revenues of 8.07 billion, 10.62 billion, and 12.37 billion RMB from 2024 to 2026, accounting for 86% to 87% of total revenue [9]. - The full-steel tire segment is forecasted to generate revenues of 1.3 billion, 1.6 billion, and 1.8 billion RMB, making up 14% to 13% of total revenue [9]. Market and Industry Outlook - The demand for semi-steel tires in overseas markets remains strong, with a supply-demand imbalance expected to drive profitability [4]. - The overall tire production in China is projected to reach 1.19 billion units in 2024, a year-on-year increase of 20.2% [4]. Valuation Comparison - The company's projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 11, 10, and 8 respectively, indicating a favorable valuation compared to peers [10][11].