Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Views - The company is facing performance pressure in Q1 2025 due to rising raw material prices, but it is expected to benefit from long-term capacity release and growth in both the supporting and replacement segments [1][9]. - The company has strong growth potential from its Serbia base, with a projected EPS of RMB 1.46 for 2025 and RMB 1.68 for 2026, along with a new forecast of RMB 1.86 for 2027 [4][9]. - The target price is set at RMB 20.44, based on a 14x PE for 2025 [4][9]. Financial Summary - Revenue and net profit for 2024 are projected at RMB 22.06 billion and RMB 1.75 billion, respectively, representing year-on-year growth of 9.39% and 26.01% [4][9]. - For Q4 2024, revenue and net profit are expected to be RMB 6.11 billion and RMB 0.041 billion, showing year-on-year growth of 8.41% and a significant decline in net profit of 90.59% [4][9]. - In Q1 2025, revenue is projected at RMB 5.70 billion, with a year-on-year increase of 12.92%, while net profit is expected to decline by 22.78% to RMB 0.34 billion [4][9]. Production and Sales - The company’s tyre production for 2024 is expected to reach 89.12 million units, a year-on-year increase of 12.65%, with sales volume at 85.45 million units, up 9.57% [4][9]. - In Q1 2025, tyre production and sales are projected at 23.03 million and 21.41 million units, respectively, with sales volume increasing by 12.78% year-on-year [4][9]. Strategic Developments - The company is advancing its "7+5" layout strategy, with the Serbia base now in production and supplying the European market [4][9]. - A new project in Brazil is planned, which will have a production capacity of 12 million semi-steel tyres, 2.4 million full-steel tyres, and other products [4][9].

原材料涨价致业绩承压，拟建巴西项目基地 玲珑轮胎(601966) ——玲珑轮胎 2024 年报及 2025Q1 季报点评 本报告导读： 原材料涨价致 2025Q1 业绩承压，塞尔维亚项目产能快速爬坡中，兵器公司公告拟 投建巴西项目。公司将持续受益于中长期产能释放，配套和替换端发力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,165 | 22,058 | 24,932 | 26,942 | 28,205 | | (+/-)% | 18.6% | 9.4% | 13.0% | 8.1% | 4.7% | | 净利润（归母） | 1,391 | 1,752 | 2,134 | 2,462 | 2,717 | | (+/-)% | 376.9% | 26.0% | 21.8% | 15.3% | 10.4% | | 每股净收益（元） | 0.95 | 1.20 | 1.46 | 1.68 | 1.86 | | ...