Investment Rating - The investment rating for the company is "Neutral-B" [1][5]. Core Views - The company achieved a total operating revenue of 6.708 billion yuan in 2024, representing a year-on-year increase of 16.89%. However, the net profit attributable to shareholders decreased by 19.47% to 281 million yuan, primarily due to rising raw material costs [4][5]. - The company is focusing on special tires, with a significant project for high-performance giant engineering radial tires expected to enhance its competitive edge and product structure [4][5]. Financial Performance Summary - In 2024, the company reported total operating revenue of 67.08 billion yuan, up 16.89% year-on-year, while the net profit attributable to shareholders was 2.81 billion yuan, down 19.47% year-on-year [4]. - The tire business generated revenue of 64.82 billion yuan, a 15.25% increase year-on-year, with a gross margin of 17.37%, down 1.37 percentage points due to a 7.30% rise in average raw material costs [4]. - The company produced 5.656 million tires, a 20.92% increase year-on-year, and sold 5.549 million tires, a 16.97% increase year-on-year [4]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 310 million yuan, 450 million yuan, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 13, 9, and 6 times [5]. - The company is expected to benefit from the completion of the 20,000-unit high-performance giant tire expansion project, which will diversify its special tire product matrix and drive future growth [5].