Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [54]. Core Insights - The company, Taikaiying, specializes in the design, research and development, sales, and service of tires for mining and construction, with a comprehensive product system that includes various types of tires tailored for specific operational environments [3][25]. - The company has established itself as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise, leveraging its proprietary TIKS tire intelligent management system to enhance localized and digital service capabilities [3][26]. - The engineering tire and truck tire industry is closely linked to macroeconomic conditions, with significant market potential driven by China's position as the world's largest tire manufacturer [4][46]. Financial Performance - The company's revenue for 2022-2025H1 is projected to be 1.803 billion, 2.031 billion, 2.295 billion, and 1.242 billion yuan, with growth rates of 21.18%, 12.64%, 12.99%, and 14.17% respectively [6][31]. - The net profit attributable to the parent company for the same period is expected to be 108 million, 138 million, 157 million, and 87 million yuan, with growth rates of 81.00%, 22.84%, 13.58%, and 10.37% respectively [6][31]. - The company's gross margin is relatively stable, with margins of 18.00%, 18.98%, 18.66%, and 17.97% projected for the same period [32]. Market Position and Competitive Advantage - Taikaiying ranks third among Chinese brands and eighth globally in the engineering radial tire market as of 2023, indicating a strong market position [38][39]. - The company has a significant international presence, with products exported to over 100 countries and regions, and approximately 70% of its revenue derived from overseas markets [40][42]. - The company's focus on user-scenario-based product development allows it to meet diverse and complex operational requirements in the mining and construction sectors, enhancing its competitive edge [45]. Valuation Analysis - The company's projected PE ratio for 2024 is 10.59X, which is slightly lower than the average PE ratio of comparable companies at 13.67X, suggesting a potential undervaluation [23][24]. - The report highlights that Taikaiying's revenue and profit growth rates are above the industry average, indicating a robust growth trajectory compared to its peers [16][39]. Fundraising and Investment Projects - The company plans to raise funds through an IPO to support projects aimed at upgrading tire products, establishing a dedicated R&D center, and enhancing its tire intelligent management system [51][52].