2024Q3 单季度，公司实现营业收入19.20 亿元，同比+33.45%，环比+18.17%；实现归母净利润为0.93 亿元，同比-7.16%，环比-30.21%；扣非后归母净利润0.89 亿元，同比-5.66%，环比-29.99%；经营活动现金流净额为1.55 亿元。销售毛利率为15.05%，同比-0.88pct，环比-2.32个pct。销售净利率为4.87%，同比-2.13 个pct，环比-0.41 个pct。Incidents:
According to Wind, on November 8, 2024, China's natural rubber standard rubber was 1 #价格为17400 yuan/ton, up 800 yuan/ton from November 1.
On October 28, 2024, GM released its report for the third quarter of 2024: the company achieved operating income of 4.988 billion yuan, +35.56% year over year; realized net profit of 0.38 billion yuan, +139.49% year over year; net profit after deducted net income of 0.364 billion yuan, +162.53% year over year; net cash flow from operating activities was 0.52 billion yuan, a year-on-year decrease of -0.173 billion yuan. Gross sales margin was 16.67%, up 2.75 pcts year on year, and net sales margin was 7.63%, up 3.32 pcts year on year.
In a single quarter of 2024Q3, the company achieved operating income of 1.92 billion yuan, +33.45% year over month; realized net profit of 0.093 billion yuan, -7.16% year on year, -30.21% month on month; net profit after deduction of 0.089 billion yuan, -5.66% year on year, -29.99% month on month; net cash flow from operating activities was 0.155 billion yuan. The gross sales margin was 15.05%, -0.88pct year-on-year, and -2.32 pcts month-on-month. Net sales margin was 4.87%, -2.13 pcts yoy and -0.41 pcts month-on-month.
Investment highlights:
Tire production and sales increased month-on-month, and the month-on-month increase in financial expenses dragged down performance. In 2024Q3, the company achieved net profit of 93.48 million yuan, a decrease of 40.68 million yuan over the previous month. In terms of expenses, 2024Q3's sales expenses were 6.38 million yuan, a decrease of 30.18 million yuan; management expenses were 62.22 million yuan, an increase of 16.52 million yuan over the previous month; R&D expenses were 23.82 million yuan, a decrease of 0.5 million yuan over the previous month; and financial expenses were 76.5 million yuan, an increase of 66.77 million yuan over the previous month. 2024Q3, the company's tire production was 5.7025 million bars, +21.74% month-on-month; tire sales were 5.518 million bars, +27.37% month-on-month.
The second phase of production in Cambodia was put into operation, further internationalization
With in-depth strategic cooperation with leading global customers, in order to fully meet the needs of overseas markets, the company's Thailand Phase II project, Cambodia Phase II project, domestic semi-steel tire technical improvement project, and OTR technical improvement project have been launched one after another. As new projects continue to be implemented, it will further enhance the company's international competitiveness. On August 28, according to China Rubber Magazine, the first tire of the second phase of the company's Cambodia base project was successfully launched. At present, the first phase of the Cambodia project was fully completed in May of this year, becoming a new profit growth point. The second phase of the Cambodia project was founded in January of this year. The production capacity includes an annual output of 3.5 million semi-steel tires and 750,000 all-steel tires. According to the company, the second phase of the project is expected to bring the company an operating income of 1.701 billion yuan and an average annual net profit of 0.231 billion yuan after delivery.
As of June 2024, the company has achieved production capacity of 14 million semi-steel tires and 4.6 million all-steel tires. After full production capacity is put into operation, the total production capacity of the company will reach 36.5 million semi-steel tires, 5.35 million all-steel tires, and 100,000 off-road tires, which is optimistic about the company's long-term growth.
Profit forecasts and investment ratings estimate that the company's 2024-2026 revenue will be 7.163, 9.508, and 11.104 billion yuan, and net profit to mother will be 0.537, 0.969, and 1.296 billion yuan, respectively, corresponding to PE 15, 9, and 6 times, respectively. Considering the company's future growth, the company maintains a “buy” rating.
Risks suggest that the progress of new production capacity construction falls short of expectations, the contribution performance of new production capacity falls short of expectations, fluctuations in raw material prices, changes in environmental protection policies, and a sharp decline in the economy.
