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Prinx Chengshan (01809 HK), a leading manufacturer of tires and components, has announced an ongoing expansion plan. Despite a 7.5% year-over-year decrease in shareholders' profit to RMB245 million in 1H21, revenue increased by 31.9% yoy to RMB6,283 million, driven by a ramp-up of production of new capacity. The company plans to add 800,000 units/5,000,000 units in new capacity for all-steel/semi-steel radial tires upon completion in 2023, bringing total tire capacity to 35.55 million units by 2023. We have decreased shareholders' profit forecasts by 37.5%/26.2%/12.1% in 2021-2023, respectively, but adjusted upwards for 2022-2023, representing a 3-year CAGR of 22.2%. We have adjusted downwards gross margin assumptions during our forecast period.
