智通财经APP讯，浦林成山(01809)发布截至2024年12月31日止年度的年度业绩，收入109.74亿元(人民 币，下同)，同比增加10.3%;股东应占溢利13.12亿元，同比增加26.94%;每股基本盈利2.06元;拟派发末期 股息每股0.5港元。 公告称，于2024年，集团销售轮胎2800万条(+11.7%)。其中，全钢胎销售800万条(–1.7%);半钢胎销售 1950万条(+18.6%);斜交胎销售50万条(+3.7%)。 集团主要通过经销商供应替换市场，截至2024年12月31日止年度期间，集团国内与国际经销商渠道的营 业收入(含贴牌客户)分别约为23.26亿元(2023年：约23.81亿元)及75.37亿元(2023年：约63.26亿元)，各占 轮胎收入的约21.2%及68.7%;直接向汽车制造商销售的营业收入约11.08亿元(2023年：约10.20亿元)，约 占集团轮胎收入的10.1%。其中，全钢胎、半钢胎分别占集团轮胎销售收入约57.2%及41.0%，斜交胎占 比约1.8%。 于2024年，集团系统性地拓展国际营销渠道，成功新增7个主权市场并开发66家新客户，同步完成18个 重点国家深度 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Prinx Chengshan Holdings Limited 浦林成山控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1809） 截至2024年12月31日止年度的 年度業績公告 浦林成山控股有限公司（「本公司」、「浦林成山」）董事會欣然宣佈本公司及其附屬公司 截至2024年12月31日止年度的經審核業績。本公告載有本公司2024年年報全文，乃符 合香港聯合交易所有限公司證券上市規則有關年度業績初步公告附載資料的相關規定。 本公司2024年年報將於2025年4月30日或之前刊登於香港聯合交易所有限公司網站 www.hkexnews.hk及本公司網站www.prinxchengshan.com，以供查閱。 – 1 – 目 錄 公司資料 2 財務摘要 4 本集團概覽 7 主席報告 9 管理層討論及分析 12 董事及高級管理層 41 董事會報告 49 企業管治報告 80 獨立核數師報告 綜合損 ...

Investment Rating - The report indicates that the company is a leading player in the domestic tire industry, with a focus on overseas production capacity and improving earnings quality [2][3]. Core Insights - The company has established a significant overseas production capacity, which enhances its profitability due to lower tax rates [2][3]. - The company’s earnings quality has steadily improved, with a notable increase in net profit and revenue in the first half of 2024 [14][24]. - The company has a stable shareholding structure, with the largest shareholder holding 69.63% of the shares [6][8]. Company Overview - The company, Prinx Chengshan Holdings, is headquartered in Rongcheng, Shandong, China, and has been in operation since 1976, focusing on tire design, R&D, manufacturing, and sales [3]. - It has developed production bases in China and Thailand, along with sales centers in China, North America, and Europe, forming a global development layout [3][4]. Financial Performance - In the first half of 2024, the company achieved a revenue of 5.363 billion yuan, a year-on-year increase of 23.74%, and a net profit of 811 million yuan, up 148.04% year-on-year [14][24]. - The gross margin and net margin for the first half of 2024 were 24.62% and 15.08%, respectively, indicating a strong profitability trend [24][25]. Market Position - The company has a significant market share in the domestic tire industry, with a continuous increase in the market share of Chinese tire companies, reaching 17.52% in 2023 [49]. - The company’s sales in the Americas accounted for 33.14% of total sales in the first half of 2024, reflecting its successful expansion into North America [14]. Strategic Initiatives - The company has implemented a differentiated brand strategy with four well-known tire brands: PRINX, Chengshan, Austone, and Fortune [10]. - It has expanded its market presence in North America through partnerships, such as becoming the official tire sponsor for USA Pickleball [12]. Operational Efficiency - The company maintains a high asset turnover ratio of 1.0 and an inventory turnover ratio of 5.4, indicating strong operational efficiency compared to peers [40].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 5,363.4 million, a 23.7% increase year-over-year from RMB 4,336.2 million[9]. - Profit before tax for the same period was RMB 892.3 million, up 148.0% compared to RMB 378.1 million in 2023[9]. - Net profit attributable to shareholders was RMB 811.4 million, representing a 148.0% increase from RMB 327.1 million in the previous year[9]. - The gross profit margin improved to 24.6%, an increase of 7.6 percentage points year-over-year[13]. - Revenue for the reporting period reached approximately RMB 5,363.4 million, an increase of 23.7% year-on-year, with a gross profit of approximately RMB 1,320.5 million, up 60.4%[21]. - The profit attributable to the owners of the company was approximately RMB 811.4 million, reflecting a significant year-on-year increase of 148.0%[21]. - EBITDA for the period was approximately RMB 1,195.3 million, marking an 82.5% year-on-year growth, with an EBITDA margin of 22.3%, up 7.2 percentage points[21][23]. - The company's operating profit for the six months ended June 30, 2024, was approximately RMB 911.3 million, a 120.9% increase from RMB 412.5 million in the same period of 2023[96]. - Total comprehensive income for the period rose from approximately RMB 438.0 million to about RMB 832.7 million, an increase of 90.1% year-on-year, primarily due to a net profit increase of approximately RMB 484.3 million[101]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 10,654.7 million, compared to RMB 10,028.4 million at the end of 2023[10]. - The company’s total liabilities decreased to RMB 4,575.9 million from RMB 5,251.2 million in 2023[10]. - As of June 30, 2024, the company's cash and cash equivalents amounted to approximately RMB 574.1 million, a decrease of about RMB 151.9 million from RMB 726.0 million as of December 31, 2023[102]. - The company's inventory increased to approximately RMB 1,730.0 million as of June 30, 2024, up about RMB 92.5 million from RMB 1,637.5 million as of December 31, 2023, due to business expansion[104]. - Trade receivables increased to approximately RMB 2,216.7 million as of June 30, 2024, an increase of about RMB 356.4 million from RMB 1,860.4 million as of December 31, 2023, attributed to higher sales revenue[106]. - The company's bank borrowings as of June 30, 2024, were approximately RMB 868.8 million, down from RMB 1,211.3 million as of December 31, 2023[102]. - The current ratio improved to approximately 1.3 as of June 30, 2024, compared to 1.1 as of December 31, 2023[103]. - The capital debt ratio as of June 30, 2024, was 5.1%, down from 8.7% as of December 31, 2023[114]. Market and Sales Performance - In the first half of 2024, China's rubber tire production increased by 10.5% year-over-year, reaching approximately 526 million units[16]. - The domestic automobile ownership reached 345 million vehicles by June 2024, with new energy vehicles accounting for 24.72 million units, a 30.1% increase year-over-year[17]. - The company sold approximately 13.8 million tires during the reporting period, representing a year-on-year growth of 19.3%[21]. - Domestic dealer channel revenue was approximately RMB 1,244.6 million, a year-on-year increase of 10.3%, while international dealer channel revenue was approximately RMB 3,511.9 million, up 28.8%[22]. - International marketing achieved revenue of approximately RMB 3,511.9 million, representing a year-on-year increase of about 28.8% from RMB 2,727.0 million in 2023[42]. - Revenue from direct sales to automobile manufacturers was approximately RMB 606.9 million, up 26.3% from RMB 480.7 million in the same period of 2023, driven by increased supply to medium and heavy-duty trucks and passenger vehicles[44]. - Sales of all-steel radial tires generated revenue of approximately RMB 3,063.1 million, a 10.4% increase from RMB 2,774.8 million, driven by a 10.8% increase in sales volume[80]. - Sales of semi-steel radial tires increased by 47.6% to approximately RMB 2,205.4 million, primarily due to a 24.1% increase in sales volume and a rise in average selling price[80]. Product Development and Innovation - The company launched the "H Load Series" commercial tires, utilizing new technologies to enhance performance for complex domestic transport environments[32]. - The "PRO Premium Series" was introduced, targeting the high-end market with eight new patterns and twelve products, aiming to become a leader in high-end commercial tires[35]. - The company has increased R&D investment in new materials, focusing on bio-based, renewable, and high-performance rubber, enhancing tire safety, durability, and fuel economy[57]. - The company has developed new products including a new type of all-season tire and winter tires, with a total of 429 intellectual property rights obtained, including 21 invention patents[58]. - The company launched 300 new products during the reporting period, including 14 all-steel radial tires and 286 semi-steel radial tires, enhancing its product line and market competitiveness[65]. - The company achieved significant breakthroughs in low rolling resistance technology, with the S01 product reaching the EU label A standard, contributing to energy savings in the commercial vehicle industry[68]. - The company is actively expanding its international market presence with new product launches in North America and Europe, including the introduction of the "Hua Ren PLUS" ultra-high-performance tire[66]. Operational Efficiency and Cost Management - The company implemented 2,025 rationalization suggestions in the first half of 2024, enhancing operational efficiency through Lean Six Sigma projects[25]. - The company optimized its supply chain system using big data analysis to predict market demand and improve procurement efficiency[26]. - The company optimized logistics costs by locking in shipping prices and managing logistics expenses effectively, alleviating cost pressures[41]. - The company has implemented a cost automation system to enhance financial management and decision-making, marking a step towards intelligent financial operations[63]. - The company will continue to optimize its operational efficiency and deepen cost awareness across all levels[78]. Strategic Initiatives and Market Expansion - The company is expanding its international presence by establishing overseas production bases to enhance competitiveness amid rising trade barriers[20]. - The company developed 37 new overseas dealers during the reporting period and launched key new products in overseas markets, enhancing global competitiveness[41]. - The company signed a strategic cooperation agreement with Marangoni, aiming to improve the lifespan of commercial vehicle tires and reduce CO2 emissions[50]. - The company is focusing on digitalization and smart transformation in the tire industry to achieve high-quality development amid global economic challenges[76]. - The company plans to enhance brand influence and sales of mid-to-high-end products in the domestic commercial vehicle tire replacement market[77]. - The company aims to strengthen its presence in weak and blank international markets, focusing on increasing sales of all-steel products[77]. Employee and Governance - The group had a total of 6,252 employees as of June 30, 2024, down from 6,532 employees as of December 31, 2023[138]. - Employee benefit expenses for the six months ended June 30, 2024, were approximately RMB 351.5 million, compared to RMB 316.6 million for the same period in 2023[138]. - The group organized 7 safety training sessions and conducted 77 special drills and 4 emergency drills during the reporting period to enhance employees' emergency response capabilities[131]. - The company has implemented a performance management system and a value-oriented compensation system to align employee remuneration with performance outcomes[138]. - The group has established partnerships with several universities for talent development and training, enhancing its employer brand in the academic community[140]. - The company has adopted a stock option plan to attract and retain key management personnel, granting a total of 35,050,000 stock options under the new plan initiated in 2021[143]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[187]. - The company has complied with the Corporate Governance Code during the reporting period[182]. Shareholder Information and Dividends - The company has proposed an interim dividend of HKD 0.15 per share, totaling approximately HKD 96 million, expected to be paid around October 23, 2024[184]. - As of June 30, 2024, the controlling shareholders hold a combined 69.63% of the company's issued share capital[180]. - Major shareholder China National Heavy Duty Truck Group holds 54,873,500 shares, representing 8.62% of the company[196]. - Chengshan Group holds 436,600,000 shares, accounting for 68.57% of the company[196]. - Beijing Zhongmingxin Investment Co., Ltd. has a controlling interest in 443,359,500 shares, which is 69.63% of the company[196]. - The company has a significant concentration of ownership, with the top three shareholders controlling over 69% of the shares[196]. Risk Management and Compliance - The company has integrated climate risk management into its overall risk management framework, focusing on both physical and transition risks associated with climate change[131]. - The company is closely monitoring the international economic and political environment to adjust its development strategy for the Thailand tire production base, ensuring stable operations[129]. - The average anti-dumping tax rate applicable to Prinx Thailand's products is 4.95%, following the preliminary ruling from the U.S. Department of Commerce on August 9, 2024, with a final ruling expected in early 2025[125]. - The company is actively participating in anti-dumping investigations to reduce export tax rates, significantly lowering the tax rate for exports to the U.S. since 2019[124]. Future Outlook - The company anticipates a slight decrease in orders due to domestic market conditions and international shipping costs, with strong demand for semi-steel radial tires expected to weaken in the second half of 2024[73]. - The report indicates that there are no significant changes in the governance structure or executive compensation as of June 30, 2024[195]. - The company has not provided specific future guidance or performance outlook for the upcoming quarters[195].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 5.381 billion yuan, a year-on-year increase of 23.74%, and net profit attributable to the parent company reaching 811 million yuan, a year-on-year increase of 148.04% [2] - The gross profit margin improved to 24.62%, an increase of 5.64 percentage points year-on-year, and the net profit margin reached 15.08%, an increase of 7.56 percentage points year-on-year [2] - The company's tire sales increased by 19.3% year-on-year, with semi-steel tire sales growing by 24.1% and all-steel tire sales growing by 10.8% [2] - The company's production capacity utilization rates are high, with semi-steel tire utilization rates at 97.6% in Thailand and 96.5% in Shandong [3] - The company is expected to achieve a CAGR of 16.3% in net profit attributable to the parent company from 2024 to 2026 [7] Financial Performance - Revenue for 2024E is projected to be 10.878 billion yuan, with a growth rate of 9.35% [8] - Net profit attributable to the parent company for 2024E is expected to be 1.314 billion yuan, with a growth rate of 27.18% [8] - EPS for 2024E is forecasted to be 2.06 yuan, with a P/E ratio of 3.54 [8] - The company's ROE is expected to be 21.58% in 2024E, up from 19.02% in 2023A [8] Production and Capacity - The company's production capacity in Thailand and Shandong is steadily increasing, with all-steel tire capacity at 2 million and 7.4 million units, and semi-steel tire capacity at 10 million and 11.53 million units, respectively [3] - The company completed the optimization and upgrade of the semi-steel radial tire production line in Shandong in Q2 2024, and the third-phase project in Thailand is expected to reach full production by Q4 2024 [3] Market and Industry Trends - Domestic rubber tire production increased by 10.1% year-on-year in the first seven months of 2024, while exports grew by 9.7% [2] - The company is focusing on green and high-performance products, launching 300 new products in the first half of 2024, including 14 all-steel radial tires and 286 semi-steel radial tires [7] Profitability and Cost Management - The company's profitability was less affected by cost pressures in the first half of 2024, with raw material prices increasing by 6.5% in Q2 compared to Q1 [2] - The company implemented price increases in Q1 and Q2 to pass on cost pressures, maintaining strong profitability [2]

研究报告 Research Report 25 Aug 2024 浦林成山 Prinx Chengshan Holdings (1809 HK) 2024H1 净利同比增长 148%，重点项目为公司增长奠定基础 2024H1 Net Profit +148% YoY & Key projects lay the foundation for company growth [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |-----------------------------------------------|---------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$7.98 | | 目标价 | HK$9.43 | | HTI ESG | 5.0-5.0-5.0 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | -- ...

提醒广大投资者谨慎做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将有提问时间首先介绍参加本次交流会的领导有公司常务副总裁江西周江总大家好公司首席财务官黄小蕾黄总大家好公司秘书及投资者关系曹雪玉曹总各位下午好 接下来有请公司领导发言 谢谢欢迎各位投资者参加本次的发布会现在我和黄总来介绍一下中期的业绩情况公司开矿公司是开始于1976年山东省渭海市位于 是一家业绩稳健的中国领先的轮胎企业目前是拥有山东和泰国两个生产基地主要的是有三大类的产品包括钢钢台、半钢台和斜焦台有主要的四个品牌销往全球这是 从2018年到现在的一个增长情况符合增长率是在18%今年的上半年是3.6亿的一个销售额目前我们的在行业里面的地位全国安胎来说我们是产能是940万条每年在国内的轮胎制造企业我们是排在第4名轿车胎我们是2153万条的一个产能 目前是排名在第8名左右这是今年上半年的产能利用率的一个情况山东工厂产能利用率轿车是在96%全钢台是在86%泰国工厂轿车是产能利用率98%全钢台是89%下面由黄总介绍一下财务的情况 好的 谢谢蒋总各位投资 大家好屏幕上大家能看到的首先是我们中期的选疫表的概况我们先看最左边那一列A列我们收入上半 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Prinx Chengshan Holdings Limited 浦林成山控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1809） 截至2024年6月30日止六個月的 中期業績公告 浦林成山控股有限公司（以下簡稱「本公司」）董事會（「董事會」）欣然宣佈本公 司及其附屬公司截至2024年6月30日六個月的未經審核簡明綜合中期業績。本 公告載有本公司2024年中期報告全文，乃符合香港聯合交易所有限公司證券上 市規則有關中期業績初步公告附載資料的相關規定。本公司2024年中報將於 2024年9月30日或之前刊登於香港聯合交易所有限公司網站(www.hkexnews.hk) 及本公司網站(www.prinxchengshan.com)，以供查閱。 – 1 – PRINX CHENGSHAN | --- | --- | |--------------------------|-------| | 目 ...

Investment Rating - The report maintains a "Buy" rating for Prinx Chengshan (1809 HK) with a target price of HKD 13 54 [1] Core Views - Prinx Chengshan is expected to achieve a significant year-on-year growth in net profit attributable to the parent company of 130%-160% in H1 2024 reaching RMB 752-850 million [2] - The company's tire sales volume in H1 2024 reached 13 8 million units a 19% increase year-on-year with overseas market sales growing by 21% and passenger car tire sales by 25% [2] - The company plans to add 2 33 million units/year of semi-steel tire capacity in 2024 with new capacity expected to contribute to performance in the second half of the year [2] - The reduction in export tax rates for the company's Thailand base from 17 06% to 4 52% is expected to boost US orders and improve performance [2] - The report forecasts a 16 3% CAGR for the company's net profit attributable to the parent company from 2024 to 2026 [2] Financial Performance and Projections - The company's revenue is projected to grow from RMB 10 879 billion in 2024 to RMB 12 294 billion in 2026 with net profit attributable to the parent company increasing from RMB 1 314 billion to RMB 1 625 billion over the same period [3][9] - EPS is expected to rise from RMB 2 06 in 2024 to RMB 2 55 in 2026 with ROE maintaining above 20% [3][9] - The company's gross margin is forecasted to improve from 21 33% in 2023 to 24% in 2026 [8] Capacity and Market Demand - The company's semi-steel tire capacity utilization rate was 90 1% in Thailand and 96 8% in Shandong in 2023 [2] - Domestic rubber tire production and exports in H1 2024 increased by 10 6% and 10 2% respectively indicating strong demand [2] - The company's semi-steel tire capacity is expected to increase by 233 million units/year in 2024 with new capacity coming online in the second half of the year [2] Valuation and Peer Comparison - The report values Prinx Chengshan at 6x PE for 2024 based on its global layout and improved profitability [10] - Compared to peers such as Sentury Tire General Tire and Sailun Tire Prinx Chengshan's PE ratio is lower at 3 23x for 2024 [11] Business Segments and Assumptions - The report assumes a 2% annual price increase for all-steel tires and a 3% increase for semi-steel tires from 2024 to 2026 [7] - Semi-steel tire production is expected to grow from 19 38 million units in 2024 to 20 45 million units in 2026 [7] - All-steel tire production is projected to increase from 8 18 million units in 2024 to 8 93 million units in 2026 [7]

那么普林呢是我们公司这几年新打造的一个品牌那么他的这个slogan是为电动时代而生我们在中国市场推出的一些电动车轮胎都是在这个普林的品牌下面去进行一个营销 那么我们普林城商的这个公司体量呢按照23年全球商业企业75强的排行榜呢我们当时是以22年的营业收入来计呢我们当时是位列第28位那么希望在今年的这个情况呢会有一个改变因为23年我们的营业收入增长是领先了几个位置 那么在中国的这个橡胶工业百强企业中轮胎类呢我们当时二三年呢是位列第八位啊那么这个排名呢同样它是以二二年的营业收入来计那么如果是以二三年的营业收入来计呢我们有机会提前两到三个位置 这就是我们公司在行业中一个整体的一个体量那我们公司的发展历程的分为几个阶段那么公司的前身是荣城市橡胶厂那么他是在1976年是比较早开始发展这个轮胎轮胎这个行业在90年代的时候呢我们建立了国内首条的子午线轮胎生产线 在03年的时候,龙城市橡胶厂改制成为成山集团。那么在04年的时候,我们是中国当时的第三大轮胎制造商。 以及中国轮胎行业的一个三观网在05年到14年期间公司进入了一个合资期我们与美国库珀成立了一个库珀诚山山东轮胎有限公司那么我们是在14年的时候库珀提出退出当时诚山集团 ...