截至2025年8月29日收盘，赛轮轮胎（601058）报收于14.17元，较上周的13.36元上涨6.06%。本周，赛轮轮胎8月26日盘中最高价报14.46元。8月 25日盘中最低价报13.27元。赛轮轮胎当前最新总市值465.92亿元，在汽车零部件板块市值排名5/230，在两市A股市值排名365/5152。 本周关注点 相关ETF 股本股东变化 截至2025年6月30日，赛轮轮胎股东户数为6.61万户，较3月31日增加4420户，增幅7.17%。户均持股数量由5.33万股降至4.98万股，户均持股市值 为65.28万元。 业绩披露要点 2025年中报显示，赛轮轮胎主营收入175.87亿元，同比增长16.05%；归母净利润18.31亿元，同比下降14.9%；扣非净利润18.25亿元，同比下降 11.06%。第二季度单季度主营收入91.75亿元，同比增长16.76%；单季度归母净利润7.92亿元，同比下降29.11%；单季度扣非净利润8.18亿元，同 比下降21.16%。毛利率为24.53%，负债率50.43%，财务费用8631.13万元，投资收益2379.01万元。 公司公告汇总 赛轮轮胎拟以实施权益分派股权 ...

| 410 | 河南明泰铝业股份有限公司 | 河南省 | 3232087 | | --- | --- | --- | --- | | 411 | 浙江龙盛控股有限公司 | 浙江省 | 3230508 | | 412 | 瑞钢联集团有限公司 | 北京市 | 3221850 | | 413 | 浙江大华技术股份有限公司 | 浙江省 | 3218093 | | 414 | 零跑汽车有限公司 | 浙江省 | 3216418 | | 415 | 唐山东华钢铁企业集团有限公司 | 河北省 | 3187067 | | 416 | 江苏中超投资集团有限公司 | 江苏省 | 3181677 | | 417 | 赛轮集团股份有限公司 | 山东省 | 3180239 | | 418 | 宁波博洋控股集团有限公司 | 浙江省 | 3170485 | | 419 | 河北冠丰冶金工业有限公司 | 河北省 | 3157667 | | 420 | 江苏华宏实业集团有限公司 | 江苏省 | 3151008 | | 421 | 江阴长三角钢铁集团有限公司 | 江苏省 | 3150869 | | 422 | 瑞茂通供应链管理股份有限公司 | 山 ...

| | 20 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2025 | | | | F0285606 Z0003096 | | | | | 2286.36 | 4.70 | -0.72 | 4589.22 | | 5.77 | | | | 2297.66 | 9.82 | 7.32 | 4438.62 | | 11.23 | | (601966) | | 60.85 | 15.58 | 7.63 | 117.38 | | 14.52 | | | | 2071.72 | 14.09 | 4.19 | 4060.05 | | 14.66 | | | | 1977.10 | 10.07 | 2.05 | 3914.49 | | 13.32 | | (601058) | | 88.15 | 16.51 | 8.96 | 169.04 | | 16.44 | | | | 628.56 | -0.35 | 7.26 | 1214.60 | | 0.95 | | | | 585.06 | -8.02 | 11.02 | 1112 ...

证 券 研 究 报 告 赛轮轮胎（601058）2025 年中报点评 强推（维持） 业绩短期承压，坚定推进全球化产能布局 目标价：21 元 事件： 点评： 公司研究 轮胎 2025 年 08 月 29 日 当前价：14.30 元 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 公司基本数据 | 总股本(万股) | 328,810.03 | | --- | --- | | 已上市流通股(万股) | 328,810.03 | | 总市值(亿元) | 470.20 | | 流通市值(亿元) | 470.20 | | 资产负债率(%) | 50.43 | | 每股净资产(元) | 6.25 | | 12 个月内最高/最低价 | 16.08/11.89 | 市场表现对比图(近 12 个月) -6% 8% 22% 36% 24/08 24/11 25/01 25/04 25/06 25/08 2024-08-29~2025-08-28 赛轮轮胎 沪深300 ...

轮胎 赛轮轮胎（601058.SH） 买入-B(维持) Q2 业绩受关税和税率影响短期承压，预计 Q3 成本明显改善 2025 年 8 月 28 日 公司研究/公司快报 公司近一年市场表现 事件描述 8 月 26 日，公司发布《2025 半年度报告》。2025H1，实现营业总收入 175.9 亿元，同比+16.1%；归母净利润 18.3 亿元，同比-14.9%；扣非归母净 利润 18.3 亿元，同比-11.1%。其中，2025Q2 公司实现营业总收入 91.8 亿元， 同环比分别+16.8%/+9.1%；归母净利润 7.9 亿元，同环比分别-29.1%/-23.7%； 扣非后归母净利润 8.2 亿元，同环比分别-21.2%/-18.8%。 事件点评 市场数据：2025 年 8 月 28 日 收盘价（元）： 14.30 年内最高/最低（元）： 17.60/11.37 流通A股/总股本（亿）： 32.88/32.88 流通 A 股市值（亿）： 470.20 总市值（亿）： 470.20 基础数据：2025 年 6 月 30 日 基本每股收益(元)： 0.56 摊薄每股收益(元)： 0.56 公司轮胎销量增速远超行 ...

[Table_Reportdate] 2025年08月28日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20250828 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.长安汽车（000625）：2025H1扣非归母净利润稳增，新能源新车周期持续发力——公司 简评报告 ➢ 2.赛轮轮胎（601058）：Q2贸易扰动业绩暂承压，内研外拓改善可期——公司简评报告 ➢ 3.新洁能（605111）：产品矩阵迭代升级，汽车、AI、机器人高速增长——公司简评报告 ➢ 4.丽珠集团（000513）：利润端增长良好，多个产品进入收获期——公司简评报告 ➢ 5.安徽合力（600761）：海外销量高增长，带动营收创新 ...

证券研究报告 | 公司点评 | 汽车零部件 短期业绩承压， 三季度盈利有望回升 ——赛轮轮胎 25H1 点评 报告导读 公司发布 2025中报，实现营收 175.87亿元，同比增 16.05%，归母净利润 18.31亿元， 同比降 14.90%。其中 25Q2 单季度营收 91.75 亿元，同比增 16.76%，环比增 9.08%； 归母净利润 7.92 亿元，同比降 29.11%，环比降 23.70%，业绩符合此前预告。 投资要点 ❑ 25H1 销量稳健增长，受美国关税冲击业绩有所下滑 25H1 公司轮胎产量 4060 万条，同比增 14.7%，销量 3914 万条，同比增 13.3%。 单季度看，25Q2 公司轮胎销量 1977 万条，同比增 10.1%，环比增 2.0%；Q2 公 司轮胎均价 445.8 元/条，同比增 5.8%，环比增 6.8%，主要系产品结构变化影 响。原材料方面 Q2 公司天然橡胶、合成橡胶、炭黑、钢丝帘线四项主要原材料 的综合采购价格同比增长 0.82%，环比下降 4.64%。25Q2 公司毛利率 24.35%， 同比降5.42pct，环比降0.39pct；净利率8.93%，同比 ...

积极完善产业布局，加速实现全球化扩张态势。随着全球轮胎销量增长，海外部分头部轮胎企业已呈现 产能收缩与战略聚焦的态势，逐步剥离毛利率偏低的业务板块，将资源集中投向高端轮胎市场，国际市 场竞争力不断提高。公司不断完善产业布局，积极打造国际化产业优势，销售额在全球轮胎企业中的排 名不断上升。截止2025 年中报，公司在海外的越南、柬埔寨、印尼、墨西哥和埃及共规划年生产975万 条全钢子午胎、4900 万条半钢子午胎和13.7 万吨非公路轮胎的生产能力，是目前海外布局产能规模最 大的中国轮胎企业。公司将对赛轮新和平（沈阳）轮胎有限公司进行改造扩建，计划在2025-2027 年生 产330 万条全钢子午线轮胎及2 万吨非公路轮胎项目，以将满足国内外替换、配套市场需求。2025 年8 月，公司拟在埃及投资建设年产360 万条子午线轮胎项目。未来，随着墨西哥、印尼、埃及等海外生产 基地进入运营阶段，将有效提升公司全球供应链的响应速度与灵活适配能力，加速实现全球化扩张。 打造高端产品"黄金轮胎"，突破技术瓶颈。公司近年来持续坚持基础研究与应用研究相结合的研发战 略，加大研发投入力度，构建起"基础研究+技术攻关+成果转化"的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced pressure on profitability in Q2 2025 due to trade disruptions and high raw material costs, with a net profit decline of 14.90% year-on-year [7] - Despite challenges, the company achieved significant growth in overseas markets, with tire production increasing by 14.66% and sales by 13.32% in H1 2025 [7] - The company is enhancing its international brand influence through increased R&D investment and innovative product offerings [7] - The construction of overseas production bases is progressing well, which is expected to improve the company's global supply chain responsiveness [7] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.26, 1.46, and 1.68 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 11.42x, 9.80x, and 8.55x [7] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 17.587 billion CNY, a year-on-year increase of 16.05%, while net profit was 1.831 billion CNY, down 14.90% [7] - Q2 2025 revenue reached 9.175 billion CNY, up 16.76%, but net profit fell to 792 million CNY, a decrease of 29.11% [7] Production and Sales - The company produced 40.6 million tires in H1 2025, marking a 14.66% increase, and sold 39.14 million tires, up 13.32% [7] - Overseas revenue reached 13.413 billion CNY, growing 18.72% year-on-year, with the Cambodian subsidiary showing a remarkable 70.44% increase [7] Research and Development - R&D expenses in H1 2025 were 537 million CNY, a 14.67% increase, focusing on high-end, intelligent, and green product innovations [7] International Expansion - The company is advancing its overseas production projects in Indonesia and Mexico, with plans for new bases in Egypt and Shenyang [7] - The planned production capacity includes 31.55 million all-steel radial tires and 10.9 million semi-steel radial tires annually [7]

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in the external operating environment and profitability pressures [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 17.59 billion yuan, a year-on-year increase of 16.1% [1] - The net profit attributable to shareholders was 1.83 billion yuan, a year-on-year decrease of 14.9% [1] - The adjusted net profit was also 1.83 billion yuan, down 11.1% year-on-year [1] - In Q2 2025, the company reported operating revenue of 9.18 billion yuan, with year-on-year and quarter-on-quarter increases of 16.8% and 9.1%, respectively [1] - The net profit for Q2 was 790 million yuan, reflecting a year-on-year decline of 29.1% and a quarter-on-quarter decline of 23.7% [1] Market Environment - The external operating environment faced challenges in the first half of 2025, impacting profitability [2] - Global tire demand saw a slight increase, with the company’s tire production and sales reaching 40.6 million and 39.14 million units, respectively, representing year-on-year increases of 15% and 13% [2] - Key raw material prices decreased in Q2, with natural rubber, butadiene rubber, styrene-butadiene rubber, and carbon black prices dropping by 14%, 16%, 17%, and 8% respectively [2] - The overall procurement price of major raw materials fell by 4.6% quarter-on-quarter [2] - Trade tensions escalated, with the U.S. expanding tariffs and the EU initiating anti-dumping investigations on tires from China, adding to industry challenges [2] Strategic Developments - The company is advancing its global capacity layout with investments in Egypt and the acquisition of Bridgestone's Shenyang factory [3] - The Egypt project aims for an annual production capacity of 3.6 million radial tires, with a total investment of approximately 290 million USD and an 18-month construction period [3] - The acquisition of the Shenyang factory, previously Bridgestone, will undergo expansion to achieve an annual capacity of 3.3 million steel radial tires and 20,000 tons of non-road tires, with a total investment of about 1.7 billion yuan and an 18-month construction period [3] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 36.96 billion, 44.70 billion, and 53.52 billion yuan, with year-on-year growth rates of 16.2%, 20.9%, and 19.7% respectively [4] - Expected net profits for the same period are 4.14 billion, 5.05 billion, and 6.03 billion yuan, with year-on-year growth rates of 1.8%, 22.0%, and 19.5% respectively [4] - Based on the closing price on August 25, the corresponding PE ratios are projected to be 11, 9, and 7 times [4]