赛轮集团股份有限公司 赛轮集团股份有限公司 三、2024 年年度股东大会议案 赛轮集团股份有限公司 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大 会顺利进行，公司根据《公司法》《证券法》《上市公司股东大会规则》《赛轮 集团股份有限公司章程》及《赛轮集团股份有限公司股东大会议事规则》等文件 的有关规定，特制订本须知。 一、公司根据《公司法》《证券法》《上市公司股东大会规则》《赛轮集团 股份有限公司章程》等相关规定，认真做好召开股东大会的各项工作。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并按规定出示股票账户卡、身份证、营业执照复印件、授权委托书等 身份证明文件，经验证合格后领取股东大会资料，并在"股东大会登记册"上签 到。 会议开始后，由大会主持人宣布现场出席会议的股东及股东代理人人数及其 所持有表决权的股份总数，在此之后进入的股东及股东代理人无权参与现场投票 表决。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东的合法权益， 除出席会议的股东及股东代理人，公司董事、监事、高级管理人员、见证律师及 董事会邀请的人员外，公司有权拒绝其他人员进 ...

赛轮集团股份有限公司 2024 年年度股东大会会议材料 2025 年 5 月 23 日 2024 年年度股东大会会议材料 赛轮集团股份有限公司 2024 年年度股东大会会议材料目录 | 一、2024 年年度股东大会会议须知 2 | | --- | | 二、2024 年年度股东大会会议议程 4 | | 三、2024 年年度股东大会议案 | | 1、2024 年度董事会工作报告 6 | | 2、2024 年度监事会工作报告 24 | | 3、2024 年度财务决算报告 27 | | 4、2024 年年度报告及摘要 28 | | 5、2024 年年度利润分配方案及 2025 年中期现金分红授权安排 29 | | 6、关于续聘中兴华会计师事务所（特殊普通合伙）为公司 2025 年度审计机构及 | | 支付其 2024 年度审计报酬的议案 31 | | 7、关于公司募集资金存放与实际使用情况的专项报告 34 | | 8、关于公司董事 2024 年度薪酬确认及 2025 年度薪酬方案的议案 35 | | 9、关于公司监事 2024 年度薪酬确认及 2025 年度薪酬方案的议案 36 | | 10、关于购买董事、监事和高级 ...

Core Insights - Sailun Group Co., Ltd. reported record high core operating metrics for 2024, achieving operating revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% [1] - The company also reported a tire production volume of 74.811 million units and sales volume of 72.156 million units, with increases of 27.59% and 29.34% respectively [1] Revenue Breakdown - Domestic sales revenue reached 7.552 billion yuan, a year-on-year increase of 19.90%, with a 30% growth in the number of domestic tire stores by the end of 2024 [4] - Export sales revenue was 23.811 billion yuan, up 23.60%, with a gross margin of 29.88% [2] - The company entered the supply chains of several automotive manufacturers, including BYD, Chery, and Geely, with non-dealer channel revenue increasing by 83% [4] R&D Investment - R&D investment for 2024 was 1.013 billion yuan, a year-on-year increase of 20.82%, with the launch of several high-end tire products [3] - In Q1 2025, R&D investment was 259 million yuan, reflecting an 18% increase [3] Global Expansion - Sailun is accelerating its global capacity layout, with planned production capabilities of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by the end of 2024 [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 31.8 billion yuan for 2024, representing a year-on-year increase of 22.4%, with a net profit attributable to shareholders of 4.06 billion yuan, up 31.4% year-on-year [2][6]. - For Q1 2025, the company achieved a revenue of 8.41 billion yuan, reflecting a year-on-year growth of 15.3%, while the net profit attributable to shareholders was 1.04 billion yuan, a slight increase of 0.5% year-on-year [2][6]. - The company is focusing on expanding its global production capacity, with plans for new projects in Vietnam, Cambodia, Mexico, and Indonesia, aiming to enhance its market presence and profitability [10][10]. Summary by Sections Financial Performance - In 2024, the company produced 74.81 million tires and sold 72.16 million tires, with revenue and profit both showing significant growth [10]. - The overall gross margin for 2024 was 27.6%, slightly down by 0.1 percentage points year-on-year [10]. - The company plans to distribute a cash dividend of 0.23 yuan per 10 shares to all shareholders [2]. Market Dynamics - The company has maintained a strong export growth rate due to the competitive pricing of its products, particularly in the European and American markets [10]. - The company has been actively enhancing its non-road tire business, with a total annual production capacity of 215,000 tons expected by the end of 2024 [10]. Product Innovation - The company has developed a new product called "Liquid Gold" tires, which have received international recognition for their superior performance in terms of rolling resistance, wet slip resistance, and wear resistance [10]. - The lifecycle carbon emissions of the "Liquid Gold" tires are significantly lower compared to standard tires, indicating a strong potential market opportunity [10]. Future Outlook - The company expects to see continued revenue and profit growth as it expands its production capacity both domestically and internationally [10]. - Forecasted net profits for 2025, 2026, and 2027 are projected to be 4.15 billion yuan, 5.23 billion yuan, and 6.19 billion yuan, respectively [10].

Core Viewpoint - The company demonstrates stable performance with ongoing high levels of production and sales, supported by the orderly advancement of new expansion projects in Vietnam, Cambodia, Mexico, and Indonesia, which is expected to lead to a continuous upward trend in performance over the medium to long term [1]. Financial Performance - The company maintains a "Buy" rating, with projected EPS of 1.45/1.59 for 2025/2026 and a new forecast of 1.76 for 2027, supported by clear overseas capacity increases [2]. - For 2024, the company expects revenue and net profit attributable to shareholders to reach 31.802 billion and 4.063 billion respectively, representing year-on-year increases of 22.42% and 31.42% [2]. - In Q4 2024, revenue and net profit attributable to shareholders are projected at 8.174 billion and 819 million respectively, with quarter-on-quarter declines of 3.54% and 25.00% [2]. - In Q1 2025, revenue and net profit attributable to shareholders are expected to be 8.411 billion and 1.039 billion respectively, showing year-on-year growth of 15.29% and 0.47%, and quarter-on-quarter increases of 2.90% and 26.79% [2]. Production and Sales - The company achieved a tire production volume of 74.8111 million units in 2024, a year-on-year increase of 27.59%, with sales volume reaching 72.1558 million units, up 29.34% year-on-year [2]. - In Q1 2025, the revenue from self-produced and self-sold tires is projected to be 8.09 billion, with production and sales volumes of 19.8833 million and 19.3739 million units respectively, reflecting a year-on-year sales volume increase of 16.84% [3]. Profitability Metrics - The company’s gross margin and net margin for 2024 are expected to be 27.58% and 12.97%, showing a slight year-on-year decrease of 0.06 percentage points and an increase of 0.64 percentage points respectively [3]. - In Q1 2025, the gross margin and net margin are projected to be 24.74% and 12.64%, reflecting year-on-year decreases of 2.94 percentage points and 1.75 percentage points, and a quarter-on-quarter decrease of 0.54 percentage points for gross margin but an increase of 2.55 percentage points for net margin [3]. Capacity Expansion - The company is accelerating its global capacity layout, with ongoing construction of production bases in Vietnam, Cambodia, Mexico, and Indonesia, aiming for a total planned production capacity of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by 2024 [4]. - The global capacity layout allows the company to shorten delivery cycles, serve existing customers more efficiently, expand overseas markets, and mitigate risks from trade frictions, supporting long-term stable development [4]. - The company has successfully developed a proprietary "liquid gold" tire that optimizes three key performance metrics: rolling resistance, wet grip, and wear resistance, enhancing product competitiveness [4].

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Insights - The company has shown strong revenue growth, with a total revenue of 31.80 billion yuan in 2024, a year-on-year increase of 22.42%. The net profit for the same year was 4.06 billion yuan, up 31.42% year-on-year [6]. - In Q1 2025, the company reported a revenue of 8.41 billion yuan, reflecting a quarter-on-quarter increase of 15.29% and a year-on-year increase of 2.90% [6]. - The company is expanding its global production capacity, with significant investments in overseas facilities in Indonesia and Mexico, which are expected to enhance its international competitiveness [8][9]. - Despite short-term challenges due to tariffs, the long-term growth potential remains strong due to the company's diversified product matrix and ongoing brand development efforts [11]. Financial Performance - The company achieved a tire production volume of 74.81 million units in 2024, a year-on-year increase of 27.59%, and sales of 72.16 million units, up 29.34% year-on-year [7]. - The overall gross margin for 2024 was 27.58%, slightly down by 0.05 percentage points year-on-year, while Q1 2025 saw a gross margin of 24.74%, down 2.95 percentage points quarter-on-quarter [7]. - The projected net profits for 2025, 2026, and 2027 are 4.11 billion yuan, 4.90 billion yuan, and 5.57 billion yuan, respectively, with corresponding price-to-earnings ratios of 10, 9, and 8 times [11]. Market Position and Strategy - The company is actively mitigating risks associated with global trade tensions by diversifying its production bases across Southeast Asia, Europe, and North America [9]. - The establishment of production facilities in Cambodia and Vietnam has contributed to revenue growth, with the Cambodian facility achieving a revenue of 4.04 billion yuan in 2024, a 73.20% increase year-on-year [8]. - The company is focused on building a standardized production system across its international bases to enhance operational efficiency and reduce costs [9].

Investment Rating - The report maintains a positive outlook on the chemical industry, indicating a "Look Favorably" investment rating for the public fund's heavy positions in the chemical sector for Q4 2024 and Q1 2025 [2]. Core Insights - The overall allocation of public funds in the chemical sector has seen a continuous decline, with the proportion of heavy chemical positions dropping from 2.50% in Q4 2024 to 1.99% in Q1 2025, indicating a position below historical averages [4][10]. - The top ten heavy positions in the chemical sector have experienced a significant decrease in market value share, influenced by fluctuating oil prices and trade barrier concerns, while certain high-certainty price elastic chemicals and new materials have seen an increase in their allocation [4][16]. - The total market value of chemical holdings by public funds has consistently declined, with the top 30 funds' heavy chemical stock market value falling by 20.2% to 66.312 billion yuan in Q4 2024 and by 20.4% to 52.816 billion yuan in Q1 2025 [32][34]. Summary by Sections 1. Changes in Public Fund Holdings in the Chemical Sector - The national heavy chemical allocation has decreased, with regional allocations in East China dropping from 3.03% to 2.05%, South China from 2.92% to 2.32%, and North China from 2.37% to 1.40% [10]. - The number of funds holding major chemical stocks has decreased, with notable declines in traditional blue-chip stocks due to trade barrier concerns, while some high-dividend stocks have seen an increase in fund holdings [22][27]. 2. Market Value and Concentration of Chemical Holdings - The market value of the top 30 funds' heavy chemical stocks has decreased significantly, with a drop in concentration from 90.36% to 87.39% of total heavy chemical stock market value [32][34]. - The top holdings include WanHua Chemical, SaiLun Tire, and China National Offshore Oil Corporation, with WanHua Chemical's market value share decreasing from 14.03% to 12.72% [32][34].

Investment Strategy - The report suggests focusing on domestic demand, essential needs, and investment-driven sectors in the short term, including civil explosives, compound fertilizers, and Xinjiang coal chemical industries [11] - In the medium term, it recommends paying attention to structural opportunities created by trade rebalancing, particularly in new materials and safety guarantees [11] - Long-term strategies should consider the demand resonance formed by global economic responses to crises, particularly in chemical blue-chip investments at the bottom of the oil price cycle [11] Industry Overview - The Huachuang Chemical Industry Index is at 78.64, down 0.94% week-on-week and down 21.50% year-on-year [12] - The industry price percentile is at 21.70% over the past 10 years, down 0.37% week-on-week, while the industry inventory percentile is at 85.19%, up 2.86% week-on-week [12] - Key price increases this week include: - Acetochlor (+20.0%) - Henry Natural Gas (+5.6%) - Urea (+5.1%) [12] Key Chemical Products - The report highlights that the prices of acetochlor, Henry natural gas, and urea have seen significant increases due to supply constraints and strong demand from downstream markets [4][12] - The report notes that the agricultural chemical sector is expected to benefit from rising prices driven by seasonal demand during the spring plowing season [14] - The coal chemical industry in Xinjiang is poised for significant investment opportunities, with multiple projects entering the EPC bidding phase in 2025 [15][16] Specific Company Recommendations - Companies to focus on in Xinjiang's coal chemical sector include: - Baofeng Energy - Tebian Electric Apparatus - Guanghui Energy - Hubei Yihua [20][22] - For companies providing services to coal chemical projects, the report recommends: - Xuefeng Technology - Guangdong Hongda - Yipuli [20] - In the new materials sector, companies like Bluestar Technology, Ruifeng New Materials, and Huaheng Biological are highlighted for their potential due to technological breakthroughs and favorable valuations [21] Market Trends - The report indicates that the vitamin and refrigerant sectors are expected to benefit from supply constraints and demand recovery, with a focus on small chemical products [24] - The agricultural chemical sector is experiencing a price increase trend, with several products seeing significant price rises due to strong demand and supply dynamics [14][24] - The report emphasizes the importance of monitoring the ongoing developments in the Xinjiang coal chemical industry, which is expected to play a crucial role in China's energy independence strategy [22]

Investment Rating - The report maintains a "Positive" rating for the basic chemical industry [2][3]. Core Viewpoints - The energy price center is expected to decline year-on-year in 2024, but terminal demand remains weak, leading to a bottoming out of chemical price spreads. The average price of Brent crude oil in 2024 is projected to be $80.93 per barrel, down 2% year-on-year [2][3]. - In Q1 2025, oil prices stabilized, and post-holiday terminal replenishment demand improved, leading to a recovery in basic chemical profitability. The report highlights a "V"-shaped bottom reversal in market conditions [2][3]. - The report emphasizes that while terminal demand was weak in 2024, certain sectors like chlor-alkali, compound fertilizers, and nylon saw significant performance improvements [2][3]. Summary by Sections 1. Industry Overview - The chemical sector experienced a "W"-shaped trend in 2024, with construction projects peaking and then declining. The overall revenue for the chemical sector in 2024 was 2.81% higher year-on-year, while net profit decreased by 2.68% [2][3][36]. - In Q1 2025, the chemical sector's revenue reached 496.9 billion yuan, a 6% increase year-on-year, with net profit rising by 9% to 32.8 billion yuan [2][3][41]. 2. Sector Performance - The report identifies specific sectors with improved profitability in Q1 2025, including fluorochemicals, food and feed additives, pesticides, potassium fertilizers, and compound fertilizers [2][3]. - The report notes that the overall asset-liability ratio for the chemical industry is 49.3%, indicating a historical low, and highlights a significant slowdown in capital expenditure growth [2][3][43]. 3. Investment Opportunities - The report suggests focusing on traditional cyclical companies with strong fundamentals, such as Wanhua Chemical, Hualu Hengsheng, and Baofeng Energy, as well as specific sectors like fluorochemicals and agricultural chemicals [2][3][4]. - It also highlights growth opportunities in semiconductor materials and panel materials, emphasizing companies with low valuations and strong performance potential [4][5].

Investment Rating - The report maintains a positive outlook on the chemical industry, particularly highlighting undervalued and high-growth opportunities [1]. Core Insights - The anti-dumping duties on chlorpyrifos are expected to benefit domestic companies, with a recommendation to focus on Yangnong Chemical [3][4]. - The report emphasizes the importance of orderly exports of nitrogen fertilizers, suggesting that leading domestic companies should adopt a proactive pricing strategy to avoid excessive competition [3]. - The chemical sector is experiencing a gradual recovery in PPI, with a focus on investment opportunities in cyclical products due to low inventory levels [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions indicate a mixed outlook for oil, coal, and natural gas prices, with oil prices supported by shale oil production costs [3][4]. - The report notes a significant price increase in PTA and MEG, driven by supply constraints and optimistic market sentiment [9][10]. Fertilizer and Pesticide Market - Domestic urea prices have risen by 2.8% to 1830 CNY/ton, influenced by export policy expectations [11]. - The report highlights the stable pricing of various pesticides, with specific price points for glyphosate and other herbicides remaining unchanged [11]. Chemical Products Pricing - The report provides detailed pricing trends for various chemical products, including a 1.6% decrease in PVC prices and stable pricing for other chemicals like DMC and silicone [12][13]. - The report indicates a cautious market sentiment in the dye industry, with prices remaining stable despite cost support from raw materials [15]. Key Company Valuations - The report includes a valuation table for key companies, with recommendations for stocks such as Yangnong Chemical (buy) and Hualu Chemical (increase) based on their projected earnings and market performance [17][18].