Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady performance with a revenue of 23.63 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 24%, and a net profit of 3.24 billion yuan, up 60% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 8.47 billion yuan, a 15% increase year-on-year and an 8% increase quarter-on-quarter, with a net profit of 1.092 billion yuan, up 12% year-on-year but down 2% quarter-on-quarter [2][6] - The company’s production and sales of all-steel, semi-steel, and non-road tires reached historical highs in the first three quarters of 2024, despite facing pressures from increased costs and domestic demand fluctuations [6] - The company is advancing its construction projects, which are expected to enhance its international competitiveness and ensure long-term growth [2][6] Financial Performance Summary - For the first three quarters of 2024, the company produced and sold 54.63 million and 53.88 million tires respectively, marking a year-on-year increase of 30% and 32% [6] - The gross profit margin for the first three quarters improved by 2.92 percentage points to 28.38% [6] - The company’s projected revenues for 2024-2026 are 32.2 billion, 36.3 billion, and 42.9 billion yuan respectively, with year-on-year growth rates of 24%, 13%, and 18% [6][7] - The projected net profits for the same period are 4.3 billion, 5.1 billion, and 6.2 billion yuan, with growth rates of 38%, 20%, and 21% respectively [6][7] Global Expansion and Investment Plans - The company is actively pursuing global expansion, with plans to invest 110 million USD in the construction of the Kampot Economic Zone in Cambodia, aimed at attracting leading companies in the rubber industry [6] - Current projects include a factory in Cambodia with an annual capacity of 12 million semi-steel tires, a construction project in Mexico, and a new facility in Indonesia [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with tire production and sales continuing to rise. The company reported a Q3 tire production of 19.22 million units and sales of 19.33 million units, representing a quarter-on-quarter increase of 5.83% and 7.64% respectively. However, the average price per tire decreased by 5.55% year-on-year to 423 yuan per unit [2][4] - The company announced a cash dividend of 0.15 yuan per share, accounting for 15.21% of the net profit attributable to shareholders for the first three quarters of 2024 [2][4] - The company is optimistic about its long-term growth trajectory, maintaining profit forecasts for 2024-2026 with expected net profits of 4.295 billion, 5.176 billion, and 5.801 billion yuan respectively [4] Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of 8.474 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84%. The net profit attributable to shareholders was 1.092 billion yuan, up 11.50% year-on-year but down 2.29% quarter-on-quarter [4] Financial Forecasts - The company forecasts revenue growth from 32.137 billion yuan in 2024 to 45.297 billion yuan in 2026, with a compound annual growth rate of 22.0%. The net profit is expected to grow from 4.295 billion yuan in 2024 to 5.801 billion yuan in 2026, with an EPS of 1.31 yuan in 2024 and 1.76 yuan in 2026 [6][7] Global Expansion - The company plans to invest in the "Cambodia Kampot Economic Zone Project" with a total investment of 111.9 million USD to enhance its global strategy and optimize its supply chain. Additionally, the company is increasing its investment in its Mexican subsidiary to support the construction of a tire production facility [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company's performance in Q3 2024 met expectations, with revenue of 23.628 billion yuan, a year-on-year increase of 24.28%, and a net profit of 3.244 billion yuan, up 60.17% year-on-year. The Q3 revenue was 8.474 billion yuan, reflecting a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [1]. - The company plans to invest 111.9 million USD in the "Cambodia Gombok Economic Zone Project," which aims to attract leading companies in the rubber industry and enhance its global presence [1]. - The company has shown steady growth in production and sales, with Q3 2024 tire production and sales reaching 19.216 million and 19.334 million units, respectively, marking increases of 17.6% and 22.8% year-on-year [1]. - The average tire price in Q3 2024 was 422.7 yuan per unit, with a year-on-year increase of 5.6% [1]. - The report anticipates stable profit growth in the future, supported by capacity release and cost management strategies [1]. Financial Summary - For 2024E, total revenue is projected to be 32.114 billion yuan, with a year-on-year growth rate of 23.6%. The net profit is expected to reach 4.232 billion yuan, reflecting a growth rate of 36.9% [2]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 11.0x, 10.0x, and 8.0x, respectively [2]. - The company’s total assets are expected to grow from 33.726 billion yuan in 2023 to 51.955 billion yuan by 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady revenue growth, with total operating income reaching 23.628 billion yuan, a year-on-year increase of 24.28%, and a net profit attributable to shareholders of 3.244 billion yuan, up 60.17% year-on-year [7] - The company is overcoming cost pressures while increasing production and sales, with tire production and sales in Q3 2024 reaching 19.2163 million and 19.3339 million units, respectively, representing year-on-year increases of 17.61% and 22.81% [7] - The company is actively pursuing global expansion, with significant progress in overseas projects, including the establishment of a factory in Indonesia and plans for a special economic zone in Cambodia [8] - The company is enhancing its research and development efforts, with R&D expenses of 737 million yuan in the first three quarters of 2024, and is expanding its product offerings to various domestic and international automotive manufacturers [8] - The earnings forecast for the company has been revised upward, with expected EPS for 2024, 2025, and 2026 at 1.31 yuan, 1.58 yuan, and 1.82 yuan, respectively, reflecting strong growth potential [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved an operating income of 8.474 billion yuan, a year-on-year increase of 14.82%, and a net profit of 1.092 billion yuan, up 11.50% year-on-year [7] - The average price of tire products decreased by 5.55% year-on-year due to changes in product structure, while the company plans to adjust prices upward by 3%-5% starting November 1, 2024 [7] Global Expansion - The company is making strides in its global strategy, with the foundation ceremony for its factory in Indonesia held in September 2024 and plans to lease land in Cambodia for a special economic zone [8] - The registered capital of the company's Mexican subsidiary has been increased to support the production of 6 million semi-steel radial tires annually [8] Research and Development - The company invested 737 million yuan in R&D in the first three quarters of 2024, with a focus on product technology upgrades and market promotion [8] - The company has successfully entered the supply chain of several domestic and international automotive brands, including BYD and Chery [8] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 at 1.31 yuan, 1.58 yuan, and 1.82 yuan, respectively, with corresponding PE ratios of 11.27, 9.33, and 8.08 [9]

当前价格（元） 14.71 总市值（百万） 48,367.95 2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 贾冰 S0350524030003 jiab@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 三季度扣非归母净利润创历史新高，拟对墨西哥 控股子公司增资 ——赛轮轮胎（601058）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 29 日，赛轮轮胎发布 2024 年三季度报告：2024 年前三季 度公司实现营业收入 236.28 亿元，同比增长 24.28%；实现归属于上市 公司股东的净利润 32.44 亿元，同比增长 60.17%；加权平均净资产收益 率为 18.69%，同比增加 3.05 个百分点。销售毛利率 28.38%，同比增加 2.92 个百分点；销售净利率 ...

晚上好然后欢迎参加赛轮轮胎三季度的交流电话会然后公司也是在今天下午公告了整个三季度的一个经营情况整体前三季度的话整个收入也是实现了同比24%以上的增长然后规模经历润大概是32.4个亿然后单三季度的话整个从销量包括收入的位置来看也是再度创了新高然后整个经历润的话也是在接近11个亿 当然环境有点危险主要也是受到这个原材料包括这个还有一些这个费用上面的一些这个影响吧然后今天的话我们也是有先邀请到这个公司的总编李总好远为大家就整个三季度的一个情况包括前三季度整体的一个经营状况做一个这个交流然后后续的话看各位领导有任何的问题可以再做这个后续的沟通 好的 各位领导晚上好感谢大家对三联的关注也感谢深化化工团队提供这个机会我想先简单把三级报的一些基本的情况给各位领导汇报一下然后再进入交流整个我们1到9月份实验收入是236.3亿同比增长是24.3% 那么其中全钢、半钢和非公路那么三类产品的话这个收入都是同比实现了一个增长那么单看第三季度呢收入是84.7亿那么同比增长是15%黄比这个第二季度呢也是增长了6个多亿吧普通话接近8%因为这个第二季度呢也是当时创了一个历史新高吧那么当时是收入是78.6那么今年第三季度呢 那么比这个还还是 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.71 CNY per share [2][3]. Core Views - The company reported a robust performance in Q3 2024, achieving a revenue of 23.628 billion CNY, a year-on-year increase of 24.28%, and a net profit attributable to shareholders of 3.244 billion CNY, up 60.17% year-on-year [2][3]. - The company's global capacity expansion is progressing steadily, with a focus on non-highway tire markets and the innovative "Liquid Gold" tire technology enhancing brand strength and market competitiveness [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 23.628 billion CNY, with Q3 revenue at 8.474 billion CNY, reflecting a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [2]. - The net profit attributable to shareholders for the first three quarters was 3.244 billion CNY, with Q3 net profit at 1.092 billion CNY, showing a year-on-year increase of 11.50% [2][3]. - The company’s gross profit margin for Q3 2024 was 27.69%, slightly down from the previous year due to rising raw material costs [2][3]. Market Position and Strategy - The company has a production capacity exceeding 70 million tires, with facilities in multiple locations including Qingdao, Dongying, and overseas in Vietnam and Cambodia [2][3]. - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and enhancing safety and energy efficiency, which has positively impacted sales [3][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 33.148 billion CNY, 36.521 billion CNY, and 41.900 billion CNY respectively, with net profits expected to reach 4.256 billion CNY, 4.950 billion CNY, and 5.861 billion CNY [4][5]. - The report anticipates an EPS of 1.29 CNY for 2024, with a PE ratio of 11, indicating strong growth potential [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a total revenue of 23.63 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 24.3%. The net profit attributable to shareholders reached 3.24 billion RMB, up 60.2% year-on-year [2]. - In Q3 2024, the company reported a single-quarter revenue of 8.47 billion RMB, a year-on-year increase of 14.8% and a quarter-on-quarter increase of 7.8%. The net profit for the quarter was 1.09 billion RMB, reflecting an 11.5% year-on-year growth but a 2.3% decline quarter-on-quarter [2]. - The company is investing in the Cambodia Kampot Economic Zone project with a total investment of 112 million USD, aimed at enhancing its global strategy and optimizing its supply chain [2]. Summary by Sections Financial Performance - The tire production volume reached 19.22 million units in Q3 2024, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 5.8%. Sales volume was 19.33 million units, up 22.8% year-on-year and 7.6% quarter-on-quarter [2]. - The average price of tire products decreased by 5.6% year-on-year but increased by 0.4% quarter-on-quarter due to changes in product structure [2]. - The company faced raw material cost pressures, with prices for key materials like natural rubber and synthetic rubber rising by 15.1% year-on-year and 1.8% quarter-on-quarter [2]. Investment and Growth Strategy - The company is focused on global expansion and supply chain optimization through the Cambodia project, which is expected to generate significant rental income from land leasing starting in 2026 [2]. - The projected revenue from the project is estimated at 15.4 million USD, with a net profit of approximately 5.019 million USD over the lease period [2]. Profit Forecast and Valuation - The company is expected to see net profits of 4.264 billion RMB, 4.756 billion RMB, and 5.177 billion RMB for the years 2024, 2025, and 2026, respectively. The corresponding PE ratios are projected to be 11.3, 10.13, and 9.3 times [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience against industry challenges, achieving record highs in production, sales, revenue, and net profit [1] - The company is expanding its global industrial layout with the planning of the Cambodia Kampot Economic Zone project, which is expected to enhance its competitive edge [1][2] - The global tire market is steadily growing, providing significant development opportunities for Chinese tire manufacturers [1][2] Financial Performance - In Q3 2024, the company reported total revenue of 8.474 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [1] - The net profit attributable to the parent company was 1.092 billion yuan, reflecting a year-on-year growth of 11.50% but a quarter-on-quarter decrease of 2.29% [1] - The company’s tire production reached 19.22 million units, and sales were 19.33 million units, both setting new quarterly records [1] Future Projections - Revenue projections for 2024-2026 are 31.012 billion yuan, 34.949 billion yuan, and 39.871 billion yuan, with year-on-year growth rates of 19.4%, 12.7%, and 14.1% respectively [3] - Net profit attributable to the parent company is expected to reach 4.219 billion yuan, 5.008 billion yuan, and 6.013 billion yuan for the same period, with growth rates of 36.5%, 18.7%, and 20.1% respectively [3] Product Innovation - The company has introduced the "Liquid Gold" tire, which has been validated by multiple international testing organizations for its superior fuel efficiency and durability [2] - The company is actively expanding its market presence in both original equipment and replacement markets, partnering with several domestic and international automotive manufacturers [2] Market Outlook - The global tire market is projected to grow steadily, with a reported 900 million units sold in the first half of 2024, marking a year-on-year increase of 2.69% [1][2] - The demand for tires is expected to benefit from the ongoing increase in global vehicle ownership and the recovery of automotive production and sales [1][2]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-097 赛轮集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 7 日(星期四)下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 6 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ziben@sai luntire.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 赛轮集团股份有限公司（以下简称"公司"）已于本公告同日发布了公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季 度经营成果、财务状况，公司计划于 2024 年 11 月 7 日下午 15:00- ...