Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][7]. Core Insights - The company reported record high tire sales in Q3 2024, with total tire sales exceeding 53.11 million units, reflecting a year-on-year growth of over 30%. Q3 sales alone reached over 18.57 million units, marking an 18% increase year-on-year [6][7]. - The company's net profit for the first three quarters of 2024 is projected to be between 3.21 billion and 3.28 billion yuan, representing a year-on-year increase of 58.5% to 62%. The net profit for Q3 is estimated at 1.059 billion to 1.129 billion yuan, with a year-on-year growth of 11.7% [6][7]. - The report highlights the impact of rising raw material costs and increased operational expenses on profitability, with natural rubber and other materials seeing price increases of 5% to 10% [6][7]. Summary by Sections Market Data - Closing price as of October 10, 2024: 15.21 yuan - Market capitalization: 50,012 million yuan - Price-to-book ratio: 2.8 [3][4]. Financial Performance - Revenue for 2023 was 25,978 million yuan, with projections of 33,099 million yuan for 2024, reflecting a year-on-year growth rate of 27.4% [8][9]. - The net profit for 2023 was 3,091 million yuan, with an expected increase to 4,569 million yuan in 2024, indicating a growth rate of 47.8% [8][9]. Production and Sales - The company has successfully increased production capacity in Mexico and Indonesia, which is expected to enhance its market position and contribute to future growth [7]. - The promotion of high-end products, such as the "Liquid Gold" tire, is gaining traction in both retail and distribution channels, improving brand recognition and sales [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.72 CNY per share [3][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.12 to 3.28 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 58.52% to 61.98% [3]. - The strong performance is attributed to resilient demand in the U.S. for semi-steel tires and significant improvements in the steel tire segment, alongside competitive advantages in pricing for Chinese tire products in the U.S. and European markets [3][4]. - The company is advancing its globalization strategy with production capacities exceeding 70 million units, with ongoing projects in various locations including Vietnam and Cambodia [3][4]. Summary by Sections Financial Performance - For Q3 2024, the company expects a net profit of 1.06 to 1.13 billion CNY, showing a year-on-year increase of 7.99% to 15.13% [3]. - The first three quarters of 2024 are projected to yield a non-recurring net profit of 3.11 to 3.18 billion CNY, with a year-on-year growth of 48.17% to 51.50% [3]. Market Demand and Supply - The report highlights the robust import demand for semi-steel tires in the U.S., with Thai exports to the U.S. increasing by 9.52% year-on-year [3]. - The company has established strategic partnerships to mitigate raw material cost fluctuations, ensuring a competitive edge in pricing [3][4]. Product Innovation - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and enhancing safety and durability [4]. - The company has launched new product lines targeting electric vehicles and high-performance segments, which have received positive market feedback [4]. Future Projections - Revenue forecasts for 2024 to 2026 are estimated at 33.15 billion CNY, 36.52 billion CNY, and 41.90 billion CNY respectively, with net profits projected at 4.28 billion CNY, 4.94 billion CNY, and 5.84 billion CNY [4][5]. - The report anticipates a continued upward trend in earnings per share (EPS), with estimates of 1.30 CNY, 1.50 CNY, and 1.78 CNY for the respective years [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][10]. Core Views - The company's Q3 2024 performance met expectations, with production and sales remaining at a high level. New expansion projects in various locations, including Dongjiakou, Cambodia, Mexico, and Indonesia, are progressing smoothly, which is expected to support continued growth in the company's performance [4][10]. - The company is projected to achieve a net profit attributable to shareholders of approximately 3.21 billion to 3.28 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 58.52% to 61.98% [10]. - The report anticipates the company's earnings per share (EPS) for 2024-2026 to be 1.30, 1.45, and 1.59 yuan, respectively, and assigns a target price of 19.28 yuan based on a price-to-earnings (PE) ratio of 14.83 for 2024 [10]. Financial Summary - **Revenue**: - 2022A: 21,902 million yuan - 2023A: 25,978 million yuan - 2024E: 30,725 million yuan (growth of 18.3% from 2023A) - 2025E: 34,497 million yuan (growth of 12.3% from 2024E) - 2026E: 37,171 million yuan (growth of 7.8% from 2025E) [5][12] - **Net Profit (attributable to shareholders)**: - 2022A: 1,332 million yuan - 2023A: 3,091 million yuan - 2024E: 4,277 million yuan (growth of 38.4% from 2023A) - 2025E: 4,760 million yuan (growth of 11.3% from 2024E) - 2026E: 5,218 million yuan (growth of 9.6% from 2025E) [5][12] - **Earnings Per Share (EPS)**: - 2022A: 0.41 yuan - 2023A: 0.94 yuan - 2024E: 1.30 yuan - 2025E: 1.45 yuan - 2026E: 1.59 yuan [5][12] - **Return on Equity (ROE)**: - 2022A: 10.9% - 2023A: 20.8% - 2024E: 20.2% - 2025E: 19.0% - 2026E: 17.8% [5][12] Market Performance - The company's stock price has ranged between 10.67 and 17.22 yuan over the past 52 weeks, with a total market capitalization of 50,012 million yuan [7]. - The current stock price is 15.21 yuan, with a price-to-earnings ratio of 16.18 based on the latest diluted share capital [6][12]. Industry Outlook - The tire industry continues to experience high demand, with a year-on-year increase of 6.6% in rubber tire exports from China in August, amounting to approximately 150.46 billion yuan [10]. - The company is actively managing cost pressures through price adjustments, with a recent price increase of 2%-4% on TBR products effective from October 15 [10]. - Ongoing capacity expansion projects are expected to enhance the company's growth potential, with significant investments in new production facilities in Mexico, Cambodia, and Indonesia [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.21-3.28 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 58.5%-62.0% [10] - The significant growth in performance is attributed to the effectiveness of the company's globalization strategy, technological innovation, and brand building, with total tire sales increasing by over 30% year-on-year [10][11] - The company is advancing its globalization efforts and optimizing its product structure, which is expected to enhance its international competitiveness and ensure long-term growth [10] Financial Performance - For 2024, the company forecasts revenue of 32.2 billion yuan, with a year-on-year growth rate of 24% [11] - The projected net profit for 2024 is 4.28 billion yuan, reflecting a growth rate of 38% [11] - The earnings per share (EPS) for 2024 is estimated at 1.30 yuan, with a compound annual growth rate (CAGR) of 26% over three years [10][11] Market Position and Strategy - The company has successfully launched several projects, including a factory in Cambodia with an annual production capacity of 12 million semi-steel tires, and is progressing with projects in Mexico and Indonesia [10] - The company maintains a high gross margin due to market expansion and product structure optimization [10][11] - The company is expected to continue benefiting from reduced shipping costs, with significant declines in freight indices observed [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.1-32.8 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 58.52%-61.98% [1] - The total sales volume of tire products increased by over 30% year-on-year, with all categories (full steel, semi-steel, and non-road tires) reaching historical highs [1] - The company has a strong risk resistance capability due to its global production layout and the gradual easing of export pressures from high shipping costs [1] - The company is projected to have net profits of 42.9 billion RMB, 48.05 billion RMB, and 52.5 billion RMB for 2024-2026, with corresponding PE ratios of 11.66, 10.41, and 9.53 [2] Summary by Sections Company Performance - The company reported a net profit of 32.1-32.8 billion RMB for the first three quarters of 2024, an increase of 11.85-12.55 billion RMB year-on-year [1] - The net profit excluding non-recurring items is expected to be 31.1-31.8 billion RMB, up by 10.11-10.81 billion RMB, reflecting a growth of 48.17%-51.50% [1] Market Position and Strategy - The company is recognized as a leading domestic tire manufacturer, with expectations for further global market share growth due to ongoing overseas capacity expansion [2] - The company has established production bases in Vietnam and Cambodia, with ongoing projects in Mexico and Indonesia [1] Financial Projections - The projected revenue for 2024 is 31.719 billion RMB, with a growth rate of 22.10% [4] - The expected net profit for 2024 is 4.29 billion RMB, reflecting a growth rate of 38.77% [4] - The diluted earnings per share for 2024 is projected to be 1.305 RMB [4]

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 3.21 billion and 3.28 billion CNY, an increase of 1.185 billion to 1.255 billion CNY compared to the same period last year, representing a year-on-year growth of 58.52% to 61.98%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 3.11 billion and 3.18 billion CNY, an increase of 1.011 billion to 1.081 billion CNY compared to the same period last year, reflecting a year-on-year increase of 48.17% to 51.50%[2] - The net profit for the same period last year was 2.025 billion CNY, and the net profit after deducting non-recurring gains and losses was 2.099 billion CNY[4] Production and Sales - The company achieved record production and sales volumes for all-steel, semi-steel, and non-road tires, with total tire sales increasing by over 30% year-on-year[5] - The company's gross profit margin remains high due to effective market expansion and product structure optimization measures[5] Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[6] - The forecast data is preliminary and the final financial data will be disclosed in the official Q3 2024 report[7] - The company has not identified any significant uncertainties that could impact the accuracy of the performance forecast[6] - Investors are advised to pay attention to investment risks as the forecast data is subject to change[7] R&D and Innovation - The company emphasizes its commitment to R&D investment and technological innovation as part of its global strategy and brand building efforts[5]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-086 赛轮集团股份有限公司 第六届监事会第十次会议决议公告 本公司监事会及全体监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。 2024 年 10 月 8 日，赛轮集团股份有限公司（以下简称"公司"）第六届监 事会第十次会议在公司会议室以现场加通讯方式召开。本次会议的会议通知于 2024 年 10 月 5 日以电话、电子邮件等方式送达全体监事。会议应到监事 3 人， 实到监事 3 人（其中以通讯表决方式出席 1 人）。会议由监事会主席闫凯先生主 持，公司董事会秘书及证券事务代表列席了会议。会议的召集和召开符合《公司 法》和《公司章程》的有关规定。经与会监事审议并表决，通过了以下议案： 《关于调整外汇套期保值业务额度的议案》 随着公司收入规模不断扩大，现有外汇套期保值额度已不能满足公司日常经 营需要，为有效规避外汇市场波动风险，降低汇率波动对公司经营业绩的不利影 响，以及根据公司经营战略的需要，公司拟调整与银行等金融机构外汇套期保值 业务额度。 特此公告。 与会监事发表意见如下： ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-087 赛轮集团股份有限公司 关于调整外汇套期保值业务额度的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 重要内容提示： 调整原因及目的：公司收入规模不断扩大，现有外汇套期保值额度已不能 满足公司日常经营需要，为有效规避外汇市场波动风险，降低汇率波动对公司经营 业绩的不利影响，以及根据公司经营战略的需要，公司拟调整与银行等金融机构外 汇套期保值业务额度。 本次调整事项：公司（含合并报表范围内子公司）2024 年与银行等金融机 构公司开展的外汇套期保值业务资金额度，由不超过 350,000 万元人民币或等值 外币调整至不超过 500,000 万元人民币或等值外币；预计动用的交易保证金和权 利金上限，由不超过 60,000 万元人民币或等值外币调整至不超过 75,000 万元人 民币或等值外币，有效期限内上述额度可循环滚动使用。 交易期限：自董事会审议通过之日起至 2024 年 12 月 31 日止 交易币种：实际业务发生的结算币种，主要币种为美元、欧元等 ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-085 赛轮集团股份有限公司 2024 年 9 月 23 日，赛轮集团股份有限公司（以下简称"公司"）召开第六 届董事会第十八次会议，审议通过了《关于全资子公司之间吸收合并的议案》， 同意公司全资子公司青岛赛轮轮胎有限公司（简称"赛轮董家口"）吸收合并青 岛赛轮新材料有限公司（简称"赛轮新材料"）。合并完成后，赛轮新材料的业 务、资产、负债、其他一切权利及义务等均由赛轮董家口承继，公司"青岛董家 口年产 50 万吨功能化新材料（一期 20 万吨）项目"（简称"董家口新材料项目"） 的实施主体将由赛轮新材料变更为赛轮董家口，该项目拟进行的建设内容、投资 金额没有发生变化。公司董事会授权管理层根据法律法规要求办理本次吸收合并 涉及的资产移交、权属变更登记、通知债权人、税务和工商变更登记以及法律法 规规定的其他程序等具体事项。 本次吸收合并不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形。 二、吸收合并双方的基本情况 1、青岛赛轮轮胎有限公司 统一社会信用代码：91370211MABRW4UH7T 企业类型：有限责 ...

证券研究报告|公司动态点评 2024 年 09 月 18 日 赛轮轮胎（601058.SH） 1H24 公司业绩同比高增，看好轮胎行业景气持续和公司海外基地 建设 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------------|------------------|------------------|------------------|----------------|------------------------------------------|-----------| | 财务指标 \n营业收入（百万元） | 2022A \n21,902 | 2023A \n25,978 | 2024E \n31,685 | 2025E \n36,392 | 2026E \n41,540 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | 21.7 | 18.6 | 22.0 | 14.9 | 14.1 | | | | ...