Group 1: Financial Performance - In 2024, the company achieved operating revenue of 31.802 billion yuan, a year-on-year increase of 22.4% [1] - The net profit attributable to shareholders reached 4.06 billion yuan, up 31.4% year-on-year, while the net profit after deducting non-recurring items was 3.99 billion yuan, an increase of 26.9% year-on-year [1] - For Q4 2024, the company reported operating revenue of 8.17 billion yuan, with a year-on-year increase of 17.3% but a quarter-on-quarter decrease of 3.5% [1] Group 2: Tire Production and Sales - Global tire demand saw a slight increase, with total tire sales reaching 1.856 billion units in 2024, a year-on-year growth of 1.9% [2] - The company achieved a record high in tire production and sales, with annual tire production of 74.81 million units, up 27.6% year-on-year, and sales of 72.16 million units, an increase of 29.3% year-on-year [2] - In Q4 2024, tire production and sales were 20.18 million and 18.28 million units respectively, with a quarter-on-quarter increase and decrease [2] Group 3: Cost and Margin Analysis - In Q4 2024, the comprehensive procurement prices of key raw materials increased by 21.7% year-on-year and 7.6% quarter-on-quarter, leading to a slight decline in gross margin [3] - The gross margin for Q4 2024 was 25.3%, down 8.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [3] - For Q1 2025, the gross margin recorded was 24.7%, with a quarter-on-quarter decrease of 0.5 percentage points [3] Group 4: Capacity and Future Outlook - The company has planned production capacity of 27.65 million full steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires [3] - The company is expected to continue releasing performance capabilities as domestic and overseas bases ramp up production [3] - Profit forecasts for 2025-2027 project net profits of 4.61 billion, 5.66 billion, and 6.75 billion yuan respectively, with corresponding PE ratios of 9, 7, and 6 times [3]

Summary of the Conference Call for Sailun Tire Company Overview - **Company**: Sailun Tire - **Industry**: Tire Manufacturing Key Points and Arguments Sales and Production Performance - In 2024, total sales reached 72.16 million tires, a year-on-year increase of 29.3%, with semi-steel tires growing by 32% and off-road tires increasing by 49% [2][4] - For Q1 2025, total sales were 19.37 million tires, a year-on-year growth of 16.8% despite a slight decline due to the Spring Festival [2][6] Financial Performance - Revenue for 2024 was 31.8 billion yuan, up 22.4% year-on-year, with net profit attributable to shareholders at 4.063 billion yuan, a 31.4% increase [2][7] - Q1 2025 revenue was 8.41 billion yuan, a 15.3% increase year-on-year, with net profit of 1.039 billion yuan, showing a slight increase [2][7] - Gross margin decreased due to rising raw material prices, with Q1 2025 gross margin at 24.74%, down 3 percentage points [2][7] Cash Flow and Dividend Policy - Cash flow for 2024 was 2.29 billion yuan, while Q1 2025 showed a negative cash flow of 400 million yuan, primarily due to increased scale and wage payments [2][8] - The annual dividend plan is 0.23 yuan per share, totaling approximately 1.2 billion yuan, which is 30.76% of the annual profit [2][8] Capacity Expansion and Global Strategy - The company is expanding production capacity and global presence, with multiple factories operational and two new factories expected to start production in May and June 2025 [2][9] - Focus on high-value products like giant tires and liquid gold, which are gradually achieving scale [2][9] Impact of U.S. Tariff Policies - The U.S. imposed a 25% tariff on passenger and light truck tires, but the company expects limited impact on profitability due to product structure adjustments and proactive measures [2][10][11] - The company is enhancing its production and shipping strategies to mitigate the effects of tariffs [2][11] Sustainable Development Goals - Sailun Tire is the first domestic tire company to set specific sustainability targets for 2030, indicating a commitment to long-term environmental goals [2][26] Market Dynamics and Challenges - The tire industry is not a sunset industry; demand is driven by increasing global vehicle ownership, with 75% of tires used for replacement [2][19] - The company faces challenges such as market demand fluctuations, rising shipping costs, and raw material price volatility [2][9] Brand Building and Channel Strategy - The company is actively building its brand and exploring innovative sales models through joint ventures with provincial agents [2][5][17] - The strategy aims to reduce the cyclical impact of the industry and improve direct engagement with consumers [2][12] Inventory Management - Increased inventory is attributed to expanded operations and the need to accumulate stock for shipping, not due to sales pressure [2][24][25] Confidence in Future Growth - The actual controller's significant share purchases reflect strong confidence in the company's future, especially given the current low valuation due to tariff uncertainties [2][27][28] Raw Material Procurement Strategy - The company employs a mix of long-term contracts and spot purchases for raw materials, maintaining a significant inventory to ensure production stability [2][20] Future Outlook - The company anticipates that high-value products will mitigate the impact of raw material price fluctuations, maintaining profitability [2][21] This summary encapsulates the key insights from the conference call, highlighting Sailun Tire's performance, strategies, and market outlook.

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.20 CNY, compared to the current price of 12.07 CNY [4][9]. Core Insights - The company has demonstrated stable operating performance, focusing on product competitiveness and global capacity layout. The revenue for 2024 reached 31,802 million CNY, a year-on-year increase of 22.42%, while the net profit attributable to shareholders was 4,063 million CNY, up 31.42% year-on-year [9][10]. - The company plans to distribute a cash dividend of 0.23 CNY per share for 2024, amounting to a total of 1,249 million CNY, which represents 30.76% of the annual net profit [9]. - The company has seen a steady increase in tire production and sales, with 2024 figures showing production of 74.81 million tires and sales of 72.16 million tires, reflecting year-on-year growth of 27.6% and 29.3%, respectively [9][10]. Financial Performance - For Q1 2025, the company reported revenue of 8,411 million CNY, a year-on-year increase of 15.29%, and a net profit of 1,039 million CNY, which is a slight increase of 0.47% year-on-year [9]. - The average selling price of tire products in Q1 2025 was 417.6 CNY per tire, showing a decrease of 0.4% year-on-year [9]. - The company’s gross margin for Q1 2025 was 24.74%, down 2.94 percentage points year-on-year, influenced by rising raw material costs [9]. Market and Production Insights - The company achieved revenues of 23,810 million CNY from overseas markets and 7,550 million CNY from domestic markets in 2024, with respective year-on-year growth rates of 23.6% and 19.9% [9]. - The overseas subsidiaries in Vietnam and Cambodia reported revenues of 8,644 million CNY and 4,039 million CNY, respectively, with significant growth in Cambodia [9]. - The company has a robust capacity planning, with a total planned annual production capacity of 27.65 million full-steel tires and 106 million semi-steel tires, indicating strong growth potential [9]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 4,193 million CNY and 5,019 million CNY, respectively, with a new forecast for 2027 at 5,829 million CNY [9][10]. - The projected price-to-earnings (P/E) ratios for the upcoming years are 10x for 2024, 9x for 2025, and 8x for 2026, indicating a favorable valuation compared to historical averages [10].

01 事件概述 ► 液体黄金性能优异，助力公司品牌力提升 液体黄金轮胎应用国际首创化学炼胶技术，降低轮胎滚动阻力，提升抗湿滑和耐磨性能，成功解决了困扰轮胎行业多年的"魔鬼三角"问题，已经过国际权威机构西班牙 IDIADA、史密斯实验室、中国橡胶工业协会等多项权威机构的测试和认证。此外平均1条液体黄金卡客车胎、轿车胎可分别降低能耗4%、3%以上，新能源轿车可提高续 航5%-10%。 03 投资建议 披露2024年报及2025一季报：2024年营收318.0亿元，同比+22.4%，归母净利40.6亿元，同比+31.4%，扣非归母净利39.9亿元，同比+26.9%。2025Q1营收84.1亿元，同比 +15.3%/环比+2.9%；归母净利10.4亿元，同比+0.4%/环比+26.8%；扣非归母净利10.1亿元，同比-0.7%/环比+16.3%。 02 分析判断 ► 2025Q1业绩稳健增长 高盈利水平持续 收入端： 公司2024Q4营收同比+17.3%/环比-3.5%，2025Q1营收同比+15.3%/环比+2.3%，收入的同比高增主要系新产能持续投放，展望2025年印尼及柬埔寨产能会陆续 达到量供状态。 利润端： ...

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with revenue growth driven by increased production capacity and market demand, despite facing challenges from high raw material costs and potential impacts from U.S. tariffs [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 31.8 billion yuan, a year-over-year increase of 22%, and a net profit attributable to shareholders of 4.1 billion yuan, up 31% year-over-year [1]. - For Q4 2024, revenue was 8.2 billion yuan, with a quarter-over-quarter increase of 17% but a year-over-year decrease of 4%. Net profit for the same period was 800 million yuan, down 23% quarter-over-quarter and 25% year-over-year [1]. - In Q1 2025, the company reported revenue of 8.4 billion yuan, a quarter-over-quarter increase of 15% and a year-over-year increase of 3%. Net profit was 1 billion yuan, slightly below expectations, with a quarter-over-quarter increase of 0.5% and a year-over-year increase of 27% [1]. Production and Sales - The company expects to achieve record tire production and sales in 2024, with projected tire sales of 72.16 million units, a 29% increase year-over-year [2]. - The average tire price decreased by 4% to 423 yuan due to product mix adjustments, while the gross margin remained stable at 27.58% [2]. - In Q1 2025, tire sales reached 19.37 million units, with a quarter-over-quarter increase of 17% and a year-over-year increase of 6% [2]. Market Conditions and Tariffs - The impact of U.S. tariffs is expected to be limited in the short term, with the company positioned to expand its market share due to its competitive pricing and diversified sales structure [3]. - The company is anticipated to benefit from a decrease in raw material prices, which could improve margins and support growth [2][3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downward by 14% and 16% to 4.5 billion yuan and 5 billion yuan, respectively, with a projected net profit of 6.3 billion yuan for 2027 [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.37 yuan, 1.51 yuan, and 1.92 yuan, respectively [4]. - The target price for the company's stock is set at 16.44 yuan, based on a 12x price-to-earnings (PE) ratio for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.44 RMB [8][9]. Core Views - The company achieved a revenue of 31.8 billion RMB in 2024, representing a year-over-year growth of 22%. The net profit attributable to shareholders was 4.1 billion RMB, with a year-over-year increase of 31% [1]. - In Q1 2025, the company reported a revenue of 8.4 billion RMB, a quarter-over-quarter increase of 15%, and a net profit of 1 billion RMB, slightly below expectations due to high raw material costs [1]. - The company plans to implement a mid-term dividend in 2025 and has announced a share buyback plan of 500-1,000 million RMB by its controlling shareholders [1]. Summary by Sections Financial Performance - In 2024, the company achieved tire sales of 72.16 million units, a 29% increase year-over-year. The average price per tire decreased by 4% to 423 RMB, while the gross margin remained stable at 27.58% [2]. - For Q1 2025, tire sales reached 19.37 million units, with a quarter-over-quarter increase of 17% and a year-over-year increase of 6%. The overall gross margin was 24.7%, impacted by product mix adjustments and high raw material costs [3]. Market Outlook - The company is expected to benefit from new production capacity and recovering overseas market demand, which will help achieve record sales in 2024 [2]. - Despite short-term uncertainties due to U.S. tariffs, the company is positioned for long-term growth due to its competitive pricing and diversified production bases [4]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards by 14% and 16% to 4.5 billion RMB and 5 billion RMB, respectively. The projected net profit for 2027 is 6.3 billion RMB, with year-over-year growth rates of 11%, 10%, and 27% for 2025-2027 [5]. - The company is valued at a 12x PE ratio for 2025, reflecting its overseas expansion advantages and brand strength [5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.07 CNY per share [6]. Core Views - The company reported a revenue of 31.8 billion CNY for 2024, representing a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 4.06 billion CNY, up 31.4% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 8.41 billion CNY, reflecting a year-on-year growth of 15.3% and a quarter-on-quarter increase of 2.9% [1]. - The company is benefiting from its global capacity expansion and the introduction of its innovative "Liquid Gold" tire technology, which enhances performance and reduces energy consumption [4]. Summary by Sections Financial Performance - The company reported a gross margin of 25.3% in Q4 2024, down 8.3 percentage points year-on-year, and a gross margin of 24.7% in Q1 2025, down 3.0 percentage points year-on-year [3]. - The net profit margin for Q1 2025 was 12.4%, indicating sustained high profitability despite rising raw material costs [2]. Capacity and Market Position - The company has a production capacity exceeding 70 million tires, with facilities in various locations including Qingdao, Dongying, and Cambodia, and is on track to meet its mid-to-long-term capacity goals [3]. - The company has established partnerships with major domestic and international firms, enhancing its market presence in both domestic and overseas markets [3]. Product Innovation - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and improving durability, which addresses long-standing industry challenges [4]. - The technology has been certified by several international testing organizations, further solidifying the company's reputation in the market [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 36.54 billion CNY, 41.85 billion CNY, and 46.16 billion CNY, respectively, with net profits expected to reach 4.50 billion CNY, 5.27 billion CNY, and 6.15 billion CNY [5][9]. - The report anticipates a continued strong growth trajectory, supported by the expansion of the tire market and the company's strategic initiatives [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a significant increase in stock price over the next 6-12 months [5][13]. Core Insights - The company reported a total revenue of 31.8 billion RMB for 2024, a year-on-year increase of 22.4%, and a net profit of 4.06 billion RMB, up 31.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 8.4 billion RMB, reflecting a 15.3% year-on-year growth and a 2.9% quarter-on-quarter increase, with a net profit of 1.04 billion RMB, which is a slight increase of 0.47% year-on-year and a 26.8% increase quarter-on-quarter [2]. - The company is experiencing rapid growth in tire production and sales, with a production volume of 74.81 million tires in 2024, up 27.6% year-on-year, and sales of 72.16 million tires, up 29.3% year-on-year [3]. - The company is implementing a global strategy, with production bases in Mexico and Indonesia under construction, which is expected to enhance its global market share and drive revenue growth [4]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 31.8 billion RMB in 2024 to 36.12 billion RMB in 2025, with a growth rate of 13.57% [9]. - The net profit is expected to increase from 4.06 billion RMB in 2024 to 4.49 billion RMB in 2025, reflecting a growth rate of 10.61% [9]. - The diluted earnings per share are forecasted to rise from 1.236 RMB in 2024 to 1.367 RMB in 2025 [9]. Production and Sales - The company’s tire production and sales are on an upward trajectory, with Q1 2025 sales volume increasing by 16.84% year-on-year [3]. - The average selling price of tires has slightly decreased by 0.4% year-on-year due to changes in product structure [3]. Strategic Initiatives - The company is expanding its production capabilities internationally to mitigate trade barriers and enhance its competitive position in the global market [4]. - The construction of new production bases in Mexico and Indonesia is expected to be completed this year, further solidifying the company's global footprint [4].

坚持全球化战略，海外墨西哥和印尼基地稳步推进。过去几年海 外多个国家和地区对中国生产的多种轮胎产品加征关税、进行反 倾销调查或者提高准入门槛以限制中国轮胎出口。为更有效的应 对国际贸易壁垒，公司坚持全球化战略，目前已在青岛、潍坊、东 营、沈阳及越南、柬埔寨建有轮胎生产基地，并正在建设墨西哥、 印尼等生产基地。印尼基地规划了 300 万条半钢胎、60 万条全钢 胎和 3.7 万吨非公路轮胎，墨西哥基地规划了 600 万条半钢胎， 目前两大基地均在建设中，预计今年能够完工投产，完善公司全球 化布局的同时也将推动公司业绩增长。 事件 2025 年 4 月 28 日公司发布了 2024 年报和 2025 年 1 季报，2024 年全年营业总收入 318 亿元，同比增加 22.4%；归母净利润 40.6 亿元，同比增长 31.4%。2025 年 1 季度营业总收入 84 亿元，同比 增长 15.3%，环比增长 2.9%；归母净利润 10.4 亿元，同比增长 0.47%，环比增长 26.8%。 经营分析 轮胎产销量规模快速增长，成本压力下经营业绩仍然稳健。2024 年公司轮胎产量为 7481 万条，同比增长 27.6%； ...