证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-040 赛轮集团股份有限公司 关于增资控股华东（东营）智能网联汽车试验场有限 公司暨关联交易的进展公告 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。 一、本次增资情况概述 2025 年 2 月 24 日，赛轮集团股份有限公司（以下简称"公司"或"乙方"） 召开第六届董事会第二十三次会议，审议通过了《关于增资控股华东（东营）智 能网联汽车试验场有限公司暨关联交易的议案》。公司拟对华东（东营）智能网 联汽车试验场有限公司（以下简称"华东试验场"或"丁方"）增资 4.2 亿元， 且增资完成后，公司对其持股比例要超过 50%，本次交易定价依据为华东试验场 的资产评估结果。2025 年 3 月 8 日，公司收到了国众联资产评估土地房地产估 价有限公司出具的《资产评估报告》（编号：国众联评报字（2025）第 2-0020 号），华东试验场股东全部权益市场价值为 93,934.14 万元。上述事项亦经公司 2025 年 3 月 18 日召开的 2025 年第一次临时股东大 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号（名称：全景财经），或下载全景路 演 APP，参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。 届时公司董事长刘燕华女士，董事、董事会秘书李吉庆先生，财务总监、副总裁 耿明先生，独立董事许春华女士将以在线交流形式就公司治理、发展战略、经营 状况、融资计划和可持续发展等投资者关注的问题与投资者进行沟通与交流，欢 迎广大投资者踊跃参与！ 特此公告。 赛轮集团股份有限公司 2025 年 5 月 7 日 赛轮集团股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，赛轮集团股份有限公司（以下简称"公 司"）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有限公 司联合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"，现将相 关事项公告如下： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 31.802 billion yuan in 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 4.063 billion yuan, up 31.4% year-on-year [7] - In Q1 2025, the company achieved a revenue of 8.411 billion yuan, reflecting a year-on-year increase of 15.3%, and a net profit of 1.039 billion yuan, which is a slight increase of 0.5% year-on-year [7] - The company’s tire production and sales are expected to steadily increase in 2024, driven by the expansion of overseas bases and deeper penetration into domestic channels [7] - The company has established approximately 22 new tire sales companies in 2024, leading to an increase in inventory and accounts receivable [7] Financial Data and Profit Forecast - Total revenue (million yuan): 31,802 in 2024, 38,713 in 2025E, 43,210 in 2026E, 45,109 in 2027E [3] - Net profit attributable to the parent company (million yuan): 4,063 in 2024, 4,540 in 2025E, 5,290 in 2026E, 5,706 in 2027E [3] - Earnings per share (yuan/share): 1.26 in 2024, 1.38 in 2025E, 1.61 in 2026E, 1.74 in 2027E [3] - Gross margin (%): 27.6 in 2024, 26.5 in 2025E, 26.6 in 2026E, 26.6 in 2027E [3] - Return on equity (ROE, %): 20.8 in 2024, 19.5 in 2025E, 18.5 in 2026E, 16.7 in 2027E [3] Market Data - Closing price (yuan) as of April 30, 2025: 12.22 [4] - Market capitalization (million yuan): 40,181 [4] - Dividend yield (%): 2.62 [4] - Price-to-earnings ratio (PE): 10 in 2024, projected to decrease to 7 by 2027 [3][4]

Investment Rating - The report maintains a "Recommended" rating for Sailun Tire (601058.SH) [1] Core Views - The company demonstrated robust performance with a global expansion strategy, achieving record tire production and sales in 2024, with revenue of 31.802 billion yuan and a net profit of 4.063 billion yuan, reflecting year-on-year growth of 22.42% and 31.42% respectively [3][4] - In Q1 2025, the company reported revenue of 8.411 billion yuan and a net profit of 1.039 billion yuan, with year-on-year growth of 15.29% and 0.47% respectively [3] - The company’s tire production and sales reached historical highs in 2024, with production and sales volumes of 74.8111 million and 72.1558 million tires, marking increases of 27.59% and 29.34% year-on-year [3] - The average selling price of tires decreased by 4.19% to 422.78 yuan per tire, while the gross profit margin remained stable at 27.58% [3] - The report highlights the ongoing global capacity expansion, with production bases established in various countries, including Vietnam and Cambodia, and new projects in Mexico and Indonesia expected to commence by 2025 [3][4] Financial Summary - The projected revenue for 2025-2027 is 36.637 billion, 41.238 billion, and 45.063 billion yuan, with corresponding net profits of 4.237 billion, 5.209 billion, and 5.891 billion yuan, indicating growth rates of 4.28%, 22.95%, and 13.10% respectively [4][6] - The earnings per share (EPS) are forecasted to be 1.29, 1.58, and 1.79 yuan for the years 2025, 2026, and 2027, with price-to-earnings (P/E) ratios of 9.51, 7.73, and 6.84 [4][6] - The company’s gross profit margin is expected to slightly decline to 25.28% in 2025, while the net profit margin is projected to be 11.56% [6]

Core Insights - The company reported significant revenue growth for 2024 and Q1 2025, with revenues of 31.802 billion and 8.411 billion yuan, representing year-on-year increases of 22.42% and 15.29% respectively [1] - The company achieved record tire production and sales in 2024, with production and sales volumes of 74.8111 million and 72.1558 million tires, reflecting year-on-year growth of 27.59% and 29.34% [1] - The company is actively pursuing a global expansion strategy, with ongoing investments in production facilities in various countries, which is expected to enhance its brand value and operational flexibility [4] Financial Performance - For 2024, the company reported a net profit attributable to shareholders of 4.063 billion yuan, a year-on-year increase of 31.42% [1] - In Q1 2025, the net profit attributable to shareholders was 1.039 billion yuan, showing a modest year-on-year growth of 0.47% [1] - The sales gross margin for 2024 was 27.58%, remaining stable compared to the previous year [1] Production and Sales - In Q1 2025, the company produced and sold 19.8833 million and 19.3739 million tires, respectively, with year-on-year growth of 15.25% and 16.84% [2] - The average selling price per tire in Q1 2025 was 4,175.6 yuan, a slight decrease of 0.40% year-on-year, attributed to changes in product mix [2] - The company faced increased raw material costs in Q1 2025, with a 4.51% rise in the prices of key materials [2] Market Trends - The prices of key raw materials have significantly decreased since the beginning of the year, which is expected to alleviate cost pressures in the second quarter [3] - The market share of domestic tire brands is increasing, while the combined market share of major international brands has declined by 2.2 percentage points [3] - The company is leveraging its cost advantages and technological advancements to enhance its competitive position in the global market [3] Strategic Initiatives - The company is expanding its global production capacity with facilities in China, Vietnam, Cambodia, Mexico, and Indonesia, which will support its growth strategy [4] - The company has been actively enhancing its brand value through media partnerships and innovative marketing activities, achieving double-digit growth in brand value for seven consecutive years [4] - Future revenue projections for 2025-2027 are optimistic, with expected revenues of 36.637 billion, 41.238 billion, and 45.063 billion yuan, and net profits of 4.237 billion, 5.209 billion, and 5.891 billion yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][17][53] Core Views - The company has achieved record production and sales volumes in 2024, with a significant increase in revenue and net profit, indicating strong growth potential [7][17] - The company is enhancing its global influence through strategic international expansions and partnerships, particularly in high-end tire segments [13][14][17] - The company is well-positioned to manage tariff impacts and maintain pricing power in the North American market [12][17] Financial Performance Summary - In 2024, the company reported revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit of 4.063 billion yuan, up 31.42% [5][7][19] - For Q4 2024, revenue was 8.174 billion yuan, a year-on-year increase of 17.33%, while net profit decreased by 23.18% year-on-year [6][9] - In Q1 2025, revenue reached 8.411 billion yuan, a year-on-year increase of 15.29%, with net profit slightly up by 0.47% [10][19] 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%, and sales volume of 72.1558 million units, up 29.34% [7][11] - In Q1 2025, the company reported a 16.84% year-on-year increase in self-produced tire sales [10] Strategic Initiatives - The company is actively expanding its production capabilities in overseas markets, including Mexico and Indonesia, to enhance its global footprint [11][17] - Collaborations with high-profile brands, such as Xiaomi, to develop high-performance tires for electric vehicles, are part of the company's strategy to penetrate premium segments [13][14] Future Outlook - The company forecasts revenue growth to 37.810 billion yuan in 2025, with net profit expected to reach 4.612 billion yuan, reflecting continued growth momentum [16][19] - The report anticipates a stable return on equity (ROE) around 20% for the next few years, indicating strong profitability [19]

证券研究报告 | 公司点评 | 汽车零部件 赛轮轮胎(601058) 报告日期：2025 年 04 月 30 日 产销稳健增长，盈利能力彰显韧性 ——赛轮轮胎 24 年及 25Q1 点评 报告导读 公司发布 2024 年报，实现营收 318.0 亿元，同比增 22.42%，实现归母净利润 40.6 亿 元，同比增 31.42%。其中 24Q4 营收 81.7亿元，同比增 17.33%，环比降 3.54%；归母 净利润 8.2 亿元，同比降 23.18%，环比降 25.00%。 公司发布 2025 一季报，实现营收 84.1 亿元，同比增 15.29%，环比增 2.90%；实现归 母净利润 10.4 亿元，同比增 0.47%，环比增 26.79%。 投资要点 ❑ 25Q1 销量同环比增长，盈利能力强劲 24 年公司轮胎产量 7481 万条，同比增 27.59%，其中半钢、全钢、非公路产量同 比分别增 31%、14%、9%。24 年公司轮胎销量 7216 万条，同比增 29.34%。原材 料方面，24年公司主要原材料天然胶、合成胶、钢帘线、炭黑采购价格同比分别 变动+28.23%、+11.57%、-7.42%、- ...

汽车/汽车零部件 赛轮轮胎（601058.SH） 2024 年业绩再创新高，看好公司长期成长空间 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 12.25 | | 一年最高最低(元) | 17.60/11.37 | | 总市值(亿元) | 402.79 | | 流通市值(亿元) | 402.79 | | 总股本(亿股) | 32.88 | | 流通股本(亿股) | 32.88 | | 近 3 个月换手率(%) | 74.01 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 赛轮轮胎 沪深300 数据来源：聚源 相关研究报告 《Q3 业绩符合预期，全球化布局稳步 推 进 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《配套及替换市场双线发力，Q2 业绩 实现同环比增长—公司信息更新报 告》-2024.8.26 《墨西哥项目奠基仪式顺利举行，全 球化布局持续推进—公司信息更新报 告》-2024.5.21 | —— ...

四季度原材料成本承压，毛利率略有下滑。2024 年四季度公司天然橡胶、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/环比分别+21.7%/+7.6%，由于原材料成本上涨导致四季度毛利率 略有下滑，24Q4公司毛利率25.3%，同环比分别-8.3/-2.4pct。同时，由于25 年一季度轮胎销售均价有所 下滑，公司毛利率录得24.7%，环比-0.5pct，其中自产自销轮胎均价环比-2.4%，四项主要原材料综合采 购价格环比-7.9%。 事件：公司发布2024 年年报，2024 年公司实现营业收入318.02 亿元，同比+22.4%；实现归母净利润 40.6 亿元，同比+31.4%；实现扣非后归母净利润39.9 亿元，同比+26.9%。其中，单季度来看，Q4 实现 营业收入81.7亿元，同比/环比+17.3%/-3.5%；实现归母净利润8.2 亿元，同比/环比-23.2%/-25.0%。同时 公司发布2025 年一季报，25Q1 实现营业收入84.1 亿元，同比/环比+15.3%/+2.9%；实现归母净利润10.4 亿元，同比/环比+0.5%/+26.9%。 全球轮胎需求小幅增长，公司产销规模创历史 ...

赛轮轮胎 20250429 摘要 • 赛轮轮胎 2024 年总销量达 7,216 万条，同比增长 29.3%，其中半钢胎增 长 32%，非公路轮胎数量增长 49%。2025 年一季度总销量 1,937 万条， 同比增长 16.8%，受春节影响产量环比略降，但仍保持高位。 • 2024 年公司收入 318 亿元，同比增长 22.4%，归母净利润 40.63 亿元， 同比增长 31.4%。2025 年一季度收入 84.1 亿元，同比增长 15.3%，归 母净利润 10.39 亿元，同比略增，环比增 26.8%。毛利率受原材料价格 上涨影响有所下降。 • 公司 2024 年现金流 22.9 亿，2025 年一季度为负 4 亿，同比减少，主要 因规模扩大及工资奖金支付增加。年度分红计划每股两毛三，加上前三季 度共计每股三毛八，总分红约 12 亿，占全年利润比例 30.76%。 • 公司持续进行产能扩张和全球布局，包括国内外多个工厂投入运营，并有 两个新建工厂预计于今年 5 月、6 月首台下线。同时，注重技术研发，高 附加值产品如巨型轮胎、液体黄金等逐渐形成规模化运营。 • 美国关税政策对轮胎行业产生影响，对乘用车和轻 ...