Core Viewpoint - The report from Zhongyin Securities highlights the comprehensive global capacity layout of Sailun Tire, emphasizing the construction of product barriers through core technologies such as "liquid gold" tires and off-road tires, which are expected to drive revenue and performance growth through enhanced overseas production capacity and product value addition [1] Group 1: Production Capacity - The company has established four production bases in China: Qingdao, Dongying, Shenyang, and Weifang, along with overseas production bases in Vietnam and Cambodia, and is currently building a base in Egypt [1] - By mid-2025, the company plans to achieve an annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of off-road tires, with overseas bases contributing 9.75 million all-steel tires, 49 million semi-steel tires, and 137,000 tons of off-road tires [1] Group 2: Product Strategy - The off-road tires and "liquid gold" technology create a strong product barrier, while the dual-driven approach of research and marketing enhances brand influence [1] - The company is optimistic about its diversified overseas base layout and varied product structure, leading to a positive outlook on its growth potential [1]

2020-2025年1-10月中国橡胶轮胎外胎产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：玲珑轮胎（601966）,三角轮胎（601163）,赛轮轮胎（601058）,贵州轮胎（000589）,风神股 份（600469）,青岛双星（000599）,通用股份（601500）,S佳通（600182） 相关报告：智研咨询发布的《2025-2031年中国橡胶轮胎外胎行业市场分析研究及产业趋势研判报告》 根据国家统计局数据显示：2025年10月中国橡胶轮胎外胎产量为9795万条，同比下降2.5%；2025年1-10 月中国橡胶轮胎外胎累计产量为99642.1万条，累计增长1%。 ...

Investment Rating - The report assigns a "Buy" rating to the company, with an initial coverage date of December 24, 2025 [1][3]. Core Views - The company, Sailun Tire, is recognized for its global capacity layout and continuous enhancement of product and brand strength. The company has established a comprehensive global production capacity and R&D system, positioning itself as a leading player in the domestic tire industry [3][17]. - The report highlights the company's strategic focus on overseas production bases, which are expected to drive revenue and performance growth through enhanced product value and capacity release [3][5]. Summary by Relevant Sections Financial Performance - The company is projected to achieve net profits of RMB 3.769 billion, RMB 4.815 billion, and RMB 5.600 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 1.15, RMB 1.46, and RMB 1.70. The PE ratios are expected to be 15.2x, 11.9x, and 10.2x for the same years [5]. - The company's revenue is forecasted to grow from RMB 25.978 billion in 2023 to RMB 41.876 billion by 2027, reflecting a compound annual growth rate (CAGR) of 18.6% from 2023 to 2024 and 22.4% from 2024 to 2025 [7]. Market Position and Strategy - Sailun Tire is the first private tire company listed on the A-share market and has established overseas production bases in Vietnam and Cambodia, with ongoing projects in Egypt. The company aims to leverage cost advantages and mitigate trade risks through its global production strategy [8][18]. - The global tire market is projected to exceed USD 190 billion in 2023, with a steady growth rate of 4.15% CAGR from 2020 to 2024. The company is positioned to capture a larger market share as domestic brands increase their presence in the global market [11][41]. Product Development and Innovation - The company has developed a high-performance product known as "Liquid Gold" tire, which addresses long-standing industry challenges. This innovation is expected to enhance the company's product competitiveness and brand influence [8][17]. - The non-road tire segment is experiencing rapid growth, driven by increasing demand in mining and infrastructure sectors. The global non-road tire market is expected to grow from USD 34.4 billion in 2024 to USD 43.8 billion by 2029, with a CAGR of 4.9% [8][12]. Capacity Expansion - As of 2025, the company plans to achieve an annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of non-road tires, with significant contributions from overseas bases [20][23]. - The company has successfully expanded its production capacity through strategic acquisitions and the establishment of new facilities, which have significantly contributed to revenue growth [24][25].

证券日报网讯12月23日，赛轮轮胎（601058）在互动平台回答投资者提问时表示，公司坚持全球化战略 布局，目前公司出口到欧盟的订单基本都已转移到公司位于海外的工厂生产及发货，欧盟对中国轮胎的 双反政策落地预计不会对公司订单产生不利影响。公司将密切关注相关双方调查的进展。 ...

这些项目，呈现投资规模大、产能高、领域广的特点。 轮胎世界网对今年具有代表性的十大新项目，进行了盘点。 据统计，这十大新项目的总投资额，超过240亿元。 迈世嘉 1月，山东迈世嘉橡胶科技有限公司"高端轮胎项目"建设工程设计方案，进行公示。 该项目总投资30亿元，设计年产能超1100万套各类轮胎。 5月份，这个项目，在平度市明村镇开工。 福麦斯 3月12日，福麦斯"年新增1200万套半钢胎项目"，正式备案。 2025年，全国各地轮胎项目密集推进。 其总投资15.7亿元，位于山东省寿光市羊口镇。 目前，项目一期工程已经建设完成。 骏驰轮胎 4月9日，骏驰轮胎高性能轮胎项目，在福建漳州云霄县开工。 此项目总投资15亿元，用地面积约250亩。 建成后，可年产全钢胎135万套、工程胎15万套。 建大橡胶 6月，建大橡胶（天津）全钢胎扩建项目，正式启动。 该项目投资24.5亿元，设计年产能为210万条。 君乐轮胎 8月14日，威海君乐轮胎"年产220万条高性能全钢胎扩建项目"，完成备案。 赛轮轮胎 9月，安徽冠祺轮胎有限公司轮胎制造项目，完成签约。 这个项目总投资50亿元，位于蚌埠市怀远县。 通益橡胶 10月10日，山东 ...

赛轮轮胎（601058.SH）12月23日在投资者互动平台表示，公司坚持全球化战略布局，目前公司出口到 欧盟的订单基本都已转移到公司位于海外的工厂生产及发货，欧盟对中国轮胎的双反政策落地预计不会 对公司订单产生不利影响。公司将密切关注相关双反调查的进展，感谢您对公司的关注。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：目前欧盟双反调查有了一定进展，而公司国内的产能 是多少是对欧盟出口的？以及如果未来欧盟双反实际，公司的应对策略是怎么样？目前进展如何？ ...

Core Viewpoint - The article discusses the valuation challenges faced by various industries in the A-share market, highlighting that despite global competitiveness, many sectors are undervalued due to market dynamics and investor behavior [1][10]. Group 1: Industry Valuations - Home Appliances: Midea (13x), Haier (12.3x), Hisense (12.73x) [1] - Engineering Machinery: Sany (23.6x), XCMG (20x), Zoomlion (17x) [2] - Forklifts: Hangcha (16x), Heli (14x) [2] - Tires: Zhongce (12x), Sailun (16x), Senqilin (14x) [2] - Heavy Trucks: China National Heavy Duty Truck (12x) [2] Group 2: Market Dynamics - The industries mentioned are characterized by low-frequency consumption and strong cyclicality, leading to fluctuating performance and valuations based on government subsidies and market conditions [1][2]. - The article suggests that a P/E ratio around 15x is reasonable for stable growth industries, providing a risk premium over ten-year government bonds [1][2]. Group 3: Investment Behavior - Institutional investors hold significant pricing power in these markets, making it challenging for individual investors to influence valuations [1][2]. - The article emphasizes that high expectations can lead to investment disasters, and that long-term returns may be better for established companies despite their low valuations [3][10]. Group 4: Valuation as an Incentive Mechanism - Valuation is described as an incentive mechanism that reflects market competition and societal evolution, where higher valuations encourage innovation and investment in growth sectors like technology [4][5][6]. - Conversely, traditional industries with stable earnings often receive lower valuations due to a lack of societal encouragement for new investments [7][10]. Group 5: Global Comparisons - The article notes that mature manufacturing companies globally, such as Toyota and Caterpillar, also exhibit low valuation multiples, indicating a broader trend beyond the A-share market [14][15][16].

Investment Rating - The report maintains an "Optimistic" rating for the chemical industry [3][4]. Core Insights - The chemical industry is expected to experience a restructuring in the spandex sector, with a potential upward trend in market conditions. The EU has decided not to impose anti-dumping measures on Chinese tires, which does not alter the competitive advantages for companies expanding overseas [3][4]. - The report highlights the macroeconomic conditions affecting the chemical sector, including stable oil prices, easing pressures in the coal market, and potential reductions in natural gas import costs due to increased export facility construction in the U.S. [3][4]. - The report suggests focusing on specific companies within the spandex, tire, and agricultural chemical sectors, indicating a positive outlook for companies like Huafeng Chemical, Xinxiang Chemical Fiber, and SaiLun Tire [3][4]. Summary by Sections Chemical Macro Judgment - Oil supply is tightening due to OPEC+ production delays and peak shale oil output, while demand is stabilizing with global economic improvements. Brent oil prices are expected to remain in the range of $55-70 per barrel [3][4]. - Coal prices are anticipated to stabilize at a low level, and natural gas costs may decrease as the U.S. accelerates its export infrastructure [3][4]. Spandex Industry Outlook - The spandex industry is currently operating at an 84% utilization rate, with a significant price gap remaining at historical lows. The report anticipates a recovery in market conditions as outdated capacities are phased out [3][4]. - Companies to watch include Huafeng Chemical, Xinxiang Chemical Fiber, and Taihe New Materials [3][4]. Tire Industry Insights - The EU's decision to delay anti-dumping measures on Chinese tires is seen as a positive for companies like Sailun Tire and Zhongce Rubber, as it allows for safer procurement from Southeast Asia or overseas bases [3][4]. - The report emphasizes the importance of global supply chain strategies in light of changing trade barriers [3][4]. Investment Recommendations - The report recommends a diversified investment approach across various chemical sectors, including textiles, agricultural chemicals, and export-oriented products, highlighting specific companies for potential investment [3][4]. - Key materials for growth are identified, including semiconductor materials and OLED panel materials, with specific companies suggested for each category [3][4].

证券日报网讯12月19日晚间，赛轮轮胎（601058）发布公告称，公司于2025年12月19日召开2025年第二 次临时股东大会，选举产生3名非独立董事和3名独立董事，与职工代表大会选举产生的1名职工代表董 事共同组成第七届董事会；同日召开第七届董事会第一次会议，选举刘燕华女士为董事长，并聘任谢小 红先生为总裁，耿明先生为常务副总裁、财务总监，李吉庆先生为董事会秘书，李豪先生为证券事务代 表，任期均自董事会审议通过之日起三年。 ...

（文章来源：证券日报） 证券日报网讯 12月19日晚间，赛轮轮胎发布公告称，公司第七届董事会第一次会议审议通过《关于选 举第七届董事会专门委员会委员的议案》等多项议案。 ...