公司研 究 证 券研究 报 告 轮胎 2024年04月27日 赛 轮轮胎（601058）2023年报及 2024年一季报点评 强 推 （维持） 目标价：21.92元 高盈利水平延续，持续发力提升品牌影响力 当前价：16.50元 华创证券研究所  事件：1）公司2023年实现营收259.78亿元，同比+18.61%；实现归母净利润 30.91亿元，同比+132.07%；实现扣非后净利润31.46亿元，同比+135.64%。 证券分析师：杨晖 其中，Q4 公司实现营收 69.67 亿元，同比/环比分别+34.38%/-5.61%；实现归 母净利润10.66亿元，同比/环比分别+299.26%/+8.78%。2）公司2024Q1实现 邮箱：yanghui@hcyjs.com 营收 72.96 亿元，同比/环比分别+35.84%/+4.72%；实现归母净利润 10.34 亿 执业编号：S0360522050001 元，同比/环比+191.19%/-3.00%。3）2023 年度公司拟每股派发现金红利 0.17 证券分析师：郑轶 元（含税），现金分红共计5.59亿元。同时，公司提请股东大会授权董事会制 定和实施202 ...

赛轮轮胎（601058.SH）2023年年报&2024年一季报点评 业绩持续高速增长，优异的成长性和领先的产品力奠定公司龙头地位 2024年04月27日 ➢ 事件： 2024年4月26日，公司发布2023年报&2024年一季报：（1） 推荐 维持评级 2023 年实现营业收入 259.78 亿元，yoy+18.61%；实现归母净利润 30.91 亿 当前价格： 16.50元 元，yoy+132.07%；扣非净利润31.46亿元，yoy+135.64%。（2）2023Q4实 现营收69.67亿元，yoy+34.38%，qoq-5.61%；实现归母净利润10.66亿元， [Table_Author] yoy+299.26%，qoq+8.86%；扣非净利润 10.48 亿元，yoy+312.76%， qoq+8.60%。（3）2024Q1实现营收72.96亿元，yoy+35.84%，qoq+4.72%； 实现归母净利润 10.34 亿元，yoy+191.19%，qoq-3.06%；扣非净利润 10.15 亿元，yoy+176.54%，qoq-3.13%。 ➢ 在建产能持续落地，公司业绩保持成长性。公司目前规划了越南 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in Q1, with a year-on-year increase in revenue and net profit, indicating robust profitability and growth potential [5] - The company is expanding its global footprint with new production facilities in Indonesia, Cambodia, and Mexico, which is expected to drive long-term growth [7] - The demand for tires is recovering, and the company's market share in the global tire market is steadily increasing, supporting a positive outlook for future performance [5][6] Financial Performance Summary - In 2023, the company achieved revenue of 25,978 million yuan, a year-on-year increase of 18.61%, and a net profit of 3,091 million yuan, up 132.07% [5] - For Q1 2024, the company reported revenue of 7,296 million yuan, a year-on-year increase of 35.84%, and a net profit of 1,034 million yuan, up 191.19% [5] - The projected net profits for 2024-2026 are 3,459 million yuan, 3,859 million yuan, and 4,749 million yuan, respectively, with corresponding EPS of 1.05, 1.17, and 1.44 yuan [5][8] Market and Operational Insights - The company sold 16.58 million tires in Q1 2024, an increase of 11.05% from Q4 2023, although the average price per tire decreased by 5.06% [6] - The prices of key raw materials remained stable, with a slight year-on-year increase of 1.72% and a quarter-on-quarter decrease of 1.06% [6] - The company has planned production capacity expansions totaling 26 million radial tires and 1.03 million non-road tires, which are expected to enhance its competitive advantage [7]

证 券 2024 年 04 月 27 日 研 究 2023 年报及 2024 年一季报点评，产销高增+品 报 牌提升助力长期成长 告 —赛轮轮胎（601058.SH）公司事件点评报告 买入(维持) 事件 分析师：张伟保 S1050523110001 赛轮轮胎发布 2023 年年度报告，实现收入 259.78 亿元，同 zhangwb@cfsc.com.cn 比增长 18.61%，实现归母净利润 30.91 亿元，同比增长 联系人：刘韩 S1050122080022 132%；其中 2023Q4 单季度实现收入 69.67 亿元，同比增长 liuhan@cfsc.com.cn 34.38%，环比下降 5.61%，实现归母净利润 10.66 亿元，同 比增长299%，环比增长8.86%。 基本数据 2024-04-26 赛轮轮胎发布 2024 年一季度报告，实现收入 72.96 亿元，同 当前股价（元） 16.5 比增长 35.84%，环比增长 4.72%，实现归母净利润 10.34 亿 总市值（亿元） 543 元，同比增长 191%，环比下降3.06%。 总股本（百万股） 3288 流通股本（百万股） 3288 ...

关于赛轮集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、专项审计报告 2、附表 委托单位：赛轮集团股份有限公司 审计单位：中兴华会计师事务所（特殊普通合伙） 联系电话：010-51423818 赛轮集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项说明 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 一、专项说明 二、附表 附表 2 关于赛轮集团股份有限公司 2023 年度非经营性资金占用及其他关联资金往来情况表 单位：元 | 非经营性资 | 资金占用 | 占用方与 上市公司 | 上市 公司 核算 | 2023 | 年期初占 | 2023 年度占用 | 2023 年度占 | 2023 年度偿还 | 2023 | 年期末占 | 占用形 | 占用性 | | --- | --- | --- | --- | -- ...

2024 年第一季度报告 证券代码：601058 证券简称：赛轮轮胎 赛轮集团股份有限公司 2024 年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人刘燕华、主管会计工作负责人耿明及会计机构负责人（会计主管人员）杜淑洁保证季 度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | 项目 | 本报告期 | 本报告期比上年同期 增减变动幅度(%) | | | --- | --- | --- | --- | | 营业收入 | 7,295,783,650.36 | 35.84 | | | 归属于上市公司股东的净利润 | 1,033,697,939.04 | 191.19 | | | 归属于上市公司股东的扣除非经常性损益的 净利润 | 1,014,867,761.74 | 1 ...

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 0.17 CNY per share (including tax) for the 2023 fiscal year, with no stock dividends or capital reserve transfers [6]. - The board of directors has authorized the management to develop and implement a cash dividend plan for the first half of 2024, subject to relevant conditions [6]. - The company has maintained a commitment to regular cash dividends to allow investors to share in its operational success [6]. - The company proposed a cash dividend of 1.7 yuan per 10 shares for 2023, amounting to a total cash dividend of 1,205.99 million yuan, which represents 39.01% of the net profit attributable to shareholders [47]. - The total amount of cash dividends, including share buybacks, was approximately 1.21 billion yuan, representing 39.01% of the net profit attributable to ordinary shareholders [186]. Financial Performance - The company's operating revenue for 2023 reached ¥25.98 billion, an increase of 18.61% compared to ¥21.90 billion in 2022 [23]. - Net profit attributable to shareholders was ¥3.09 billion, representing a significant increase of 132.07% from ¥1.33 billion in 2022 [23]. - The basic earnings per share rose to ¥1.01, up 129.55% from ¥0.44 in the previous year [24]. - The weighted average return on equity increased to 23.35%, up 11.56 percentage points from 11.79% in 2022 [24]. - The net cash flow from operating activities was ¥5.31 billion, a 141.63% increase from ¥2.20 billion in 2022 [23]. - Total assets at the end of 2023 were ¥33.73 billion, a 13.75% increase from ¥29.65 billion at the end of 2022 [23]. - The company reported a net asset value attributable to shareholders of ¥14.85 billion, up 21.55% from ¥12.22 billion in 2022 [23]. Market and Production Insights - The company experienced a significant recovery in domestic tire market demand in 2023, with improved production capacity utilization [33]. - In 2023, the company produced 58.64 million tires, a year-on-year increase of 35.71%, and sold 55.79 million tires, up 27.07% year-on-year [34]. - The company achieved operating revenue of 25.978 billion yuan, representing an 18.61% year-on-year growth, and a net profit attributable to shareholders of 3.091 billion yuan, which is a 132.07% increase year-on-year [34]. - The company is expanding its non-road tire production capacity, with significant upgrades at its Qingdao and Weifang factories, aiming for an annual production capacity of 100,000 tons of non-road tires [38]. - The company is accelerating its global strategy, with new investments in Cambodia and plans for joint ventures in Mexico and Indonesia, targeting a total production capacity of 26 million radial tires annually [39]. Innovation and Technology - The company successfully developed the "Liquid Gold Tire," addressing the industry's challenges in optimizing rolling resistance, wet grip, and wear resistance, and received the China Industrial Award for this innovation [34]. - The Liquid Gold Tire has been tested and recognized by multiple automotive companies, contributing to improved performance in various high-end models, including electric trucks [36]. - The company's digital transformation project received the highest level AAA certification from the Ministry of Industry and Information Technology, indicating a deep integration of information technology and industrialization [44]. - The "橡链云" industrial internet platform achieved over 99% connectivity of devices, with an annual data collection increase of over 4.5 billion entries [45]. - The company has established a global R&D system with centers in multiple countries, enhancing its technological capabilities [61]. Environmental and Sustainability Initiatives - The company aims to increase the sustainable materials content in tire products to 40% by 2030 and 100% by 2050, with a 30% reduction in energy consumption and carbon emissions per product by 2030 [50]. - The liquid gold tire product reduces carbon emissions by 39% for buses and 27% for passenger cars compared to standard tires over their entire lifecycle [49]. - The company has invested approximately 49.05 million yuan in environmental protection during the reporting period [192]. - The company operates pollution control facilities that are functioning normally, including bag dust collectors and wastewater treatment systems [195]. - The company has completed environmental impact assessments and obtained environmental management system certification, valid until May 29, 2025 [196]. Governance and Compliance - The company has ensured that all board members can guarantee the authenticity, accuracy, and completeness of the annual report [8]. - The company has established a comprehensive internal audit system to ensure compliance and risk management, covering key areas such as production safety and anti-fraud measures [136]. - The company has implemented measures to maintain the independence of its assets, personnel, and operations from its controlling shareholders [147]. - The company has revised several internal control and decision-making rules to enhance governance and compliance [150]. - The company has not faced any penalties from securities regulatory authorities in the past three years [165]. Employee and Management Insights - The company reported a total of 18,155 employees, with 3,217 in the parent company and 14,938 in major subsidiaries [177]. - The employee composition includes 13,636 production personnel, 636 sales personnel, 2,539 technical personnel, 213 financial personnel, and 1,131 administrative personnel [177]. - The compensation policy combines base salary and performance bonuses, linked to KPI indicators to enhance employee motivation [179]. - The company plans to implement an employee stock ownership plan to improve governance and employee engagement [175]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 16.6402 million yuan [162].

2、轮胎贸易 公司除自产自销轮胎产品外，还通过子公司经销公司合并范围外的其他企业 生产的轮胎产品。2024 年第一季度公司轮胎贸易收入为 21,728.19 万元。 二、主要产品和原材料的价格变动情况 证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-044 赛轮集团股份有限公司 2024 年第一季度主要经营数据公告 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。 根据《上海证券交易所上市公司行业信息披露指引第十三号——化工》（2022 年修订）要求，赛轮集团股份有限公司（以下简称"公司"）现将 2024 年第一 季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 1、自产自销轮胎产品 | 主要产品 | 产量（万条） | | 销量（万条） | | 收入（万元） | | --- | --- | --- | --- | --- | --- | | 轮胎 | | 1,725.27 | | 1,658.17 | 695,195.02 | 1、主要产品的价格变动情况 2024 年第一季度公司轮胎产品的价 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-043 赛轮集团股份有限公司 2023 年第四季度主要经营数据公告 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。 根据《上海证券交易所上市公司行业信息披露指引第十三号——化工》（2022 年修订）要求，赛轮集团股份有限公司（以下简称"公司"）现将 2023 年第四 季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 1、自产自销轮胎产品 | 主要产品 | 产量（万条） | | 销量（万条） | | 收入（万元） | | | --- | --- | --- | --- | --- | --- | --- | | 轮胎 | | 1,661.59 | | 1,493.14 | | 659,370.70 | 2、轮胎贸易 公司除自产自销轮胎产品外，还通过子公司经销公司合并范围外的其他企业 生产的轮胎产品。2023 年第四季度公司轮胎贸易收入为 20,911.81 万元。 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 2023 年第四 ...

赛轮集团股份有限公司 2023 年度内部控制评价报告 赛轮集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度 ...