Investment Rating - The report maintains an "Accumulate" rating for the company [4][9]. Core Views - The company's Q3 2024 performance met expectations, with production and sales remaining at high levels. New expansion projects in locations such as Dongjiakou, Cambodia, Mexico, and Indonesia are progressing smoothly, which is expected to support continued upward momentum in the company's performance [3][9]. - The company achieved a net profit attributable to shareholders of approximately 3.244 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 60.17%. The net profit for Q3 2024 was 1.092 billion yuan, up 11.50% year-on-year [9][11]. - The company is actively managing cost pressures through price increases, with recent adjustments to TBR and PCR product prices ranging from 2% to 5% [9][11]. Financial Summary - The company forecasts EPS for 2024, 2025, and 2026 to be 1.30 yuan, 1.45 yuan, and 1.59 yuan respectively. The target price is set at 19.28 yuan, based on a PE ratio of 14.83 times for 2024 [9][11]. - Revenue for 2024 is projected to be 30.725 billion yuan, with a year-on-year growth of 18.3%. The net profit for 2024 is expected to reach 4.277 billion yuan, reflecting a growth of 38.4% [11][12]. - The company has a total market capitalization of 48.795 billion yuan and a current share price of 14.84 yuan, with a 52-week price range of 10.67 to 17.22 yuan [5][9]. Production and Capacity Expansion - The company is advancing its capacity expansion projects, including the Cambodia Kampot Economic Zone project and increasing the registered capital of its Mexican subsidiary STT from 120 million USD to 240 million USD [9][11]. - The company has achieved record production and sales volumes across its product categories, with total tire sales increasing by over 30% year-on-year [9][11].

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company reported a robust performance in Q3 2024, achieving a revenue of 23.628 billion yuan, a year-on-year increase of 24.28%, and a net profit of 3.126 billion yuan, up 48.96% year-on-year [2]. - The company's tire production and sales volume showed resilience, with a total production and sales of 54.627 million and 53.878 million tires respectively in the first three quarters, marking increases of 30.00% and 31.88% year-on-year [2]. - The company is expanding its global footprint, with significant investments in projects in Cambodia, Mexico, and Indonesia, aimed at enhancing its production capacity and supply chain [3]. Summary by Sections Market Data - The stock code is 601058.SH, with a closing price of 14.71 yuan and a market capitalization of 48.368 billion yuan [1]. Financial Performance - For Q3 2024, the company achieved a revenue of 8.474 billion yuan, a year-on-year increase of 14.82%, and a net profit of 1.074 billion yuan, up 11.37% year-on-year [2]. - The average selling price of tires was 421.15 yuan per tire, a decrease of 4.54% year-on-year, while the gross profit margin was 28.38%, an increase of 2.92 percentage points year-on-year [2]. Production and Sales - The company produced 1,921.63 million tires and sold 1,933.39 million tires in Q3 2024, with production and sales increasing by 5.83% and 7.64% respectively compared to the previous quarter [2]. Global Market Position - Despite increased competition in the global tire market, domestic brands are gaining market share due to their cost-performance advantages, particularly in the U.S. and EU markets [3]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 32.718 billion yuan, 38.428 billion yuan, and 44.135 billion yuan respectively, with net profits expected to be 4.476 billion yuan, 5.263 billion yuan, and 6.097 billion yuan [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company achieved record high production and sales volumes in Q3, with revenue of 84.7 billion yuan, a year-on-year increase of 14.8% and a quarter-on-quarter increase of 7.8% [5][6]. - The company reported a net profit of 10.92 billion yuan in Q3, reflecting a year-on-year increase of 11.5% but a quarter-on-quarter decrease of 2.3% [5][7]. - The increase in revenue and production was driven by improved domestic and international sales channels and capacity growth, with total tire production and sales reaching 54.63 million units, a year-on-year increase of 30% [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 236.3 billion yuan, a year-on-year increase of 24.3%, and a net profit of 32.4 billion yuan, a year-on-year increase of 60.2% [5][6]. - The gross margin improved by 2.92 percentage points to 28.38% due to product structure optimization and maintained product pricing despite rising raw material costs [6][7]. Production and Sales - The company achieved historical highs in the production and sales of all types of tires, with significant contributions from overseas markets and increased capacity utilization in Cambodia [6][7]. - The production and sales of semi-steel tires were particularly strong, benefiting from the company's sales capabilities and product strength [6][7]. Cost and Expenses - Raw material costs increased, with natural rubber, synthetic rubber, and carbon black prices rising by 18%, 21%, and 26% respectively [6][7]. - Despite rising costs, the company managed to keep its expense ratio stable while expanding sales, leading to a net profit margin increase of 2.9 percentage points to 13.96% [6][7]. Future Outlook - The company has ongoing projects in Mexico and Indonesia, which are expected to enhance its competitive edge and contribute to future growth [8]. - The profit forecast for 2024 has been adjusted downwards to 43.1 billion yuan due to fluctuations in raw material prices and domestic demand [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady performance with a revenue of 23.63 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 24%, and a net profit of 3.24 billion yuan, up 60% year-on-year [2][6] - In Q3 2024, the company achieved a revenue of 8.47 billion yuan, a 15% increase year-on-year and an 8% increase quarter-on-quarter, with a net profit of 1.092 billion yuan, up 12% year-on-year but down 2% quarter-on-quarter [2][6] - The company’s production and sales of all-steel, semi-steel, and non-road tires reached historical highs in the first three quarters of 2024, despite facing pressures from increased costs and domestic demand fluctuations [6] - The company is advancing its construction projects, which are expected to enhance its international competitiveness and ensure long-term growth [2][6] Financial Performance Summary - For the first three quarters of 2024, the company produced and sold 54.63 million and 53.88 million tires respectively, marking a year-on-year increase of 30% and 32% [6] - The gross profit margin for the first three quarters improved by 2.92 percentage points to 28.38% [6] - The company’s projected revenues for 2024-2026 are 32.2 billion, 36.3 billion, and 42.9 billion yuan respectively, with year-on-year growth rates of 24%, 13%, and 18% [6][7] - The projected net profits for the same period are 4.3 billion, 5.1 billion, and 6.2 billion yuan, with growth rates of 38%, 20%, and 21% respectively [6][7] Global Expansion and Investment Plans - The company is actively pursuing global expansion, with plans to invest 110 million USD in the construction of the Kampot Economic Zone in Cambodia, aimed at attracting leading companies in the rubber industry [6] - Current projects include a factory in Cambodia with an annual capacity of 12 million semi-steel tires, a construction project in Mexico, and a new facility in Indonesia [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with tire production and sales continuing to rise. The company reported a Q3 tire production of 19.22 million units and sales of 19.33 million units, representing a quarter-on-quarter increase of 5.83% and 7.64% respectively. However, the average price per tire decreased by 5.55% year-on-year to 423 yuan per unit [2][4] - The company announced a cash dividend of 0.15 yuan per share, accounting for 15.21% of the net profit attributable to shareholders for the first three quarters of 2024 [2][4] - The company is optimistic about its long-term growth trajectory, maintaining profit forecasts for 2024-2026 with expected net profits of 4.295 billion, 5.176 billion, and 5.801 billion yuan respectively [4] Summary by Sections Q3 Performance - In Q3 2024, the company achieved revenue of 8.474 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84%. The net profit attributable to shareholders was 1.092 billion yuan, up 11.50% year-on-year but down 2.29% quarter-on-quarter [4] Financial Forecasts - The company forecasts revenue growth from 32.137 billion yuan in 2024 to 45.297 billion yuan in 2026, with a compound annual growth rate of 22.0%. The net profit is expected to grow from 4.295 billion yuan in 2024 to 5.801 billion yuan in 2026, with an EPS of 1.31 yuan in 2024 and 1.76 yuan in 2026 [6][7] Global Expansion - The company plans to invest in the "Cambodia Kampot Economic Zone Project" with a total investment of 111.9 million USD to enhance its global strategy and optimize its supply chain. Additionally, the company is increasing its investment in its Mexican subsidiary to support the construction of a tire production facility [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company's performance in Q3 2024 met expectations, with revenue of 23.628 billion yuan, a year-on-year increase of 24.28%, and a net profit of 3.244 billion yuan, up 60.17% year-on-year. The Q3 revenue was 8.474 billion yuan, reflecting a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [1]. - The company plans to invest 111.9 million USD in the "Cambodia Gombok Economic Zone Project," which aims to attract leading companies in the rubber industry and enhance its global presence [1]. - The company has shown steady growth in production and sales, with Q3 2024 tire production and sales reaching 19.216 million and 19.334 million units, respectively, marking increases of 17.6% and 22.8% year-on-year [1]. - The average tire price in Q3 2024 was 422.7 yuan per unit, with a year-on-year increase of 5.6% [1]. - The report anticipates stable profit growth in the future, supported by capacity release and cost management strategies [1]. Financial Summary - For 2024E, total revenue is projected to be 32.114 billion yuan, with a year-on-year growth rate of 23.6%. The net profit is expected to reach 4.232 billion yuan, reflecting a growth rate of 36.9% [2]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 11.0x, 10.0x, and 8.0x, respectively [2]. - The company’s total assets are expected to grow from 33.726 billion yuan in 2023 to 51.955 billion yuan by 2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown steady revenue growth, with total operating income reaching 23.628 billion yuan, a year-on-year increase of 24.28%, and a net profit attributable to shareholders of 3.244 billion yuan, up 60.17% year-on-year [7] - The company is overcoming cost pressures while increasing production and sales, with tire production and sales in Q3 2024 reaching 19.2163 million and 19.3339 million units, respectively, representing year-on-year increases of 17.61% and 22.81% [7] - The company is actively pursuing global expansion, with significant progress in overseas projects, including the establishment of a factory in Indonesia and plans for a special economic zone in Cambodia [8] - The company is enhancing its research and development efforts, with R&D expenses of 737 million yuan in the first three quarters of 2024, and is expanding its product offerings to various domestic and international automotive manufacturers [8] - The earnings forecast for the company has been revised upward, with expected EPS for 2024, 2025, and 2026 at 1.31 yuan, 1.58 yuan, and 1.82 yuan, respectively, reflecting strong growth potential [9] Summary by Sections Financial Performance - In Q3 2024, the company achieved an operating income of 8.474 billion yuan, a year-on-year increase of 14.82%, and a net profit of 1.092 billion yuan, up 11.50% year-on-year [7] - The average price of tire products decreased by 5.55% year-on-year due to changes in product structure, while the company plans to adjust prices upward by 3%-5% starting November 1, 2024 [7] Global Expansion - The company is making strides in its global strategy, with the foundation ceremony for its factory in Indonesia held in September 2024 and plans to lease land in Cambodia for a special economic zone [8] - The registered capital of the company's Mexican subsidiary has been increased to support the production of 6 million semi-steel radial tires annually [8] Research and Development - The company invested 737 million yuan in R&D in the first three quarters of 2024, with a focus on product technology upgrades and market promotion [8] - The company has successfully entered the supply chain of several domestic and international automotive brands, including BYD and Chery [8] Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 at 1.31 yuan, 1.58 yuan, and 1.82 yuan, respectively, with corresponding PE ratios of 11.27, 9.33, and 8.08 [9]

当前价格（元） 14.71 总市值（百万） 48,367.95 2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 贾冰 S0350524030003 jiab@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 三季度扣非归母净利润创历史新高，拟对墨西哥 控股子公司增资 ——赛轮轮胎（601058）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 29 日，赛轮轮胎发布 2024 年三季度报告：2024 年前三季 度公司实现营业收入 236.28 亿元，同比增长 24.28%；实现归属于上市 公司股东的净利润 32.44 亿元，同比增长 60.17%；加权平均净资产收益 率为 18.69%，同比增加 3.05 个百分点。销售毛利率 28.38%，同比增加 2.92 个百分点；销售净利率 ...

晚上好然后欢迎参加赛轮轮胎三季度的交流电话会然后公司也是在今天下午公告了整个三季度的一个经营情况整体前三季度的话整个收入也是实现了同比24%以上的增长然后规模经历润大概是32.4个亿然后单三季度的话整个从销量包括收入的位置来看也是再度创了新高然后整个经历润的话也是在接近11个亿 当然环境有点危险主要也是受到这个原材料包括这个还有一些这个费用上面的一些这个影响吧然后今天的话我们也是有先邀请到这个公司的总编李总好远为大家就整个三季度的一个情况包括前三季度整体的一个经营状况做一个这个交流然后后续的话看各位领导有任何的问题可以再做这个后续的沟通 好的 各位领导晚上好感谢大家对三联的关注也感谢深化化工团队提供这个机会我想先简单把三级报的一些基本的情况给各位领导汇报一下然后再进入交流整个我们1到9月份实验收入是236.3亿同比增长是24.3% 那么其中全钢、半钢和非公路那么三类产品的话这个收入都是同比实现了一个增长那么单看第三季度呢收入是84.7亿那么同比增长是15%黄比这个第二季度呢也是增长了6个多亿吧普通话接近8%因为这个第二季度呢也是当时创了一个历史新高吧那么当时是收入是78.6那么今年第三季度呢 那么比这个还还是 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.71 CNY per share [2][3]. Core Views - The company reported a robust performance in Q3 2024, achieving a revenue of 23.628 billion CNY, a year-on-year increase of 24.28%, and a net profit attributable to shareholders of 3.244 billion CNY, up 60.17% year-on-year [2][3]. - The company's global capacity expansion is progressing steadily, with a focus on non-highway tire markets and the innovative "Liquid Gold" tire technology enhancing brand strength and market competitiveness [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 23.628 billion CNY, with Q3 revenue at 8.474 billion CNY, reflecting a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [2]. - The net profit attributable to shareholders for the first three quarters was 3.244 billion CNY, with Q3 net profit at 1.092 billion CNY, showing a year-on-year increase of 11.50% [2][3]. - The company’s gross profit margin for Q3 2024 was 27.69%, slightly down from the previous year due to rising raw material costs [2][3]. Market Position and Strategy - The company has a production capacity exceeding 70 million tires, with facilities in multiple locations including Qingdao, Dongying, and overseas in Vietnam and Cambodia [2][3]. - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and enhancing safety and energy efficiency, which has positively impacted sales [3][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 33.148 billion CNY, 36.521 billion CNY, and 41.900 billion CNY respectively, with net profits expected to reach 4.256 billion CNY, 4.950 billion CNY, and 5.861 billion CNY [4][5]. - The report anticipates an EPS of 1.29 CNY for 2024, with a PE ratio of 11, indicating strong growth potential [3][4].