天眼查资料显示，赛轮集团股份有限公司，成立于2002年，位于青岛市，是一家以从事橡胶和塑料制品 业为主的企业。企业注册资本328810.0259万人民币。通过天眼查大数据分析，赛轮集团股份有限公司 共对外投资了12家企业，参与招投标项目117次，财产线索方面有商标信息202条，专利信息2015条，此 外企业还拥有行政许可43个。 专利摘要显示，本实用新型提供了一种轮胎胎面结构及具有其的轮胎。其中，轮胎胎面结构的多个纵向 沟槽沿轮胎的周向延伸，并沿轮胎的宽度方向间隔设置，以将胎面分隔为胎肩花纹部和多个中间花纹 部；轮胎胎面结构具有面积 S1，轮胎与行驶面的接触部分具有面积 S2，多个纵向沟槽的总面积为 S3， 面积 S1、面积 S2 及总面积 S3 之间满足：0.68S1≤S2≤0.74S1，0.21S1≤S3≤0.23S1；第一凹部，设置在胎 肩花纹部上，第一凹部包括相互连通的第一子凹部和第二子凹部，第一子凹部相对于第二子凹部靠近中 间花纹部设置；其中，第一子凹部的深度小于第二子凹部的深度，以使二者的连接处形成台阶面。本实 用新型有效地解决了现有技术中轻型载重汽车的轮胎无法兼顾操控性、舒适性及长里程的技术问题 ...

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]

Group 1 - The article highlights a growing trend of older women, particularly those over 55, engaging in self-driving travel, marking a shift in traditional travel demographics [1][9][10] - The self-driving market in China has historically been male-dominated, with two-thirds of the 480 million license holders being men [5][4] - The narrative emphasizes the empowerment of women like Chen Yumei, who, after learning to drive, embark on their first self-driving journeys, exploring new landscapes and experiences [10][11][12] Group 2 - The article discusses the challenges faced by these new female drivers, including traffic congestion and physical fatigue during long trips, which can disrupt travel plans [18][21][23] - It also addresses the importance of vehicle maintenance, particularly tire performance, in ensuring safety and comfort during self-driving adventures [25][26][32] - The introduction of innovative tire technology, such as the "liquid gold" tires, is presented as a solution to common issues faced by self-driving travelers, enhancing safety and fuel efficiency [27][32][34]

Core Viewpoint - The financial performance of major Chinese tire companies, including Sailun, Linglong, and Triangle, shows significant divergence in 2024, with Sailun and Linglong experiencing substantial growth in revenue and net profit, while Triangle faced declines in both revenue and profit [2][4][8]. Financial Performance Summary - **Sailun Tire**: - Revenue reached 31.802 billion yuan, up 22.4% year-on-year - Net profit was 4.063 billion yuan, a 31.4% increase - R&D expenses amounted to 1.013 billion yuan, a 20.8% increase [3][4][6][8] - **Linglong Tire**: - Revenue was 22.058 billion yuan, growing by 9.4% - Net profit reached 1.752 billion yuan, up 26% - R&D expenses totaled 920 million yuan, a 12.97% increase [3][4][7][8] - **Triangle Tire**: - Revenue fell to 10.156 billion yuan, down 2.55% - Net profit decreased to 1.103 billion yuan, a decline of 21.03% - R&D expenses were 150 million yuan, a 6% increase [3][4][8] Market Trends and Challenges - The global tire market is expanding, driven by the recovery of the automotive industry, with a total global tire sales volume of 1.856 billion units in 2024, a 1.86% increase year-on-year [4][12] - The domestic tire market saw a total production of 847 million units, up 7.8% year-on-year [4] - The industry is facing challenges from rising raw material prices, particularly natural rubber and synthetic rubber, which increased by 30% and 19% respectively [7][11] Q1 2025 Performance - **Sailun**: - Revenue for Q1 2025 was 8.411 billion yuan, a 15.28% increase year-on-year - Net profit was 1.039 billion yuan, a slight increase of 0.47% [9][10] - **Linglong**: - Q1 revenue reached 5.697 billion yuan, up 12.92% - Net profit fell to 341 million yuan, down 22.78% [9][10] - **Triangle**: - Q1 revenue was 2.244 billion yuan, down 5.92% - Net profit decreased significantly to 166 million yuan, a decline of 43.54% [9][11] Strategic Developments - Sailun is enhancing its digital and intelligent manufacturing capabilities, establishing a comprehensive digital ecosystem to improve production efficiency and reduce costs [6][8] - Linglong is expanding its global footprint with new factories in Brazil and Serbia, aiming to strengthen its international competitiveness [14] - Triangle is also investing in digital transformation to improve operational efficiency despite facing significant challenges [7][11]

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 | —— ...

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.