赛轮集团股份有限公司 柬埔寨贡布经济特区项目 可行性研究报告 2024 年 10 月 | | | | 第一章 总 论 | | --- | | 1.1 项目名称与建设单位 | | 1.2 项目概况 . | | 1.3 项目编制依据 . | | 1.4 研究结论 . | | 第二章 项目建设的背景与必要性. | | 2.1 项目建设背景 . | | 2.2 项目建设必要性 | | 第三章 项目市场分析 | | 3.1 轮胎市场发展规模及趋势 | | 3.2 东南亚轮胎市场发展规模及趋势 11 | | 3.3 橡胶行业化工新材料及废旧橡胶回收处理市场分析 .. 15 | | 3.4 经济特区市场分析 . | | 第四章 建设地点及投资环境分析 21 | | 4.1 项目建设地点 . | | 4.2 自然条件 21 | | 4.3 外部配套条件 22 | | 4.4 投资环境分析 22 | | 第五章 环境影响评价. | | 5.1 环境影响评价标准 . | | 5.2 项目环境影响分析 . | | 5.3 环境保护措施 . | | --- | | 5.4 生态影响 | | 5.5 环境影响评价 . | | 第六章 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-092 2、《2024 年前三季度利润分配方案》 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每股派 发现金红利0.15元（含税）。截至2024年10月29日，公司总股本为3,288,100,259 股，以此计算预计合计派发现金红利 493,215,038.85 元（含税），占公司 2024 年前三季度归属于上市公司股东的净利润的 15.21%。本次利润分配不送红股， 也不进行资本公积金转增股本。 与会监事发表意见如下：经审核，我们认为公司《2024 年前三季度利润分 配方案》充分考虑了公司现阶段经营发展需要及资金需求等因素，兼顾公司未来 发展和股东投资回报，不存在损害公司股东特别是中小股东利益的情形。同意公 司《2024 年前三季度利润分配方案》。 1、《2024 年第三季度报告》 与会监事发表意见如下：经审核，我们认为公司编制和审议《2024 年第三 度报告》的程序符合中国证券监督管理委员会、上海证券交易所相关法律法规的 要求，报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假记 载、误导性陈述或者重大遗漏。 ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-090 赛轮集团股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 本次被担保人名称：赛轮香港 本次担保金额及已实际为其提供担保的余额：公司本次为赛轮香港提供 4,000万美元（折合人民币2.85亿元）连带责任担保，包含本次担保在内，公司 已实际为赛轮香港提供38.69亿元连带责任担保。 特别风险提示：公司及控股子公司预计年度对外担保总额为228亿元，截 至本公告披露日实际发生担保额为176.87亿元，分别占公司最近一期经审计净资 产的153.50%、119.08%；公司对资产负债率超过70%的全资子公司实际发生担保 额为93.97亿元，占公司最近一期经审计净资产的63.27%。请广大投资者充分关 注担保风险。 一、担保情况概述 2023 年 12 月 13 日，赛轮集团股份有限公司（以下简称"公司"或"赛轮 集团"）召开第六届董事会第十次会议，审议通过了《关于 2024 年度预计对外 担保的议案》，同意公司 ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-089 赛轮集团股份有限公司 关于提供担保的进展公告 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、担保情况概述 2023 年 12 月 13 日，赛轮集团股份有限公司（以下简称"公司"或"赛轮 集团"）召开第六届董事会第十次会议，审议通过了《关于 2024 年度预计对外 担保的议案》，同意公司为控股子公司提供总额不超过 121 亿元（若未特别标注 币种，则为人民币）担保（含正在执行的担保），其中为资产负债率超过 70%的 控股子公司提供总额不超过 100 亿元担保（含正在执行的担保）；同意相关控股 子公司为公司提供总额不超过 76 亿元担保（含正在执行的担保）；同意相关控 股子公司之间为对方提供总额不超过 20 亿元担保（含正在执行的担保）。上述 事项亦经公司 2023 年 12 月 29 召开的 2023 年第二次临时股东大会审议通过。 2024 年 4 月 27 日，为满足公司及控股子公司日常生产经营需要，公司召开 第六届董事会第十六次会议，审议 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [6][7]. Core Insights - The company reported record high tire sales in Q3 2024, with total tire sales exceeding 53.11 million units, reflecting a year-on-year growth of over 30%. Q3 sales alone reached over 18.57 million units, marking an 18% increase year-on-year [6][7]. - The company's net profit for the first three quarters of 2024 is projected to be between 3.21 billion and 3.28 billion yuan, representing a year-on-year increase of 58.5% to 62%. The net profit for Q3 is estimated at 1.059 billion to 1.129 billion yuan, with a year-on-year growth of 11.7% [6][7]. - The report highlights the impact of rising raw material costs and increased operational expenses on profitability, with natural rubber and other materials seeing price increases of 5% to 10% [6][7]. Summary by Sections Market Data - Closing price as of October 10, 2024: 15.21 yuan - Market capitalization: 50,012 million yuan - Price-to-book ratio: 2.8 [3][4]. Financial Performance - Revenue for 2023 was 25,978 million yuan, with projections of 33,099 million yuan for 2024, reflecting a year-on-year growth rate of 27.4% [8][9]. - The net profit for 2023 was 3,091 million yuan, with an expected increase to 4,569 million yuan in 2024, indicating a growth rate of 47.8% [8][9]. Production and Sales - The company has successfully increased production capacity in Mexico and Indonesia, which is expected to enhance its market position and contribute to future growth [7]. - The promotion of high-end products, such as the "Liquid Gold" tire, is gaining traction in both retail and distribution channels, improving brand recognition and sales [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.72 CNY per share [3][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.12 to 3.28 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 58.52% to 61.98% [3]. - The strong performance is attributed to resilient demand in the U.S. for semi-steel tires and significant improvements in the steel tire segment, alongside competitive advantages in pricing for Chinese tire products in the U.S. and European markets [3][4]. - The company is advancing its globalization strategy with production capacities exceeding 70 million units, with ongoing projects in various locations including Vietnam and Cambodia [3][4]. Summary by Sections Financial Performance - For Q3 2024, the company expects a net profit of 1.06 to 1.13 billion CNY, showing a year-on-year increase of 7.99% to 15.13% [3]. - The first three quarters of 2024 are projected to yield a non-recurring net profit of 3.11 to 3.18 billion CNY, with a year-on-year growth of 48.17% to 51.50% [3]. Market Demand and Supply - The report highlights the robust import demand for semi-steel tires in the U.S., with Thai exports to the U.S. increasing by 9.52% year-on-year [3]. - The company has established strategic partnerships to mitigate raw material cost fluctuations, ensuring a competitive edge in pricing [3][4]. Product Innovation - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and enhancing safety and durability [4]. - The company has launched new product lines targeting electric vehicles and high-performance segments, which have received positive market feedback [4]. Future Projections - Revenue forecasts for 2024 to 2026 are estimated at 33.15 billion CNY, 36.52 billion CNY, and 41.90 billion CNY respectively, with net profits projected at 4.28 billion CNY, 4.94 billion CNY, and 5.84 billion CNY [4][5]. - The report anticipates a continued upward trend in earnings per share (EPS), with estimates of 1.30 CNY, 1.50 CNY, and 1.78 CNY for the respective years [5][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][10]. Core Views - The company's Q3 2024 performance met expectations, with production and sales remaining at a high level. New expansion projects in various locations, including Dongjiakou, Cambodia, Mexico, and Indonesia, are progressing smoothly, which is expected to support continued growth in the company's performance [4][10]. - The company is projected to achieve a net profit attributable to shareholders of approximately 3.21 billion to 3.28 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 58.52% to 61.98% [10]. - The report anticipates the company's earnings per share (EPS) for 2024-2026 to be 1.30, 1.45, and 1.59 yuan, respectively, and assigns a target price of 19.28 yuan based on a price-to-earnings (PE) ratio of 14.83 for 2024 [10]. Financial Summary - **Revenue**: - 2022A: 21,902 million yuan - 2023A: 25,978 million yuan - 2024E: 30,725 million yuan (growth of 18.3% from 2023A) - 2025E: 34,497 million yuan (growth of 12.3% from 2024E) - 2026E: 37,171 million yuan (growth of 7.8% from 2025E) [5][12] - **Net Profit (attributable to shareholders)**: - 2022A: 1,332 million yuan - 2023A: 3,091 million yuan - 2024E: 4,277 million yuan (growth of 38.4% from 2023A) - 2025E: 4,760 million yuan (growth of 11.3% from 2024E) - 2026E: 5,218 million yuan (growth of 9.6% from 2025E) [5][12] - **Earnings Per Share (EPS)**: - 2022A: 0.41 yuan - 2023A: 0.94 yuan - 2024E: 1.30 yuan - 2025E: 1.45 yuan - 2026E: 1.59 yuan [5][12] - **Return on Equity (ROE)**: - 2022A: 10.9% - 2023A: 20.8% - 2024E: 20.2% - 2025E: 19.0% - 2026E: 17.8% [5][12] Market Performance - The company's stock price has ranged between 10.67 and 17.22 yuan over the past 52 weeks, with a total market capitalization of 50,012 million yuan [7]. - The current stock price is 15.21 yuan, with a price-to-earnings ratio of 16.18 based on the latest diluted share capital [6][12]. Industry Outlook - The tire industry continues to experience high demand, with a year-on-year increase of 6.6% in rubber tire exports from China in August, amounting to approximately 150.46 billion yuan [10]. - The company is actively managing cost pressures through price adjustments, with a recent price increase of 2%-4% on TBR products effective from October 15 [10]. - Ongoing capacity expansion projects are expected to enhance the company's growth potential, with significant investments in new production facilities in Mexico, Cambodia, and Indonesia [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 3.21-3.28 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 58.5%-62.0% [10] - The significant growth in performance is attributed to the effectiveness of the company's globalization strategy, technological innovation, and brand building, with total tire sales increasing by over 30% year-on-year [10][11] - The company is advancing its globalization efforts and optimizing its product structure, which is expected to enhance its international competitiveness and ensure long-term growth [10] Financial Performance - For 2024, the company forecasts revenue of 32.2 billion yuan, with a year-on-year growth rate of 24% [11] - The projected net profit for 2024 is 4.28 billion yuan, reflecting a growth rate of 38% [11] - The earnings per share (EPS) for 2024 is estimated at 1.30 yuan, with a compound annual growth rate (CAGR) of 26% over three years [10][11] Market Position and Strategy - The company has successfully launched several projects, including a factory in Cambodia with an annual production capacity of 12 million semi-steel tires, and is progressing with projects in Mexico and Indonesia [10] - The company maintains a high gross margin due to market expansion and product structure optimization [10][11] - The company is expected to continue benefiting from reduced shipping costs, with significant declines in freight indices observed [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.1-32.8 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 58.52%-61.98% [1] - The total sales volume of tire products increased by over 30% year-on-year, with all categories (full steel, semi-steel, and non-road tires) reaching historical highs [1] - The company has a strong risk resistance capability due to its global production layout and the gradual easing of export pressures from high shipping costs [1] - The company is projected to have net profits of 42.9 billion RMB, 48.05 billion RMB, and 52.5 billion RMB for 2024-2026, with corresponding PE ratios of 11.66, 10.41, and 9.53 [2] Summary by Sections Company Performance - The company reported a net profit of 32.1-32.8 billion RMB for the first three quarters of 2024, an increase of 11.85-12.55 billion RMB year-on-year [1] - The net profit excluding non-recurring items is expected to be 31.1-31.8 billion RMB, up by 10.11-10.81 billion RMB, reflecting a growth of 48.17%-51.50% [1] Market Position and Strategy - The company is recognized as a leading domestic tire manufacturer, with expectations for further global market share growth due to ongoing overseas capacity expansion [2] - The company has established production bases in Vietnam and Cambodia, with ongoing projects in Mexico and Indonesia [1] Financial Projections - The projected revenue for 2024 is 31.719 billion RMB, with a growth rate of 22.10% [4] - The expected net profit for 2024 is 4.29 billion RMB, reflecting a growth rate of 38.77% [4] - The diluted earnings per share for 2024 is projected to be 1.305 RMB [4]

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 3.21 billion and 3.28 billion CNY, an increase of 1.185 billion to 1.255 billion CNY compared to the same period last year, representing a year-on-year growth of 58.52% to 61.98%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 3.11 billion and 3.18 billion CNY, an increase of 1.011 billion to 1.081 billion CNY compared to the same period last year, reflecting a year-on-year increase of 48.17% to 51.50%[2] - The net profit for the same period last year was 2.025 billion CNY, and the net profit after deducting non-recurring gains and losses was 2.099 billion CNY[4] Production and Sales - The company achieved record production and sales volumes for all-steel, semi-steel, and non-road tires, with total tire sales increasing by over 30% year-on-year[5] - The company's gross profit margin remains high due to effective market expansion and product structure optimization measures[5] Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[6] - The forecast data is preliminary and the final financial data will be disclosed in the official Q3 2024 report[7] - The company has not identified any significant uncertainties that could impact the accuracy of the performance forecast[6] - Investors are advised to pay attention to investment risks as the forecast data is subject to change[7] R&D and Innovation - The company emphasizes its commitment to R&D investment and technological innovation as part of its global strategy and brand building efforts[5]