[Table_StockInfo] 2024 年 07 月 09 日 证券研究报告•2024 年半年度业绩预告点评 买入 (维持) 当前价:14.25 元 赛轮轮胎(601058)汽车 目标价:20.25 元(6 个月) 业绩快速增长,出海持续发力 [Table_Summary 事件:2024 年] 7 月 9 日,公司发布 2024 年半年度业绩预增公告,预计 2024 年半年度实现归属于上市公司股东的净利润 21.20 亿元到 21.80 亿元,与上年 同期(法定披露数据)相比,将增加 10.74亿元到 11.34亿元,同比增加 102.68% 到 108.41%。 国内外同步发力,净利润大幅增长。2024年上半年,轮胎行业原材料成本承压, 其中天然橡胶上半年均价 14338 元/吨,同比上涨 17%;顺丁橡胶均价 13278 元/吨,丁苯橡胶 13258 元/吨,均处于三年历史百分位 90%以上。公司全球化 战略、科技创新及品牌建设等工作效果持续显现,产品受到越来越多国内外客 户的认可:全钢、半钢和非公路三类轮胎产品的产销量均创历史同期最好水平; 公司产品在国内及国外的销量同比增长均超过 30%,其中毛 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance slightly exceeded expectations, with the industry showing continued improvement. The company expects to achieve a net profit attributable to shareholders of 2.12-2.18 billion yuan in H1 2024, representing a year-on-year increase of 102.68%-108.41% [7] - The projects in Cambodia and Vietnam are progressing smoothly, with the Cambodian project expected to have an annual production capacity of 12 million semi-steel radial tires upon completion [7] - The company is expanding its global footprint by targeting markets in Indonesia and Mexico, which will enhance sales flexibility and reduce transportation costs [7] - The forecasted EPS for 2024-2026 is 1.23 yuan, 1.42 yuan, and 1.82 yuan, respectively, with corresponding PE ratios of 11.83x, 10.23x, and 8.00x [7] Summary by Sections Financial Performance - The company anticipates a net profit of 2.12-2.18 billion yuan for H1 2024, a year-on-year increase of 102.68%-108.41% [7] - The Q2 single-quarter net profit is projected to be 1.09-1.15 billion yuan, reflecting a year-on-year increase of 57.74%-66.43% and a quarter-on-quarter increase of 5%-11% [7] - The company’s revenue for 2024 is expected to reach 30.98 billion yuan, with a year-on-year growth rate of 19.25% [8] Production Capacity Expansion - The Cambodian project will enhance production capacity to 21 million semi-steel radial tires and 1.65 million steel radial tires annually [7] - The Vietnam project is also on track, with an expected production of 3 million semi-steel tires and 1 million steel tires [7] Global Market Strategy - The company is focusing on expanding its presence in Indonesia and Mexico, with a new factory in Mexico set to produce 6 million semi-steel radial tires annually [7] - This strategy aims to reduce exposure to tariffs and improve supply chain efficiency [7]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 14.56 CNY [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 10.86 to 11.46 billion CNY in the first half of 2024, representing a year-on-year growth of 57.16% to 65.85% [1] - The company has experienced significant growth in both domestic and international sales, with product structure continuously improving, leading to a historical high in sales volume for all-steel, semi-steel, and non-road tires [1] - The company is accelerating its global capacity layout, with production expected to increase from its overseas bases in Mexico, Indonesia, Cambodia, and Vietnam, which will support performance growth [1] - The company's R&D expenses have reached 8.38 billion CNY, the highest ratio of revenue in its history, enhancing product capabilities and maintaining its leading position in the industry [1] Financial Performance Summary - The company forecasts total revenue of 33.148 billion CNY for 2024, with a growth rate of 27.6% compared to 2023 [2] - The net profit attributable to shareholders is projected to be 4.304 billion CNY in 2024, reflecting a growth rate of 39.2% [2] - The company’s gross margin is expected to be 27.00% in 2024, with a net profit margin of 12.98% [2] - The earnings per share (EPS) is projected to increase from 0.94 CNY in 2023 to 1.31 CNY in 2024 [3] Valuation Metrics - The price-to-earnings (PE) ratio is expected to decrease from 15 in 2023 to 11 in 2024, indicating a more attractive valuation [3] - The price-to-book (PB) ratio is projected to decline from 3.2 in 2023 to 2.6 in 2024 [3] - The company is expected to maintain a strong return on equity (ROE) of 23.20% in 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.28 [1][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of RMB 21.2-21.8 billion for H1 2024, representing a year-on-year growth of 103%-108%. The net profit after deducting non-recurring items is projected to be RMB 20.3-20.9 billion, a year-on-year increase of 79%-84% [1]. - The company’s tire sales have reached historical highs, with both domestic and international sales increasing by over 30% year-on-year. The company is well-positioned to benefit from favorable overseas market demand [2]. - The company is advancing its global expansion strategy, with successful project implementations in Cambodia, Vietnam, Mexico, and Indonesia, enhancing its competitiveness in international markets [3]. Summary by Sections Financial Performance - For H1 2024, the company anticipates a net profit of RMB 21.2-21.8 billion, with Q2 expected to contribute RMB 10.9-11.5 billion, reflecting a 57%-66% year-on-year increase [1]. - The projected net profits for 2024, 2025, and 2026 are RMB 43.9 billion, RMB 48.0 billion, and RMB 53.0 billion, respectively, with corresponding EPS of RMB 1.33, RMB 1.46, and RMB 1.61 [1][7]. Sales and Market Demand - The company’s tire sales in 2023 reached 55.79 million units, a 27.1% increase year-on-year, with Q1 2024 sales at 16.58 million units, up 43.7% year-on-year [2]. - The U.S. market saw a 10% increase in imports of semi-steel tires and a 30% increase in imports of all-steel tires from January to May 2024 [2]. Global Expansion - The company is enhancing its production capabilities with ongoing projects in Cambodia, Vietnam, Mexico, and Indonesia, which are expected to bolster its international competitiveness [3]. - The company is investing in new projects, including a semi-steel tire project in Cambodia with an annual capacity of 12 million units and a 6 million unit capacity project in Mexico [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [5][9] Core Views - The company is expected to achieve a significant increase in net profit for the first half of 2024, with estimates ranging from 2.12 billion to 2.18 billion yuan, representing a year-on-year growth of 102.68% to 108.41% [2][3] - The company's production and sales volumes have reached historical highs, driven by its globalization strategy, technological innovation, and brand development [3][5] - Cost pressures are easing, with a potential for further profit improvement in the third quarter due to declining raw material prices [4][5] - The company is committed to its global development strategy, with ongoing capacity expansions in Cambodia, Vietnam, and plans for new projects in Mexico and Indonesia [5][8] Summary by Sections Financial Performance - The company forecasts revenues of 32.88 billion, 38.16 billion, and 41.15 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.23, 1.49, and 1.66 yuan [9][11] - The projected growth rates for revenue are 26.6% in 2024, 16.1% in 2025, and 7.8% in 2026 [11] Production and Sales - The company has achieved over 30% year-on-year growth in sales for its full-steel, semi-steel, and non-road tire products [3][5] - The production capacity is being enhanced with new projects in Cambodia and Vietnam, aiming for a total annual production capacity of 21 million semi-steel tires and 1.65 million full-steel tires [5][8] Cost Management - The average prices for key raw materials such as natural rubber and styrene-butadiene rubber have increased significantly, but recent trends indicate a potential decrease in costs [4][5] - The INE shipping index has also shown a significant drop, which may further alleviate cost pressures [4][5]

, 事件 2024 年 7 月 9 日公司发布了 2024 年半年度业绩预增公告,预计 2024 年半年度实现归母净利润 21.2 亿元到 21.8 亿元,与上年同 期相比将增加 10.74 亿元到 11.34 亿元,同比增加 102.68%到 108.41%;2024 年半年度实现扣非归母净利润 20.3 亿元到 20.9 亿 元,与上年同期相比将增加 8.96 亿元到 9.56 亿元,同比增加 79.01%到 84.30%。 经营分析 公司轮胎销量继续增长,业绩稳步向好。随着全球化战略、科技创 新及品牌建设等工作效果的持续显现,公司产品受到越来越多国 内外客户的认可,今年上半年全钢、半钢和非公路三类轮胎产品的 产销量均创历史同期最好水平,公司产品在国内及国外的销量同 比增长均超过 30%,其中毛利率较高产品的增幅更大,因此预计今 年上半年净利润较去年同期有较大幅度增长。从 2 季度单季度表 现来看,预计实现归母净利润 10.9-11.5 亿元,同比增长 57.3%- 66%,环比增长 5.1%-10.9%。 海运影响有限,随着全球化布局完善公司的抗风险能力将进一步 提升。2 季度以来海运费上涨开始影响部分 ...

Financial Performance - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 2.12 billion and 2.18 billion CNY, representing an increase of 1.074 billion to 1.134 billion CNY compared to the same period last year, which is a year-on-year increase of 102.68% to 108.41%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 2.03 billion and 2.09 billion CNY, an increase of 896 million to 956 million CNY year-on-year, reflecting a growth of 79.01% to 84.30%[2] - The net profit for the same period last year was 1.046 billion CNY, and the net profit after deducting non-recurring gains and losses was 1.134 billion CNY[4] Sales Growth - The company has seen over 30% year-on-year growth in sales volume for its products both domestically and internationally, with higher growth rates for products with greater gross margins[5] Strategic Initiatives - The company attributes the significant profit increase to enhanced R&D investment, technological innovation, and successful global strategies[5] - The company emphasizes the importance of its mission to produce high-quality tires, which has contributed to its improved market recognition[5] Forecast and Reporting - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[6] - The company warns that the forecast data is preliminary and the final financial data will be disclosed in the official half-year report[7]

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-068 赛轮集团股份有限公司 关于提供担保的进展公告 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，审议通过了《关于调整 2024 年度预计对外担保额 本次担保没有反担保 公司对外担保未发生逾期情形 度的议案》，拟调整公司为控股子公司提供担保的额度，由总额不超过 121 亿元 （含正在执行 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-066 赛轮集团股份有限公司 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： 新华联控股第四次司法拍卖中 47,619,000 股公司股票竞价成功，竞价成 功的股票后续尚涉及缴纳竞拍余款、股权变更登记等环节，最终结果仍存在一定 的不确定性。 新华联控股不是公司控股股东、实际控制人，亦不是公司第一大股东，其 所持有的公司股份被司法拍卖及过户登记，不会导致公司实际控制权发生变更， 不会对公司的生产经营产生重大影响。 一、第四次司法拍卖的基本情况 2024 年 6 月 19 日，赛轮集团股份有限公司（以下简称"公司"）披露了《关 于持股 5%以上股东部分股份第三次司法拍卖的进展暨第四次司法拍卖的提示性 公告》（临 2024-062），公司股东新华联控股有限公司（以下简称"新华联控股"） 持有的 47,619,000 股公司股票将于 2024 年 6 月 26 日 10 时至 2024 年 6 月 27 日 10 时止（延时除外）在"京东资产交易平台" ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-067 赛轮集团股份有限公司 关于完成工商变更登记的公告 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。 注册资本：叁拾贰亿捌仟捌佰壹拾万零贰佰伍拾玖元整 成立日期：2002 年 11 月 18 日 营业期限：2002 年 11 月 18 日至长期 赛轮集团股份有限公司（以下简称"公司"）分别于 2024 年 4 月 25 日、2024 年 5 月 17 日，召开第六届董事会第十六次会议、2023 年年度股东大会，审议通 过了《关于变更公司注册资本的议案》，董事会同意公司注册资本由 3,062,584,772 元变更为 3,288,100,259 元，具体内容详见公司在《中国证券报》 《上海证券报》《证券时报》《证券日报》和上海证券交易所网站(www.sse.com.cn) 披露的临 2024-041、2024-049 号公告。 2024 年 6 月 27 日，公司完成了相关变更登记手续，并取得了青岛市行政审 批服务局核发的《营业执照》。相关登记信息如下： ...