三角轮胎今年以来股价涨9.94%，近5个交易日涨0.13%，近20日涨9.48%，近60日涨5.79%。 资料显示，三角轮胎股份有限公司位于山东省威海市青岛中路56号，成立日期2001年2月22日，上市日 期2016年9月9日，公司主营业务涉及各种轮胎的研发、制造和销售。主营业务收入构成为：轮胎 99.37%，其他0.33%，保理0.25%，运输0.05%。 1月28日，三角轮胎盘中上涨2.01%，截至13:23，报15.71元/股，成交1.01亿元，换手率0.81%，总市值 125.68亿元。 分红方面，三角轮胎A股上市后累计派现26.64亿元。近三年，累计派现11.84亿元。 资金流向方面，主力资金净流入210.72万元，特大单买入179.83万元，占比1.79%，卖出0.00元，占比 0.00%；大单买入1167.05万元，占比11.60%，卖出1136.17万元，占比11.30%。 三角轮胎所属申万行业为：汽车-汽车零部件-轮胎轮毂。所属概念板块包括：轮胎、汽车零部件、中 盘、中盘价值、融资融券等。 截至9月30日，三角轮胎股东户数3.94万，较上期减少3.05%；人均流通股20294股，较上期增加3 ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn Email：tangsu@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 800.00 | | 流通股本(百万股) | 800.00 | | 市价(元) | 15.59 | | 市值(百万元) | 12,472.00 | | 流通市值(百万元) | 12,472.00 | 三角轮胎柬埔寨建厂&25Q3 点评：海外布局 0-1 正式启航，重视 25 贸易变化后替配加速、26 戴维斯双击机会 三角轮胎（601163.SH） 证券研究报告/公司点评报告 2026 年 01 月 27 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 10,422 | 10,15 ...

汽车零部件 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn Email：tangsu@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 800.00 | | 流通股本(百万股) | 800.00 | | 市价(元) | 15.59 | | 市值(百万元) | 12,472.00 | | 流通市值(百万元) | 12,472.00 | 三角轮胎柬埔寨建厂&25Q3 点评：海外布局 0-1 正式启航，重视 25 贸易变化后替配加速、26 戴维斯双击机会 三角轮胎（601163.SH） 证券研究报告/公司点评报告 2026 年 01 月 27 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 10,422 | 10,15 ...

内容概况：根据国家标准《绿色产品评价 轮胎（GB/T 40718-2021）》，绿色轮胎是指在全生命周期过 程中，符合环境保护要求，对生态环境和人体健康无害或危害小、资源能源消耗少、品质高的轮胎产 品。发展绿色轮胎，不仅可以降低汽车排放量，助力解决废旧轮胎污染治理，还可以降低资源依赖与供 应链风险，进一步强化供应链的抗风险能力。近年来，我国绿色轮胎需求呈现快速增长态势，2023年销 售量突破亿条，2024年增长至1.38亿条，2025年突破1.6亿条。市场持续增长是政策、市场、技术、环 境、贸易等多个因素协同作用的结果，其中政策大力推动和新能源汽车爆发是两大核心引擎，而技术进 步和消费者意识觉醒则为需求增长提供了可持续动力。绿色轮胎渗透率明显提升，2024年销售占比已经 达到23%，相较2020年增长8个百分点。同时，生物基香蕉、二氧化硅等环保原材料需求逐渐提高，环 保属性成为品牌溢价的新支点。随着全球绿色转型加速和国际贸易规则趋严，绿色轮胎将从"可选产 品"变为"必选产品"，市场需求将进一步增长。截至2025年末，我国绿色轮胎产品有效认证数量为18 个，涉及住友橡胶(常熟)有限公司、中策橡胶集团股份有限公司 ...

证券日报网讯1月26日，三角轮胎（601163）在互动平台回答投资者提问时表示，公司在海外销售的市 场布局较为均衡，直接出口欧盟市场；公司在欧盟地区设立了分支机构，主要负责客户与市场的维护及 技术服务等工作。 ...

Tire Industry Conference Call Summary Industry Overview - The tire sector is expected to grow nearly 30%, benefiting from low raw material prices and high-end vehicle partnerships, with valuations projected to rise from below 10x to 15-20x or even higher [1][2] Key Companies and Their Performance Hai'an - Hai'an is a global leader in tire production, particularly in the giant tire segment, and is expected to achieve approximately 1.5 billion yuan in performance growth by 2028-2030, warranting a 15-20x PE valuation [1][9] - The company has announced new production capacity in Russia, significantly increasing its performance elasticity [4][8] - Hai'an's competitive advantage lies in its high technical barriers and cost-effectiveness, with a price premium of 60% to double compared to foreign products [9][10] - The company is projected to have a profit of 1.5-1.7 billion yuan by 2028-2030, with a strong growth outlook [19] Triangle Tire - Triangle Tire has established a new production capacity of 7 million tires in Cambodia, expected to contribute about 20% performance elasticity within 1-2 years, with valuations anticipated to rise from 10x to 15-20x [1][12][20] - The company has a strong cash flow position with 10 billion yuan in cash, indicating a solid foundation for international expansion [20] - Triangle's recent announcement of overseas production marks a significant strategic shift for the company [21] Zhongce Rubber - Zhongce Rubber is recognized as the largest tire leader, with a market capitalization expected to reach 80-100 billion yuan [3] - The company is expanding its overseas presence, particularly in Europe and the U.S., with new factories planned in Thailand and Indonesia, expected to yield about 30% performance elasticity by 2026 [13][14] - The market perception of Zhongce is gradually improving, with significant growth potential anticipated in high-end vehicle partnerships [16][17] Market Catalysts - Upcoming catalysts include the resolution of the European anti-dumping case in June, quarterly earnings releases, and announcements regarding high-end vehicle partnerships, which are expected to enhance industry growth and performance certainty [5][6] High-End Vehicle Partnerships - The breakthrough in high-end vehicle partnerships is expected to significantly impact the tire industry by improving profitability and enhancing brand strength in the replacement market, potentially leading to a shift from foreign to domestic brands [6] Investment Recommendations - Current recommendations focus on Zhongce, Hai'an, and Triangle, with Zhongce and Hai'an suitable for long-term investment due to their strong fundamentals, while Triangle's international expansion presents significant growth potential [15][24] - Additional recommendations may include Sailun and Senqilin, with a focus on their performance as market conditions evolve [25]

Core Viewpoint - Triangle Tire's investment of 3.219 billion yuan to establish a production base in Cambodia for 7 million high-performance radial tires annually marks a significant step in the globalization strategy of the Chinese tire industry, transitioning from product export to global production operations [1][2]. Group 1: Investment and Strategic Importance - The investment is a crucial move for Triangle Tire to address current challenges and plan for long-term development, primarily driven by the need to overcome trade barriers [2]. - The project aims to enhance the company's global market presence while creating a differentiated capacity network alongside domestic factories, thereby increasing production resilience [2]. - The choice of Cambodia is based on strategic considerations, including proximity to natural rubber resources, reduced core procurement costs, and favorable investment policies such as tax exemptions [2]. Group 2: Industry Trends and Globalization - Triangle Tire's expansion reflects a broader trend in the Chinese tire industry, with over 20 companies establishing more than 40 factories across 14 countries by the end of 2025, indicating a shift towards a "dual-base" or "multi-base" model [3]. - Southeast Asia is emerging as a preferred region for Chinese tire companies due to its unique resource advantages and geographical benefits, while other regions like South America, Africa, and Europe are also being targeted for future expansion [3]. - The industry's focus is evolving from merely avoiding trade barriers and cost considerations to penetrating demand markets and mitigating risks [3]. Group 3: Evolution of Business Model - Chinese tire companies are transitioning from a model of "selling products" to a comprehensive output of "capacity + brand + technology," fostering an ecosystem in Southeast Asia that integrates upstream and downstream operations [4]. - This evolution signifies a shift from manufacturing advantages to a comprehensive advantage in supply chain, branding, and technology [4]. - The overseas expansion is expected to enable Chinese tire companies to capture a larger share of the global mid-to-high-end market, driving the industry towards smarter, greener, and higher-end development [4].

Group 1 - Huaseng Tiancheng's revenue from AI-related business currently accounts for a low proportion of the company's overall operating income [1] - Xinhua Department Store has no plans to inject assets related to semiconductors, integrated circuits, or chips into the company [1] - Triangle Tire plans to invest 3.219 billion yuan to establish a new project in Cambodia with an annual production capacity of 7 million high-performance radial tires [1] Group 2 - Tianhong Co., Ltd.'s subsidiary has won a bid for an AI service procurement project from AVIC Technology [1] - Xinghua New Materials intends to acquire at least 51% of Tian Kuan Technology's shares [1] - Luxshare Precision plans to repurchase company shares worth between 1 billion to 2 billion yuan [1] Group 3 - Rui Zhi Pharmaceutical's Liang Yufeng and Yu Xianwen plan to collectively reduce their holdings by no more than 6% [1] - Tian Sheng New Materials plans to raise no more than 253 million yuan through a private placement to Rongsheng Zhizhi [1] - Zhongchuang Zhiling intends to issue convertible bonds to raise no more than 4.35 billion yuan for investment in high-end components for the new energy vehicle industry [2]

Core Viewpoint - Triangle Tire Co., Ltd. plans to invest 3.219 billion RMB in a new project in Cambodia to establish an annual production capacity of 7 million high-performance radial tires, aiming to enhance its global presence and competitiveness [2][5][16]. Investment Overview - The investment involves the establishment of a new company in Cambodia to implement the tire production project [9]. - The project has been approved by the company's board of directors and does not require shareholder approval [6][8]. Project Details - The project is currently in the preparatory stage and will require approvals from various national and local authorities in Cambodia [3][10]. - The target markets for the new production facility include North America, Europe, the Middle East, and Southeast Asia, where demand is expected to grow steadily [11]. Feasibility Analysis - Cambodia's participation in the Belt and Road Initiative and its stable economic growth make it a suitable location for the project [12]. - The company has over 50 years of experience in tire manufacturing, which supports its capability to manage and implement the project effectively [12]. - Establishing a production base in Cambodia is a strategic move to optimize the company's global supply chain and reduce operational costs [12][13]. Financial Impact - The project is expected to add 6 million semi-steel radial tires and 1 million all-steel radial tires to the company's production capacity, potentially generating an average annual revenue of 2.585 billion RMB [16]. - The investment will be funded through the company's own and self-raised funds [14]. Strategic Importance - This investment represents a significant step in the company's strategy to enhance its global manufacturing and operational capabilities, paving the way for future expansion and market growth [13].

Core Viewpoint - Triangle Tire Co., Ltd. announced a significant investment plan to build a new factory in Cambodia, which is a key step in its globalization strategy [1][11]. Group 1: Investment Details - The total investment for the new factory in Cambodia's Chhay Chhay Province is 3.219 billion yuan, with construction expected to start in March 2026 [3][13]. - The designed annual production capacity of the factory will be 6 million semi-steel tires and 1 million full-steel tires [3][13]. Group 2: Financial Projections - Once completed, the factory is projected to generate an average annual revenue of approximately 2.585 billion yuan [5][15]. - The expected return on investment is estimated to reach 15.1% [5][15]. Group 3: Market Focus - The project will primarily target markets in North America, Europe, the Middle East, Africa, and Southeast Asia, where demand is currently growing steadily [7][17]. Group 4: Strategic Advantages - The factory's location will help effectively avoid trade barriers and enhance export competitiveness [9][19]. - The project will utilize tire manufacturing technology independently developed by Triangle Tire, ensuring product quality meets international advanced standards [9][19]. Group 5: Alignment with National Initiatives - This investment aligns with the national "going out" strategy and the Belt and Road Initiative, significantly enhancing Triangle Tire's overall revenue scale and profitability [11][21]. - The global production layout will further improve the company's competitiveness on a global scale [21].