Investment Rating - The report maintains an "Outperform" rating for the company [5][8]. Core Views - The company achieved record high revenue and sales in Q3, with a total revenue of 4.988 billion yuan for the first three quarters, representing a year-on-year increase of 35.6%. The net profit attributable to shareholders reached 380 million yuan, up 139% year-on-year [5][9]. - The company is expanding its overseas production capacity, with the Cambodia plant reaching full production and contributing to overall sales growth. The Thailand plant is also expected to enhance profitability due to its competitive advantages [6][8]. - Despite the increase in raw material costs, the company's gross margin improved by 2.75 percentage points to 16.67% due to a higher proportion of overseas production and a decrease in tax rates for the Thailand plant [6][7]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 1.92 billion yuan, a year-on-year increase of 33.5% and a quarter-on-quarter increase of 18.2%. The net profit for Q3 was 93.33 million yuan, down 7.2% year-on-year and 30.2% quarter-on-quarter [5][7]. - The company’s tire production and sales reached 5.7025 million and 5.518 million units in Q3, respectively, marking increases of 68.6% and 55% year-on-year [7][8]. Cost and Margin Analysis - The average prices of key raw materials such as natural rubber and synthetic rubber increased by 7.33% and 7.1% respectively in Q3, while carbon black prices decreased by 8.92% [7]. - The overall net profit margin for the first three quarters improved by 3.32 percentage points to 7.63%, despite the impact of foreign exchange losses [6][7]. Future Outlook - The company has ongoing construction projects valued at approximately 1.22 billion yuan, with expectations for significant capacity increases in the coming years [8]. - Profit forecasts for 2024-2026 have been adjusted to 550 million, 850 million, and 1.18 billion yuan respectively, reflecting the anticipated impacts of foreign exchange and shipping costs [8][9].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company achieved a revenue of 4.99 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 36%, and a net profit attributable to the parent company of 380 million yuan, up 139% year-on-year [2][6] - In Q3 2024, the company reported a revenue of 1.92 billion yuan, a year-on-year increase of 33% and a quarter-on-quarter increase of 18%. However, the net profit attributable to the parent company was 93 million yuan, down 7% year-on-year and down 30% quarter-on-quarter [6] - The growth in revenue was driven by the ramp-up of overseas bases in Thailand and Cambodia, while profit was pressured by rising raw material costs, foreign exchange losses, and shipping subsidies [2][6] - The company is actively pursuing opportunities in the "Going Global 2.0" strategy, with overseas bases expected to contribute to growth over the next two years [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 4.99 billion yuan, a 36% increase year-on-year, and a net profit of 380 million yuan, a 139% increase year-on-year. The net profit excluding non-recurring items was 360 million yuan, up 163% year-on-year [6] - In Q3 2024, the company achieved a revenue of 1.92 billion yuan, a 33% increase year-on-year and an 18% increase quarter-on-quarter. The net profit attributable to the parent company was 93 million yuan, down 7% year-on-year and down 30% quarter-on-quarter [6] Production and Capacity - In Q3 2024, the company produced and sold 5.7 million and 5.52 million tires, respectively, with year-on-year increases of 55% and 36% [6] - The company’s overseas bases in Thailand and Cambodia are ramping up production, with the Thailand Phase I and II projects achieving a daily output of over 27,000 semi-steel tires as of October 15 [6] Future Outlook - The company expects revenue growth of 7.71 billion yuan in 2024, 11.63 billion yuan in 2025, and 12.91 billion yuan in 2026, with year-on-year growth rates of 52%, 51%, and 11%, respectively [7] - The net profit attributable to the parent company is projected to be 590 million yuan in 2024, 1.06 billion yuan in 2025, and 1.34 billion yuan in 2026, with year-on-year growth rates of 172%, 80%, and 27%, respectively [7] - The company aims to achieve a global production capacity of 50 million tires within ten years as part of its "5X Strategy" [6]

通用股份（601500.SH）2024 三季报点评 [盈利预测与财务指标 Table_Forcast] 前三季度业绩同比高速增长，在建产能持续落地保持公司高成长性 2024 年 10 月 29 日 ➢ 事件：公司发布 2024 前三季度业绩公告，2024 年前三季度实现营业收入 49.88 亿元，同比增长 35.56%；实现归母净利润 3.80 亿元，同比增长 139.49%； 实现扣非净利润 3.64 亿元，同比增长 162.53%。单三季度，公司实现营业收入 19.20 亿元，同比增长 33.45%，环比增长 18.15%；实现归母净利润 0.93 亿元， 同比下降 7.16%，环比下降 30.21%；实现扣非净利润 0.89 亿元，同比下降 5.66%，环比下降 29.99%。 ➢ 公司三季度业绩或受到海运以及汇兑等因素影响。2024 年航运价格持续上 涨，比如按照 wind 数据库的数据，美西、美东和欧洲航线的中国出口集装箱运 价指数今年三季度同比去年三季度分别上涨了 103.47%、90.85%和 213.98%， 高企的运价下公司或相应替下游承担了部分运费，因而影响到公司的三季度业 绩；此外，今年 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 4.74 to 4.74 RMB [10] - The current market price is 5.36 RMB, and the PE valuation for 2024-2026 is 15.63/8.87/7.13 times respectively [3] Core Views - The company achieved revenue of 4.99 billion RMB in the first three quarters of 2024, a year-on-year increase of 35.6%, with net profit attributable to the parent company reaching 380 million RMB, a year-on-year increase of 139.5% [2] - In Q3 2024, the company's revenue was 1.92 billion RMB, up 33.45% year-on-year, but net profit attributable to the parent company fell by 7.16% year-on-year to 93 million RMB [2] - The company's tire production and sales reached record highs, with production at 5.7 million units in Q3, up 69% year-on-year, and sales at 5.52 million units, up 55% year-on-year [2] - Overseas production capacity is gradually being released, with the Thailand Phase II project and Cambodia Phase II project expected to reach full production by 2025 [2] Financial Performance - The company's revenue for 2024E is projected to be 7.248 billion RMB, with a growth rate of 43.11% [6] - Net profit attributable to the parent company for 2024E is forecasted to be 545 million RMB, a year-on-year increase of 151.98% [6] - The company's ROE (Return on Equity) for 2024E is expected to be 9.28%, increasing to 16.67% by 2026E [6] - The gross profit margin for Q3 2024 was 15.05%, down 0.88 percentage points year-on-year, while the net profit margin was 4.87%, down 2.13 percentage points year-on-year [2] Industry and Market Analysis - The company's overseas semi-steel tire orders remain in high demand, with the Thailand Phase II project achieving a daily production capacity of 27,000 units [2] - The Cambodia Phase II project, which started production in August 2024, is also performing well, with strong demand for both semi-steel and full-steel tires [2] - The company's global multi-base industrial layout has been established, with overseas production capacity expected to drive future growth [3] Valuation and Forecast - The company's EPS (Earnings Per Share) for 2024E is projected to be 0.343 RMB, increasing to 0.752 RMB by 2026E [6] - The company's P/E ratio for 2024E is 15.63, decreasing to 7.13 by 2026E [6] - The company's P/B ratio for 2024E is 1.45, decreasing to 1.19 by 2026E [6]

本次电话会以仅供民生证券专业投资者参考会议内容任何情况下都不构成投资建议任何机构或个人不得以任何形式泄露本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 哎各位投资者大家晚上好呃我是民生化工研究员刘农基感谢各位投资者参会然后今天也是特别荣幸的邀请到我们通用股份的总秘编总还有投关总监焦总来和大家一起更新一下三季度的情况啊还有近期的一些情况啊那首先也就请先请那个公司领导给我们更新一下然后我们再开始问答吧啊哎好的呃大家好我是通用股份的投关交易家那么 首先先感谢大家参加我们通用股份今年2024年三级三级报的整个的业绩交流会下面的话就是由我来简要的介绍一下我们通用股份今年以来一到九月的整个的业绩的情况那么首先的话从宏观的角度上来讲2024年以来在向国际贸易壁垒 原材料以及海运费的成本大幅上涨这等等的因素的扰动下呢整个的全球的轮胎行业呢也是面对着外部环境的多重的挑战从全球的行业上来看整个行业的龙头企业米其林呢也是之前也发了三级报整个的销售额呢也是遭遇了4%以上的这个下滑米其林的话也是不得不直接下调了他整个全年的一个业绩的目标预期 其他的国际企业诸如像韩泰啊耐克森啊这些的投入企业 ...

根据《企业会计准则第 22 号—金融工具确认和计量》、《企业会计准则第 1 号—存货》、《企业会计准则第 8 号—资产减值》和公司会计政策相关规定，为客 观、公允地反映公司截至 2024 年 9 月 30 日的财务状况及经营成果，基于谨慎性 原则，公司针对合并范围内各项资产进行了清查，并按资产类别进行了减值测试， 对其中存在减值迹象的资产相应计提了减值准备。 根据《企业会计准则》的相关规定，经公司及下属子公司各项资产进行全面 充分的评估和分析，认为上述资产中部分资产存在一定的减值迹象。具体情况如 下表所示： 证券代码： 601500 证券简称：通用股份 公告编号：2024-089 江苏通用科技股份有限公司 关于计提信用减值损失和资产减值损失的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 江苏通用科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开 的第六届董事会第二十六次会议、第六届监事会第二十一次会议，审议通过了《关 于计提信用减值损失和资产减值损失的议案》，现将本次计提信用减值损失和资 ...

证券代码： 601500 证券简称：通用股份 公告编号：2024-090 江苏通用科技股份有限公司 关于 2024 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 根据上海证券交易所《上市公司行业信息披露指引第十八号－化工》要求， 江苏通用科技股份有限公司（以下简称"公司" 或"本公司"）现将 2024 年第三季 度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 生产量（万条） | 销售量（万条） | 产品销售收入（万元） | | --- | --- | --- | --- | | 轮胎 | 570.25 | 551.8 | 192,066.11 | 注：轮胎包括全钢胎、半钢胎。 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 2024 年第三季度公司轮胎产品的价格与二季度下降约 3.32%。 2、主要原材料的价格变动情况 2024 年第三季度本公司主要原材料天然胶采购价格较二季度增长约 7.33%， 合成胶采购价格较二季度增长约 7.10% ...

江苏通用科技股份有限公司 第六届监事会第二十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、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、监事会会议召开情况 证券代码： 601500 证券简称：通用股份 公告编号：2024-092 2、2024 年第三季度报告的内容和格式符合中国证监会和上海证券交易所的 各项规定，包含的信息能够真实、客观地反映公司的财务状况和经营成果； 3、在提出本意见前，未发现参与 2024 年第三季度报告编制和审议的人员有 违反保密规定的行为。 江苏通用科技股份有限公司（以下简称"公司"）第六届监事会第二十一次会 议（以下简称"本次会议"）于 2024 年 10 月 28 日在公司会议室召开。本次会议 的通知已提前通过电子邮件方式送达全体监事。本次会议应参加监事 3 名，实际 参加监事 3 名，本次会议的召集、召开方式符合《中华人民共和国公司法》及《江 苏通用科技股份有限公司章程》的规定。 监事会主席王晓军主持本次监事会会议。 二、监事会会议审议情况 （一）审议通过了《公司 2024 年第三季度报告》 监事会对公司 202 ...

股票代码：601500 股票简称：通用股份 公告编号：2024-091 江苏通用科技股份有限公司 （二）审议通过《关于计提信用减值损失和资产减值损失的议案》 第六届董事会第二十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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、董事会会议召开情况 江苏通用科技股份有限公司（以下简称"公司"）第六届董事会第二十六次 会议 （以下简称"本次会议"）于 2024 年 10 月 28 日在公司会议室以现场结合 通讯表决的方式召开。本次会议的通知已提前通过电子邮件方式送达全体董事。 本次会议应参加董事7名，实际参加董事7名。本次会议由董事长顾萃先生主持， 公司监事、高级管理人员列席会议。本次会议的召集、召开方式符合《中华人民 共和国公司法》及《江苏通用科技股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《公司 2024 年第三季度报告》 具体内容详见公司于上海证券交易所披露的《江苏通用科技股份有限公司 2024 年第三季度报告》（公告编号：2024-088） 本议案已经董事会审计委员会审议通过后 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,919,882,972.42, representing a year-on-year increase of 33.45%[2] - The net profit attributable to shareholders for Q3 2024 was ¥93,327,456.83, a decrease of 7.16% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥88,644,293.74, down by 5.66% year-on-year[2] - Year-to-date operating revenue reached ¥4,987,897,618.13, reflecting a 35.56% increase compared to the same period last year[2] - The basic earnings per share for the year-to-date period was ¥0.24, an increase of 140.00% year-on-year[3] - Operating profit for the first three quarters of 2024 was CNY 375,464,430.68, compared to CNY 148,581,985.27 in the previous year, reflecting a significant growth[18] - Net profit attributable to shareholders of the parent company for the first three quarters of 2024 was CNY 379,858,634.81, up from CNY 158,612,582.15 in 2023, indicating a year-over-year increase of 139.5%[19] - The company reported a comprehensive income total of CNY 481,340,239.42 for the first three quarters of 2024, compared to CNY 155,751,444.38 in the same period last year[20] - Basic earnings per share for the first three quarters of 2024 were CNY 0.24, up from CNY 0.10 in 2023, indicating a 140% increase[20] Assets and Liabilities - The total assets as of the end of the reporting period amounted to ¥13,931,693,805.75, a 23.48% increase from the end of the previous year[3] - As of September 30, 2024, total assets reached approximately RMB 13.93 billion, an increase from RMB 11.28 billion at the end of 2023, representing a growth of about 23.5%[14] - The total liabilities increased to CNY 7,956,407,948.81 in Q3 2024, compared to CNY 5,728,667,957.64 in Q3 2023, marking a growth of 39.0%[16] - The company's total equity reached CNY 5,975,285,856.94, up from CNY 5,553,594,719.94 in the previous year, representing an increase of 7.6%[16] - The company's non-current liabilities totaled CNY 1,618,272,730.55, an increase from CNY 1,072,216,301.11 in the previous year, representing a growth of 50.9%[16] Cash Flow - The company reported a cash flow from operating activities of ¥520,274,640.71 year-to-date, a decrease of 25.00% compared to the previous year[2] - The cash inflow from operating activities for the first three quarters of 2024 reached ¥4,787,341,183.01, a significant increase of 42.2% compared to ¥3,367,264,439.61 in the same period of 2023[21] - The net cash flow from operating activities for the first three quarters of 2024 was ¥520,274,640.71, down 25% from ¥693,710,375.54 in the first three quarters of 2023[22] - The total cash outflow from investing activities in the first three quarters of 2024 was ¥2,362,954,549.51, compared to ¥956,970,849.31 in the same period of 2023, indicating a substantial increase in investment spending[22] - The net cash flow from financing activities for the first three quarters of 2024 was ¥1,321,960,434.26, up from ¥454,693,135.85 in the first three quarters of 2023, reflecting increased borrowing and investment[22] - The total cash and cash equivalents at the end of the third quarter of 2024 stood at ¥511,515,901.50, down from ¥918,393,682.92 at the end of the same period in 2023[23] - The company experienced a negative cash flow of ¥425,295,509.70 in the first three quarters of 2024, contrasting with a positive cash flow of ¥441,729,237.88 in the same period of 2023[22] Shareholder Information - The company has a total of 57,656 common shareholders as of the end of the reporting period[8] - The company has a total of 10 major shareholders, with Hongdou Group Co., Ltd. holding approximately 657.32 million shares, representing about 41.5% of total shares[10] Investments and Subsidiaries - The company registered two joint ventures in September 2024, with registered capital of RMB 8 million and RMB 10 million, focusing on tire sales and related products[11] - A wholly-owned subsidiary, GS Tires (Thailand) Co., Ltd., was established in August 2024 with a registered capital of 100 million Thai Baht, primarily for tire sales[12] - The company completed the deregistration of its subsidiary, General Rubber (Baotou) Co., Ltd., in July 2024[11] Operational Metrics - The company experienced a significant increase in tire sales, contributing to the growth in net profit attributable to shareholders year-to-date, which increased by 139.49%[7] - Research and development expenses for the first three quarters of 2024 were CNY 61,456,673.88, compared to CNY 47,951,489.44 in 2023, showing a 28.2% increase[17] - The total cost of operations for the first three quarters of 2024 was CNY 4,564,693,831.11, compared to CNY 3,492,938,871.35 in the previous year, reflecting a 30.7% increase[17] Inventory and Receivables - Current assets totaled approximately RMB 4.72 billion, up from RMB 4.22 billion, indicating an increase of around 12%[14] - Inventory increased significantly to approximately RMB 2.08 billion from RMB 1.70 billion, reflecting a growth of about 22.2%[14] - Accounts receivable rose to approximately RMB 1.34 billion from RMB 1.19 billion, an increase of about 12.5%[13] - Cash paid to employees increased to ¥402,209,897.92 in the first three quarters of 2024, up from ¥316,622,215.32 in the same period of 2023, indicating a rise of 26.9%[22]