Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a significant increase in tire production and sales, indicating strong long-term growth potential for the company [2][4] - The company reported a revenue of 4.988 billion yuan for the first three quarters of 2024, a year-on-year increase of 35.56%, and a net profit of 380 million yuan, up 139.49% year-on-year [3][4] - The report emphasizes the company's ongoing international expansion with projects in Cambodia and Thailand, which are expected to enhance its competitive edge in the global market [4][5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.920 billion yuan, a year-on-year increase of 33.45%, but a net profit of 93.48 million yuan, which represents a decline of 7.16% year-on-year [3][4] - The gross profit margin for Q3 2024 was 15.05%, a decrease of 0.88 percentage points year-on-year, while the net profit margin was 4.87%, down 2.13 percentage points year-on-year [3][4] - The company’s operating cash flow for Q3 2024 was 155 million yuan, reflecting a decrease compared to previous periods [3][4] Production and Sales Data - In Q3 2024, the company produced 5.7025 million tires, a quarter-on-quarter increase of 21.74%, and sold 5.518 million tires, a quarter-on-quarter increase of 27.37% [4] - The report notes that the company’s financial expenses increased significantly, impacting overall performance [4] Future Earnings Forecast - The company is projected to achieve revenues of 7.163 billion yuan, 9.508 billion yuan, and 11.104 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 537 million yuan, 969 million yuan, and 1.296 billion yuan [7][8] - The report anticipates a significant growth rate in net profit, particularly in 2024, with a forecasted increase of 148% [8]

股 票 研 究 公 司 更 新 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.11.07 ——通用股份 2024 年三季报点评 | --- | --- | --- | |-----------------|-------------------------|-------| | | | | | [table_Authors] | | | | | | | | | shenwei024936@gtjas.com | | | 登记编号 | | | | --- | --- | --- | |--------------------------|-------|---------------------------------| | | | | | | | | | 钟浩 ( 分析师 ) | | 陈传双 ( 研究助理 ) | | 021-38038445 | | 021-38676675 | | zhonghao027638@gtjas.com | | chenchuanshuang0 ...

证券代码：601500 证券简称：通用股份 公告编号：2024-093 江苏通用科技股份有限公司 关于股份回购进展公告 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法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/3/21 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 万元~5,000 万元 2,500 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 万股 262.45 | | 累计已回购股数占总股本比例 | 0.17% | | 累计已回购金额 | 1,560.90 万元 | | 实际回购价格区间 | 4.36 元/股~6.08 元/股 | 一、 回购股份的基本情况 江苏通用科技股份有限公司（以下简称"公司"）于 2024 年 3 月 20 日召开第 六届董事会第十九次会议，审议通过了《关于以集中竞价交易方式回购股份方案 的议案》 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit is under short-term pressure, but it maintains a "Buy" rating due to expected growth in revenue and profit in the coming years [1] - The company has successfully established production bases in China, Thailand, and Cambodia, enhancing its competitive edge in the international market [3] Financial Performance Summary - In Q3 2024, the company achieved operating revenue of 4.988 billion yuan, a year-on-year increase of 35.56% [1] - The net profit attributable to the parent company for Q3 2024 was 0.93 billion yuan, a year-on-year decrease of 7.16% [1] - The company’s tire production and sales in Q3 2024 were 5.7025 million and 5.518 million units, respectively, representing a quarter-on-quarter growth of 21.74% and 27.37% [2] - The company’s revenue projections for 2024-2026 are 7.137 billion yuan, 9.669 billion yuan, and 11.663 billion yuan, respectively, with year-on-year growth rates of 40.9%, 35.5%, and 20.6% [4] Profitability Metrics - The gross profit margin is expected to improve from 15.7% in 2023 to 19.7% in 2026 [4] - The net profit margin is projected to increase from 4.3% in 2023 to 10.7% in 2026 [4] - The return on equity (ROE) is forecasted to rise from 3.9% in 2023 to 15.6% in 2026 [4] Production Capacity and Expansion - The company’s production capacity in Thailand has reached over 27,000 units per day, with further expansions planned in Cambodia and domestic facilities [3] - The company is leveraging the "dual circulation" strategy to enhance its production capabilities and market reach [3]

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]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company reported a significant year-on-year growth in the first three quarters of 2024, with revenue reaching 4.988 billion yuan, an increase of 35.56%, and a net profit attributable to shareholders of 380 million yuan, up 139.49% [2] - The company's third-quarter performance was impacted by factors such as shipping costs and exchange rate fluctuations, with a revenue of 1.920 billion yuan, a year-on-year increase of 33.45%, but a net profit decline of 7.16% [2] - Rapid construction of domestic and overseas production bases is expected to sustain high growth in performance, with new projects in Thailand and Cambodia contributing to capacity expansion [2] - The company is projected to achieve net profits of 498 million yuan, 918 million yuan, and 1.373 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.31, 0.58, and 0.86 yuan [2][5] Financial Summary - For 2024, the company is expected to generate total revenue of 7.434 billion yuan, with a growth rate of 46.80% [5] - The net profit attributable to shareholders is forecasted to be 498 million yuan, reflecting a growth rate of 129.99% [5] - The company's PE ratio is projected to decrease from 39 in 2023 to 6 by 2026, indicating an improving valuation as earnings grow [5]

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 ...

财联社10月28日讯（记者 肖良华）海外新增产能陆续投产，半钢胎订单持续饱满，通用股份 （601500.SH）营收规模持续扩大。 今日晚间，通用股份发布公告，今年前三季度，公司实现营业收入49.88亿元，同比增长35.56%；归属 于上市公司股东的净利润3.80亿元，同比增长139.49%；扣非净利润3.64亿元，同比增长162.53%，轮胎 产销量及销售收入连续三个季度实现增长。 "公司海外基地当中，泰国二期和柬埔寨二期均在三季度实现了投产，目前产能处于快速爬坡过程 中。"通用股份相关负责人对财联社记者表示，目前，公司半钢胎订单持续饱满，产品供不应求。 不过，2024年以来，通用股份资本开支较大，新增产能成本摊销较高，叠加三季度天然橡胶、合成橡胶 等原材料成本上升和海运费大幅上涨，同时，海内外全钢胎市场需求相对疲软，公司在利润端有所承 压。今年第三季度，公司实现营收约19.2亿元，同比增加33.45%；归母净利润为9333万元，同比下滑 7.16%。 公司上述负责人表示，这是公司快速提升产能和市场份额所必须经历的"阵痛"。目前，公司泰国二期、 柬埔寨二期、国内半钢技改和工程胎技改"四大项目"于年内已陆续投产 ...