证券研究报告 非金融公司|公司点评|通用股份（601500） 业绩高增，海外双基地持续发力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 2024 年上半年公司实现营业收入 30.68 亿元，同比增长 37%；归母净利润 2.87 亿元，同比增 长 393%。其中 2024Q2 实现营业收入 16.25 亿元，同比增长 36%，环比增长 13%；归母净利润 1.34 亿元，同比增长 185%，环比下降 12%。2024H1 公司业绩实现大幅增长，主要系海外双基 地放量带动产销量增长叠加去年低基数。公司积极把握"出海 2.0"机遇，短期来看，海外双 基地将持续发力，贡献未来两年增量。中长期来看，公司力争十年内实现全球 5 大生产基地， 5 千万条轮胎产能，将进一步推动海外生产基地选址建设，未来成长可期。 |分析师及联系人 许隽逸 申起昊 SAC：S0590524060003 SAC：S0590524070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 通用股份(601500) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with total revenue reaching 3.068 billion RMB, a year-on-year increase of 37%, and net profit attributable to shareholders of 287 million RMB, a remarkable growth of 393% [3][4]. - The company's overseas dual-base layout in Thailand and Cambodia has led to substantial growth in tire production and sales, with total tire production increasing by 69% year-on-year to 8.85 million units in the first half of 2024 [3][4]. - The company is capitalizing on domestic and international dual circulation development opportunities, with ongoing expansion of its overseas production bases and successful strategic partnerships with leading global clients [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.625 billion RMB, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56%. The net profit for the same quarter was 134 million RMB, showing a year-on-year growth of 184.94% but a quarter-on-quarter decline of 12.48% [3][4]. - The projected net profits for 2024-2026 are estimated at 644 million RMB, 1.009 billion RMB, and 1.235 billion RMB, respectively, with corresponding PE ratios of 10.52, 6.71, and 5.48 [4][6]. Production and Sales - The company’s total tire production for the first half of 2024 was 8.85 million units, a 69% increase year-on-year, while total sales reached 8.08 million units, a 51% increase [3][4]. - The second quarter alone saw tire production of 4.68 million units, a 107% year-on-year increase, and sales of 4.33 million units, a 74% increase [3][4]. Strategic Developments - The company has successfully established three major production bases in China, Thailand, and Cambodia, with the Thai factory experiencing high demand for semi-steel tires and the Cambodian factory achieving full production capacity within a year [3][4]. - Recent expansions include the commencement of a 10 million unit semi-steel tire project in Thailand and a 6 million unit semi-steel tire project in China, both of which began production on June 28 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with total revenue reaching 3.068 billion RMB, a year-on-year increase of 37%, and net profit attributable to shareholders of 287 million RMB, a remarkable growth of 393% [3][4]. - The company's overseas dual-base layout in Thailand and Cambodia has led to substantial growth in tire production and sales, with total tire production increasing by 69% year-on-year to 8.85 million units in the first half of 2024 [3][4]. - The company is capitalizing on domestic and international dual-circulation development opportunities, with ongoing expansion of its overseas production bases and successful strategic partnerships with leading global clients [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 1.625 billion RMB, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56%. The net profit for the same quarter was 134 million RMB, showing a year-on-year growth of 184.94% but a quarter-on-quarter decline of 12.48% [3][4]. - The projected net profits for 2024-2026 are estimated at 644 million RMB, 1.009 billion RMB, and 1.235 billion RMB, respectively, with corresponding PE ratios of 10.52, 6.71, and 5.48 [4][6]. Production and Sales - The company’s total tire production for the first half of 2024 was 8.85 million units, a 69% increase year-on-year, while total sales reached 8.08 million units, a 51% increase [3][4]. - The second quarter alone saw tire production of 4.68 million units, a 107% year-on-year increase, and sales of 4.33 million units, a 74% increase [3][4]. Strategic Developments - The company has successfully established three major production bases in China, Thailand, and Cambodia, with the Thai factory experiencing high demand for semi-steel tires and the Cambodian factory achieving full production capacity within a year [3][4]. - Recent expansions include the commencement of a 10 million unit semi-steel tire project in Thailand and a 6 million unit semi-steel tire project in China, both of which began production on June 28 [3][4].

股票代码：601500 股票简称：通用股份 公告编号：2024-077 江苏通用科技股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求（2022年修订）》、上海证券交易所《上海证券交易 所上市公司自律监管指引第1号——规范运作（2023年12月修订）》及相关格式 指引的规定，本公司将截至2024年6月30日募集资金存放与实际使用情况专项说 明如下： 一、募集资金的基本情况 （一）2023年度向特定对象发行股票募集资金 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准江苏通 用科技股份有限公司非公开发行股票的批复》（证监许可[2022]2404号）核准， 公司本次实际向特定对象发行人民币普通股292,528,735股，发行价格为3.48元/ 股，募集资金总额为人民币1,017,999,997.8元，扣除相关发行费用人民币 14,604,743.85 ...

证券代码： 601500 证券简称：通用股份 公告编号：2024-078 江苏通用科技股份有限公司 关于计提 2024 年半年度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 8 月 26 日召开的 第六届董事会第二十五次会议、第六届监事会第二十次会议，审议通过了《关于 计提 2024 年半年度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 值损失和资产减值损失的情况公告如下： 一、本次计提信用减值损失和资产减值损失概述 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 6 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 ...

江苏通用科技股份有限公司关于 对红豆集团财务有限公司风险持续评估的报告 根据《上海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》 的要求，江苏通用科技股份有限公司（以下简称"本公司"）通过查验红豆集团 财务有限公司（以下简称"财务公司"）《金融许可证》、《营业执照》等证件材料， 审阅财务公司 2024 年半年度财务报告及相关资料，对财务公司的经营资质、业 务和风险状况进行了持续评估，具体情况报告如下： 一、财务公司的基本情况 财务公司成立于 2008 年，系经中国银行业监督管理委员会批准成立的非银 行金融机构（《金融许可证》机构编码：L0095H332020001），持有无锡市锡山区 行政审批局换发的统一社会信用代码为 91320205682168731C 的《营业执照》。 财务公司注册资本为 16.32 亿元，其中红豆集团有限公司认缴出资 74,582.40 万 元，持股比例 45.70%；本公司认缴出资 32,640.00 万元，持股比例 20.00%；江 苏红豆实业股份有限公司认缴出资 55,977.60 万元，持股比例 34.30%。 注册地址：无锡市锡山区东港镇锡港东路 2 号 企业类 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥3,068,014,645.71, representing a 36.91% increase compared to ¥2,240,899,239.57 in the same period last year[17]. - Net profit attributable to shareholders of the listed company was ¥286,531,177.98, a significant increase of 393.32% from ¥58,082,403.62 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was ¥275,810,466.25, up 514.84% from ¥44,858,845.78 year-on-year[17]. - Basic earnings per share for the first half of 2024 were ¥0.18, a 350.00% increase from ¥0.04 in the same period last year[18]. - The weighted average return on net assets rose to 5.14%, an increase of 4.00 percentage points compared to 1.14% in the previous year[18]. - The net cash flow from operating activities was ¥365,324,630.96, a decrease of 8.42% from ¥398,901,525.64 in the previous year[17]. - The company's total assets increased by 12.14% to ¥12,652,180,672.24 from ¥11,282,262,677.58 at the end of the previous year[17]. - The company's net assets attributable to shareholders reached ¥5,599,387,418.94, a slight increase of 0.96% from ¥5,546,186,344.27 at the end of the previous year[17]. Production and Sales - The company achieved significant growth in tire production and sales, leveraging its overseas bases in Thailand and Cambodia[18]. - In the first half of 2024, global tire sales reached 900 million units, a year-on-year increase of 2.69%[26]. - China's rubber tire production for the first half of 2024 was 52.592 million units, up 10.5% year-on-year[26]. - The company's tire production and sales both grew by over 50% year-on-year, with the Thailand factory experiencing a continuous demand exceeding supply for semi-steel orders[45]. - The Cambodia factory reached full production capacity of 900,000 all-steel tires and 5 million semi-steel tires within one year, becoming a new profit growth point for the company[45]. Strategic Initiatives - The company is implementing a "5X strategic plan" to enhance internationalization, intelligence, and sustainability in its operations, with overseas production bases in Thailand and Cambodia[25]. - The company aims to establish 5 major production bases, 5 R&D centers, 500 strategic distributors, and over 50 million units of production capacity within the next 10 years as part of its "5X strategic plan"[35]. - The company has established modern tire production bases in China, Thailand, and Cambodia, focusing on high-performance tire products and expanding its global market presence[23]. - The company has developed the "Qianlima EV" and "ET" series green tires, targeting the new energy vehicle market[23]. Innovation and Technology - The company has achieved significant advancements in smart manufacturing, including the establishment of a "5G carbon cloud smart factory" and a "black light workshop" for semi-steel tires[25]. - The company has a strong focus on innovation, having built national-level technology and industrial design centers, and is a leader in the development of all-steel radial tires[25]. - The company has launched a series of green tires, with 34 products receiving green labels, ranking first in the C3 category of the Chinese tire industry[38]. - The company has developed a new all-steel radial tire production technology and achieved large-scale application of synthetic TPI rubber, improving tire durability by over 30%[36]. Market Position and Recognition - The company ranks 34th in the global tire industry according to the "2023 Annual Global Tire Company 36 Strong Ranking" published by Tyrepress[25]. - The company has been awarded "China's 500 Most Valuable Brands" and "2024 Beautiful Consumption Brand Award," reflecting its growing brand influence[49]. - The company has established strategic partnerships with major domestic and international distributors to enhance brand influence and market penetration[24]. Environmental and Social Responsibility - The company has established a carbon neutrality promotion team to focus on energy conservation and emission reduction initiatives[78]. - The company has implemented energy-saving measures that resulted in a reduction of carbon dioxide emissions by 8,900 tons[78]. - The company has received environmental impact assessment approval for the upgrade project of 6 million semi-steel radial tires on June 21, 2024[74]. - The company has implemented pollution control facilities, including "three-stage filtration + rotary concentrator" and "active carbon adsorption," which are operating normally[71]. Financial Management and Risks - The company reported a significant increase in investment activities, with net cash flow from investing activities at -¥1,527,065,272.29, a 157.79% increase compared to -¥592,368,916.81 last year[51]. - The company is addressing the risk of raw material price fluctuations by locking in prices through long-term contracts and maintaining strategic supplier relationships[62]. - The company is exposed to exchange rate risks, particularly as its export transactions are primarily settled in USD, which could impact revenue and costs[62]. - The company has committed to controlling the share pledge ratio at a reasonable level and actively monitoring secondary market trends[89]. Shareholder and Corporate Governance - The controlling shareholder, Hongdou Group, holds 657,320,290 shares, with 525,720,000 shares pledged, accounting for 79.98% of its holdings and 33.07% of the total share capital[63]. - The company has committed to comply with all relevant regulations and to not exploit its controlling position to gain undue benefits, thereby protecting the legitimate rights and interests of other shareholders[83]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[94]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[130]. - The company is focusing on enhancing operational efficiency to manage rising costs effectively[130].

华英证券有限责任公司 关于江苏通用科技股份有限公司全资子公司与 关联方签署《设备购销及安装合同》关联交易的核查 意见 华英证券有限责任公司（以下简称"华英证券"、"保荐机构"）作为江苏 通用科技股份有限公司（以下简称"通用股份"或"公司"）持续督导的保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》 等有关规定，就通用股份全资子公司与江苏红豆能源科技有限公司（以下简称"红 豆能源"）及其子公司签署《设备购销及安装合同》关联交易进行了核查，具体 如下： 一、关联交易概述 因公司投资建设柬埔寨高性能子午线轮胎项目（二期），为生产经营需要， 公司全资子公司通用轮胎科技（柬埔寨）有限公司（以下简称"柬埔寨子公司"） 与红豆能源及其子公司签署《设备购销及安装合同》，合同总金额 3,005 万元。 包括柬埔寨子公司车间低压柜 395 万元，高压柜 720 万元，电气安装工程材料 1,500 万元，电气安装工程 390 万元。 本次交易经公司第六届董事会第二十五次会议审议通过，关联董事回避表决， 根据《上海证券交易所股票上市规则》和《公司章程》的规定，本次关联交易无 需提交股东大会审议。 1 二 ...

股票代码：601500 股票简称：通用股份 公告编号：2024-079 江苏通用科技股份有限公司 关于公司全资子公司与江苏红豆能源科技有限公司及其子 公司签署《设备购销及安装合同》的关联交易公告 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。 重要内容提示： 江苏通用科技股份有限公司（以下简称"通用股份"或"公司"）全资子公 司通用轮胎科技（柬埔寨）有限公司（以下简称"柬埔寨子公司"）拟与江苏红豆 能源科技有限公司（以下简称"红豆能源"）及其子公司 SOUTH RED BEAN ENERGY (CAMBODIA) CO., LTD（以下简称"红豆能源子公司"）签署《设备购 销及安装合同》，合同总金额 3,005 万元。包括柬埔寨子公司车间低压柜、高压 柜、电气安装工程及材料等。 本次交易构成关联交易，但不构成重大资产重组。 本次交易经公司第六届董事会第二十五次会议审议通过，关联董事回避 表决。根据《上海证券交易所股票上市规则》和《公司章程》的规定，本次关联 交易无需提交股东大会审议。 一、关联交易概述 因公司投资建设柬埔 ...

证券代码： 601500 证券简称：通用股份 公告编号：2024-081 江苏通用科技股份有限公司 第六届监事会第二十次会议决议公告 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 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次会 议（以下简称"本次会议"）于 2024 年 8 月 26 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。 监事会对《关于公司 2024 年半年度报告及其摘要的议案》进行了审议，认 为： 1、公司 2024 年半年度报告的编制和审议程序符合法律、法规、《公司章程》 和公司内部管理制度的各项规定；报告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，所包含的信息真实、准确、完整地反映公司的实际情况，不存 在任何虚假记载、误导性陈述或者重大遗漏。 ...