Investment Rating - The report maintains a "Buy" rating for the company [2][6][21] Core Insights - The company achieved a revenue of 3.068 billion yuan in H1 2024, representing a year-on-year increase of 36.91% [3] - The net profit attributable to shareholders reached 287 million yuan, up 393.32% year-on-year, while the net profit after deducting non-recurring gains and losses was 276 million yuan, an increase of 514.84% [3] - The company continues to expand its international presence with the successful launch of the second phase of its Cambodia project, which is expected to generate significant revenue [5][6] Financial Performance Summary - In Q2 2024, the company reported a revenue of 1.625 billion yuan, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56% [3] - The gross profit margin for Q2 2024 was 17.37%, up 2.88 percentage points year-on-year, while the net profit margin was 8.26%, an increase of 4.33 percentage points year-on-year [3][8] - The company’s tire production volume in Q2 2024 was 4.6843 million units, a year-on-year increase of 57.95%, and the sales volume was 4.3322 million units, up 50.86% year-on-year [3][8] Future Projections - The company is projected to achieve revenues of 6.730 billion yuan, 9.568 billion yuan, and 11.104 billion yuan for the years 2024, 2025, and 2026, respectively [6][21] - The net profit attributable to shareholders is expected to be 627 million yuan, 937 million yuan, and 1.180 billion yuan for the same years [6][21] - The report anticipates a PE ratio of 11, 7, and 6 for the years 2024, 2025, and 2026, respectively, indicating strong growth potential [6][21]

证券代码：601500 证券简称：通用股份 公告编号：2024-084 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 2,500 万元~5,000 | | 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 | 元/股~6.08 元/股 4.36 | 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》 ...

投资评级：买入（维持） 日期 2024/8/28 当前股价(元) 4.29 一年最高最低(元) 6.89/3.61 总市值(亿元) 68.19 流通市值(亿元) 67.28 总股本(亿股) 15.89 流通股本(亿股) 15.68 近 3 个月换手率(%) 117.48 隐证券 汽车/汽车零部件 公 司 研 究 通用股份（601500.SH） 2024 年 08 月 29 日 海外双基地加速放量，Q2 业绩同比高增 | --- | --- | --- | |---------------------------|---------------------------|---------------------------| | | | ——公司信息更新报告 | | 金益腾（分析师） | 龚道琳（分析师） | 李思佳（联系人） | | jinyiteng@kysec.cn | gongdaolin@kysec.cn | lisijia@kysec.cn | | 证书编号： S0790520020002 | 证书编号： S0790522010001 | 证书编号： S0790123070026 | 2024H1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company is experiencing high growth in performance for the first half of 2024, driven by multiple projects and production bases. A capacity release period is expected from 2024 to 2026, with improvements in intelligent production and brand building contributing to the company's value enhancement [3][4]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenue of 3.068 billion yuan, a year-on-year increase of 36.91%. The net profit attributable to shareholders was 286 million yuan, up 393.32% year-on-year, while the net profit excluding non-recurring items reached 275 million yuan, a 514.84% increase year-on-year [4]. - In Q2 2024, revenue was 1.624 billion yuan, reflecting a 36.32% year-on-year increase and a 12.56% quarter-on-quarter increase. The net profit attributable to shareholders was 133 million yuan, up 184.94% year-on-year but down 12.48% quarter-on-quarter [4]. Market Conditions - The domestic tire production and sales remain at high levels, with strong demand for semi-steel tires. The company's factories in Thailand and Cambodia are ramping up production, with the Cambodia Phase I project reaching full capacity in May [4]. - The average price of natural rubber as of August 23 was 14,933 yuan per ton, with a monthly increase of 3.28% and a half-year increase of 13.27%. Carbon black prices were 7,600 yuan per ton, with a half-year decrease of 8.43% [4]. Strategic Initiatives - The company is implementing a "5X" strategy with multiple bases in Wuxi, Thailand, and Cambodia, progressing well on various projects. The period from 2024 to 2026 is anticipated to be a capacity release phase, indicating strong growth potential [4]. - The company is focusing on internationalization, intelligent manufacturing, and green upgrades, with smart factories significantly improving production efficiency and energy savings [4].

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 ...