2025 年 09 月 08 日 公司研究 评级：买入(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李永磊 S0350521080004 | | | liyl03@ghzq.com.cn | | 证券分析师： | 董伯骏 S0350521080009 | | | dongbj@ghzq.com.cn | | 证券分析师： | 李振方 S0350524080003 | | | lizf@ghzq.com.cn | [Table_Title] 配套市场连续多年国内领先，2025Q2 单季度归 母净利润大幅改善 ——玲珑轮胎（601966）公司动态研究 投资要点: 轮胎销量增加，2025 年上半年公司营业收入同比增加 2025 年上半年，公司销量增加，实现营业收入 118.12 亿元，同比+13.80%； 其中，公司轮胎产品实现营业收入 117.38 亿元，同比+14.52%；轮胎产量 4589.22 万条，同比+5.77%；销量 4438.62 万条，同比+11.23%；轮胎均 价 264.45 元/条，同比+2.96%。 2025 年上半年，公司实现归母净利润 8.54 亿元 ...

据悉，目前玲珑轮胎已累计为全球60多家主机厂的200多个生产基地提供配套服务，配套轮胎总量接近3 亿条，多年稳居中国轮胎配套榜首。其客户网络涵盖德系、美系、日系以及中国领先车企，并在高端配 套市场展现出广泛的客户认可度。此外，在新能源领域，玲珑轮胎连续两年蝉联全球新能源汽车配套轮 胎销量冠军。 业内人士指出，凭借领先的技术定制化能力、强大的供应链韧性以及不断实现的高端化配套突破，玲珑 轮胎正从产品力、交付力和品牌力等多维度重构全球轮胎产业的竞争格局，引领中国轮胎产业迈入全球 价值链的新高度。 全球化配套的卓越表现，源自玲珑研发与全球布局的战略驱动。据了解，该公司高度重视研发创新，持 续投入高比例研发资金，构建了覆盖中国、美国、德国的"三国七地"全球化研发网络，汇聚全球顶尖的 研发人才和资源，不断提升产品的技术含量和性能水平。通过与车企在生产制造、质量提升等环节的深 度协同合作，及时了解市场需求和客户反馈，为车企提供创新领先、性能卓越、响应快速的产品与解决 方案。 日前，全球权威咨询机构弗若斯特沙利文(Frost&Sullivan)向玲珑轮胎（601966）颁发认证，认定"全球 10大车企，8家选玲珑轮胎"。根 ...

8月28日，天津新港北站。一列满载医药、电器、食品的中欧（中亚）班列启程，将由内蒙古二连浩特 铁路口岸出境，抵达蒙古国首都乌兰巴托。这是今年以来，国铁北京局在天津地区开行的第464列中欧 （中亚）班列。 近年来，中国与上合组织国家经贸往来连结硕果，开行数量持续增加的中欧班列，不仅架起亚欧大陆互 联互通的桥梁，见证了上合组织合作取得的丰硕成果，也持续助力我国轻工业外贸增长。 日前，2025年上海合作组织峰会在天津举行。2024年中国与上合组织其他成员国的贸易额约5124亿美 元，贸易规模创历史新高。秉持"上海精神"，上合组织不断深化经贸、投资、互联互通等领域合作，为 地区发展注入强劲动力。 中铁集装箱胶州中心站是青岛上合示范区多式联运中心的核心区域。山东中欧班列不断加强境外集疏运 体系建设，为企业提供更加完善的综合物流服务，帮助企业拓展海外市场。山东冷鲜蔬菜、水产品资源 丰富，出口需求旺盛，为保障"山东味道"走出去，山东开通中欧班列冷链专列。"目前，青岛、济南、 淄博等地的中欧班列冷链专列已实现常态化运营。"中铁集装箱运输有限责任公司济南分公司国际联运 部经理尚明珠说。 除"班列+冷链"外，山东还创新推出"班列 ...

Market Performance - The basic chemical index increased by 1.11% from August 23 to August 29, while the CSI 300 index rose by 2.71%, indicating that the basic chemical sector underperformed the CSI 300 by 1.60 percentage points, ranking 11th among all sectors [1][2] - The top-performing sub-industries included nylon (5.68%), rubber additives (5.44%), potassium fertilizer (4.65%), food and feed additives (2.99%), and fluorochemicals (2.99%) [1][2] Chemical Product Price Trends - The top five products with the highest weekly price increases were NYMEX natural gas (11.11%), crude phenol (7.12%), niacinamide (5.78%), phenol oil (5.16%), and hydrofluoric acid (5.00%) [3] - The top five products with the largest weekly price declines included liquid chlorine (-75.00%), sodium (-6.78%), coal tar (-4.17%), anthracene oil (-4.11%), and lithium carbonate (industrial grade) (-4.09%) [3] Industry Dynamics - In the first half of 2025, the basic chemical sector achieved operating revenue of 1,123.83 billion yuan, a year-on-year increase of 3.03%, and a net profit attributable to shareholders of 69.72 billion yuan, up 4.43% year-on-year [4] - In Q2 2025, the sector reported operating revenue of 587.10 billion yuan, a year-on-year increase of 0.80% and a quarter-on-quarter increase of 9.38%, with a net profit of 35.72 billion yuan, down 2.66% year-on-year but up 5.03% quarter-on-quarter, indicating an improving trend in quarterly profitability [4] Company Performance Highlights - In the refrigerant sector, Juhua Co. reported H1 2025 operating revenue of 13.33 billion yuan, up 10.36% year-on-year, and a net profit of 2.05 billion yuan, up 145.84% year-on-year [6] - Sanmei Co. achieved H1 2025 operating revenue of 2.83 billion yuan, a 38.58% increase year-on-year, with a net profit of 999.5 million yuan, up 159.22% year-on-year [6] - In the agricultural chemicals sector, Yara International reported H1 2025 operating revenue of 2.52 billion yuan, a 48.54% increase year-on-year, and a net profit of 855 million yuan, up 216.64% year-on-year [7] - Salt Lake Co. reported H1 2025 operating revenue of 6.78 billion yuan, down 6.30% year-on-year, but a net profit of 2.52 billion yuan, up 13.69% year-on-year [7] Investment Recommendations - Current investment focus includes the refrigerant sector, with recommendations for companies like Jingshi Resources, Juhua Co., Sanmei Co., and Yonghe Co. [9] - The chemical fiber sector is also highlighted, with recommendations for Huafeng Chemical, Xin Fengming, and Taihe New Materials [9] - Other recommended companies include Wanhua Chemical, Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [9] - The tire sector includes recommendations for Sailun Tire, Senqilin, and Linglong Tire [9] - In the agricultural chemicals sector, recommended companies include Yara International, Salt Lake Co., Xingfa Group, Yuntianhua, and Yangnong Chemical [9] - High-quality growth stocks to watch include Blue Sky Technology, Shengquan Group, and Shandong Heda [9] Industry Rating - The basic chemical industry maintains an "overweight" rating [10]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index down 2.83% [4] - The overall market saw a significant increase in trading volume, with A-share transaction amounts reaching 14.92 trillion yuan, a 15.29% increase week-on-week [7] Industry Commentary - The non-bank financial sector reported a substantial increase in brokerage performance, with 42 listed brokerages achieving a total revenue of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit of 104.02 billion yuan, up 65.08% [6][7] - The communication sector is experiencing a surge in demand, particularly driven by Alibaba Cloud's Q2 performance, which exceeded expectations with a revenue increase of 26% to 33.4 billion yuan [8] Company Insights - Huafeng Technology (688629.SH) reported a significant revenue increase of 128.26% year-on-year, reaching 1.105 billion yuan in H1 2025, with a net profit of 151 million yuan, up 940.64% [10] - China General Nuclear Power Corporation (01164.HK) faced a revenue decline of 58% to 1.709 billion HKD in H1 2025, primarily due to accounting standards affecting trade business [12] - Kangchen Pharmaceutical (603590.SH) achieved a revenue of 460 million yuan in H1 2025, reflecting a growth of 13.8% [14] - Longjiang Securities (000783.SZ) reported a significant recovery in investment business, with a notable increase in operating performance [28] Investment Recommendations - The report suggests a "Buy-B" rating for Huafeng Technology, anticipating continued growth in the domestic AI server market and communication modules [10][11] - For China General Nuclear Power, a "Buy-B" rating is maintained, with expectations of recovery in profitability driven by strategic contracts and market demand [13] - Kangchen Pharmaceutical is also rated "Buy-B," with projected revenue growth driven by innovative drug development [14] Future Projections - Huafeng Technology is expected to continue benefiting from the domestic AI server market, with projections indicating a strong performance in the coming years [10][11] - China General Nuclear Power anticipates a rebound in net profit, with estimates of 3.76 billion HKD in 2025, growing significantly in subsequent years [13] - Kangchen Pharmaceutical forecasts revenues of 9.41 billion yuan by 2027, indicating robust growth potential [14]

Investment Rating - The report maintains an "Outperform the Market" rating for Linglong Tire [5][36][37] Core Views - Linglong Tire's revenue for the first half of 2025 reached 11.81 billion yuan, a year-on-year increase of 13.8%, while the net profit attributable to shareholders was 850 million yuan, a decrease of 7.7% [1][8] - The company is expected to benefit from the ramp-up of its overseas factories, particularly in Serbia, which has shown significant revenue growth [2][19] - The long-term growth strategy includes a focus on capacity expansion, high-end product penetration, and retail development, which are anticipated to enhance the company's market share [3][36] Summary by Sections Financial Performance - In Q2 2025, Linglong Tire's revenue was 6.12 billion yuan, with a year-on-year increase of 14.6% and a quarter-on-quarter increase of 7.3% [1][8] - The gross profit margin for Q2 2025 was 16.0%, down 6.1 percentage points year-on-year, primarily due to rising raw material costs and tariffs [2][19] Capacity and Production - The Serbia factory's revenue in H1 2025 was 120 million yuan, a year-on-year increase of 148.1%, indicating strong growth potential [2][19] - The company plans to establish a third overseas base in Brazil, further expanding its global footprint [2][19] Strategic Initiatives - Linglong Tire is implementing a "7+5" global strategy, focusing on seven domestic bases and five overseas bases to enhance its competitive edge [3][19] - The company is actively pursuing high-end market penetration and has established partnerships with major automotive manufacturers, including BMW and BYD [3][36][24] Retail and Brand Development - The launch of the "Linglong Car Maintenance Station" and the new retail strategy 3.0 aims to enhance customer engagement and sales channels [25][36] - Linglong's brand value reached 98.137 billion yuan in 2024, reflecting strong market recognition and growth potential [30][36]

Group 1 - The core point of the article is that Linglong Tire (601966.SH) announced a share buyback plan where Linglong Group intends to increase its stake in the company by purchasing 11.9868 million A-shares, representing approximately 0.82% of the total share capital [1] - The total amount for the share buyback is approximately 180 million yuan, which has reached 50% of the upper limit of the planned buyback amount [1] - The buyback plan is set to be executed between May 7, 2025, and September 4, 2025, and is not yet fully implemented [1]

Core Viewpoint - Linglong Tire (601966.SH) announced that its controlling shareholder, Linglong Group, plans to increase its stake in the company by acquiring 11.9868 million A-shares from May 7 to September 4, 2025, representing approximately 0.82% of the total share capital, with a total investment of about 180 million yuan, reaching 50% of the upper limit of the planned investment [1] Group 1 - The controlling shareholder, Linglong Group, will use its own and self-raised funds, including special refinancing for stock increases, to conduct the share buyback through centralized bidding on the Shanghai Stock Exchange [1] - The total amount of the planned increase is approximately 180 million yuan, which has already reached 50% of the upper limit of the planned investment [1] - The share buyback plan has not yet been fully implemented [1]

证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-063 山东玲珑轮胎股份有限公司 关于控股股东增持公司股份的进展公告 重要内容提示： 已披露增持计划情况：基于对山东玲珑轮胎股份有限公司（以下简称"公司"） 未来发展的信心和价值的认可，以及为维护股价稳定和股东利益，公司控股股东 玲珑集团有限公司（以下简称"玲珑集团"）计划自 2025 年 5 月 7 日起（含当日） 6 个月内，以自有资金和自筹资金（包含股票增持专项再贷款）通过上海证券交 易所交易系统增持公司股份，累计增持金额不低于人民币 2 亿元不超过人民币 3 亿元。本次增持计划不设定价格区间，将根据公司股票价格波动情况及资本市场 整体趋势，择机逐步实施增持计划。 增持计划的实施进展情况：2025 年 5 月 7 日至 9 月 4 日期间，玲珑集团以自 有资金和自筹资金（包含股票增持专项再贷款）通过上海证券交易所集中竞价方 式增持公司 11,986,795 股 A 股股份，占公司总股本的比例约 0.82%，累计增持 金额约 1.80 亿元，增持金额已达到区间上限的 50%。本次增持计划尚未实施完 毕。 增持计划无法实施风险：本次增持计划可能 ...

Group 1 - The core point of the article is that Linglong Tire (601966.SH) announced a share buyback plan, where Linglong Group will increase its stake in the company using its own and self-raised funds from May 7 to September 4, 2025 [1] Group 2 - Linglong Group plans to acquire a total of 1,198.6 million shares through centralized bidding on the Shanghai Stock Exchange [1]