Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry in China is expected to undergo a revaluation due to anti-involution measures, which may lead to a significant slowdown in global chemical capacity expansion. This shift could enhance the cash flow and dividend yield of Chinese chemical companies, transforming them from cash-consuming entities to profit-generating ones [6][29] - The demand for chromium salts is anticipated to rise significantly due to increased orders for gas turbines and commercial aircraft engines in Europe and the US, leading to a projected shortfall of 250,000 tons by 2028, which is about 23% of the total annual production [6] - The report highlights four key investment opportunities: low-cost expansion, improving industry conditions, new materials, and high dividend yields from state-owned enterprises [7][8] Summary by Sections Recent Performance - The basic chemical sector has shown a performance increase of 51.0% over the past 12 months, compared to 42.5% for the CSI 300 index [4] Investment Recommendations - The report emphasizes the potential for low-cost expansion in major companies such as Wanhua Chemical, Hualu Hengsheng, and others, alongside sectors like tires and fertilizers [7] - It also points out the improving conditions in various segments, including chromium salts, phosphate rock, and agricultural chemicals [8] Key Products Analysis - Recent price increases were noted for acrylic acid and esters, with butyl acrylate priced at 7,600 RMB/ton, reflecting a 3.40% increase [10] - The report also mentions the price of polymer MDI in East China at 15,550 RMB/ton, up by 1.97% [10] Company Tracking and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating a positive outlook for many, with several companies rated as "Buy" [30]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications, highlighting inconsistencies in documentation and operational details [1] Group 1: Regulatory Requirements - CSRC has requested Linglong Tire to clarify discrepancies in the pledge status of shares held by its controlling shareholder in the company's filing report and legal opinions [1] - The company is also required to provide detailed information on its subsidiaries' business scope, specifically regarding advertising and insurance agency services, including operational status and necessary licenses [1] Group 2: Company Overview - Linglong Tire is identified as a leading global tire manufacturer, engaged in the design, development, production, and sales of a diverse and expanding range of tire products [1] - The company has demonstrated strong sales performance and rapid growth, with a product portfolio that includes a wide variety of passenger vehicle tires [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the discrepancies in the pledge status of shares held by its controlling shareholder and to provide a conclusive legal opinion on whether this has a significant impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, truck and bus tires, and off-road tires, with multiple specifications to suit different applications [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify the inconsistency in the pledge status of shares held by its controlling shareholder and its impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, commercial vehicle tires, and off-road tires, with various specifications to meet different application scenarios [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Linglong Tire, regarding their overseas listing applications [1] - Linglong Tire submitted its listing application to the Hong Kong Stock Exchange on June 30, 2025, with CITIC Securities and China Merchants Jinling International as joint sponsors [1] - The CSRC has requested Linglong Tire to clarify discrepancies in the pledge status of shares held by its controlling shareholder and to provide a conclusive legal opinion on whether this has a significant impact on the listing [1] Group 2 - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products [2] - The company's product portfolio includes a wide variety of passenger and light truck tires, commercial vehicle tires, and off-road tires, with multiple specifications to suit different applications [2] - Linglong Tire offers its products under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [2]

Core Viewpoint - The report from Guohai Securities highlights the significant improvement in Linglong Tire's net profit and revenue growth in the first half of 2025, driven by increased tire sales and a strong position in the domestic and global automotive supply market [1] Group 1: Financial Performance - In Q2 2025, Linglong Tire's net profit attributable to shareholders showed substantial improvement [1] - The company's revenue in the first half of 2025 increased year-on-year [1] Group 2: Market Position - Linglong Tire has established a leading position in the domestic automotive supply market for several consecutive years, providing services to over 70 global OEMs across more than 200 bases [1] - The company covers mainstream vehicle series from China, Germany, Europe, the United States, and Japan [1] Group 3: New Energy Sector - Linglong Tire remains the top supplier of tires for China's new energy vehicles, with major clients including BYD, Geely, Wuling, Hongqi, and Leap Motor [1] Group 4: Global Expansion Strategy - The company is committed to global expansion, accelerating the implementation of its "7+5" strategic layout [1] - A new project in Brazil is planned with an investment of approximately $1.193 billion, expected to take seven years to complete in three phases, with construction starting in Q3 2025 and gradual production by the end of 2032 [1] Group 5: Investment Rating - Considering the company's long-term growth potential, Guohai Securities maintains a "buy" rating for Linglong Tire [1]

Core Viewpoint - Linglong Tire's stock has shown a recent upward trend despite a year-to-date decline, indicating potential recovery and investor interest in the company [1][2]. Financial Performance - For the first half of 2025, Linglong Tire reported revenue of 11.81 billion yuan, a year-on-year increase of 13.80% [2]. - The net profit attributable to shareholders was 854 million yuan, reflecting a year-on-year decrease of 7.66% [2]. - Cumulative cash dividends since the A-share listing amount to 3.44 billion yuan, with 1.15 billion yuan distributed over the past three years [2]. Stock Market Activity - As of September 9, Linglong Tire's stock price was 16.17 yuan per share, with a market capitalization of 23.67 billion yuan [1]. - The stock has experienced a year-to-date decline of 9.95%, but has increased by 5.14% over the last five trading days [1]. - The stock saw a net inflow of 12.21 million yuan from main funds, with significant buying activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 35.84% to 94,900, while the average circulating shares per person decreased by 26.38% to 15,423 shares [2]. - Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 13.81 million shares, a decrease of 11.38 million shares from the previous period [2].

Investment Rating - The investment rating for Linglong Tire (601966) is "Outperform" [1] Core Views - The report highlights that Linglong Tire's performance in Q2 was better than expected, primarily due to significant foreign exchange gains, despite a slight decline in profit when excluding these gains [5] - The company's tire production and sales volume continued to grow, but profitability was impacted by trade wars and raw material costs, leading to a decrease in gross margin [5] - The report anticipates a rebound in performance and valuation as the company navigates through current challenges, with a maintained "Outperform" rating [5] Financial Data and Profit Forecast - Total revenue is projected to reach 22,058 million in 2024, with a growth rate of 9.4%, and is expected to increase to 30,812 million by 2027, with a growth rate of 7.4% [2] - The net profit attributable to the parent company is forecasted to be 1,752 million in 2024, declining to 1,349 million in 2025, before recovering to 1,968 million by 2027 [2] - The gross margin is expected to improve from 15.5% in 2025 to 17.4% in 2027, reflecting a gradual recovery in profitability [2] Market Data - As of September 8, 2025, the closing price of Linglong Tire was 15.85 yuan, with a market capitalization of 23,197 million [3] - The stock has a price-to-earnings ratio of 13 and a dividend yield of 2.18% [3] - The company’s net asset value per share is 15.71 yuan, with a debt-to-asset ratio of 52.23% [3] Operational Insights - In the first half of 2025, the company achieved a revenue of 11,812 million, a year-on-year increase of 13.8%, and a net profit of 854 million, a decrease of 7.7% [5] - The tire production volume reached approximately 45.89 million units, with a year-on-year growth of 5.8%, while sales volume was 44.39 million units, up 11.2% [5] - The report notes that the Serbian production base is nearing completion, with plans for a new base in Brazil starting in 2025, indicating potential for future growth [5]

日前，全球权威咨询机构弗若斯特沙利文(Frost&Sullivan)向玲珑轮胎颁发认证，认定「全球10大车企， 8家选玲珑轮胎」。根据2024年车企销量数据，玲珑轮胎为排名前10车企中的8家提供配套服务，进一步 巩固了其在配套市场的领先地位。 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。 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，构建了覆蓋中国、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。 此外，以「7+5」战略全球布局为依托，截至目前玲珑轮胎已在全球建立了7个生产基地，形成属地化 产业布局。这 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has seen a significant improvement in its net profit for Q2 2025, with a year-on-year increase of 6.11% and a quarter-on-quarter increase of 50.89% [5] - The company's tire sales volume has increased, leading to a 13.80% year-on-year increase in revenue for the first half of 2025, amounting to 11.812 billion yuan [2][3] - The company maintains a leading position in the domestic tire market, with over 20% year-on-year growth in global matching sales in the first half of 2025 [9] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit of 854 million yuan, a decrease of 7.66% year-on-year, with a net profit margin of 7.23% [3] - The sales gross margin for the first half of 2025 was 15.50%, down 7.22 percentage points year-on-year [3] - For Q2 2025, the company reported revenue of 6.115 billion yuan, a year-on-year increase of 14.63% and a quarter-on-quarter increase of 7.34% [4] Sales and Production Data - In the first half of 2025, the company produced 45.8922 million tires, a year-on-year increase of 5.77%, and sold 44.3862 million tires, a year-on-year increase of 11.23% [2] - The average price per tire in Q2 2025 was 264.82 yuan, reflecting a year-on-year increase of 5.24% [4] Market Position and Strategy - The company has established partnerships with over 70 global OEMs, providing services across major automotive markets including China, Germany, Europe, the US, and Japan [9] - The company is accelerating its global "7+5" strategy, planning to establish a third base in Brazil with an investment of approximately 1.193 billion USD [9] Earnings Forecast - The company is projected to achieve revenues of 24.673 billion yuan in 2025, with a net profit of 1.952 billion yuan, corresponding to a PE ratio of 12 [11][14]