证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-080 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 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： 增持计划内容：山东玲珑轮胎股份有限公司（以下简称"公司"） 控股股东玲珑集团有限公司（以下简称"玲珑集团"）计划于 2024 年 8 月 9 日起 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系统增持本公司股份，累计增持金额不低 于人民币 1.5 亿元不超过人民币 2 亿元。具体内容详见《山东玲珑轮 胎股份有限公司关于控股股东计划增持公司股份的公告》（公告编号 2024-052）。 增持计划实施进展： 2024 年 8 月 9 日至 2024 年 11 月 8 日，控股股东玲珑集团通过 上海证券交易所集中竞价交易系统已累计增持公司股份 3,869,700 股，占公司总股本的 0.26%，累计增持金额约 7,500 万元，增持金额 已达到区间下限的 50%。本次增持计划尚未实施完毕。 2024 ...

海外替换市场销量同比增加21.19%特别是半钢替换市场表现强烈大幅增长25.10%在毛利率方面前三季度国内成体毛利率呈现持续修复态势配套和替换市场同比均有3个BP左右的提升分别为14.49%和23.39%其中国内配套半钢毛利率达到35.33%的较高水平 海外整体毛利率依然保持高位稳定其中海外配套毛利率高达39.87%为四个板块中盈利能力最强的业务众所周知玲珑轮胎是一家集轮胎的研发制造和销售于一体的技术型轮胎生产企业经过多年的创新发展已经得到全球用户的广泛认可熟悉全球各大派系的审核要点技术水平管理水平及各项国际标准的把控能力均位居行业前列 公司自成立以来始终坚持配套带动零售的战略方向截至目前已为大众奥迪宝马通用福特本田日产等全球60多家主机厂的200多个生产基地提供配套服务实现了对中国德系欧系美系日系等全球重点车系的配套配套总量累计超过2.8亿条连续多年位居中国轮胎配套首位 近年来公司又围绕配套中高端品牌加中高端车型加中高端产品占比加快三个结构调整不但提升玲珑文胎的品牌影响力和示范效应增强全球配套盈利能力与此同时公司还借助全球新能源汽车行业快速发展的东风持续推进新能源配套业务的市场市场拓展 2024年前三季度公 ...

史新 O O ○ 24Q3 业绩符合预期，塞尔维亚基地进入兑现期 玲珑轮胎 2024 年三季报点评 | --- | |-------------------------| | | | 沈唯(分析师) | | 0755-23976795 | | shenwei024936@gtjas.com | | 赛记编号 S0880523080006 | | --- | --- | |--------------------------|----------------------------------| | 針浩(分析师) | 陈传双(研究助理) | | 021-38038445 | 021-38676675 | | zhonghao027638@gtjas.com | chenchuanshuang027603(@ggjas.com | | $0880522120008 | S0880123060038 | 本报告导读: 公司 24Q3 业绩符合预期,塞尔维亚项目产能快速爬波中。随着中长期产能释放, 配套和替换端发力,配合持续研发,预计公司业绩将保持增长。 投资要点: 维持"增持"评级。公司 24Q3 业绩符合预期， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The company reported significant growth in its Q3 performance, with a revenue of 55.7 billion yuan, a year-on-year increase of 5.2% and a quarter-on-quarter increase of 4.4%. The net profit for Q3 reached 7.9 billion yuan, reflecting a year-on-year increase of 97.3% and a quarter-on-quarter increase of 62.4% [3][5]. - The overall gross margin for the first three quarters was 24.4%, up 4.6 percentage points year-on-year, primarily due to increased production and sales from overseas bases, strong export demand, and tax refunds from the Thailand base [5]. - The company has a global strategy of "7+5," which includes seven production bases in China and five overseas, aimed at enhancing its global presence and optimizing its production capacity [5]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a total revenue of 159.5 billion yuan, a year-on-year increase of 9.8%, and a net profit of 17.1 billion yuan, up 78.4% year-on-year. The net profit excluding non-recurring items was 14.0 billion yuan, a year-on-year increase of 56.7% [3][5]. - In Q3 alone, the company produced 22.33 million tires, a quarter-on-quarter increase of 2.3%, and sold 21.43 million tires, a quarter-on-quarter increase of 2.4% [5]. Market Dynamics - The company benefited from a tax refund of 56.06 million USD from the U.S. Department of Commerce, which was recognized as non-recurring profit in the current period [5]. - The company’s tire prices increased by 2.24% quarter-on-quarter in Q3, contributing to the revenue growth [5]. Strategic Initiatives - The company is focusing on high-end product offerings and has made significant breakthroughs in domestic and international partnerships, including new projects with major automotive brands [5]. - The ongoing expansion of production capacity in Serbia and other locations is expected to further enhance the company's revenue and profit margins in the coming years [5].

Investment Rating - The report maintains a "Buy" rating for Linglong Tire (601966) with a current price of 19.31 CNY [1]. Core Views - The company reported a significant increase in revenue and net profit for the first three quarters of 2024, with revenue reaching 15.949 billion CNY, up 9.77% year-on-year, and net profit attributable to shareholders at 1.712 billion CNY, up 78.39% year-on-year [2]. - The production and sales of tires showed steady growth, although rising raw material prices increased procurement costs [3]. - The company's gross margin improved due to tax refunds and cost reduction efforts, with a gross margin of 24.35% for the first three quarters, up 4.65 percentage points year-on-year [4]. - The "7+5" strategy is being effectively implemented, with the Serbian factory rapidly increasing production capacity, which is expected to enhance profitability as it meets the demands of major automotive manufacturers [5]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at 1.51, 1.73, and 1.95 CNY, with a compound annual growth rate (CAGR) of 27.0% for net profit attributable to shareholders over three years [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.569 billion CNY, with a year-on-year increase of 5.22% and a net profit of 786 million CNY, up 97.30% year-on-year [2]. - The tire production volume was 22.33 million units, up 8.36% year-on-year, and sales volume was 21.43 million units, up 10.68% year-on-year [3]. Cost and Margin Analysis - The average tire price in Q3 was 257.28 CNY, reflecting a decrease of 4.32% year-on-year due to market structure changes [3]. - The comprehensive procurement cost of key raw materials increased by 1.87% quarter-on-quarter and 15.40% year-on-year, but the raw material price index showed a decrease of 7.53% from the average in Q3 [3]. Strategic Initiatives - The Serbian factory is positioned as the company's second overseas production base, with plans for significant annual production capacity [5]. - The factory has passed audits from major automotive manufacturers and is ramping up production, which is expected to leverage tariff and transportation advantages in Europe [5]. Earnings Forecast - The report projects a steady increase in revenue, with expected figures of 20.165 billion CNY in 2024, 22.908 billion CNY in 2025, and 26.958 billion CNY in 2026, reflecting growth rates of 13.60%, 17.68%, and 6.88% respectively [6].

Investment Rating - The report maintains an "Outperform the Market" rating for Linglong Tire (601966.SH) [1][3][19] Core Views - Linglong Tire's net profit for Q3 2024 increased by 97% year-on-year, driven by a combination of domestic and international demand [1][4] - The company is expected to benefit from the ramp-up of its European factory, which is anticipated to enter an upward cycle [1][19] - Linglong's comprehensive strategy in capacity, matching, and retail is expected to enhance its competitive edge and ensure performance growth [19][20] Financial Performance Summary - For the first three quarters of 2024, Linglong Tire achieved operating revenue of 15.95 billion yuan, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 1.712 billion yuan, up 78.4% [1][4] - In Q3 2024, the company reported revenue of 5.57 billion yuan, a year-on-year increase of 5.2%, and a net profit of 790 million yuan, reflecting a 97.3% increase year-on-year [1][4] - The gross profit margin for Q3 2024 was 27.4%, up 4.5 percentage points year-on-year, indicating strong profitability despite rising raw material costs [1][8] Capacity and Production Strategy - Linglong Tire is focusing on expanding its production capacity, particularly in Europe and Thailand, while also enhancing domestic production in regions like Changchun, Hubei, and Anhui [1][19] - The company is implementing a "7+5" global strategy to optimize its production and service capabilities [11][19] Retail and Market Positioning - The company is advancing its retail strategy through initiatives like the establishment of Linglong Car Service Stations and partnerships with platforms like JD.com to enhance its market presence [13][20] - Linglong Tire has maintained its position as the leading supplier in the domestic tire matching market, with significant projects in both commercial and passenger vehicle segments [13][19] Future Earnings Forecast - The report projects net profits of 2.21 billion yuan, 2.90 billion yuan, and 3.38 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.50 yuan, 1.97 yuan, and 2.29 yuan [19][20]

Investment Rating - The report maintains a "Strong Buy" rating for Linglong Tire (601966) with a target price of 28.80 CNY, compared to the current price of 19.72 CNY [1]. Core Insights - Linglong Tire achieved a revenue of 15.949 billion CNY in the first three quarters of 2024, representing a year-on-year increase of 9.77%. The net profit attributable to shareholders reached 1.712 billion CNY, up 78.39% year-on-year. In Q3 2024, the company reported a revenue of 5.569 billion CNY, with year-on-year and quarter-on-quarter growth of 5.22% and 4.39%, respectively. The net profit for Q3 was 786 million CNY, reflecting a year-on-year increase of 97.30% and a quarter-on-quarter increase of 62.39% [1]. Summary by Sections Revenue and Profitability - In Q3 2024, Linglong Tire produced and sold 22.33 million and 21.43 million tires, respectively, marking year-on-year increases of 8.4% and 10.7%. The production and sales rate remained stable at over 95% [1]. - The average selling price of tires in Q3 2024 was 257.3 CNY per tire, with year-on-year and quarter-on-quarter increases of 4.3% and 2.2%, respectively. The gross margin and net profit margin for Q3 were 27.4% and 14.1%, showing quarter-on-quarter increases of 5.3 and 5.0 percentage points [1]. Cost and Expenses - The company reported a period expense ratio of 9.41% in Q3 2024, which is a decrease of 3.02 and 0.36 percentage points year-on-year and quarter-on-quarter, respectively. The financial expense ratio was -0.57% in Q3, indicating a positive impact from exchange gains [1]. Strategic Developments - Linglong Tire is increasing investment in its Serbia factory, which is expected to become a significant growth engine due to its advantageous location and industrial support. The company is also optimizing its supply chain and has made breakthroughs with several well-known automotive manufacturers [1]. - The report adjusts the profit forecast for 2024-2026, with expected profits of 2.184 billion CNY, 2.813 billion CNY, and 3.500 billion CNY, respectively, corresponding to PE ratios of 13.2x, 10.3x, and 8.2x [1].

Investment Rating - The report maintains an "Outperform" rating for Linglong Tire, indicating a positive outlook for the company's stock performance relative to the market [5][8]. Core Insights - The company reported a revenue of 15.95 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 9.8%. The net profit attributable to the parent company reached 1.71 billion yuan, up 78.4% year-over-year, while the non-recurring net profit was 1.40 billion yuan, reflecting a 56.7% increase year-over-year [5][9]. - In Q3 2024, the company achieved a revenue of 5.56 billion yuan, a 5.2% increase year-over-year and a 4.4% increase quarter-over-quarter. The net profit attributable to the parent company for Q3 was 786 million yuan, marking a 97.3% year-over-year increase and a 62.4% quarter-over-quarter increase [5][7]. Summary by Sections Market Data - Closing price: 19.72 yuan - Market capitalization: 28.86 billion yuan - Price-to-book ratio: 1.3 - Dividend yield: 2.42% [1][2]. Financial Performance - Tire production and sales increased steadily, with total tire production reaching approximately 65.72 million units (up 15% year-over-year) and sales at 61.34 million units (up 10.8% year-over-year) for the first three quarters [6]. - The gross margin improved by 4.65 percentage points to 24.35% due to increased capacity utilization and strong demand for semi-steel tires [6][9]. Production and Capacity Expansion - The Serbian factory has begun to turn a profit, contributing to future growth. The company plans to invest approximately 4.6 billion yuan to expand production capacity [8]. - The company is actively upgrading its product offerings and adjusting its market structure in both domestic and international markets [6][8]. Profit Forecast and Valuation - The report maintains profit forecasts for 2024-2026, estimating net profits of approximately 2.13 billion, 2.51 billion, and 2.82 billion yuan, respectively, with corresponding price-to-earnings ratios of about 14, 11, and 10 [8][9].

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里一堆专业术 语不知道算利好还是利空？请看财联社公司新闻部《速读公告》栏目，我们派驻全国的记者们将于公告 当晚为您带来准确、快速、专业的解读。 财联社7月29日讯（记者 肖良华）今年前三季度，轮胎行业高景气度持续，玲珑轮胎（601966.SH）产 能利用率提升，叠加海外塞尔维亚基地投产并开始盈利，公司实现营收与净利润双增长。 今日晚间，玲珑轮胎发布公告，今年前三季度，公司实现营业收入159.49亿元，同比增长9.77%；归属 于上市公司股东的净利润17.12亿元，同比增长78.39%。其中，第三季度实现营收55.69亿元，同比增长 5.22%；归母净利润7.86亿元，同比增长97.30%；扣非归母净利润4.69亿元，同比增长19.57%。 公司表示，第三季度净利润增长主要系销量增加及收到美国反倾销退税所致。 "今年第三季度，公司半钢胎订单持续饱满，国内配套业务进一步优化，塞尔维亚基地已经实现单月盈 利，产能正在快速爬坡。"公司相关负责人对财联社记者表示，明年公司塞尔维亚基地产量将大幅提 升，预计将对公司业绩形成更大的支撑。 成本端， ...

山东玲珑轮胎股份有限公司 证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-075 第五届监事会第十六次会议决议公告 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。 山东玲珑轮胎股份有限公司（以下简称"公司"）第五届监事会 第十六次会议（以下简称"本次会议"）于 2024 年 10 月 29 日上午在 公司会议室以现场结合通讯表决方式召开。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《山东玲珑轮胎股份有限公司章程》的规定。 二、监事会会议审议情况 本次会议由监事会主席曹志伟先生主持，以记名投票方式审议通 过了以下议案： 1、关于公司 2024 年第三季度报告的议案 具体内容详见同日在上海证券交易所网站上披露的《山东玲珑轮 胎股份有限公司 2024 年第三季度报告》（公告编号：2024－076）。 表决结果：同意 3 票，反对、弃权都是零票。 该议案已经公司第五届董事会审计委员会第九次会议审议通过。 2、关于公司 2024 年第三季度利润分配方案的 ...