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]

Core Viewpoint - Shandong Linglong Tire Co., Ltd. announced the progress of shareholding increase by its controlling shareholder, Linglong Group, which plans to invest between 200 million to 300 million yuan over a six-month period starting from May 7, 2025, to support the company's future development and maintain its stock price [1] Group 1 - The controlling shareholder, Linglong Group, has already increased its holdings by acquiring 11,986,795 A-shares, which represents approximately 0.82% of the total share capital [1] - The total amount invested by Linglong Group in the share acquisition so far is about 180 million yuan, reaching 50% of the planned upper limit [1] - The shareholding increase plan is not yet completed and may be affected by changes in the capital market [1] Group 2 - The company will continue to increase its holdings as planned using its own and raised funds, and will disclose progress in a timely manner [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 amount [1] Group 1 - The controlling shareholder, Linglong Group, will use its own and self-raised funds, including special refinancing for stock increases, to purchase shares [1] - The share buyback will be conducted through centralized bidding on the Shanghai Stock Exchange [1] - The total amount of the planned increase has not yet been fully implemented [1]

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for the stock [4]. Core Views - The company's tire products have seen both volume and price increases, with expectations for the Serbia plant to turn profitable [4][6]. - The company reported a revenue of 11.81 billion yuan in H1 2025, a year-on-year increase of 13.8%, while net profit decreased by 7.7% [5][6]. - The report highlights a significant decrease in raw material costs, which is expected to positively impact the company's margins in Q3 2025 [6][7]. Financial Performance - In H1 2025, the company sold 44.39 million tires, a year-on-year increase of 11.2%, with Q2 sales reaching 22.98 million tires [6]. - The average selling price of tires increased by 0.29% from Q1 to Q2 2025 and by 5.24% year-on-year [6]. - The company’s net profit projections for 2025-2027 are 1.67 billion, 2.04 billion, and 2.47 billion yuan, respectively, with corresponding P/E ratios of 13, 11, and 9 times [8]. Strategic Developments - The company is expanding its global footprint with plans to build a new plant in Brazil, marking its third overseas facility [7]. - The Serbia plant has shown a revenue increase of 148.1% year-on-year, although it is currently operating at a loss [7]. Market Data - As of September 3, 2025, the closing price of the stock was 15.24 yuan, with a market capitalization of 22.304 billion yuan [3].

Investment Rating - The investment rating for Linglong Tire is "Buy" (maintained) [2][8] Core Views - The report highlights that Linglong Tire achieved a revenue of 11.81 billion yuan in H1 2025, representing a year-on-year increase of 13.8%, while the net profit attributable to shareholders was 850 million yuan, down 7.7% year-on-year. In Q2 2025, the company reported a revenue of 6.12 billion yuan, up 14.6% year-on-year, with a net profit of 510 million yuan, an increase of 6.2% year-on-year [5][6] - The report anticipates that the company's performance will improve in Q3 2025 due to external factors gradually improving and the ramp-up of production at the Serbia plant [6] Summary by Sections Financial Performance - For 2023A, the company is projected to have a revenue of 20.165 billion yuan, with a year-on-year growth rate of 19%. The net profit attributable to shareholders is expected to be 1.391 billion yuan, reflecting a significant year-on-year growth of 377% [2] - The forecast for 2024A includes a revenue of 22.058 billion yuan, with a growth rate of 9%, and a net profit of 1.752 billion yuan, with a growth rate of 26% [2] - The company expects to achieve revenues of 25.336 billion yuan, 27.882 billion yuan, and 30.319 billion yuan for 2025E, 2026E, and 2027E respectively, with corresponding net profits of 2.016 billion yuan, 2.402 billion yuan, and 2.756 billion yuan [2][7] Market Position and Strategy - Linglong Tire's Q2 2025 performance was bolstered by exchange rate gains, and the company is expected to see continued growth in Q3 due to improved external conditions and increased production capacity in Serbia [6] - The company has been expanding its global partnerships and retail collaborations, which are expected to enhance its market presence and operational efficiency [6][7] Valuation Metrics - The report provides a P/E ratio forecast of 16.0 for 2023A, decreasing to 11.1 for 2025E, indicating an improving valuation as earnings grow [2] - The P/B ratio is projected to remain stable around 1.0 for 2024A and 2025E, suggesting a solid valuation relative to book value [2]

Macro Insights - The report suggests that the stock and bond markets are likely to gradually "decouple," with the market pricing in profit recovery and capital inflow expectations [1][7] - There is a reallocation logic in assets due to anticipated Fed rate cuts, leading to a weaker dollar cycle and global capital reallocation [1][7] - Short-term sentiment has not reached extreme levels, but there is a focus on style rebalancing driven by micro trading congestion, with narratives shifting towards consumption, non-ferrous metals, and innovative industries [1][8] Defense and Aerospace - The report on Xirui (2507.HK) indicates that the company is gradually expanding its production capacity and service network, with expected net profits of $170 million, $210 million, and $260 million for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 14.0, 11.2, and 9.2 [2][10] - The demand for private jets is increasing, driven by a growing high-net-worth population and improved flight infrastructure, benefiting leading companies like Xirui [9] Electronics - Shengke Communication (688702.SZ) is expected to achieve revenues of 1.353 billion, 1.776 billion, and 2.195 billion yuan from 2025 to 2027, with year-on-year growth rates of 25.1%, 31.3%, and 23.6% respectively, maintaining a "buy" rating [3][13] - The company is focusing on high-end switch chip products to meet the demands of large-scale data centers and cloud services [12] Computer Industry - Ruijun Power (301236.SZ) is projected to achieve revenues of 365 billion, 424 billion, and 493 billion yuan from 2025 to 2027, with net profits of 3.84 billion, 5.18 billion, and 7.81 billion yuan respectively, maintaining a "buy" rating [4][16] - The company is deepening its soft-hard integration strategy, with significant growth in revenue from computing products and smart electronics [15][17] Power Equipment - Guoxuan High-Tech (002074.SZ) reported a revenue of 19.394 billion yuan for the first half of 2025, a year-on-year increase of 15.48%, with net profits of 367 million yuan, up 35.22% [22][24] - The company is expanding its international presence and has successfully launched its first experimental line for solid-state batteries, enhancing its competitive edge [24] Automotive - Li Auto (02015.HK) achieved a revenue of 30.25 billion yuan in Q2 2025, with a net profit of 1.1 billion yuan, maintaining a stable gross margin of 20.1% [30][32] - The company is expanding its sales and service network, with plans to increase the number of supercharging stations significantly [31][32] - The report on Seris (601127.SH) indicates a revenue of 62.402 billion yuan for the first half of 2025, with a net profit growth of 81.03%, driven by strong sales of its high-end models [38][39] Tire Manufacturing - Linglong Tire (601966.SH) reported a revenue of 11.812 billion yuan for the first half of 2025, a year-on-year increase of 13.80%, despite a decline in net profit [41][42] - The company is expanding its global footprint with a new production base in Brazil, aiming to enhance its international competitiveness [42][43]

Core Viewpoint - Shandong Linglong Tire Co., Ltd. reported a revenue increase of 13.80% in the first half of 2025, but faced a decline in net profit due to high raw material costs and increased competition in the tire industry [1][4]. Revenue and Profit Analysis - The company achieved a revenue of 11.812 billion yuan, marking a year-on-year growth of 13.80% [1][4]. - However, the net profit attributable to shareholders was 854 million yuan, reflecting a year-on-year decrease of 7.66% [1][4]. - The non-recurring net profit was 772 million yuan, with a more significant decline of 16.86% [4]. Cost and Expense Factors - The operating cost reached 9.981 billion yuan, increasing by 24.44%, which significantly outpaced revenue growth and squeezed profit margins [6]. - Raw material prices remained high, with natural rubber STR20 averaging 1,905 USD per ton in the first half of 2025, up 14.63% compared to the same period last year [6]. - Sales expenses surged to 416 million yuan, a year-on-year increase of 49.16%, primarily due to higher advertising and sales service costs [8]. Global Expansion Strategy - The company is accelerating its global layout by initiating an investment project in Brazil, planning to invest 1.19 billion USD (approximately 8.71 billion yuan) to build a tire factory [10]. - The Brazilian facility aims for an annual production capacity of 14.7 million tires, including 12 million semi-steel radial tires and 2.4 million all-steel radial tires [10]. - This move is strategic for entering the local automotive market and leveraging tariff agreements to access the broader Latin American replacement market [10][12]. Future Outlook - The company anticipates a potential easing of raw material pressures in the second half of the year, with natural rubber prices declining from their peak [11]. - Linglong Tire is exploring three main strategies to overcome industry challenges: nearshore manufacturing to avoid trade barriers, focusing on high-value-added products, and channel transformation to enhance distributor profitability [11][12].

Group 1 - The company is currently progressing with the capacity construction of its Serbia factory as planned [2] - All equipment for both semi-steel and full-steel production lines has been largely delivered, and installation and debugging are underway [2] - The production capacity is steadily increasing, and profitability is expected to enhance as the production lines are fully operational and capacity utilization improves [2]

Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Views - The company reported a revenue of 11.812 billion yuan for the first half of 2025, representing a year-on-year increase of 13.80%, while the net profit attributable to shareholders decreased by 7.66% to 854 million yuan [1][5]. - In Q2 2025, the company achieved a revenue of 6.115 billion yuan, with a year-on-year increase of 14.63% and a quarter-on-quarter increase of 7.34%. The net profit attributable to shareholders was 514 million yuan, showing a year-on-year increase of 6.11% and a quarter-on-quarter increase of 50.88% [1][5]. - The company is expanding its global footprint by investing 1.193 billion USD in a new production base in Brazil, which is expected to generate annual revenue of 1.063 billion USD and a net profit of 166 million USD upon reaching full capacity [2][3]. Summary by Sections Financial Performance - For H1 2025, the overall gross margin and net profit margin were 15.50% and 7.23%, respectively, with a year-on-year decrease of 7.23 and 1.68 percentage points [1]. - In Q2 2025, the gross margin was 16.04%, showing a year-on-year decrease of 6.02% but a quarter-on-quarter increase of 1.12% [1]. - The tire revenue in Q2 2025 was 6.085 billion yuan, with a year-on-year increase of 15.58% [1][2]. Production and Sales - The tire production in Q2 2025 was 22.8636 million units, with a year-on-year increase of 4.70% and a sales volume of 22.9766 million units, reflecting a year-on-year increase of 9.82% [2]. - The average price per tire was 264.82 yuan, with a year-on-year increase of 5.24% [2]. Future Projections - The company is projected to achieve net profits of 1.667 billion yuan, 2.148 billion yuan, and 2.752 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 13.5, 10.5, and 8.2 [3][4].