Investment Rating - Buy rating is maintained for the company [1][15] Core Views - The company's net profit attributable to the parent company in 2024Q2 increased by 39 49% YoY and 0 43 billion QoQ [1][3] - The company plans to expand its Serbia project with an investment of 645 38 million USD aiming to produce 1 1 million high-performance radial tires [6] - The company's tire production and sales volume in 2024Q2 increased by 12 34% and 10 21% QoQ respectively [2] - The company's gross profit margin in 2024Q2 was 22 06% with a net profit margin of 9 08% [1][8] Financial Performance - In 2024H1 the company achieved operating revenue of 103 80 billion CNY a YoY increase of 12 37% and net profit attributable to the parent company of 9 25 billion CNY a YoY increase of 85 88% [1] - The company's operating cash flow in 2024Q2 was 5 02 billion CNY [14] - The company's R&D expenses in 2024Q2 were 2 05 billion CNY a QoQ increase of 0 03 billion CNY [5] Production and Sales Data - In 2024Q2 the company produced 2 183 71 million tires a YoY increase of 8 62% and sold 2 092 2 million tires a YoY increase of 8 62% [1][8] - The company's tire production and sales rate in 2024Q2 was 95 81% [8] Overseas Operations - The company's Thailand subsidiary achieved operating revenue of 2 018 billion CNY in 2024H1 a YoY increase of 26 77% [2] - The Serbia factory's first phase of truck and passenger car tire production has entered the capacity release stage contributing to the company's overseas market growth [6] Future Projections - The company's revenue is expected to reach 245 16 billion CNY in 2024 263 86 billion CNY in 2025 and 284 08 billion CNY in 2026 [6][15] - Net profit attributable to the parent company is projected to be 23 46 billion CNY in 2024 28 00 billion CNY in 2025 and 34 23 billion CNY in 2026 [6][15] - The company's ROE is expected to increase from 10% in 2024 to 13% in 2026 [15]

Investment Rating - The report maintains an "Outperform" rating for Linglong Tire (601966.SH) [1][3][23] Core Views - Linglong Tire's net profit in Q2 increased by 40% year-on-year, driven by a global strategy and strong domestic and international demand [1][4] - The company is expected to benefit from its "7+5" globalization strategy, focusing on capacity expansion, high-end product penetration, and retail growth [1][23] - The report forecasts a steady increase in net profit for the years 2024, 2025, and 2026, estimating RMB 22.1 billion, RMB 29.0 billion, and RMB 33.8 billion respectively [1][23] Financial Performance Summary - In H1 2024, Linglong Tire achieved revenue of RMB 10.38 billion, a year-on-year increase of 12.4%, and a net profit of RMB 930 million, up 65% year-on-year [1][4] - The Q2 2024 revenue was RMB 5.34 billion, reflecting a 10% increase year-on-year, with tire sales volume reaching 20.92 million units, up 8.6% year-on-year [1][4] - The gross margin for Q2 2024 was 22.1%, an increase of 3.4 percentage points year-on-year, attributed to improved capacity utilization and product mix optimization [1][4] Capacity and Production Insights - The report highlights the successful ramp-up of production at the Thailand factory, which contributed RMB 490 million to net profit in H1 2024, a 29.1% increase year-on-year [1][4] - The Serbia factory is expected to gradually contribute positively to profits as it begins production of truck and passenger car tires [1][4][13] Strategic Initiatives - Linglong Tire is focusing on enhancing its retail presence through the establishment of "Linglong Car Service Stations" and partnerships with platforms like JD.com to boost sales [1][17][18] - The company is also investing in R&D to improve product quality and performance, with a focus on innovative tire technologies [1][19][20] Market Position and Competitive Edge - Linglong Tire continues to lead in the domestic tire market, with a strong emphasis on high-end product offerings and partnerships with major automotive brands [1][16][23] - The company has maintained its position as the top supplier for various domestic and international automotive manufacturers, enhancing its brand recognition globally [1][16][20]

Investment Rating - The report maintains a "Buy" investment rating for Linglong Tire [3][6]. Core Insights - Linglong Tire has achieved breakthroughs in the mid-to-high-end market by optimizing its supply chain and product structure, with significant recognition from both domestic and international manufacturers [2][3]. - The company reported a revenue of 10.38 billion yuan for the first half of 2024, a year-on-year increase of 12.37%, and a net profit of 0.925 billion yuan, up 64.95% year-on-year [3][6]. - Linglong Tire's production and sales volumes have significantly increased, with a total production of 43.39 million tires in the first half of 2024, representing an 18.71% year-on-year growth [3][6]. Summary by Sections Market Performance - The company has successfully entered the mid-to-high-end market by launching 13 new commercial vehicle tire projects and 21 new passenger vehicle tire projects domestically, along with 16 new overseas projects [2]. - The global supply volume has exceeded 13 million tires, with a cumulative supply of nearly 280 million tires, making it the leading tire supplier in China [2]. Strategic Layout - Linglong Tire is expanding its overseas production capacity, with a planned investment of 4.62 billion yuan to expand its factory in Serbia, aiming for an annual production capacity of 1.1 million high-performance tires [5][6]. - The company continues to implement its "7+5" strategic layout, launching new product series to stand out in a competitive market [4][5]. Profit Forecast - The company expects to confirm an increase in net profit due to anti-dumping tax refunds amounting to 56.06 million USD [6]. - Forecasted EPS for 2024-2026 are 1.53, 1.88, and 2.23 yuan, with corresponding PE ratios of 10.3, 8.4, and 7.0 times [6].

证券研究报告 非金融公司|公司点评|玲珑轮胎（601966） 盈利改善，塞尔维亚工厂可期 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月27日 证券研究报告 |报告要点 2024 年上半年公司实现营业收入 103.8 亿元，同比增长 12%；归母净利润 9.3 亿元，同比增 长 65%。其中 2024Q2 实现营业收入 53.4 亿元，同比增长 10%，环比增长 6%；归母净利润 4.8 亿元，同比增长 39%，环比增长 10%。公司业绩同比大增主要得益于海外需求较好带来的产销 量增长，上半年公司实现轮胎产/销量 4339/3991 万条，同比分别+19%/+11%。上半年公司配 套领域实现新突破，未来有望带动替换市场需求。此外，公司坚定全球战略布局，塞尔维亚工 厂一期卡客车胎、乘用车胎已进入产能释放阶段，未来有望成为公司业绩增长的新引擎。 |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27日 玲珑轮胎(6019 ...

股 票 研 究 股票研究 /[Table_Date] 2024.08.27 -28% -21% -13% -5% 3% 10% 2023-08 2023-12 2024-04 本报告导读： [Table_Market] 交易数据 投资要点： [Table_PicQuote] 52周股价走势图 玲珑轮胎 上证指数 [Table_Report] 相关报告 24Q2 业绩符合预期，塞尔维亚基地再扩建 玲珑轮胎(601966) 基础化工 [Table_Industry] /原材料 | --- | --- | --- | |-----------------------------|-----------|-------| | [Table_Invest] 评级： | | 增持 | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 28.43 | | | 上次预测: | 28.43 | | [当前价格： Table_CurPrice] | | 15.49 | [table_Authors] 钟浩(分析师) 陈传双(研究助理) 021-38038445 021-38676675 zh ...

Investment Rating - Target price: 23.55 RMB, maintaining a "Strong Buy" rating [1][2] Core Views - The company achieved revenue of 10.38 billion RMB in H1 2024, a YoY increase of 12.37%, and net profit attributable to shareholders of 925 million RMB, a YoY increase of 64.95% [1] - In Q2 2024, the company achieved revenue of 5.335 billion RMB, a YoY increase of 9.96%, and net profit attributable to shareholders of 484 million RMB, a YoY increase of 39.49% [1] - The company announced a profit distribution plan for Q2 2024, proposing a cash dividend of 1.00 RMB per 10 shares, totaling 146 million RMB [1] Operational Performance - Tire production and sales in H1 2024 were 43.39 million and 39.906 million units, respectively, with YoY increases of 18.7% and 10.9% [1] - In Q2 2024, tire production and sales were 21.837 million and 20.922 million units, respectively, with QoQ increases of 1.3% and 10.2% [1] - The average price per tire in H1 2024 and Q2 2024 was 256.8 RMB and 251.6 RMB, respectively, with Q2 prices showing a YoY increase of 0.8% and a QoQ decrease of 4.2% [1] - Gross margin and net profit margin in Q2 2024 were 22.06% and 9.08%, respectively, with YoY increases of 3.40 and 1.92 percentage points [1] Factory Performance - The Thailand subsidiary achieved revenue and net profit of 2.018 billion RMB and 485 million RMB in H1 2024, with a net profit margin of 24.05%, a YoY increase of 5.91 percentage points [1] - The Serbia subsidiary achieved revenue and net profit of 476 million RMB and -54 million RMB in H1 2024, with the loss narrowing and production capacity entering the release phase [1] Financial Data - The company's period expense ratio in H1 2024 was 10.83%, a YoY increase of 1.17 percentage points, mainly due to an increase in financial expenses [1] - The company's sales expense ratio and management expense ratio in H1 2024 were 2.69% and 2.80%, respectively, with YoY decreases of 0.74 and 0.38 percentage points [1] - The company's R&D expense ratio in H1 2024 was 3.92%, a YoY increase of 0.18 percentage points [1] Market Position and Strategy - The company's global supporting volume exceeded 13 million units in H1 2024, maintaining its leading position in the Chinese tire supporting market [1] - The company achieved breakthroughs in supporting new projects for commercial vehicle tires (13 projects) and passenger vehicle tires (21 projects) in H1 2024 [1] - The company's overseas supporting projects also achieved breakthroughs, including projects for Volkswagen Tiguan, BMW X3, and 2 Series [1] Financial Forecast - Revenue for 2024E, 2025E, and 2026E is forecasted to be 22.973 billion RMB, 27.549 billion RMB, and 31.567 billion RMB, respectively, with YoY growth rates of 13.9%, 19.9%, and 14.6% [2] - Net profit attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be 2.310 billion RMB, 2.888 billion RMB, and 3.695 billion RMB, respectively, with YoY growth rates of 66.1%, 25.0%, and 27.9% [2] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.57 RMB, 1.96 RMB, and 2.51 RMB, respectively [2]

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 687 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 857,806,252 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 58.2146 | | 份总数的比例（%） | | 证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-053 山东玲珑轮胎股份有限公司 2024 年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 857,476,288 | 99.9615 | 224,506 | 0.0261 | 105,458 | 0.0124 ...

公司代码：601966 公司简称：玲珑轮胎 2024 年半年度报告 山东玲珑轮胎股份有限公司 2024 年半年度报告 二零二四年八月二十六日 1 / 178 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王锋、主管会计工作负责人吕晓燕及会计机构负责人（会计主管人员）薄庆夫声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司将以2024年第二季度利润分配时股权登记日的总股本为基数，扣除回购专户中的股份， 向全体股东按每10股派发现金红利1.00元（含税）。若按照公司截至2024年8月26日的总股本 1,473,522,713股，扣除回购专户中的10,020,030股计算，分配现金红利总额为14,635.03万元， 占2024年第二季度合并报表中归属于上市公司股东的净利润的30.22%。除此之外，公司不进行其 他 ...

北京市中伦（青岛）律师事务所 关于山东玲珑轮胎股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年八月 山东省青岛市香港中路 61 号乙远洋大厦 A 座 27-28 层 邮编：266071 27-28/F, Tower A, COSCO Plaza, 61B Hong Kong Middle Road, Qingdao, Shandong 266071, P.R. China 电话/Tel : +86 532 5572 8677/8678 传真/Fax : +86 532 5572 8667/7666 www.zhonglun.com 北京市中伦（青岛）律师事务所 关于山东玲珑轮胎股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：山东玲珑轮胎股份有限公司 北京市中伦（青岛）律师事务所（以下简称"本所"）接受山东玲珑轮胎股 份有限公司（以下简称"公司"）的委托，根据本法律意见书出具日前已经发生 或存在的事实和《中华人民共和国公司法》《中华人民共和国证券法》《上市公司 股东大会规则》《律师事务所从事证券法律业务管理办法》《律师事务所证券法律 业务执业规则（试行）》等中华人民共和国（ ...

证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-060 山东玲珑轮胎股份有限公司 关于 2024 年第二季度利润分配方案的公告 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法律责任。 重要内容提示： ●2024 年第二季度每股分配比例：每 10 股派发现金红利 1.00 元（含税）。 ●在实施权益分派的股权登记日前公司总股本发生变动的，公司 拟维持每股分配比例不变，相应调整分配总额，并将在相关公告中披 露。 一、利润分配方案主要内容 公司 2024 年第二季度实现营业收入 533,478.53 万元，实现利润 总额54,978.22 万元，归属于上市公司股东的净利润 48,429.85万元。 其中，母公司实现净利润为 27,945.53 万元。截止 2024 年 6 月 30 日 母公司累计未分配利润为 434,333.92 万元。根据上海证券交易所《上 市公司监管指引第 3 号——上市公司现金分红》和《公司章程》中利 润分配的相关规定，考虑到公司的股东利益及公司的长远发展，本次 利润分配方案如下： 1 公司将以 20 ...