原材料涨价致业绩承压，拟建巴西项目基地 玲珑轮胎(601966) ——玲珑轮胎 2024 年报及 2025Q1 季报点评 本报告导读： 原材料涨价致 2025Q1 业绩承压，塞尔维亚项目产能快速爬坡中，兵器公司公告拟 投建巴西项目。公司将持续受益于中长期产能释放，配套和替换端发力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,165 | 22,058 | 24,932 | 26,942 | 28,205 | | (+/-)% | 18.6% | 9.4% | 13.0% | 8.1% | 4.7% | | 净利润（归母） | 1,391 | 1,752 | 2,134 | 2,462 | 2,717 | | (+/-)% | 376.9% | 26.0% | 21.8% | 15.3% | 10.4% | | 每股净收益（元） | 0.95 | 1.20 | 1.46 | 1.68 | 1.86 | | ...

Group 1 - Shengxiang Bio plans to increase its investment in Hunan Shengwei Kunteng Biotechnology Co., Ltd. by 100 million yuan to enhance its industrial chain layout in the POCT field, resulting in a 44.6441% stake in Shengwei Kunteng after the investment [1] - Yaguang Technology's subsidiary Chengdu Yaguang signed a product pre-production agreement worth 101 million yuan, accounting for 10.56% of the company's audited revenue for the last fiscal year [1] Group 2 - Chutianlong's shareholder plans to reduce its stake by up to 3%, equating to 13.83 million shares, due to personal funding needs [2] - Naipu Mining intends to invest up to 45 million USD in Swiss Veritas Resources AG, acquiring a 22.5% stake to extend its industrial chain [2][3] Group 3 - Diri Medical's shareholder plans to reduce its stake by up to 3%, totaling 814.83 thousand shares, due to funding needs [4] - Kangtai Medical's controlling shareholder plans to reduce its stake by up to 2.99%, equating to 12 million shares [5] Group 4 - Iwu Bio's controlling shareholder plans to transfer up to 450 thousand shares through block trading, representing 0.86% of the total share capital [7] - Guokai Hengtai's four shareholders plan to collectively reduce their stake by up to 4.7%, totaling 22.94 million shares [9] Group 5 - *ST Zhongcheng submitted a hearing application to the Shenzhen Stock Exchange in response to a delisting notice [10] - Donghua Software's actual controller and associated parties plan to reduce their stake by up to 1%, totaling 32.05 million shares [12] Group 6 - Shandong Molong's shareholder reduced its H-share holdings by 107 million shares, representing 13.39% of the total share capital [12] - Yinbang Co.'s shareholder plans to reduce its stake by up to 1%, totaling 821.92 thousand shares [13] Group 7 - Jinxinnong reported April sales of 10.65 million pigs, generating sales revenue of 139 million yuan, with an average selling price of 15.05 yuan per kilogram [14] - Dongfang Jiasheng purchased 9.54 million shares of Zhonggu Logistics for approximately 99.72 million yuan, representing 4.18% of the company's net assets [15] Group 8 - Linglong Tire's controlling shareholder received a financing commitment of up to 270 million yuan for stock repurchase [16] - Wuchan Jinlun's shareholder plans to reduce its stake by up to 3%, totaling 619.77 thousand shares [18] Group 9 - Pengyao Environmental's directors and executives plan to collectively reduce their stake by up to 0.07% [19] - Ruihu Mould's controlling shareholder plans to reduce its stake by up to 1.92%, totaling 401.89 thousand shares [20] Group 10 - Electric Alloy's shareholder plans to reduce its stake by up to 0.63%, totaling 210.88 thousand shares [22] - Shanghai Xinyang's controlling shareholder plans to reduce its stake by up to 0.64%, totaling 200 thousand shares [24] Group 11 - Sujiao Ke's controlling shareholder plans to acquire up to 2% of the company's shares from a fund [26] - Heyuan Bio's shareholders plan to reduce their stake by up to 1%, totaling 649.04 thousand shares [27]

详 见 公 司 于 2025 年 5 月 7 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《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：2025-033）。 二、贷款承诺函的主要内容 工商银行山东省分行已为玲珑集团出具《上市公司股票增持贷款 承诺函》，同意为玲珑集团增持公司 A 股股票提供专项贷款支持，贷 款金额不超过人民币 27,000 万元，期限不超过 3 年。 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-034 山东玲珑轮胎股份有限公司 关于控股股东取得增持股份专项贷款承诺函的公告 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个别及连带责任。 近日，山东玲珑轮胎股份有限公司（以下简称"公司"）收到控 股股东玲珑集团有限公司（以下简称"玲珑集团"）通知，玲珑集团 已获得中国工商银行股份有限公司山东省分行（以下简称"工商银行 山东省分行"）出具的《上市公司股票增持贷款承诺函》。工商银行山 东省分行拟为玲珑集团增持公司股份计划提供不超过人民币 27 ...

Core Viewpoint - The domestic tire industry, particularly Linglong Tire, is facing challenges due to trade friction, rising raw material costs, and insufficient demand, prompting the company to enhance its global layout and address investor concerns regarding its new projects [1][2]. Group 1: Company Strategy and Investments - Linglong Tire plans to invest 8.71 billion RMB to establish a base in Brazil, expected to start construction in Q3 2025, with projected annual revenue of 7.758 billion RMB and net profit of 1.213 billion RMB upon completion [1]. - The construction of the Brazilian project will follow a "light debt, long cycle" principle, with a total construction period of 7 years divided into three phases, in collaboration with local distributor SUNSET to reduce direct capital investment [1]. Group 2: Financial Performance - In Q1 2023, Linglong Tire reported a gross margin of 14.92%, a decrease of 8.51 percentage points year-on-year and 1.16 percentage points quarter-on-quarter, with a net profit of 341 million RMB, down 22.78% year-on-year [2]. - The decline in profitability is attributed to rising raw material costs, affecting all nine listed tire companies in China, leading to reduced gross and net margins [2]. Group 3: Future Growth and Operational Efficiency - Linglong Tire aims to enhance production efficiency and product quality through smart and digital transformation initiatives by 2025, while also accelerating the construction and capacity release of its factories in Changchun and Serbia, alongside the Brazilian project [2]. - The company anticipates an increase in overall capacity utilization rate to 88% in 2024, with further improvements expected in 2025 [2].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - The company reported a revenue of 22.06 billion yuan for 2024, representing a year-on-year increase of 9.4%, and a net profit of 1.75 billion yuan, up 26.0% year-on-year [2][6] - For Q1 2025, the company achieved a revenue of 5.7 billion yuan, a 12.9% increase year-on-year, but a 6.7% decrease quarter-on-quarter [2][6] - The company plans to distribute a cash dividend of 0.14 yuan per share to all shareholders [2][6] Financial Performance - The overall gross margin for 2024 was 22.1%, an increase of 1.1 percentage points year-on-year, driven by increased production and sales from domestic and overseas bases [12] - In Q1, the company sold 21.41 million tires, a 12.8% increase year-on-year but an 11.2% decrease quarter-on-quarter [12] - The average selling price per tire in Q1 was 266.1 yuan, reflecting a 12.7 yuan increase quarter-on-quarter [12] Strategic Developments - The company is establishing a new production base in Brazil, which is expected to produce 12 million semi-steel radial tires annually, contributing approximately 10.6 billion USD in sales revenue once fully operational [12] - The company is planning to issue H shares to enhance its capital strength and international brand image [12] - The company has a global supply chain that generated 5.93 billion yuan in revenue in 2024, an increase of 5.9% year-on-year [12] Future Projections - The company expects net profits of 1.75 billion yuan, 2.45 billion yuan, and 3.10 billion yuan for the years 2025, 2026, and 2027 respectively [12]

对于玲珑集团本次增持的目的，玲珑轮胎称，主要是基于对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。 目前，玲珑集团直接持有玲珑轮胎5.83亿股，占公司总股本的39.86%。 长江商报奔腾新闻记者注意到，事实上，近年来玲珑轮胎曾多次获得控股股东或实控人增持，且玲珑集 团再次抛出增持计划，距离其上一轮增持计划仅过去三个多月时间。 资料显示，2016年7月，玲珑轮胎在沪市主板上市。2020年2月，玲珑轮胎宣布，玲珑集团拟增持公司股 份不低于1亿元不超过4亿元。三个月后，增持计划完成，玲珑集团累计增持公司股份461.1万股，占公 司总股本的0.38%，累计增持金额为1亿元。 2022年3月，玲珑集团再次计划增持玲珑轮胎。本轮增持中，玲珑集团在2022年3月至7月期间合计增持 玲珑轮胎672.3万股，占公司总股本的0.46%，累计增持金额为1.5亿元。 长江商报奔腾新闻记者徐佳 时隔仅三个多月，玲珑轮胎（601966）(601966.SH)再次获得控股股东增持。 5月6日晚间，玲珑轮胎发布控股股东增持计划。公司控股股东玲珑集团有限公司(以下简称"玲珑集团") 拟增持公司股份，规模不低于2亿元，不超过3 ...

山东玲珑轮胎股份有限公司 2024 年年度股东会会议资料 山东玲珑轮胎股份有限公司 2024 年年度股东会 会议资料 （股票代码：601966） 二〇二五年五月十五日 1 山东玲珑轮胎股份有限公司 2024 年年度股东会会议资料 2024 年年度股东会会议议程 一、会议召开的基本事项 （一）会议召集人：公司董事会 | | | （二）现场会议召开时间：2025 年 5 月 15 日（周四）14:00 （三）网络投票时间： 1、采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 为股东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00。 2、通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （四）现场会议地点：山东省招远市金龙路 777 号玲珑轮胎办公楼会议室 （五）股权登记日：2025 年 5 月 8 日（周四） （六）会议召开及表决方式：现场和网络结合方式 （七）会议出席对象 1、股权登记日收市后在中国证券登记结算有限责任公司上海分公司登记在 册的公司股东或其代理人； 2、公司董事、监事和高级管理人员； 3、公司聘请的律师； 山东玲珑 ...

Group 1: Company Developments - Zhao Feng Co., Ltd. (300695.SZ) has not yet engaged in robotics-related business [1] - All Build Co., Ltd. (603030.SH) is currently not involved in robotics-related business [1] - Ri Ying Electronics (603286.SH) currently has no revenue from unmanned robot-related business [1] Group 2: Project Investments - Ri Jiu Optoelectronics (003015.SZ) plans to purchase vacuum magnetron sputtering equipment not exceeding 200 million yuan [1] - Chang Chuan Technology (300604.SZ) intends to establish a joint venture focused on the localization of high-end packaging and testing equipment [1] - Zhejiang University Network New (600797.SH) plans to invest in an equity investment fund, focusing on building an AI and embodied intelligence industry chain [1] Group 3: Contract Awards - Beijing Kerui (002350.SZ) has pre-awarded projects totaling approximately 119 million yuan [1] - Shengshi Technology (002990.SH) intends to bid for the information system engineering project for the third phase expansion of Guangzhou Baiyun International Airport [1] - Jinguang Electric (688517.SH) has won a bid for a State Grid project worth 66.6956 million yuan [1] Group 4: Share Transfers - Haixing Electric (603556.SH) plans to transfer 5% of its shares to Zhou Junhe [1] - *ST Huarong (600421.SH) intends to acquire 34% equity of its subsidiary Zhejiang Zhuangchen [1] Group 5: Share Buybacks - Yinlun Co., Ltd. (002126.SZ) plans to repurchase shares worth 50 million to 100 million yuan [1] - Dongfang Securities (600958.SH) intends to repurchase shares worth 250 million to 500 million yuan [1] Group 6: Shareholding Changes - Tengda Technology (001379.SZ) plans to reduce its holdings by no more than 1.80% [1] - Zhongdian Port (001287.SZ) plans to reduce holdings by a total of no more than 3% [1] - Guangbo Co., Ltd. (002103.SZ) board member Ren Hangzhong plans to reduce holdings by no more than 1.97% [1] - Laimu Co., Ltd. (603633.SH) chairman and general manager Zhu Xinai plans to reduce holdings by no more than 2.31% [1] - Yunda Co., Ltd. (002120.SZ) controlling shareholder plans to increase holdings by 100 million to 200 million yuan [1] - Laobaixing (603883.SH) controlling shareholder plans to reduce holdings by no more than 3% [1] - Huamao Technology (603306.SH) controlling shareholder plans to increase holdings by 100 million to 200 million yuan [1] - Linglong Tire (601966.SH) Linglong Group plans to increase holdings by 200 million to 300 million yuan [1] Group 7: Other Developments - Huina Technology (300609.SZ) is planning a change in company control and will be suspended from trading starting May 7 [2] - Zhongli Co., Ltd. (603194.SH) has signed a strategic cooperation framework agreement with Continental [2] - Haoen Automotive Electronics (301488.SH) has received a designated order for AK2 radar systems, panoramic camera systems, and driving record systems from a leading new energy vehicle brand [2]

Group 1 - US stock market experienced a decline with the Dow Jones down 0.95%, Nasdaq down 0.87%, and S&P 500 down 0.77% [1] - Popular Chinese concept stocks saw significant gains, with Xiaoma Zhixing up over 47%, Wenyan Zhixing up over 31%, and Bitdeer up over 6% [1] - Tesla faced challenges in Europe with double-digit declines in six major markets, including a two-year low in the UK and nearly a halving in Germany [8] Group 2 - The US trade deficit expanded to a record high of $140.5 billion in March [2] - The Trump administration is preparing to issue an executive order aimed at accelerating the deployment of nuclear reactors [4] - Huang Renxun stated that the Chinese AI chip market is expected to reach a scale of $50 billion [5] Group 3 - The European Union is considering countermeasures against the US, planning to impose tariffs on $100 billion worth of US goods if negotiations fail [9] - COMEX gold futures saw a rise of over 3%, with prices surpassing $3,400 per ounce [10] Group 4 - The Chinese government plans to implement a package of financial policies to stabilize the market and expectations [11][12] - The Ministry of Commerce announced that China has agreed to engage in talks with the US [12] - The first quarter GDP growth in China was reported at 5.4% year-on-year, with confidence in achieving a 5% growth target by 2025 [20] Group 5 - The quantum computing industry in China is advancing with the launch of a fourth-generation quantum computing measurement and control system [16][21] - The DRAM market is expected to grow significantly, with a 42.5% year-on-year increase to $26.729 billion in Q1 2025, driven by AI server demand and recovery in PC and mobile sectors [21] - Huawei is set to unveil its HarmonyOS PC, marking a significant development in domestic computer technology [22][23]

| 玲珑轮胎系列报告回顾 车中旭霞 | | --- | | 公司深度报告： | | 《玲珑轮胎（601966.SH）深度三：从国际领先胎企视角展望玲珑轮胎长期成长性》-2024-04-23 | | 《玲珑轮胎（601966.SH）深度二：从国际轮胎企业发展经验看玲珑》-2019-08-21 | | 《玲珑轮胎（601966.SH）深度一：产能配套齐发力，进军国际轮胎巨擘》-2018-08-16 | | 公司跟踪报告： | | 《玲珑轮胎（601966.SH）：底部已现，下半年有望量利双增》-2022-07-04 | | 《玲珑轮胎（601966.SH）：国内第六大基地立项陕西，全球"7+5"战略推进》-2021-06-15 | | 《玲珑轮胎（601966.SH）：反倾销初裁税率优于预期，零售配套齐头并进》-2021-01-05 | | 《玲珑轮胎（601966.SH）：短期挑战不改长期逻辑，全球化布局提速》-2020-05-20 | | 《玲珑轮胎（601966.SH）：升级发展战略，剑指全球前五》-2020-03-30 | | 《玲珑轮胎（601966.SH）：持续增持，继续看好国际化下公司长期发展》-2 ...