Investment Rating - The report maintains a "Buy" rating for Linglong Tire (601966) with a target price of 22.95 CNY over the next six months [1]. Core Insights - The tire industry shows steady demand, with an increasing market share for Chinese automotive tires. In the first half of 2024, global tire sales reached 900 million units, a year-on-year increase of 2.7%. The share of domestic tire production in global demand rose from 34.7% in 2016 to 44.0% in 2023, an increase of 9.3 percentage points [2][22]. - The company has improved its product structure and profitability, with sales gross margin and net margin reaching 22.7% and 8.9% respectively in the first half of 2024, up 4.9 and 2.8 percentage points year-on-year [2][24]. - The "7+5" and "3+3" global strategies are being actively implemented, providing upward potential for performance. The Serbian project is being expanded, offering tax and transportation advantages. The planned capacity for non-road tires is 331,000 tons per year, with expected annual revenue of 10 billion CNY upon reaching full capacity [2][20]. Summary by Sections 1. Strategic Layout - The company is executing the "7+5" strategy, aiming to establish seven domestic and five overseas production bases by 2030. This includes the "3+3" layout for non-road tires, with three domestic and three overseas factories planned [20][22]. 2. Demand and Supply Dynamics - Demand for semi-steel tires remains robust, while the non-road tire market is seen as a blue ocean opportunity. The global tire demand is gradually recovering, with a projected increase in sales [2][33]. - The company is enhancing its supply chain and optimizing its product structure to improve profitability [2][28]. 3. Financial Performance - The company reported a revenue of 201.7 billion CNY in 2023, a year-on-year increase of 18.6%, and a net profit of 13.9 billion CNY, up 376.9% [22][24]. - For the first half of 2024, revenue was 103.8 billion CNY, with a net profit of 9.3 billion CNY, reflecting a year-on-year increase of 12.4% and 65.0% respectively [22][24]. 4. Market Position and Brand Strategy - Linglong Tire has a diversified product range and a multi-brand strategy, with products sold in 173 countries. The brand value reached 98.14 billion CNY in the first half of 2024 [19][29]. - The company is focusing on high-end tire products and expanding its overseas market presence, particularly in Serbia and Thailand [28][29].

关于山东玲珑轮胎股份有限公司 中信证券股份有限公司 根据公司 2024 年第五届董事会第十九次会议审议通过的《关于公司 2024 年 第二季度利润分配方案的议案》： 2024 年第二季度差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为山东 玲珑轮胎股份有限公司（以下简称"玲珑轮胎"、"公司"）2022 年度非公开发 行股票（以下简称"本次发行"）的保荐机构，根据《中华人民共和国公司法》、 《中华人民共和国证券法》《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号——回购股份》等相关法律法规、规范性文件以及《山东 玲珑轮胎股份有限公司章程》的规定，对玲珑轮胎 2024 年第二季度利润分配所 涉及的差异化分红（以下简称"本次差异化分红"）相关事项进行了核查，并出具 核查意见如下： 一、本次差异化分红的原因 截止 2024 年 9 月 2 日，公司已回购至专用账户的股份有 10,020,030 股。根 据《公司法》《证券法》《上海证券交易所上市公司自律监管指引第 7 号——回 购股份》等相关法律法规、其他规范性文件以及《公司章程》的有关规定，上市 公司回 ...

相关日期 证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-070 山东玲珑轮胎股份有限公司 2024 年第二季度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.1 元 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/9/26 | － | 2024/9/27 | 2024/9/27 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 15 日的 2023 年年度股东大会授权，并经公司 2024 年 8 月 26 日的第五届董事会第十九次会议审议通过。 二、 分配方案 1. 发放年度：2024 年第二季度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 ...

Investment Rating - The report maintains a "Buy" rating for Linglong Tire, expecting the stock price to outperform the industry index by over 15% in the next six months [14]. Core Views - Linglong Tire achieved significant growth in 1H24, with revenue reaching 10.38 billion yuan, up 12.37% year-on-year, and net profit attributable to shareholders increasing by 64.95% to 0.925 billion yuan [1][2]. - The company is expanding its production capacity in Serbia, which is expected to drive revenue and profit growth in the coming years [6][2]. - The report highlights the company's strong position in the high-end tire market, with numerous new projects in both domestic and international markets [2][6]. Financial Summary - **Revenue Growth**: The company’s revenue is projected to grow from 23.975 billion yuan in 2024 to 31.129 billion yuan in 2026, with year-on-year growth rates of 18.9%, 15.9%, and 12.0% respectively [1][6]. - **Net Profit**: The net profit is expected to increase from 2.225 billion yuan in 2024 to 3.361 billion yuan in 2026, with growth rates of 60.0%, 22.4%, and 23.4% [1][6]. - **Earnings Per Share (EPS)**: EPS is projected to rise from 1.51 yuan in 2024 to 2.28 yuan in 2026 [1][6]. - **Return on Equity (ROE)**: ROE is expected to improve from 9.8% in 2024 to 11.9% in 2026 [1][6]. Operational Highlights - In 1H24, the company produced 43.39 million tires, a year-on-year increase of 18.71%, and sold 39.91 million tires, up 10.88% [2][6]. - The company has made significant strides in the high-end tire market, securing new projects with major domestic and international automotive brands [2][6]. - The expansion of the Serbian facility is anticipated to enhance production capacity significantly, with plans to produce 1.1 million high-performance tires annually upon completion [6].

证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-069 山东玲珑轮胎股份有限公司 ●本次担保金额及已实际为其提供的担保余额： 山东玲珑轮胎股份有限公司（以下简称"公司"）本次为全资子 公司塞尔维亚玲珑提供担保金额为 6,824,151.00 欧元，截止本公告 日，公司已实际为其提供的担保余额为 3,214.94 万欧元。 ●本次担保是否有反担保：无 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： ●被担保人名称：Linglong International Europe d.o.o. Zrenjanin（以下简称"塞尔维亚玲珑"） ●对外担保逾期的累计数量：无 一、担保情况概述 近日，因子公司塞尔维亚玲珑业务需要，公司向中国银行股份有 限公司申请开立了其他非融资性保函，保函金额为 6,824,151.00 欧 元。公司为中国银行股份有限公司开具的保函提供保证金质押及信用 担保，担保金额为 6,824,151.00 欧元。 根据公司 2024 年 4 月 24 日召开的第五届董事会第十六次会 ...

证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-068 山东玲珑轮胎股份有限公司 关于提前归还部分募集资金的公告 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。 2024 年 3 月 8 日，山东玲珑轮胎股份有限公司（以下简称"公 司"）召开第五届董事会第十五次会议以及第五届监事会第十二次会 议审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议 案》，同意吉林玲珑轮胎有限公司（以下简称"吉林玲珑"）使用部分 闲置募集资金共计 30,000 万元暂时补充流动资金，使用期限自董事 会审议通过之日起不超过 12 个月。公司监事会及保荐机构均发表了 明确同意的意见。具体内容请详见公司于 2024 年 3 月 9 日在上海证 券交易所网站披露的《山东玲珑轮胎股份有限公司关于使用部分闲置 募集资金暂时补充流动资金的公告》（公告编号：2024-015）。 2024 年 5 月 14 日，吉林玲珑将暂时用于补充吉林玲珑流动资金 的募集资金中的 5,000 万元提前归还至吉林玲珑募集资金专户，具体 内容请详见公司于 ...

(四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长王锋先生主持会议。本次股东大会 采取现场投票和网络投票结合的表决方式，符合《公司法》及《公司章程》的规 定。 (一) 股东大会召开的时间：2024 年 9 月 11 日 (二) 股东大会召开的地点：山东省招远市金龙路 777 号，公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (五) 公司董事、监事和董事会秘书的出席情况 证券代码：601966 证券简称：玲珑轮胎 公告编号：2024-067 山东玲珑轮胎股份有限公司 2024 年第三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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 684 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 839,588,891 | | 3、出席会议的股东所持有表决权股份数占公司有表 ...

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 年第三次临时股东大会的 法律意见书 二〇二四年九月 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 年第三次临时股东大会的 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（ ...

Investment Rating - The investment rating for the company is "Buy" [1][3] Core Views - The automotive parts industry is experiencing a recovery, with overseas markets providing incremental growth opportunities [3] - The company reported a revenue of 10.38 billion yuan for the first half of 2024, representing a year-on-year growth of 12.37%, and a net profit of 0.925 billion yuan, up 64.95% year-on-year [3][4] - The company is expanding its production capacity in Serbia, with an investment of 4.62 billion yuan aimed at increasing the annual output of high-performance tires [4] Financial Summary - The company's main revenue is projected to grow from 20.17 billion yuan in 2023 to 22.56 billion yuan in 2024, and further to 28.26 billion yuan by 2026 [3][7] - Net profit is expected to increase from 1.39 billion yuan in 2023 to 2.26 billion yuan in 2024, reaching 3.23 billion yuan by 2026 [3][7] - Earnings per share (EPS) are forecasted to rise from 0.94 yuan in 2023 to 1.53 yuan in 2024, and to 2.20 yuan by 2026 [3][7] - The price-to-earnings (P/E) ratio is projected to decrease from 17.51 in 2023 to 10.79 in 2024, indicating improved valuation [3][7] Market Performance - The company's stock price is currently at 16.53 yuan, with a 52-week price range of 15.43 to 24.29 yuan [1] - The total market capitalization is approximately 24.36 billion yuan [1]

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]