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].

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][9]. Core Views - The company achieved a revenue of 10.38 billion yuan in the first half of 2024, representing a year-on-year growth of 12%, and a net profit attributable to shareholders of 930 million yuan, up 65% year-on-year [9]. - The significant increase in performance is primarily driven by strong overseas demand, with tire production and sales reaching 43.39 million and 39.91 million units respectively, marking year-on-year increases of 19% and 11% [9]. - The company has made breakthroughs in the matching sector, which is expected to boost replacement market demand in the future [9]. - The Serbian factory's first phase for truck and passenger car tires has entered the capacity release stage, which is anticipated to become a new growth engine for the company's performance [9]. Financial Performance - In Q2 2024, the company reported a revenue of 5.34 billion yuan, a year-on-year increase of 10% and a quarter-on-quarter increase of 6%, with a net profit of 480 million yuan, up 39% year-on-year and 10% quarter-on-quarter [9]. - The company’s cost control capabilities have improved, with a period expense ratio of 10.83% in the first half of 2024, down 0.54 percentage points from the second half of 2023 [9]. - The projected revenues for 2024-2026 are 24.7 billion, 28 billion, and 31.8 billion yuan respectively, with year-on-year growth rates of 22%, 13%, and 14% [9][10]. Market Position and Strategy - The company is committed to a global strategy, currently operating five production bases in China and two overseas factories in Thailand and Serbia, with plans for further expansion [9]. - The company has secured new projects in the domestic and overseas matching sectors, including partnerships with major brands such as BYD and Volkswagen [9]. - The company ranks among the top in the new energy vehicle tire matching sector, which is expected to drive replacement market demand as the ownership of new energy vehicles increases [9].

Investment Rating - The report maintains a rating of "Buy" for the company [6][11] - The target price is set at 28.43, with the current price at 15.49 [6][11] Core Insights - The company's Q2 2024 performance met expectations, with rapid capacity ramp-up at the Serbia project [3][11] - With the release of mid-to-long-term capacity and a focus on both the supporting and replacement markets, along with ongoing R&D, the company's performance is expected to continue growing [3][11] Financial Summary - Revenue for 2024 is projected at 21,984 million, with a growth of 9.0% from 2023 [4] - Net profit attributable to shareholders is expected to reach 2,166 million in 2024, reflecting a 55.8% increase from 2023 [4] - Earnings per share (EPS) is forecasted to be 1.47 in 2024, increasing to 2.00 by 2026 [4][11] - The return on equity (ROE) is anticipated to rise from 6.7% in 2023 to 9.7% in 2024 [4] Operational Highlights - In the first half of 2024, the company achieved revenue of 10,379 million, a year-on-year increase of 12.37%, and a net profit of 925 million, up 64.95% [11] - The tire production volume in Q2 2024 was 21.84 million units, a year-on-year increase of 12.34% [11] - The average selling price per tire was 251.6 yuan, showing a slight year-on-year increase of 0.83% [11] Market Position and Strategy - The company is actively restructuring its domestic and international retail and supporting markets [11] - The Serbia plant is expected to fully ramp up production, while the Thailand plant benefits from reduced tariffs, enhancing product competitiveness [11] - The company is advancing its "7+5" layout, with significant projects in both domestic and overseas markets [11]

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：2024-058 山东玲珑轮胎股份有限公司 关于 2024 年二季度主要经营数据的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十三号—— 化工》等要求，山东玲珑轮胎股份有限公司（以下简称"公司"）现 将 2024 年二季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 | 轮胎产量(万条) | 轮胎销量(万条) | 营业总收入(万元) | 其中：轮胎产品 | | --- | --- | --- | --- | | | | | 收入(万元) | | 2,183.71 | 2,092.20 | 533,478.53 | 526,469.74 | 2024 年第二季度公司轮胎销量同比增长 8.62%，销售收入同比增 长 9.52%。 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 1 2、主要原材料的价格变动情况 受天然胶、合成胶等主要原材料价格波动等影响，公司第二季度 天然橡胶、合成胶 ...

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 ...