Core Viewpoint - Linglong Tire (601966) is progressing its capacity construction in Serbia as planned, with expectations to reach full production targets by mid-next year [1] Group 1: Production Capacity - As of October 2025, the utilization rates for semi-steel and full-steel capacities are projected to be close to 90% and 70% respectively [1] - The company anticipates achieving full production capacity for its planned output in the first half of next year [1] Group 2: Sales Performance - The sales-to-production ratio for semi-steel tires is nearing 95%, while the ratio for full-steel tires has exceeded 100% [1]

Core Viewpoint - Linglong Tire's stock has shown fluctuations with a recent increase of 2.10%, while the company faces a year-to-date decline of 12.75% in stock price [1] Financial Performance - For the period from January to September 2025, Linglong Tire achieved a revenue of 18.161 billion yuan, representing a year-on-year growth of 13.87%, while the net profit attributable to shareholders decreased by 31.81% to 1.167 billion yuan [2] - Cumulative cash dividends since the A-share listing amount to 3.596 billion yuan, with 1.307 billion yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Linglong Tire is 87,500, a decrease of 7.74% from the previous period, while the average circulating shares per person increased by 8.39% to 16,716 shares [2] - The top ten circulating shareholders include Southern CSI 500 ETF, which holds 10.6685 million shares, a decrease of 223,000 shares, and Hong Kong Central Clearing Limited, holding 10.5805 million shares, down by 3.2281 million shares [3] Market Activity - As of November 19, Linglong Tire's stock price is 15.57 yuan per share, with a market capitalization of 22.787 billion yuan and a trading volume of 96.5635 million yuan [1] - The stock has experienced a 0.64% decline over the last five trading days, but a 2.77% increase over the last 20 days and a 3.18% increase over the last 60 days [1] Business Overview - Linglong Tire, established on June 6, 1994, specializes in the design, development, manufacturing, and sales of automotive tires, with a revenue composition of 68.49% from domestic and Hong Kong markets and 31.28% from overseas [1] - The company operates within the automotive industry, specifically in the tire and wheel components sector, and is associated with various concepts including the Belt and Road Initiative and mid-cap financing [1]

Group 1 - The company, Linglong Tire, has not yet developed robot tires and is currently conducting market research and evaluation for such products [1]

Core Viewpoint - Linglong Tire (601966.SH) is currently not equipped to produce robot tires and is in the process of conducting market research and evaluation for such products [1] Company Summary - Linglong Tire has stated that it has not yet developed robot tires and is focusing on market research and assessment for this type of product [1]

Investment Rating - The report maintains a "Buy" recommendation for the basic chemical industry, highlighting price increases in key products such as folic acid, lithium hexafluorophosphate, and concentrated nitric acid [2]. Core Insights - The basic chemical industry is expected to see a turnaround, with the overall weighted operating rate at historical highs and price differentials at the bottom, indicating potential for recovery [15][18]. - The report suggests four investment strategies: prioritize early turnaround stocks, focus on scarce resource products, invest in growth-oriented companies, and target sectors with favorable supply-demand structures [15]. - The tire industry is showing signs of recovery, with major companies expected to return to high growth by 2026 due to easing tariffs and stabilizing raw material costs [16]. - The Ministry of Industry and Information Technology has introduced a growth plan for the petrochemical industry, aiming for an average annual growth of over 5% from 2025 to 2026 [17]. - The report emphasizes the importance of the fluorine, silicon, and phosphorus sectors, which are expected to have significant valuation elasticity and potential for new cycle star products [19]. Summary by Sections Investment Strategy - The Huachuang Chemical Industry Index is at 67.92, with a week-on-week increase of 1.66% and a year-on-year decrease of 21.52% [14]. - Key products with significant price increases include folic acid (+25.8%), lithium hexafluorophosphate (+22.2%), and concentrated nitric acid (+20.1%) [14]. Price and Price Differential Changes - The report notes that the industry price percentile is at 15.54% over the past decade, indicating a relatively low price level [14]. - The industry inventory percentile is at 87.36%, suggesting a high level of inventory compared to historical data [14]. Tracking Basic Chemical Sub-sectors - The report tracks various sub-sectors, including tire, agricultural chemicals, phosphorus chemicals, coal chemicals, and chlor-alkali, providing insights into their performance and market conditions [7]. - The tire industry is highlighted for its recovery potential, with nine out of eleven listed companies reporting profit growth in Q3 [16]. - The phosphorus chemical sector is noted for favorable policy developments and potential market changes [7][19]. Trading Data - The report includes trading data and performance metrics for various chemical products, indicating trends in supply and demand dynamics [7].

Core Viewpoint - Linglong Tire (601966.SH) has successfully established its first overseas base in Thailand within 11 months, while the second base in Serbia is facing delays due to various challenges, but is expected to ramp up production by mid-next year [1] Group 1: Overseas Expansion - The first overseas base in Thailand was completed from foundation to product rollout in just 11 months [1] - The second overseas base in Serbia is experiencing a longer construction period and increased investment intensity due to pandemic and geopolitical factors [1] Group 2: Production and Profitability - The construction and capacity ramp-up of the Serbia base are progressing as planned, with full production expected in the first half of next year [1] - The company aims to achieve profitability quickly as production capacity continues to be released and sales scale increases [1] Group 3: Market Positioning - The increasing tariff barriers imposed by the EU on Chinese products are expected to enhance the local manufacturing and service advantages of the Serbia base [1]

Core Viewpoint - Linglong Tire (601966.SH) has successfully established its first overseas base in Thailand within 11 months, while the second base in Serbia is facing delays due to various challenges, but is expected to achieve full production by mid-next year [1] Group 1: Overseas Expansion - The first overseas base in Thailand was completed from foundation to product rollout in just 11 months [1] - The second overseas base in Serbia is experiencing a longer construction period and increased investment intensity due to differences in local conditions, pandemic impacts, and geopolitical factors [1] Group 2: Production and Profitability - The construction and ramp-up of production at the Serbia base are progressing as planned, with expectations to reach full production capacity in the first half of next year [1] - The company aims to achieve profitability quickly as production capacity continues to be released and sales scale increases [1] Group 3: Market Positioning - The increasing tariff barriers imposed by the EU on Chinese products are expected to enhance the local manufacturing and service advantages of the Serbia base [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 18.16 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 13.9%. However, the net profit attributable to shareholders decreased by 31.8% year-on-year to 1.17 billion yuan [5][12]. - In Q3 alone, the company achieved a revenue of 6.35 billion yuan, which is a 14.0% increase year-on-year and a 3.8% increase quarter-on-quarter. The net profit for Q3 was 310 million yuan, down 60.2% year-on-year and 39.1% quarter-on-quarter [5][12]. - The company is a leading player in the domestic tire industry, with a strong focus on R&D and quality maintenance. The implementation of the "7+5" strategy is optimizing its global industrial layout [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 18.16 billion yuan, with a net profit of 1.17 billion yuan and a net profit excluding non-recurring items of 1.02 billion yuan [5][12]. - The overall gross margin for the company was 16.4%, a decrease of 8.0 percentage points year-on-year, primarily due to rising raw material prices and fluctuations in overseas tariff policies [12]. Sales and Production - In Q3, the company produced 23.896 million tires, a 4.5% increase quarter-on-quarter, and sold 23.096 million tires, a 0.5% increase quarter-on-quarter. The average revenue per tire in Q3 was 274.9 yuan, reflecting an increase of 8.8 yuan [12]. Cost Management - The pressure from costs is gradually decreasing, with the procurement costs of key raw materials dropping by 7.4% quarter-on-quarter and 8.5% year-on-year. The gross margin for Q3 was 18.0%, showing a slight improvement [12]. Strategic Developments - The company is advancing its global strategy with the establishment of a new production base in Brazil, which is expected to generate annual sales revenue of 1.06 billion USD (approximately 7.76 billion yuan) once fully operational [12]. - The company is also enhancing its global supply chain, achieving a revenue of 5.93 billion yuan from global supply channels in 2024, a year-on-year increase of 5.9% [12]. Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 1.64 billion yuan, 2.00 billion yuan, and 2.79 billion yuan, respectively, indicating a positive growth trajectory [12].

Core Insights - The 2025 Petrochemical and Chemical Industry High-tech Development Conference was held in Yantai, focusing on quality improvement, efficiency enhancement, and innovation breakthroughs in the industry [1][3] - Key industry leaders and experts discussed policy directions, capacity optimization strategies, and the balance between growth and low-carbon transformation during the "14th Five-Year Plan" period [3] - The conference emphasized the theme of "Quality Improvement and Efficiency Stabilization, Innovation Momentum Re-acceleration" and included parallel sessions on various topics related to the petrochemical industry [3] Industry Overview - The green petrochemical industry is a pillar industry for Yantai and a key focus for the city's development [4] - Yantai has established a comprehensive green petrochemical industry system, including basic chemical raw materials, synthetic materials, specialty chemicals, and high-end fine chemicals [4] - The city has attracted leading companies such as Wanhua Chemical, Linglong Tire, and Dow High Polymer, contributing to its recognition as a strategic emerging industry cluster [4]

证券日报网讯玲珑轮胎（601966）11月13日在互动平台回答投资者提问时表示，塞尔维亚玲珑的具体盈 利情况可关注公司后续披露的年度报告。 ...