Core Viewpoint - Shandong Linglong Tire Co., Ltd. announced the progress of shareholding increase by its controlling shareholder, Linglong Group, which plans to invest between 200 million to 300 million yuan over a six-month period starting from May 7, 2025, to support the company's future development and maintain its stock price [1] Group 1 - The controlling shareholder, Linglong Group, has already increased its holdings by acquiring 11,986,795 A-shares, which represents approximately 0.82% of the total share capital [1] - The total amount invested by Linglong Group in the share acquisition so far is about 180 million yuan, reaching 50% of the planned upper limit [1] - The shareholding increase plan is not yet completed and may be affected by changes in the capital market [1] Group 2 - The company will continue to increase its holdings as planned using its own and raised funds, and will disclose progress in a timely manner [1]

Core Viewpoint - Linglong Tire (601966.SH) announced that its controlling shareholder, Linglong Group, plans to increase its stake in the company by acquiring 11.9868 million A-shares from May 7 to September 4, 2025, representing approximately 0.82% of the total share capital, with a total investment of about 180 million yuan, reaching 50% of the upper limit of the planned investment amount [1] Group 1 - The controlling shareholder, Linglong Group, will use its own and self-raised funds, including special refinancing for stock increases, to purchase shares [1] - The share buyback will be conducted through centralized bidding on the Shanghai Stock Exchange [1] - The total amount of the planned increase has not yet been fully implemented [1]

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for the stock [4]. Core Views - The company's tire products have seen both volume and price increases, with expectations for the Serbia plant to turn profitable [4][6]. - The company reported a revenue of 11.81 billion yuan in H1 2025, a year-on-year increase of 13.8%, while net profit decreased by 7.7% [5][6]. - The report highlights a significant decrease in raw material costs, which is expected to positively impact the company's margins in Q3 2025 [6][7]. Financial Performance - In H1 2025, the company sold 44.39 million tires, a year-on-year increase of 11.2%, with Q2 sales reaching 22.98 million tires [6]. - The average selling price of tires increased by 0.29% from Q1 to Q2 2025 and by 5.24% year-on-year [6]. - The company’s net profit projections for 2025-2027 are 1.67 billion, 2.04 billion, and 2.47 billion yuan, respectively, with corresponding P/E ratios of 13, 11, and 9 times [8]. Strategic Developments - The company is expanding its global footprint with plans to build a new plant in Brazil, marking its third overseas facility [7]. - The Serbia plant has shown a revenue increase of 148.1% year-on-year, although it is currently operating at a loss [7]. Market Data - As of September 3, 2025, the closing price of the stock was 15.24 yuan, with a market capitalization of 22.304 billion yuan [3].

Investment Rating - The investment rating for Linglong Tire is "Buy" (maintained) [2][8] Core Views - The report highlights that Linglong Tire achieved a revenue of 11.81 billion yuan in H1 2025, representing a year-on-year increase of 13.8%, while the net profit attributable to shareholders was 850 million yuan, down 7.7% year-on-year. In Q2 2025, the company reported a revenue of 6.12 billion yuan, up 14.6% year-on-year, with a net profit of 510 million yuan, an increase of 6.2% year-on-year [5][6] - The report anticipates that the company's performance will improve in Q3 2025 due to external factors gradually improving and the ramp-up of production at the Serbia plant [6] Summary by Sections Financial Performance - For 2023A, the company is projected to have a revenue of 20.165 billion yuan, with a year-on-year growth rate of 19%. The net profit attributable to shareholders is expected to be 1.391 billion yuan, reflecting a significant year-on-year growth of 377% [2] - The forecast for 2024A includes a revenue of 22.058 billion yuan, with a growth rate of 9%, and a net profit of 1.752 billion yuan, with a growth rate of 26% [2] - The company expects to achieve revenues of 25.336 billion yuan, 27.882 billion yuan, and 30.319 billion yuan for 2025E, 2026E, and 2027E respectively, with corresponding net profits of 2.016 billion yuan, 2.402 billion yuan, and 2.756 billion yuan [2][7] Market Position and Strategy - Linglong Tire's Q2 2025 performance was bolstered by exchange rate gains, and the company is expected to see continued growth in Q3 due to improved external conditions and increased production capacity in Serbia [6] - The company has been expanding its global partnerships and retail collaborations, which are expected to enhance its market presence and operational efficiency [6][7] Valuation Metrics - The report provides a P/E ratio forecast of 16.0 for 2023A, decreasing to 11.1 for 2025E, indicating an improving valuation as earnings grow [2] - The P/B ratio is projected to remain stable around 1.0 for 2024A and 2025E, suggesting a solid valuation relative to book value [2]

Macro Insights - The report suggests that the stock and bond markets are likely to gradually "decouple," with the market pricing in profit recovery and capital inflow expectations [1][7] - There is a reallocation logic in assets due to anticipated Fed rate cuts, leading to a weaker dollar cycle and global capital reallocation [1][7] - Short-term sentiment has not reached extreme levels, but there is a focus on style rebalancing driven by micro trading congestion, with narratives shifting towards consumption, non-ferrous metals, and innovative industries [1][8] Defense and Aerospace - The report on Xirui (2507.HK) indicates that the company is gradually expanding its production capacity and service network, with expected net profits of $170 million, $210 million, and $260 million for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 14.0, 11.2, and 9.2 [2][10] - The demand for private jets is increasing, driven by a growing high-net-worth population and improved flight infrastructure, benefiting leading companies like Xirui [9] Electronics - Shengke Communication (688702.SZ) is expected to achieve revenues of 1.353 billion, 1.776 billion, and 2.195 billion yuan from 2025 to 2027, with year-on-year growth rates of 25.1%, 31.3%, and 23.6% respectively, maintaining a "buy" rating [3][13] - The company is focusing on high-end switch chip products to meet the demands of large-scale data centers and cloud services [12] Computer Industry - Ruijun Power (301236.SZ) is projected to achieve revenues of 365 billion, 424 billion, and 493 billion yuan from 2025 to 2027, with net profits of 3.84 billion, 5.18 billion, and 7.81 billion yuan respectively, maintaining a "buy" rating [4][16] - The company is deepening its soft-hard integration strategy, with significant growth in revenue from computing products and smart electronics [15][17] Power Equipment - Guoxuan High-Tech (002074.SZ) reported a revenue of 19.394 billion yuan for the first half of 2025, a year-on-year increase of 15.48%, with net profits of 367 million yuan, up 35.22% [22][24] - The company is expanding its international presence and has successfully launched its first experimental line for solid-state batteries, enhancing its competitive edge [24] Automotive - Li Auto (02015.HK) achieved a revenue of 30.25 billion yuan in Q2 2025, with a net profit of 1.1 billion yuan, maintaining a stable gross margin of 20.1% [30][32] - The company is expanding its sales and service network, with plans to increase the number of supercharging stations significantly [31][32] - The report on Seris (601127.SH) indicates a revenue of 62.402 billion yuan for the first half of 2025, with a net profit growth of 81.03%, driven by strong sales of its high-end models [38][39] Tire Manufacturing - Linglong Tire (601966.SH) reported a revenue of 11.812 billion yuan for the first half of 2025, a year-on-year increase of 13.80%, despite a decline in net profit [41][42] - The company is expanding its global footprint with a new production base in Brazil, aiming to enhance its international competitiveness [42][43]

Core Viewpoint - Shandong Linglong Tire Co., Ltd. reported a revenue increase of 13.80% in the first half of 2025, but faced a decline in net profit due to high raw material costs and increased competition in the tire industry [1][4]. Revenue and Profit Analysis - The company achieved a revenue of 11.812 billion yuan, marking a year-on-year growth of 13.80% [1][4]. - However, the net profit attributable to shareholders was 854 million yuan, reflecting a year-on-year decrease of 7.66% [1][4]. - The non-recurring net profit was 772 million yuan, with a more significant decline of 16.86% [4]. Cost and Expense Factors - The operating cost reached 9.981 billion yuan, increasing by 24.44%, which significantly outpaced revenue growth and squeezed profit margins [6]. - Raw material prices remained high, with natural rubber STR20 averaging 1,905 USD per ton in the first half of 2025, up 14.63% compared to the same period last year [6]. - Sales expenses surged to 416 million yuan, a year-on-year increase of 49.16%, primarily due to higher advertising and sales service costs [8]. Global Expansion Strategy - The company is accelerating its global layout by initiating an investment project in Brazil, planning to invest 1.19 billion USD (approximately 8.71 billion yuan) to build a tire factory [10]. - The Brazilian facility aims for an annual production capacity of 14.7 million tires, including 12 million semi-steel radial tires and 2.4 million all-steel radial tires [10]. - This move is strategic for entering the local automotive market and leveraging tariff agreements to access the broader Latin American replacement market [10][12]. Future Outlook - The company anticipates a potential easing of raw material pressures in the second half of the year, with natural rubber prices declining from their peak [11]. - Linglong Tire is exploring three main strategies to overcome industry challenges: nearshore manufacturing to avoid trade barriers, focusing on high-value-added products, and channel transformation to enhance distributor profitability [11][12].

Group 1 - The company is currently progressing with the capacity construction of its Serbia factory as planned [2] - All equipment for both semi-steel and full-steel production lines has been largely delivered, and installation and debugging are underway [2] - The production capacity is steadily increasing, and profitability is expected to enhance as the production lines are fully operational and capacity utilization improves [2]

Investment Rating - The investment rating for the company is "Buy" [5][3]. Core Views - The company reported a revenue of 11.812 billion yuan for the first half of 2025, representing a year-on-year increase of 13.80%, while the net profit attributable to shareholders decreased by 7.66% to 854 million yuan [1][5]. - In Q2 2025, the company achieved a revenue of 6.115 billion yuan, with a year-on-year increase of 14.63% and a quarter-on-quarter increase of 7.34%. The net profit attributable to shareholders was 514 million yuan, showing a year-on-year increase of 6.11% and a quarter-on-quarter increase of 50.88% [1][5]. - The company is expanding its global footprint by investing 1.193 billion USD in a new production base in Brazil, which is expected to generate annual revenue of 1.063 billion USD and a net profit of 166 million USD upon reaching full capacity [2][3]. Summary by Sections Financial Performance - For H1 2025, the overall gross margin and net profit margin were 15.50% and 7.23%, respectively, with a year-on-year decrease of 7.23 and 1.68 percentage points [1]. - In Q2 2025, the gross margin was 16.04%, showing a year-on-year decrease of 6.02% but a quarter-on-quarter increase of 1.12% [1]. - The tire revenue in Q2 2025 was 6.085 billion yuan, with a year-on-year increase of 15.58% [1][2]. Production and Sales - The tire production in Q2 2025 was 22.8636 million units, with a year-on-year increase of 4.70% and a sales volume of 22.9766 million units, reflecting a year-on-year increase of 9.82% [2]. - The average price per tire was 264.82 yuan, with a year-on-year increase of 5.24% [2]. Future Projections - The company is projected to achieve net profits of 1.667 billion yuan, 2.148 billion yuan, and 2.752 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 13.5, 10.5, and 8.2 [3][4].

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为5.41%，资本回报率一般。去年的净 利率为7.94%，算上全部成本后，公司产品或服务的附加值一般。从历史年报数据统计来看，公司上市 以来中位数ROIC为8.52%，投资回报也较好，其中最惨年份2022年的ROIC为1.57%，投资回报一般。公 司历史上的财报相对一般(注：公司上市时间不满10年，上市时间越长财务均分参考意义越大。)。商业 模式：公司业绩主要依靠资本开支驱动，还需重点关注公司资本开支项目是否划算以及资本支出是否刚 性面临资金压力。需要仔细研究这类驱动力背后的实际情况。 据证券之星公开数据整理，近期玲珑轮胎(601966)发布2025年中报。截至本报告期末，公司营业总收入 118.12亿元，同比上升13.8%，归母净利润8.54亿元，同比下降7.66%。按单季度数据看，第二季度营业 总收入61.15亿元，同比上升14.63%，第二季度归母净利润5.14亿元，同比上升6.11%。本报告期玲珑轮 胎公司应收账款体量较大，当期应收账款占最新年报归母净利润比达283.22%。 本次财报公布的各项数据指标表现一般。其中，毛利率15.5%，同比减 ...

证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-055 山东玲珑轮胎股份有限公司 第六届董事会第二次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 山东玲珑轮胎股份有限公司（以下简称"公司"）第六届董事会 第二次会议（以下简称"本次会议"）于 2025 年 8 月 28 日上午在公 司会议室以现场结合通讯表决方式召开。会议通知及相关资料已于 加董事 11 名，实际参加董事 11 名。本次会议的召集、召开方式符合 《中华人民共和国公司法》及《山东玲珑轮胎股份有限公司章程》的 规定。 二、董事会会议审议情况 本次会议由董事长王锋先生主持，以记名投票方式审议通过了以 下议案： 具体内容详见同日在上海证券交易所网站上披露的《山东玲珑轮 胎股份有限公司 2025 年半年度报告》以及《山东玲珑轮胎股份有限 公司 2025 年半年度报告摘要》（公告编号：2025－056） 表决结果：同意 11 票，反对、弃权都是零票。 该议案已经公司第六届董事会审计委员会第一次会议审议通过。 公司 ...