1）公司发布2024 年报，2024 年度实现营业收入106.91 亿元，同比+11.35%；实现归母净利润6.15 亿 元，同比-26.08%；实现扣非净利润5.96 亿元，同比-27.61%。其中， 24Q4 公司实现营业收入28.48 亿 元， 同比/ 环比分别+11.06%/+6.72%；实现归母净利润0.55 亿元，同比/环比分别-73.12%/-58.90%。 2）公司发布2024 年度利润分配方案，拟每10 股派发现金红利1.3 元(含税)，合计派发红利2.01 亿元， 占归属上市公司股东净利润32.71%。 3）公司发布2025 年一季报，2025Q1 实现营业收入25.27 亿元，同比+3.60%，环比-11.25%；实现归母 净利润0.66 亿元，同比-68.13%，环比+20.23%。 投资建议：基于公司最新业绩表现及原材料、关税等行业变化，我们将此前对公司2025-2026 年的归母 净利润预测由9.39/12.39 亿元调整为6.18/8.06 亿元，并补充对2027 年的归母净利润预测10.24 亿元，对 应当前PE 分别为11.0x/8.4x/6.6x。参考可比公司及公司历史估值 ...

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Tire (000589) with a target price of 5.20 CNY, compared to the current price of 4.36 CNY [3][7]. Core Views - The company achieved steady growth in production and sales, focusing on structural improvements and actively advancing the Vietnam Phase III project [2][7]. - In 2024, the company reported a revenue of 10.691 billion CNY, a year-on-year increase of 11.35%, while the net profit attributable to shareholders decreased by 26.08% to 615 million CNY [7][8]. - The company plans to produce and sell 10.45 million and 10.35 million tires in 2025, respectively, representing growth of 8.7% and 7.8% compared to 2024 [7][8]. Financial Performance - In Q4 2024, the company achieved a revenue of 2.848 billion CNY, with a year-on-year increase of 11.06% and a quarter-on-quarter increase of 6.72% [7]. - The company’s tire production and sales reached 9.611 million and 9.602 million units in 2024, with year-on-year increases of 7.4% and 11.8% respectively [7]. - The average price of tire products in 2024 was 1,113.4 CNY per unit, showing a slight decrease of 0.4% year-on-year, indicating stable pricing [7]. Vietnam Operations - The Vietnam operations saw significant growth, with production and sales of 2.1163 million and 2.0601 million tires, respectively, marking increases of 65.3% and 64.0% year-on-year [7]. - The revenue from the Vietnam operations was 1.789 billion CNY, a year-on-year increase of 45.7%, with a net profit of 232 million CNY, down 3.2% year-on-year [7]. Profitability Metrics - The company reported a gross margin of 17.94% and a net profit margin of 5.81% for 2024, both showing declines compared to the previous year due to rising raw material costs [7]. - In Q1 2025, the gross margin and net profit margin were 14.19% and 2.65%, respectively, reflecting a year-on-year decline primarily due to increased raw material prices [7]. Future Outlook - The company is optimistic about the domestic economic foundation and expects a recovery in the commercial vehicle tire market, which will support its growth [7]. - The report adjusts the net profit forecasts for 2025 and 2026 to 618 million CNY and 806 million CNY, respectively, with a new forecast for 2027 at 1.024 billion CNY [7][8].

贵州轮胎股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日在巨潮 资讯网披露了《2024 年年度报告》。为加强与投资者的交流互动，便于投资者进 一步了解公司 2024 年度经营情况及其他关切问题，公司将参加在贵州证监局指 导下、贵州证券业协会联合深圳市全景网络有限公司举办的"2025 年度贵州辖 区投资者集体接待日暨 2024 年度业绩说明会"活动，具体安排如下： 一、业绩说明会的安排 召开时间：2025 年 5 月 12 日 15:40-17:40。 证券代码：000589 证券简称：贵州轮胎 公告编号：2025-027 贵州轮胎股份有限公司 关于参加 2025 年度贵州辖区投资者集体接待日 暨 2024 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 召开方式：网络远程。 出席本次活动人员：公司副董事长、总经理王鹍先生，独立董事蔡可青先生， 财务总监张艳君女士和董事会秘书蒋大坤先生。 参与方式：投资者可登录 http://rs.p5w.net 进入专区页面参与交流。 二、投资者问题提前征集 为广泛听取投资者的意见和建 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2025-028 贵州轮胎股份有限公司 关于召开 2025 年第二次临时股东大会的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 贵州轮胎股份有限公司（以下简称"公司"）于2025年4月15日在《证券时报》 《中国证券报》《上海证券报》及巨潮资讯网上发布了《关于召开2025年第二次临 时股东大会的通知》，定于2025年5月8日以现场表决与网络投票相结合的方式召开 2025年第二次临时股东大会。 为保护投资者的合法权益，提醒各位股东及时参会并行使表决权，现将本次股 东大会相关事宜再次公告如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第二次临时股东大会。 2、股东大会的召集人：公司董事会。 2025 年 4 月 14 日，公司召开第八届董事会第三十三次会议，审议通过了《关 于提请召开 2025 年第二次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会系根据公司第八届董事会第三十 三次会议决议召开，符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》的有关规定。 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥2,527,333,807.92, representing a 3.60% increase compared to ¥2,439,626,181.76 in the same period last year[4]. - Net profit attributable to shareholders decreased by 68.13% to ¥66,116,532.52 from ¥207,433,240.75 year-on-year[4]. - Basic earnings per share dropped by 76.47% to ¥0.04 from ¥0.17 in the same period last year[4]. - Operating profit decreased to ¥80,907,362.11 from ¥228,623,302.75, indicating a decline of approximately 64.6%[16]. - Net profit for the current period was ¥81,709,011.75, down from ¥228,489,285.17 in the previous period, a decrease of around 64.2%[16]. - The net profit for the current period is $67.06 million, a decrease of 67.9% compared to $208.87 million in the previous period[17]. - The total comprehensive income for the current period is $43.83 million, down from $208.03 million in the previous period, reflecting a significant decline[17]. - The basic earnings per share for the current period is $0.04, compared to $0.17 in the previous period, indicating a decrease of 76.5%[17]. Cash Flow and Liquidity - The net cash flow from operating activities turned negative at -¥85,351,267.98, a decline of 647.75% compared to ¥15,582,052.71 in the previous year[4]. - Cash flow from operating activities shows a net outflow of $85.35 million, contrasting with a net inflow of $15.58 million in the previous period[19]. - Cash flow from investing activities resulted in a net outflow of $291.37 million, compared to a net outflow of $347.59 million in the previous period, showing a slight improvement[19]. - Cash flow from financing activities generated a net inflow of $146.11 million, an increase from $137.52 million in the previous period[20]. - The total cash and cash equivalents at the end of the period is $2.37 billion, down from $2.77 billion at the end of the previous period[20]. - Cash and cash equivalents decreased to ¥2,554,057,721.15 from ¥2,738,774,303.89, a decline of about 6.7%[14]. Assets and Liabilities - Total assets at the end of the reporting period were ¥18,000,599,204.92, a slight decrease of 0.11% from ¥18,020,709,513.92 at the end of the previous year[5]. - Total liabilities decreased to ¥9,103,498,995.58 from ¥9,171,120,779.99, a decline of about 0.7%[15]. - Total assets amounted to ¥18,000,599,204.92, slightly down from ¥18,020,709,513.92, a decrease of approximately 0.1%[15]. - Accounts receivable increased to ¥2,285,767,214.79 from ¥2,129,305,864.71, showing a growth of approximately 7.4%[14]. - Inventory slightly decreased to ¥1,890,855,048.48 from ¥1,897,871,943.30, a reduction of about 0.5%[14]. - Short-term borrowings rose to ¥2,090,530,888.89 from ¥1,933,939,360.68, an increase of approximately 8.1%[15]. Expenses and Financial Obligations - Financial expenses surged by 610.74% to ¥22,808,590.51, attributed to increased exchange losses during the period[8]. - The company reported a tax expense of $14.65 million, down from $19.62 million in the previous period, reflecting a decrease of 25.1%[17]. - The company received $1.02 billion in borrowings during the current period, significantly higher than $374 million in the previous period[20]. - The company paid $834 million in debt repayments, compared to $194 million in the previous period, indicating increased financial obligations[20]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 65,520, with the largest shareholder holding 20.48% of the shares[10]. - Contract liabilities increased by 40.43% to ¥92,838,076.02, mainly due to an increase in advance payments received[8]. - The company experienced a 67.90% decrease in net profit, primarily due to rising raw material costs, amounting to a reduction of ¥141,810,851.18 compared to the previous year[9]. - Total operating costs increased to ¥2,452,593,533.62 from ¥2,215,334,207.69, reflecting a rise of about 10.7%[16].

Group 1 - The core viewpoint is that Chinese tire companies are accelerating their overseas factory layout, expanding from Southeast Asia to diversified markets such as Europe, North America, and Africa, transitioning from scale expansion to value creation [1][2] - The average import price of semi-steel tires in the U.S. for 2024 is projected to be $62 per tire, with those from Thailand, Cambodia, and Vietnam averaging $40 per tire. The average import price for all-steel tires is $117 per tire, with those from Cambodia and Vietnam averaging around $80-85 per tire [2][3] - The imposition of a 25% tariff may further widen the price gap between Chinese tires and those from North America and Japan, thereby solidifying cost advantages for Chinese manufacturers [2][3] Group 2 - The new 25% tariff on passenger car and light truck tires under Section 232 may not significantly reduce the cost advantage of tires imported from low-cost regions compared to high-cost regions [2][3] - Historical data indicates that tariffs have not effectively increased domestic tire production in the U.S. due to high labor costs, significant investment requirements, and long construction periods [4] - The high-end market for tires presents a significant opportunity for Chinese manufacturers, allowing them to escape low-end competition and enhance profitability in markets outside the U.S. [5] Group 3 - Recommended stocks include Sailun Tire (601058.SH), Senking (002984.SZ), Linglong Tire (601966.SH), General Shares (601500.SH), Triangle Tire (601163.SH), Guizhou Tire (000589.SZ), and Wind God Shares (600469.SH) [6]

2025年4月，贵州轮胎股份有限公司公布了2024年年度报告。报告显示，公司在营业收入增长的同时， 净利润却出现下滑，经营活动现金流量净额更是大幅减少。本文将深入解读各项关键财务指标，剖析公 司财务状况及潜在风险。 关键财务指标解读 营收增长但利润下滑营业收入：2024年公司营业收入为10,690,550,119.05元，较2023年的 9,601,195,952.98元增长11.35%。这一增长表明公司在市场拓展方面取得了一定成效，业务规模有所扩 大。从业务构成来看，轮胎销售业务收入为10,618,508,716.83元，占比99.33%，是营收增长的主要驱动 力。净利润：归属于上市公司股东的净利润为615,485,040.26元，相较于2023年的832,650,411.91元，下 降了26.08%。净利润下滑的原因可能是多方面的，成本上升、市场竞争加剧等因素都可能对利润空间 产生挤压。扣非净利润：归属于上市公司股东的扣除非经常性损益的净利润为595,680,404.32元，较 2023年的822,893,024.06元下降27.61%。扣非净利润的下滑幅度大于净利润，说明公司主营业务的盈利 能力面临较大 ...

贵州轮胎股份有限公司全体股东： 贵州轮胎股份有限公司 2024 年度内部控制评价报告 根据《企业内部控制基本规范》及其《企业内部控制配套指引》的规定和其 他内部控制监管要求（以下简称企业内部控制规范体系），结合本公司（以下简 称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准日）的内部控制的 有效性进行了评价。 一、董事会声明 公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或 重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带责任。 建立健全并有效实施内部控制是公司董事会的责任；监事会对董事会建立与 实施内部控制进行监督；经理层负责组织领导公司内部控制的日常运行。 公司内部控制的目标是：合理保证经营合法合规、资产安全、财务报告及相 关信息真实完整，提高经营效率和效果，促进实现发展战略。 由于内部控制存在固有局限性，故仅能对实现上述目标提供合理保证。内部 控制的有效性亦可能随公司内、外部环境及经营情况的改变而改变，本公司内部 控制设有检查监督机制，内控缺陷一经识别，本公司将立即制定并实施整改措 ...

上市公司2024年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：贵州轮胎股份有限公司 1 公司负责人：黄舸舸 主管会计工作的负责人：张艳君 会计机构负责人：许强 金额单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 | 上市公司核算的 | 2024年初占用资 | 2024年度占用累计发生 | 2024年度占用资金 | 2024年度偿还 | 2024年末占用资 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 司的关联关系 | 会计科目 | 金余额 | 金额（不含利息） | 的利息（如有） | 累计发生额 | 金余额 | | | | 控股股东、实际控制人 | | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | | | | 小 计 | —— | —— | —— | | | | | | —— | —— | | 前控股股东、实际控制 | | | | | | | | | | 非经营性占用 | ...

贵州轮胎股份有限公司 2024 年度董事会工作报告 2024 年度，公司董事会遵循《公司法》《证券法》《深圳证券交易所股票上 市规则》等相关法规及《公司章程》的规定，认真履行股东大会赋予的职责， 勤勉尽责开展工作，组织召开了 8 次董事会会议、3 次股东大会，认真执行股东 大会决议，及时完整地履行了信息披露义务，较好地完成了本年度的工作任务。 一、2024 年度公司经营情况概述 2024 年，从国际环境看，全球化遭遇逆流，贸易保护主义、单边主义愈演 愈烈，全球经济复苏的势头依然不稳，不稳定性、不确定性因素持续增多；从 国内形势看，社会经济继续在困难中复苏，经济运行总体平稳、稳中有进，高 质量发展扎实推进；从我国轮胎行业看，受行业产能过剩、原材料价格上涨、 市场需求收缩、国际贸易壁垒及环保限制等不利因素影响，行业经营成本控制 难度加大，生产销售面临诸多挑战，但我国轮胎行业在复杂环境中总体呈现较 好的韧性，继续保持稳定增长。据国家统计局公布的数据显示，2024 年我国外 胎产量 11.87 亿条，较上年增长 9.2%；海关总署公布的数据显示，2024 年中国 橡胶轮胎出口量达 932 万吨，较上年增长 5.2%； ...