Investment Rating - The report maintains a "Buy" rating for Guizhou Tyre [1][2] Core Views - The company reported a total revenue of 7.84 billion RMB for the first three quarters of 2024, an increase of 11.45% year-on-year, while the net profit attributable to shareholders decreased by 10.8% to 560 million RMB [1] - The performance of the all-steel tire segment is under pressure due to rising raw material prices and weak demand from infrastructure and real estate sectors, leading to a decline in profitability [1][2] - The company is advancing its semi-steel tire project in Vietnam, aiming for a production capacity of 6 million units annually, which is expected to optimize its product layout [1] Summary by Sections Performance Analysis - In Q3 2024, the company achieved a revenue of 2.67 billion RMB, a 2.8% increase year-on-year, but a 2.4% decrease quarter-on-quarter. The net profit for the quarter was 134 million RMB, down 53.6% year-on-year and 39% quarter-on-quarter [1] - The disparity in operational rates between semi-steel and all-steel tires is notable, with semi-steel tires maintaining an operational rate of nearly 80% since March, while all-steel tires dropped below 60% since May [1] Profit Forecast and Valuation - The company is projected to have net profits of 700 million RMB, 805 million RMB, and 973 million RMB for 2024, 2025, and 2026 respectively, reflecting downward adjustments of 28%, 27%, and 23% from previous estimates [2] - The current market capitalization corresponds to PE ratios of 11.39, 9.91, and 8.2 for the years 2024, 2025, and 2026 respectively [2] Business Outlook - The company is positioned as a leading player in the commercial vehicle tire market in China, with a global multi-base production layout that is expected to support steady growth in performance as production ramps up [2]

Revenue and Profit - Revenue for Q3 2024 reached ¥2,668,419,595.34, an increase of 2.80% year-over-year, while year-to-date revenue totaled ¥7,842,853,831.55, up 11.45% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥133,791,001.82, a decrease of 53.63% year-over-year, with year-to-date net profit at ¥560,493,100.73, down 10.76%[2] - Basic earnings per share for Q3 2024 was ¥0.08, a decline of 66.67% compared to the same period last year, while diluted earnings per share was also ¥0.08, down 57.89%[2] - The total revenue for the period reached CNY 7,842,853,831.55, an increase of 11.4% compared to CNY 7,037,114,634.40 in the previous period[13] - The net profit attributable to shareholders of the parent company was CNY 560,493,100.73, down 10.8% from CNY 628,050,042.65 in the same period last year[14] - The total comprehensive income for the period was CNY 497,810,667.66, down from CNY 571,100,086.62, a decrease of 12.8%[14] - The basic earnings per share for the period was CNY 0.41, compared to CNY 0.54 in the previous year, indicating a decline of 24%[14] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date period decreased by 58.34%, totaling ¥435,678,029.27, primarily due to cash received from sales being lower than cash paid for purchases[5] - Operating cash inflow for the period reached CNY 7,808,897,182.21, an increase of 6.73% compared to CNY 7,316,185,431.94 in the previous period[15] - Net cash flow from operating activities was CNY 435,678,029.27, down 58.32% from CNY 1,045,853,367.78 in the same period last year[15] - Cash inflow from financing activities totaled CNY 2,759,000,000.00, a significant increase of 45.80% compared to CNY 1,895,194,066.50 in the previous period[16] - Net cash flow from financing activities was CNY 477,004,684.57, up 447.51% from CNY 87,124,860.04 in the same period last year[16] - Cash and cash equivalents at the end of the period amounted to CNY 3,152,335,566.91, compared to CNY 3,092,660,075.26 at the end of the previous period[16] - The company's cash and cash equivalents increased to ¥3,504,497,880.69 from ¥3,431,745,590.62, reflecting a growth of approximately 2.0%[11] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥18,309,075,983.63, a 3.58% increase from the end of the previous year[2] - The company's total liabilities decreased to CNY 9,543,971,520.50 from CNY 10,531,239,166.92, reflecting a reduction of approximately 9.4%[12] - Total current assets increased to ¥9,035,492,127.50 from ¥8,394,977,881.97, representing a growth of approximately 7.6%[11] - Total assets reached ¥18,309,075,983.63, up from ¥17,675,947,549.05, marking an increase of about 3.6%[11] - Short-term borrowings rose by ¥920,596,270.50, an increase of 66.31%, due to higher short-term bank loans[6] - Long-term borrowings increased by ¥955,200,000.00, up 132.74%, reflecting new long-term bank loans taken during the period[6] - The company's long-term borrowings increased significantly to CNY 1,674,800,000.00 from CNY 719,600,000.00, marking an increase of 132.5%[12] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 61,833[8] - The largest shareholder, Guiyang Industrial Investment Co., holds 20.48% of shares, totaling 318,591,025 shares[9] - The total number of preferred shareholders is zero, indicating no preferred shares outstanding[10] - There are no known relationships or concerted actions among the top ten shareholders[9] Other Financial Metrics - The company reported a decrease in credit impairment losses by 48.60% year-over-year, indicating a reduction in bad debt provisions[7] - The company reported a decrease in other non-current assets from ¥1,049,310,930.87 to ¥854,616,287.09, a decline of about 18.6%[11] - The company reported a decrease in tax expenses to CNY 29,126,435.01 from CNY 77,941,775.23, a decline of 62.7%[14] - The company reported a decrease in tax payments to CNY 242,389,446.26 from CNY 73,231,210.49 in the previous period, indicating improved tax efficiency[15] - The company's interest expenses decreased to CNY 93,107,185.35 from CNY 115,275,769.88, a reduction of 19.2%[13] - Cash inflow from investment activities was CNY 243,091,457.25, a significant increase from CNY 12,576,340.00 in the previous period[15] - The company received CNY 215,059,850.24 from the recovery of investments, indicating active management of investment portfolios[15] - The company paid CNY 953,184,978.38 for the acquisition of fixed assets, intangible assets, and other long-term assets, reflecting ongoing capital expenditures[15]

贵州轮胎股份有限公司（以下简称"公司"）于 2023 年 12 月 19 日召开第 八届董事会第二十三次会议，审议通过了《关于回购公司股份方案的议案》，拟 使用自有资金以集中竞价交易方式回购公司股份，并在未来适宜时机用于股权激 励计划。本次回购股份的价格为不超过 9.00 元/股（含），回购资金总额为不低 于人民币 3,000 万元（含），不高于人民币 5,000 万元（含）。回购期限自公司 董事会审议通过回购方案之日起 12 个月内。具体回购股份的数量以回购期限届 满或者回购股份实施完毕时实际回购的股份数量为准。具体详见公司分别于 2023 年 12 月 20 日、22 日在《中国证券报》《证券时报》《上海证券报》和巨 潮资讯网披露的《关于回购公司股份方案的公告》《回购报告书》等相关公告。 因公司实施 2023 年度权益分派，向全体股东每 10 股派 2.00 元人民币现金， 根据公司《回购报告书》的约定,公司本次回购股份价格上限由不超过人民币 9.00 元/股（含）调整至不超过人民币 8.80 元/股（含）。具体详见公司 2024 年 5 月 31 日在《中国证券报》《证券时报》《上海证券报》和巨潮资讯网 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-087 贵州轮胎股份有限公司 职工董事减持计划实施完成的公告 职工董事熊朝阳先生保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 贵州轮胎股份有限公司（以下简称"公司"）职工董事熊朝阳先生计划自减 持计划披露十五个交易日后的三个月内（即 2024 年 7 月 5 日至 10 月 4 日）以集 中竞价方式减持本公司股份，具体内容详见公司 2024 年 6 月 13 日在《证券时 报》《中国证券报》《上海证券报》及巨潮资讯网上披露的《职工董事减持股份 预披露公告》（公告编号：2024-061）。 | 股东 | | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | 名称 | 股份性质 | 股数（股） | 占总股本比 | 股数（股） | 占总股本比 | | | | | 例（%） | | 例（%） | | 熊朝阳 | 合计持有股份 其中：无限售条 | 528,000 13 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-086 贵州轮胎股份有限公司 贵州轮胎股份有限公司（以下简称"公司"）于 2024 年 3 月 5 日召开第八 届董事会第二十五次会议，审议通过了《关于越南公司实施年产 600 万条半钢子 午线轮胎智能制造项目的议案》。根据公司战略发展目标，为提升公司国际化发 展新动能，实现国际化、智能化、绿色化发展新跨越的指导思想，结合越南一期 年产 120 万条全钢子午线轮胎项目和二期年产 95 万条高性能全钢子午线轮胎项 目的实施情况及国内外市场的实际情况，同意公司境外全资二级子公司前进轮胎 （越南）有限责任公司（以下简称"越南公司"）投资建设年产 600 万条半钢子午 线轮胎智能制造项目（以下简称"越南三期项目"）。具体详见公司于 2024 年 3 月 6 日在《中国证券报》《证券时报》《上海证券报》及巨潮资讯网披露的《关于越 南公司实施年产 600 万条半钢子午线轮胎智能制造项目的公告》。 二、项目进展情况 近日，公司全资子公司贵州前进轮胎投资有限责任公司完成越南三期项目的 境外投资备案，领取了贵州省商务厅新出具的《企业境外投资证书》。截至目前， 越南 ...

全国优秀律师事务所 北京市炜衡（贵阳）律师事务所 关于贵州轮胎股份有限公司 2024 年第二次临时股东大会 法律意见书 致：贵州轮胎股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《深圳证券交易所上市公司股东大会网络投票实施细 则》（以下简称"《股东大会网络投票实施细则》"）等法律、法规、规范性文件 和《贵州轮胎股份有限公司章程》（以下简称"《公司章程》"）之规定，北京市 炜衡（贵阳）律师事务所（以下简称"本所"）接受贵州轮胎股份有限公司（以下 简称"贵公司"）的委托，指派刘慧颖、胡世文（以下简称"本所律师"）出席贵 公司于 2024年9月18日召开的2024年第二次临时股东大会（以下简称"本次股东大 会"），对本次股东大会召开的合法性进行见证，并出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集和召开的程序、表决程序 及出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律和公司章程 的规定以及本次股东大会审议的议案表决结果是否有效发表意见，并不对本次 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-084 现场会议时间：2024 年 9 月 18 日下午 2:30 网络投票时间：2024 年 9 月 18 日。其中通过深交所交易系统进行网络投票 的具体时间为 2024 年 9 月 18 日上午 9:15～9:25、9:30～11:30，下午 1:00～ 3:00；通过深交所互联网投票系统进行网络投票的具体时间为 2024 年 9 月 18 日 上午 9:15 至下午 3:00 期间的任意时间。 2、地点：贵州省贵阳市修文县扎佐工业园黔轮大道公司办公楼三楼 贵州轮胎股份有限公司 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。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会审议通过的《关于拟变更会议师事务所的议案》，涉及变 更 2023 年度股东大会审议通过的《关于续聘大华会计师事务所（特殊普通合伙） 为公司 2024 年度审计机构的议案》。 一、会议召开和出席情况 1、会议召开的时间： 3、召开方式：现场表决与网络投票相结合 4、召集 ...

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。 公司近日接到控股股东贵阳市工业投资有限公司（以下简称"贵阳工投"） 函告，获悉其所持有本公司的部分股份办理了质押展期手续，具体事项如下： 一、股东股份质押展期基本情况 1、本次股份质押展期基本情况 | | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | | 是否 | 质押 | 原质 | 变更 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | 押展期 | 持股份 | 总股本 | 是否为 | 为补 | | | 后质 | | 质押 | | | 第一大股 | | | | | | 起始 | 押到 | | 质权人 | | | 名称 | 东及其一 | 数量 | 比例 | 比例 | 限售股 | 充质 | 日 | 期日 | 押到 | | 用途 | | | | （股） | （%） | （%） | | 押 | | | 期日 | | | | | 致行动人 | | | | | | | | | | | ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-083 贵州轮胎股份有限公司 关于召开 2024 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2024年8月31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2024年第 二次临时股东大会的通知》，定于2024年9月18日以现场表决与网络投票相结合的 方式召开2024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：2024 年第二次临时股东大会。 2、股东大会的召集人：公司董事会。 2024 年 8 月 29 日，公司召开第八届董事会第三十次会议，审议通过了《关于 提请召开 2024 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 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。 ...

Investment Rating - The report maintains an "Outperform" rating for Guizhou Tire, indicating a positive outlook for the company's stock performance relative to the market [5][6]. Core Insights - Guizhou Tire's revenue for the first half of 2024 reached 5.174 billion yuan, a year-on-year increase of 16.5%, while the net profit attributable to shareholders was 427 million yuan, up 25.7% year-on-year [5][6]. - The company's production and sales of tires continued to grow, supported by increased capacity from its Vietnam factory, which saw a significant rise in both production and sales [6][7]. - The report highlights the impact of rising raw material costs and shipping expenses on the company's gross margin, which slightly declined to 19.65% [6][7]. Financial Performance Summary - For the first half of 2024, Guizhou Tire achieved a tire production volume of approximately 4.7942 million units (YoY +18.8%) and sales of 4.7175 million units (YoY +19.8%) [6]. - The Vietnam factory produced 1.026 million tires (YoY +121%) and generated revenue of 882 million yuan (YoY +97%) [6]. - The company's net profit margin improved to 8.29%, reflecting effective cost control despite rising costs [6][7]. Future Projections - The report projects a downward adjustment in profit forecasts for 2024-2026, estimating net profits of approximately 910 million, 1.08 billion, and 1.27 billion yuan respectively [7]. - The expected price-to-earnings ratios for these years are approximately 7, 6, and 5 times [7]. Market Context - The domestic all-steel tire market is experiencing a slowdown in replacement demand due to infrastructure and logistics sector impacts, while overseas demand continues to grow [6][7]. - The report notes that the competitive landscape for non-road products has intensified, which may affect future profitability [6][7].