Investment Rating - Strong Buy (Maintained) with a target price of 6.72 CNY [1] Core Views - The company's performance in H1 2024 met expectations, with revenue reaching 5.174 billion CNY, a YoY increase of 16.51%, and net profit attributable to shareholders of 427 million CNY, a YoY increase of 25.67% [1] - The release of production capacity at the Vietnam base drove steady growth in production and sales, with tire production and sales reaching 4.7942 million and 4.7175 million units respectively, a YoY increase of 18.81% and 19.75% [1] - Overseas revenue grew significantly, reaching 2.109 billion CNY, a YoY increase of 41.32%, supported by the Vietnam base [1] - The company's product structure continues to optimize, with innovations in non-road tires and plans to invest 228 million USD in Vietnam to build a 6 million unit semi-steel tire capacity, further enhancing global competitiveness [2] Financial Performance - In H1 2024, the company achieved a gross margin of 19.65% and a net profit margin of 8.29%, with Q2 gross margin and net profit margin at 19.19% and 8.05% respectively, showing a slight decline due to rising raw material and shipping costs [1] - Domestic and overseas gross margins were 15.90% and 23.96% respectively, with overseas margins declining more significantly due to shipping costs [1] - The company's revenue and net profit forecasts for 2024-2026 were adjusted to 8.73/11.40/14.56 billion CNY, with corresponding P/E ratios of 8.2x/6.2x/4.9x [2] Product and Market Strategy - The company has optimized its product portfolio, including the successful launch of 57-inch giant tires and the development of new wide-body dump truck tires, enhancing its market competitiveness [2] - The Vietnam base's semi-steel tire production is expected to fill the company's product gap and expand market space, further consolidating its global competitiveness [2] Financial Forecasts - Revenue is expected to grow from 11.071 billion CNY in 2024 to 14.310 billion CNY in 2026, with a CAGR of 12.9% [6] - Net profit attributable to shareholders is forecasted to grow from 873 million CNY in 2024 to 1.456 billion CNY in 2026, with a CAGR of 27.7% [6] - The company's gross margin is expected to recover to 22.1% by 2026, with ROE improving to 14.6% [6]

贵州轮胎股份有限公司 第八届董事会第三十次会议决议公告 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。 贵州轮胎股份有限公司（以下简称"公司"）关于召开第八届董事会第三十 次会议的通知于 2024 年 8月 19 日以专人送达、电子邮件等方式向各位董事发出， 会议于 2024 年 8 月 29 日上午在公司办公楼三楼会议室召开。会议应出席的董事 9 人，实际出席的董事 9 人（其中董事刘献栋先生和独立董事杨大贺先生以通讯 方式参会及表决），全体监事和其他高级管理人员列席会议，符合《公司法》及 有关法规和《公司章程》的规定。 会议由董事长黄舸舸先生主持，与会董事对各项议案进行了充分审议，形成 如下决议： 一、以 9 票同意、0 票反对、0 票弃权审议通过了《2024 年半年度报告》（具 体内容详见巨潮资讯网）。 本报告经公司董事会审计委员会前置审议通过。 证券代码：000589 证券简称：贵州轮胎 公告编号：2024-075 本议案经公司董事会审计委员会前置审议通过。保荐机构国信证券股份有限 公司发表了无异议的核查意见。 1 四、以 9 票同意、0 票反对、0 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,174,434,236.21, representing a 16.51% increase compared to CNY 4,441,335,962.65 in the same period last year[10]. - Net profit attributable to shareholders was CNY 426,702,098.91, up 25.67% from CNY 339,549,833.46 year-on-year[10]. - The basic earnings per share increased to CNY 0.33, reflecting a 10.00% growth compared to CNY 0.30 in the previous year[10]. - The total assets at the end of the reporting period were CNY 18,235,029,325.75, a 3.16% increase from CNY 17,675,947,549.05 at the end of the previous year[10]. - The net assets attributable to shareholders rose to CNY 8,568,483,272.65, marking a 20.88% increase from CNY 7,088,502,088.92 year-on-year[10]. - The diluted earnings per share increased to CNY 0.28, which is a 27.27% rise from CNY 0.22 in the previous year[10]. - The weighted average return on equity was 5.50%, slightly up from 5.15% in the same period last year[10]. - The company reported a total revenue of 2,729.22 million CNY from related party transactions, accounting for 25.62% of similar transaction amounts[76]. Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -186,198,425.86, a significant decrease of 169.60% compared to CNY 267,536,723.52 in the same period last year[10]. - The company’s investment activities generated a net cash flow of -¥395,155,288.75, an improvement of 45.41% from -¥723,872,606.46 in the previous year[27]. - Cash and cash equivalents at the end of the reporting period amounted to ¥3,049,330,278.18, accounting for 16.72% of total assets, a decrease of 2.69% from the previous year[32]. - The total investment during the reporting period was ¥518,021,557.05, a decrease of 37.47% compared to ¥828,385,121.62 in the same period last year[37]. - The company has invested ¥215,640,771.72 in the annual production of 380,000 all-steel radial tire intelligent manufacturing project, with a cumulative investment of ¥1,291,768,057.66[39]. Market and Sales Performance - The company achieved a tire production of 4.7942 million units, an increase of 18.81% year-on-year[18]. - The company completed sales of 4.7175 million units, reflecting a growth of 19.75% compared to the previous year[18]. - The company ranked 25th in the global tire industry in 2024, improving by 5 positions from the previous year[14]. - The company’s overseas sales revenue increased by 41.32% year-on-year, supported by enhanced capacity in its Vietnam operations[18]. - The total production of tires in China for the first half of 2024 was 525.92 million units, a year-on-year increase of 10.5%[17]. Research and Development - The company invested ¥159,950,717.92 in research and development, reflecting a 9.00% increase from ¥146,739,403.71 in the previous year[27]. - The company has developed 219 patents, including 17 invention patents, and has participated in the formulation of 39 national standards and 5 industry standards in the last three years[19]. - The company is focusing on optimizing sales channels and increasing R&D investment to enhance product competitiveness amid rising raw material costs[18]. Environmental and Social Responsibility - The company is committed to sustainable development, having received multiple honors for its green initiatives, including being recognized as a "National Green Factory" and a "Green Supply Chain Management Enterprise" in 2023[21]. - The company has implemented measures to reduce carbon emissions, including accelerating product structure adjustments and new project construction, leading to significant improvements in production efficiency compared to traditional factories[67]. - The company has engaged in social responsibility initiatives, including supporting rural revitalization efforts in Shidong Village, improving safety conditions in local production facilities[69]. Financial Position and Liabilities - The total liabilities decreased to CNY 9,298,173,542.73 from CNY 10,405,481,997.42, indicating a reduction of approximately 10.6%[115]. - Owner's equity increased to CNY 8.62 billion, up from CNY 7.14 billion, indicating a growth of approximately 20.7%[110]. - Short-term borrowings rose significantly to CNY 2.00 billion, compared to CNY 1.39 billion, marking an increase of approximately 44.3%[110]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,438, with a significant shareholder, Guiyang Industrial Investment Co., Ltd., holding 20.48%[97]. - The company plans to release 1 million shares from the restricted stock incentive plan in March 2025, 2026, and 2027, with specific amounts for each year[96]. - The company has completed the registration of 22.125 million restricted stocks under the 2019 incentive plan, with 427 eligible participants for the third unlock period[59]. Risk Factors - The company faces significant market competition risks, particularly from international giants like Michelin and Bridgestone, which maintain high market shares[52]. - Raw material price fluctuations pose a risk, as key materials like rubber and carbon black significantly impact production costs[52]. - The company is expanding its investment in Vietnam to enhance its international market presence, which introduces operational risks due to differing local regulations[52].

会议由监事会主席周业俊先生主持，通过审议表决，形成如下决议： 一、以 3 票同意、0 票反对、0 票弃权审核通过了《2024 年半年度报告》（具 体内容详见巨潮资讯网）。 经审核，监事会认为董事会编制和审议公司 2024 年半年度报告的程序符合 法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、以 3 票同意、0 票反对、0 票弃权审核通过了《2024 年半年度募集资金 存放与使用情况的专项报告》（具体内容详见《证券时报》《中国证券报》《上海 证券报》和巨潮资讯网披露的《2024 年半年度募集资金存放与使用情况的专项 报告》）。 经审核，监事会认为报告期内，公司募集资金的存放与使用符合中国证监会、 深圳证券交易所关于上市公司募集资金存放和使用的相关规定，募集资金的实际 使用符合募集资金投资项目的需要，不存在募集资金存放和使用违规的情形，报 告如实反映了公司 2024 年半年度募集资金存放与使用情况。 证券代码：000589 证券简称：贵州轮胎 公告编号：2024-076 贵州轮胎股份有限公司 第八届监事会第二十一次会议决议公告 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-081 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通知 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。 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。 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。 4、会议召开的日期、时间： （1）现场会议时间：2024 年 9 月 18 日下午 2:30。 （2）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。 5、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式召 开。 公司将通过深交所交易系统和互联网投 ...

关于控股股东承诺延长不减持公司股份期限的公告 证券代码：000589 证券简称：贵州轮胎 公告编号：2024-074 贵州轮胎股份有限公司 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"贵州轮胎"或"公司"）于 2024 年 8 月 2 日收到控股股东贵阳市工业投资有限公司（以下简称"贵阳工投"）发来的《关 于延长不减持股份期限的承诺函》，现将相关情况公告如下： 一、承诺主体基本情况 | 股东名称 | 持股数量 | 持股比例 | | --- | --- | --- | | 贵阳市工业投资有限公司 | 318,591,025 股 | 20.48% | 自 2024 年 8 月 30 日起十二个月内（即 2024 年 8 月 30 日起至 2025 年 8 月 29 日止）不以任何方式减持所持有的贵州轮胎股份，包括承诺期间该部分股份 因资本公积转增、派送股票红利、配股等事项产生的新增股份。若违反上述承诺， 则减持股份所得全部收益归贵州轮胎所有。 公司董事会将督促控股股东严格遵守承诺，并按照《公司法》《证券法》以 及中国证监会、深圳 ...

证券代码：000589 证券简称：贵州轮胎 编号：20240801 ☑ 特定对象调研 □ 分析师会议 投资者关系活 □ 媒体采访 □ 业绩说明会 动类别 □ 新闻发布会 □ 路演活动 ☑ 现场参观 □ 其他 活动参与人员 华创证券：郑轶；苏银理财：王淼、张艺；长城财富：赵达 华夏基金：曹雅媞；西南证券：李站；高毅资产：廉迪 公司总经理：王鹍 公司副总经理、董事会秘书：蒋大坤 时间 2024 年 8 月 1 日 地点 公司三楼会议室 形式 线下交流 投资者参观公司现场后，在会议室与公司总经理和董事会秘书 进行了面对面的交流。 1、目前越南一期、二期整体产能利用率如何？扎佐四期项目一 阶段目前产能如何？ 答：目前越南前两期项目整体产能利用率达到 90%以上。扎佐四 交流内容及具 期一阶段项目产量也在稳步提升，现场精益管理水平、劳动效率以 体问答记录 及人均产出不断提高。公司将紧盯市场需求和发展，不断夯实产品、 服务、成本竞争力，用优质的产品支撑公司长期高质量发展。 2、请介绍公司炭黑工厂二期项目进展？一期、二期炭黑项目满 产后能满足公司目前炭黑需求量吗？ 答：炭黑二期年产 5 万吨项目已于今年 5 月中旬开始试生 ...

贵州轮胎股份有限公司 关于回购公司股份的进展公告 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。 证券代码：000589 证券简称：贵州轮胎 公告编号：2024-073 （一）公司未在下列期间回购股份： 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 2.0 ...

证券代码：000589 证券简称：贵州轮胎 公告编号：2024-072 二、本次股份质押基本情况 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。 公司近日收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解除质押及质押手续，具体事项 如下： 注：上表中的"比例"存在差异，系四舍五入原因所致。 | 股东 | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | | 是否 | 质押 | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | 总股本 | 是否为 | 为补 | | | | 质押 | | | 第一大股 | 押数量 | 比例 | 比例 | 限售股 | 充质 | 起始 | 到期 | 质权人 | | | 名称 | 东及其一 | （股） | | | | | 日 | 日 | | 用途 | | | | | （%） | （%） | | 押 | | | | | | | 致行动人 | | | ...

关于控股股东部分股份质押的公告 贵州轮胎股份有限公司 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。 证券代码：000589 证券简称：贵州轮胎 公告编号：2024-071 本次质押股份未被用作重大资产重组业绩补偿等事项的担保或其他保障用 途。 2、股东股份累计质押情况 1 截至本公告日，贵阳工投所持质押股份情况如下： 股东 名称 持股 数量 (股) 持股 比例 (%) 本次质 押前质 押股份 数量 (股) 本次质 押后质 押股份 数量 (股) 占其 所持 股份 比例 (%) 占公 司总 股本 比例 (%) 已质押股份 情况 未质押股份 情况 已质押 股份限 售和冻 结数量 (股) 占已 质押 股份 比例 (%) 未质押 股份限 售和冻 结数量 (股) 占未 质押 股份 比例 (%) | 贵阳市 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 工业投 | 318， | | 136,96 | 158,79 | 49.8 | 10 ...