Group 1: Market Expansion and Growth Strategies - The company plans to increase customer penetration in the domestic market and develop new clients while deepening import substitution [2] - The company aims to leverage its reputation and high-quality products to expand into international markets, including traditional markets in Europe and the U.S., as well as emerging markets in BRICS countries, Southeast Asia, and Africa [2][3] - The company is actively participating in the supply chain for mining projects led by major Chinese state-owned enterprises, enhancing its overseas market presence [3] Group 2: Market Share and Competitive Position - Since entering the Russian market in 2016, the company has established strong relationships with local clients and has seen a continuous increase in customer numbers, indicating significant market potential [4] - The establishment of a local factory in Russia is expected to solidify and expand the company's market share in the region, extending its influence into Central Asia [4] Group 3: Order Acquisition and Client Engagement - The company acquires orders primarily through trade shows, referrals from existing clients, and direct outreach by sales personnel [5] - The successful application of the company's products in large open-pit mines has enhanced brand recognition and attracted new clients [5] Group 4: Core Advantages Over Competitors - The company possesses deep expertise in mining services and advanced technology, with a history dating back to the 1980s [6] - It has developed a unique "product + operation" business model that provides comprehensive lifecycle services for mining tires, enhancing customer loyalty and creating service barriers [6] - The company has established a global network with over ten subsidiaries, enabling localized and rapid response services across multiple countries [6][7] Group 5: Profitability and Business Synergy - The gross margin for tire operation management services is lower than direct sales, but this business model fosters strong customer loyalty and addresses significant client pain points [7] - As the company becomes more familiar with tire operating environments, it can optimize tire products, potentially increasing project gross margins over time [7] Group 6: Market Trends and Future Outlook - The demand for tires is closely linked to the mining industry's growth, with tire consumption costs accounting for approximately 24% of operational expenses in large open-pit mines [9] - The rising metal market and high prices are driving capital expenditures in global mining, which is expected to boost demand for the company's products and services [9] - The company is well-positioned to capitalize on current market opportunities due to its technological leadership and unique service model [9]

执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 汽车零部件 Email：tangsu@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 185.97 | | 流通股本(百万股) | 35.39 | | 市价(元) | 79.99 | | 市值(百万元) | 14,876.01 | | 流通市值(百万元) | 2,830.52 | 海安集团俄罗斯建厂点评：巨胎龙头海外建厂 0-1，在手订单饱 满、全球拓展加速 海安集团（001233.SZ） 证券研究报告/公司点评报告 2026 年 02 月 02 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | | 2,251 | 2,300 | 2,200 | 2,468 | 3,4 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Insights - The company is a leading player in the giant tire industry, with a strong focus on overseas expansion and a robust order book, indicating potential for revenue growth [9]. - The global giant tire market is expected to grow at a CAGR of approximately 8.4% from 2023 to 2027, with significant demand driven by the mining sector [7]. - The company plans to establish a joint venture in Russia for tire production, with an estimated investment of 43.19 billion RMB and an annual production capacity of 10,500 tires [6]. Financial Summary - Revenue projections for the company are as follows: 2,251 million RMB in 2023, 2,300 million RMB in 2024, 2,200 million RMB in 2025, 2,468 million RMB in 2026, and 3,404 million RMB in 2027, with growth rates of 49%, 2%, -4%, 12%, and 38% respectively [5]. - The net profit attributable to the parent company is forecasted to be 654 million RMB in 2023, 679 million RMB in 2024, 660 million RMB in 2025, 740 million RMB in 2026, and 1,021 million RMB in 2027, with corresponding growth rates of 85%, 4%, -3%, 12%, and 38% [5]. - The company’s gross margin is projected to remain high at around 55%, with net profit margins stabilizing at approximately 30% from 2025 to 2027 [12]. Market Position and Competitive Landscape - The giant tire market is characterized by high barriers to entry, with a few foreign companies historically dominating the sector. However, domestic companies are beginning to capture market share due to improved product quality and competitive pricing [8]. - The company has established strong customer relationships with major mining enterprises, which enhances its market position and customer retention [9]. - The company’s planned production capacity expansion includes 24,400 tires domestically and 10,500 tires in Russia, which is expected to significantly increase its output and market presence [10].

Investment Rating - The report assigns a "Collect" rating to the company, with a target price of 86.24 yuan based on a projected PE of 28 times for 2026 [73]. Core Insights - The company is a leading domestic player in the giant steel tire market, benefiting from increased market share and favorable mining conditions [1][3]. - The global giant tire market has been historically dominated by international giants, but the company is breaking this monopoly through technological advancements and local production [2][40]. - The growth in mining production is expected to drive demand for giant engineering tires, positioning the company favorably in the market [52][54]. - The company has outlined several fundraising projects aimed at expanding production capacity and enhancing research and development capabilities [67]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of giant steel radial tires for engineering machinery and provides management services for mining tires [3][12]. - It has developed a full range of giant steel tires (rim diameter of 49 inches and above) and has established a strong presence in both domestic and international markets [3][20]. Financial Performance - The company has shown significant revenue growth, with total revenue increasing from 498.46 million yuan in 2020 to 2,299.89 million yuan in 2024, representing a cumulative increase of 361% [12][14]. - The gross profit margin for giant steel tires improved from 46.70% in 2022 to 54.75% in 2023, driven by rising product prices and decreasing raw material costs [15][63]. Market Position and Strategy - The company has successfully increased its overseas market share, with international sales accounting for 65.19%, 76.16%, and 74.23% of total revenue in 2022, 2023, and 2024, respectively [20][23]. - It has established long-term partnerships with major mining companies globally, expanding its customer base significantly [23][59]. Technological Advancements - The company has developed a diverse technological reserve focused on enhancing the performance and production optimization of giant steel tires, which includes advanced materials and manufacturing processes [27][39]. - It has successfully produced a full range of giant steel tires from 49 inches to 63 inches, showcasing its technological capabilities [27][38]. Future Growth Potential - The company plans to invest in a new factory in Russia to further expand its production capacity and market reach, with an estimated investment of approximately 43.19 billion yuan [70]. - The demand for giant tires is expected to grow significantly due to the increasing production in the mining sector, particularly in resource-rich countries like Russia [52][54].

南财智讯1月29日电，海安集团在投资者关系活动中表示，公司与俄罗斯客户之间的结算目前主要采用 跨境贸易人民币结算方式，该模式下我国银行与俄罗斯客户直接完成人民币资金的清算，无需通过 SWIFT系统，有效保障了结算路径的稳定与顺畅，目前相关银行结算业务运作正常。 ...

南财智讯1月29日电，海安集团在投资者关系活动中表示，公司上市三年报告期内，非俄境外市场的年 复合增长率超过22%，全球有交易的客户数量几乎实现了翻倍。 ...

Group 1: Market Position and Competitive Advantages - The full-steel giant tire industry is characterized by an oligopolistic market structure, dominated by three major international brands, with the company closely following in market share, brand, and technology [2][3] - The company's core advantages include: 1. Deep mining service expertise and technological leadership, with a history dating back to the 1980s [2] 2. A unique "product + operation" business model that offers full lifecycle services for mining tires, enhancing customer efficiency and safety [2][3] 3. A strong customer base, having established long-term partnerships with major global mining companies [3] 4. A mature global network with over ten subsidiaries abroad, covering dozens of countries and providing localized services [3] Group 2: Market Dynamics and Challenges - The Russian market remains competitive despite the exit of brands like Michelin and Bridgestone, with the company continuing to grow its customer base in Russia [3] - The full-steel giant tire industry has high entry barriers due to technical, market, and financial challenges: 1. Technical barriers arise from the need for extensive R&D and practical feedback from long-term usage [4] 2. Market barriers exist as mining companies prioritize safety and efficiency, making it difficult for new entrants to gain acceptance [4] 3. Financial barriers are present due to the capital-intensive nature of the industry and high expectations for supplier reliability [4] Group 3: Financial Performance and Growth - The company has achieved a compound annual growth rate (CAGR) of over 22% in non-Russian overseas markets during the reporting period [5] - The number of global trading customers has nearly doubled [5] Group 4: Risk Management and Operational Strategies - The company currently does not have risk hedging measures for raw materials like natural rubber and carbon black [6] - To manage raw material price volatility, the company has established long-term relationships with suppliers, allowing for better bargaining power and dynamic adjustment of procurement strategies [7] Group 5: Future Plans and Employee Engagement - There are no current plans for stock financing [8] - The company values talent as a cornerstone of innovation and growth, with plans for future equity incentives to align employee contributions with long-term company value [10]

（编辑 丛可心） 证券日报网1月28日讯 ，海安集团在接受调研者提问时表示，公司调整后的募集资金主要投向三个项 目：全钢巨型工程子午线轮胎扩产项目、全钢巨型工程子午线轮胎自动化生产线技改升级项目以及研发 中心建设项目。以上项目的建设周期分别为3年、2年和3年，其中扩产项目设计的产能为22000条、技改 升级项目2000条。公司已经在公告中披露了上市前以自有资金预先投入募投项目的情况，随着项目建设 的推进，新产能有望逐步释放。另在俄罗斯与合作伙伴共同投资建设全钢巨胎工厂项目建设周期预计为 3年（2026年-2028年），设计年产能为10500条/年。 ...

证券日报网1月28日讯 ，海安集团（001233）在接受调研者提问时表示，公司主要通过参加展会、老客 户推荐、销售人员实地拜访、电子邮件、电话等方式与新客户建立联系。公司销售人员与客户取得联系 后，会对客户进行多次拜访，并邀请客户来公司进行实地参观考察，以充分展示公司的产品及综合实 力。在确认客户有合作意向后，公司销售人员及技术人员将与客户各相关部门进行多次技术交流来确定 产品具体参数，客户一般会向公司采购少量轮胎或者指定部分车辆给公司开展轮胎运营管理业务，在公 司的产品或服务得到验证后，公司进一步与客户达成规模化的合作关系。 ...

Core Viewpoint - The company believes that the Russian full-steel giant tire market is not a "vacuum" left by the exit of international brands like Michelin and Bridgestone, as competition continues to exist [1] Group 1: Market Potential - The company is experiencing continuous growth in the number of Russian customers as it further explores the Russian market, indicating significant market potential [1] - The establishment of a factory in Russia is expected to consolidate and expand the company's market share in Russia and radiate to the Central Asian region [1] Group 2: Competitive Advantage - The company aims to maintain its competitiveness in the Russian market by leveraging the trust established through deep cooperation with core customers, as well as the recognition of its product quality and specialized services [1]