| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于2025年第三季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002984 | | | 证券简称：森麒麟 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127050 | | | | 债券简称：麒麟转债 | | | | | | 转股价格：人民币 | 19.66 | 元/股 | | | | | | | | 转股期限：2022 | | 日至 | | | | | | | | 年 | | | | | | | | | | | 5 月 | | | | | | | | | | 17 | | | | | | | | | | | | 2027 | | | | | | | | | | | 年 | | | | ...

证券日报网讯森麒麟（002984）9月30日在互动平台回答投资者提问时表示，公司正凭借新能源汽车领 域的产品优势，持续致力于实现全球高端新能源汽车轮胎领航者的发展目标。公司自主创新研发的超高 性能新能源汽车专用轮胎在NVH、干湿刹车、操控等方面表现优异，滚阻、续航方面更是独具优势， 其中滚动阻力已突破千分之五。在配套市场，公司正在持续获得全球知名主机厂客户的合格供应商资 质，已成为德国大众集团、德国奥迪汽车、雷诺汽车、Stellantis(斯特兰蒂斯)集团、广汽丰田、广州汽 车、长城汽车（601633）、吉利汽车、北汽汽车、奇瑞汽车等整车厂商的合格供应商，同时公司正持续 加强全球一线车企的新能源汽车配套力度，未来相关车企及车型配套份额将稳步提升。 ...

证券日报网讯森麒麟（002984）9月30日在互动平台回答投资者提问时表示，"麒麟云店"是公司自主研 发的打破传统轮胎销售体系的汽车后市场供应链平台，目前仅面向经销商和零售商客户。与此同时，公 司正积极筹划构建直接面向消费者的数字化销售平台，多措并举加速国内市场开拓力度，进一步扩大并 优化国内销售网络。 ...

Investment Rating - The report maintains a "Positive" rating for the chemical industry [5][6][20] Core Insights - The petrochemical industry is expected to see stable growth due to the introduction of policies aimed at enhancing industry health and eliminating outdated capacity [5][6] - The demand for viscose filament is anticipated to tighten, leading to an upward trend in prices, while the grass herbicide market is expected to optimize its structure [5][6] - The global GDP growth is projected to remain at 2.8%, with stable oil demand despite some slowdown due to tariff policies [5][6] Industry Dynamics - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable [5][6] - The coal market is anticipated to experience long-term price stabilization, with easing pressures on downstream sectors [5][6] - Natural gas exports from the U.S. are likely to accelerate, potentially lowering import costs [5][6] Chemical Sector Analysis - The report highlights that the viscose filament industry will see a supply-demand tightening, with a projected increase in operating rates from 84% to over 95% [5][6] - The grass herbicide market is set to address issues of low pricing and quality through upcoming industry meetings aimed at regulating competition [5][6] Investment Recommendations - The report suggests focusing on sectors benefiting from the "anti-involution" policy, including textiles, agriculture, and export-related chemicals [5][6] - Specific companies to watch include Xinxiang Chemical Fiber, Jilin Chemical Fiber, and Lier Chemical, which are expected to benefit from market dynamics [5][6][20] Key Company Valuations - The report provides a valuation table for key companies, indicating various ratings such as "Buy" and "Increase" for companies like Hailir Chemical, Yunnan Chemical, and Wanhu Chemical [20]

Group 1 - The company is actively advancing its Morocco project, expecting significant production increases in Q3 and Q4 of 2025 [2] - The company has not disclosed the production and sales figures for the Morocco factory in the Q2 report, and investors are inquiring about these details [2] - The U.S. imposes a 25% tariff on key automotive components, including imported passenger cars and light truck tires, while Morocco benefits from a zero-tariff export agreement with the EU [2] Group 2 - The company will continue to closely monitor policy developments to leverage its global production capacity in response to potential impacts [2]

Group 1 - The company has a production base in Morocco that primarily targets the high-end tire market in Europe and the United States [2] - Currently, the United States imposes a 25% tariff on key automotive components, including imported passenger car and light truck tires [2] - The company did not specify the proportion of products produced in Morocco that are sold to the United States this year [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Views - The company's performance in the first half of 2025 faced slight pressure due to a decline in tire sales and rising raw material prices. However, the Moroccan factory is expected to gradually ramp up production within the year, contributing positively to future profits [2][9][11]. - The company has a strong market presence in the high-end tire segment in the U.S. and Europe, with significant market shares for its brands, which is anticipated to enhance its competitive edge [10][11]. Financial Summary - **Revenue Projections**: The company is projected to achieve revenues of 98.07 billion, 120.41 billion, and 131.70 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.2%, 22.8%, and 9.4% [11]. - **Net Profit Projections**: Expected net profits for the same years are 17.23 billion, 23.48 billion, and 27.64 billion yuan, with a notable decline of 21.2% in 2025 followed by a recovery of 36.3% in 2026 and 17.7% in 2027 [11]. - **Earnings Per Share (EPS)**: The projected EPS for 2025, 2026, and 2027 are 1.66 yuan, 2.27 yuan, and 2.67 yuan respectively [11]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios are expected to be 12, 9, and 7 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [11]. Production and Sales Performance - In the first half of 2025, the company reported tire production of 15.57 million units, a decrease of 3.21% year-on-year, while tire sales were 14.87 million units, down 1.5% year-on-year [2]. - The company’s gross margin for the first half of 2025 was 24.47%, reflecting a decline of 8.71 percentage points compared to the previous year [2]. Market Position and Strategy - The company is strategically positioned with a global production capacity across China, Thailand, and Morocco, which helps mitigate geopolitical risks and enhances its competitive stance in the global market [9]. - The ongoing "833plus" strategy aims to establish eight digital smart manufacturing bases globally, further strengthening the company's market position and operational efficiency [9].

Group 1 - The company Qingdao Senqilin Tire Co., Ltd. held its fourth board meeting on August 29, 2025, and the second extraordinary general meeting of shareholders on September 15, 2025, to approve changes in business scope and amendments to the articles of association [2] - The company has completed the industrial and commercial registration changes and obtained a new business license from the Qingdao Market Supervision Administration [2] - The registered capital of the company is 1.028 billion yuan, and it was established on December 4, 2007 [2] Group 2 - The company's business scope includes tire manufacturing, tire sales, rubber product sales, high-quality synthetic rubber sales, new material technology research and development, and various technical services [2] - The company is classified as a joint-stock company and is publicly listed [2] - The legal representative of the company is Qin Long [2]

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Materials, Sinopec, Ju Hua, Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun, Dao Tong Technology, and others [10]. Core Viewpoints - The report highlights significant price increases in products such as Epoxy Chloropropane (up 10.00%), Synthetic Ammonia (up 4.35%), and others, while products like Urea and Sulfur experienced notable declines [4][5][21]. - The ongoing geopolitical tensions, particularly the Russia-Ukraine conflict, and fluctuating international oil prices are influencing market dynamics, with a recommendation to focus on import substitution, domestic demand, and high-dividend stocks [6][22]. - The chemical industry is currently in a weak performance phase, with mixed results across sub-sectors due to past capacity expansions and weak demand, although some sectors like lubricants are performing better than expected [23]. Summary by Sections Price Movements - Significant price increases were observed in Epoxy Chloropropane (10.00%), Sulfur (4.59%), and Synthetic Ammonia (4.35), while Urea saw a decrease of 8.47% [4][5][21]. - The report notes that the overall chemical industry remains weak, with varying performance across different sub-sectors [22][23]. Investment Opportunities - The report suggests focusing on sectors likely to enter a growth cycle, such as Glyphosate, and emphasizes the importance of selecting stocks with strong competitive positions and growth potential [23]. - It highlights the resilience of domestic chemical fertilizer and certain pesticide sub-products, recommending companies like Hualu Hengsheng, Xin Yang Feng, and others for their stable demand [23]. Geopolitical and Economic Context - The report discusses the impact of geopolitical tensions on oil prices, with Brent crude oil priced at $66.99 per barrel and WTI at $62.69, reflecting a slight increase from the previous week [6][24]. - It anticipates that the international oil price will stabilize between $65 and $70, suggesting a cautious outlook for the market [6][24].

Group 1 - The company announced the convening of the fourth board meeting and the second extraordinary general meeting of shareholders in 2025 to review and approve the proposal for changing its business scope and amending governance documents [2] - The company has completed the industrial and commercial change registration and the filing of the Articles of Association, and has obtained a new business license issued by the Qingdao Market Supervision Administration [2]