证券代码：002984 证券简称：森麒麟 公告编号：2025-014 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 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 19.95 元/股 转股期限：2022 年 5 月 17 日至 2027 年 11 月 10 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，青岛森麒麟轮胎股份有限公司 （以下简称"公司"）现将 2025 年第一季度可转换公司债券转股及公司股份变 动情况公告如下： 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可〔2021〕2293 号"文件核准，公司于 发行总额 219,893.91 万元。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上〔2021〕1217 号"文同意，公司 219,893.91 万 元可转换公司债券于 2021 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-014 | | --- | --- | --- | | 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 经中国证券监督管理委员会"证监许可〔2021〕2293 号"文件核准，公司于 2021 年 11 月 11 日公开发行了 21,989,391 张可转换公司债券，每张面值 100 元， 发行总额 219,893.91 万元。 （二）可转换公司债券上市情况 经深圳证券交易所"深证上〔2021〕1217 号"文同意，公司 219,893.91 万 关于2025年第一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 | | | ...

方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 张汪强 登记编号：S1220524120002 强烈推荐 ( 维 持 ) 公司研究 2025.03.08 森麒麟（ 002984） 公司点评报告 24 年业绩高增，摩洛哥工厂有望全面放量 | 公 | 司 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 行业 | | | | | 轮胎轮毂 | | 最新收盘价(人民币/元) | | | | | 24.04 | | 总市值(亿)(元) | | | | | 248.91 | | 52 周最高/最低价(元) | | | | 34.39/20.95 | | 历史表现 -11% -4% 3% 10% 17% 24% 24/3/8 24/6/7 24/9/6 24/12/6 森麒麟 沪深300 数据来源：wind 方正证券研究所 相关研究 《森麒麟(002984)：全球产能布局，收入利润有 望高增》2024.02.01 《森麒麟：需求恢复&原材料价格下行提升 Q1 业绩，看好业绩持续上行》2023.04.25 事件：公司发布 2024 年业绩预告，预计 20 ...

一、担保情况概述 1、担保方：青岛森麒麟轮胎股份有限公司 2、被担保方：青岛森麒麟国际贸易有限公司 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-013 | | --- | --- | --- | | 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 关于为全资子公司提供担保的进展公告 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。 青岛森麒麟轮胎股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召开第 四届董事会第二次会议，于 2025 年 2 月 6 日召开 2025 年第一次临时股东大会，审议 通过了《关于 2025 年度为子公司提供担保的议案》，同意公司 2025 年度为下属子公 司提供连带责任担保，担保额度合计 250,000 万元人民币，授权有效期自公司股东大 会审议通过之日起 12 个月内有效。担保范围包括但不限于申请综合授信、借款、承 兑汇票等融资或开展其他日常经营业务等。担保方式包括但不限于连带责任担保、抵 押担保等方式。以上担保额度包括新增担保及原有担保展期或续保 ...

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Insights - The company's Q4 earnings declined sequentially due to seasonal factors and year-end expenses, but the Moroccan base is expected to ramp up production soon [1][7]. - The company achieved a net profit of approximately 2.23 billion yuan in 2024, with a year-on-year growth of 68.7% [2][7]. - The company is expanding its overseas orders and has become a qualified supplier for major automotive manufacturers, which is expected to enhance its competitive edge [7]. Financial Data and Earnings Forecast - Total revenue is projected to grow from 7.84 billion yuan in 2023 to 13.48 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.9% [2][8]. - The net profit is expected to increase from 1.37 billion yuan in 2023 to 2.81 billion yuan in 2026, reflecting a strong growth trajectory [2][8]. - The earnings per share (EPS) is forecasted to rise from 2.01 yuan in 2023 to 2.72 yuan in 2026 [2][8]. Market Data - As of February 6, 2025, the closing price of the stock was 24.86 yuan, with a market capitalization of 17.53 billion yuan [3]. - The stock has a price-to-earnings (P/E) ratio of 19 and a dividend yield of 2.49% [3][4]. Operational Insights - The company is facing cost pressures in 2024, but demand is expected to grow steadily, supported by reduced anti-dumping duties in Thailand and ongoing customer expansion [7]. - The Moroccan facility is projected to produce 6-8 million semi-steel tires in 2025, enhancing the company's high-end offerings and ability to withstand trade barriers [7].

德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2025 年第一次临时股东大会的 法律意见 上海市虹口区东大名路 501 号白玉兰广场 23 层 电话：021-55989888 传真：021-55989898 邮编：200080 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2025 年第一次临时股东大会的法律意见 德恒上海律师事务所 关于青岛森麒麟轮胎股份有限公司 2025 年第一次临时股东大会的 法律意见 德恒 02G20230185-00012 号 致：青岛森麒麟轮胎股份有限公司 青岛森麒麟轮胎股份有限公司（以下简称"公司"）2025 年第一次临时股 东大会（以下简称"本次会议"）于 2025 年 2 月 6 日（星期四）召开。德恒上 海律师事务所（以下简称"本所"）受公司委托，指派谢强律师、胡宝月律师（以 下简称"本所经办律师"）出席了本次会议。根据《中华人民共和国证券法》（以 下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）、《青岛森麒麟 轮胎股份有限公司章程》（以下简称"《公司章程》"）的规定，本所经办 ...

证券代码：002984 证券简称：森麒麟 公告编号：2025-012 债券代码：127050 债券简称：麒麟转债 特别提示： 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。 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开和出席情况 1、召开时间 （1）现场会议时间：2025年2月6日（星期四）14:30 青岛森麒麟轮胎股份有限公司 2025年第一次临时股东大会决议公告 5、会议主持人：董事长秦龙先生 6、本次会议的召集、召开和表决程序符合《公司法》等法律法规、规范性文 件及《公司章程》的有关规定。 7、会议出席情况 （1）股东出席的总体情况：通过现场和网络投票的股东及股东授权代表457人， 代表有表决权的股份数为511,254,327股，占公司有表决权股份总数的49.3765％。 其中：通过现场投票的股东及股东授权代表9人，代表有表决权的股份数为 495,611,027股，占公司有表决权股份总数的47.8657％。通过网络投票的股东及股 东授权代表448人，代表有表决权的股份数为15,643,300股，占公司 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is expected to achieve significant growth in its annual performance, with projected net profits for 2024 ranging from 2.1 to 2.36 billion yuan, representing a year-on-year increase of 53.45% to 72.45% [3]. - The demand for the company's products in overseas markets remains strong, particularly for high-quality and high-performance tires, which are in short supply [4]. - The new factory in Morocco is anticipated to ramp up production significantly in 2025, contributing to further growth in the company's performance [5]. Summary by Sections Market Data - As of February 5, 2025, the closing price of the stock is 24.80 yuan, with a market capitalization of 25.678 billion yuan [1]. Financial Data - Basic earnings per share (EPS) for the company is projected at 2.13 yuan, with a return on equity (ROE) of 13.48% [2]. - The company’s revenue is expected to grow from 8.446 billion yuan in 2024 to 11.240 billion yuan in 2025, reflecting a year-on-year growth of 33.1% [10]. Performance Forecast - The company’s net profit is forecasted to be 2.229 billion yuan in 2024, increasing to 2.602 billion yuan in 2025, with corresponding P/E ratios of 11.5 and 9.9 [6][10]. - The gross profit margin is expected to be 32.5% in 2024, slightly decreasing to 29.7% in 2025 [10]. Industry Insights - The domestic tire market is experiencing a continuous boom, with tire production and exports showing significant year-on-year growth [4]. - The report highlights the ongoing cost pressures from raw material price increases, which have seen substantial fluctuations throughout 2024 [4].

Investment Rating - The report assigns an "Accumulate" rating for Senqilin with a target price of 29.53 CNY per share, reflecting a potential upside of 15.7% from the current price of 25.09 CNY [6][133]. Core Insights - Senqilin is positioned as a latecomer global tire brand, having transitioned from a foreign-funded company to a domestic one, and has been expanding its global footprint since 2014 with factories in Thailand, Spain, and Morocco [1][19]. - The company has developed a comprehensive product range, including all-steel, semi-steel, and specialty tires, and has established strong brand recognition internationally with brands like "Landsail," "Delinte," and "Senqilin" [19][28]. - The "833Plus" strategy aims to establish 8 digital tire manufacturing bases, 3 global R&D centers, and 3 user experience centers over the next decade, with plans for strategic acquisitions [19][35]. Summary by Sections Company Overview - Senqilin Tire Co., Ltd. focuses on high-quality, high-performance tires and has a diverse product line catering to passenger cars, light trucks, heavy trucks, and specialty tires [18][19]. - The company has maintained a strong growth trajectory since 2017, with a compound annual growth rate (CAGR) of 18.6% in revenue since its IPO in 2020 [19][39]. Mid-term Logic - Global Expansion - The tire market is characterized by a split between a "seller's market" in Europe and America and a "buyer's market" in Asia, with tariffs influencing trade flows [2][56]. - Senqilin's overseas factories in Thailand, Spain, and Morocco are crucial for navigating tariff challenges and enhancing competitiveness in the global market [2][88]. Short-term Logic - Cyclical Factors - Raw material prices are the primary factor affecting profitability, while shipping costs have a limited direct impact on tire companies [3][90]. - Senqilin's factories in Morocco and Spain currently face no tariff risks, positioning the company favorably in the market [3][91]. Long-term Logic - Brand Development - The establishment of the Moroccan factory is expected to facilitate entry into the global automotive supply chain, enhancing brand strength through local partnerships [4][124]. - Senqilin has become a qualified supplier for major automotive manufacturers, including Renault and Stellantis, which are expanding their production in Morocco [4][128]. Financial Projections and Valuation - The company is projected to achieve net profits of 2.26 billion CNY, 2.55 billion CNY, and 3.08 billion CNY for the years 2024, 2025, and 2026, respectively [4][131]. - A price-to-earnings (P/E) ratio of 13.5 is applied for valuation, reflecting a premium due to the company's strategic global positioning [4][133].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Views - The company is expected to achieve significant profit growth in 2024, with net profit forecasted to be between 2.1 billion to 2.36 billion yuan, representing a year-on-year increase of 53.45% to 72.45% [7]. - The Moroccan factory is anticipated to ramp up production significantly in 2025, with an expected output of 6 to 8 million tires, contributing positively to the company's performance [7]. Financial Summary - **Revenue Forecast**: - 2023A: 7.842 billion yuan - 2024E: 8.964 billion yuan (growth rate: 14.31%) - 2025E: 11.543 billion yuan (growth rate: 28.77%) - 2026E: 13.209 billion yuan (growth rate: 14.43%) [2][8] - **Net Profit Forecast**: - 2023A: 1.369 billion yuan - 2024E: 2.281 billion yuan (growth rate: 66.65%) - 2025E: 2.575 billion yuan (growth rate: 12.88%) - 2026E: 2.910 billion yuan (growth rate: 13.03%) [2][8] - **Earnings Per Share (EPS)**: - 2023A: 1.33 yuan - 2024E: 2.22 yuan - 2025E: 2.50 yuan - 2026E: 2.83 yuan [2][8] - **Return on Equity (ROE)**: - 2023A: 11.61% - 2024E: 17.09% - 2025E: 16.17% - 2026E: 15.45% [2][8] - **Price-to-Earnings (PE) Ratio**: - 2023A: 18.79 - 2024E: 11.27 - 2025E: 9.99 - 2026E: 8.83 [2][8] Market Dynamics - The tire market is experiencing growth, with China's tire export volume expected to reach 7.95 million tons in 2024, a year-on-year increase of 5% [7]. - The company is focusing on high-end automotive manufacturers and has received certifications from major global automakers, enhancing its brand influence [7]. Production Capacity Expansion - The Moroccan factory is set to begin large-scale production in 2025, with customer orders exceeding planned capacity, which is expected to significantly boost the company's performance in the coming years [7].