Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [1][10][16]. Core Views - The company is expected to achieve significant growth in 2024, with a forecasted net profit of 2.1 to 2.36 billion RMB, representing a year-on-year increase of 53.45% to 72.45% [3][5]. - The Moroccan factory is anticipated to commence full production in 2025, contributing to the company's revenue growth [4][5]. Summary by Sections Historical Performance - The company's stock has shown a performance of -11% to +24% over the past year, compared to the CSI 300 index [2]. Revenue and Profit Forecast - The company is projected to generate total revenues of 9.39 billion, 12.23 billion, and 14.18 billion RMB for the years 2024 to 2026, with year-on-year growth rates of 19.7%, 30.3%, and 16.0% respectively [5][8]. - The net profit forecast for the same period is 2.24 billion, 2.59 billion, and 3.03 billion RMB, with growth rates of 63.9%, 15.6%, and 16.8% respectively [5][8]. Business Segmentation - The semi-steel tire segment is expected to contribute significantly to revenue, with projected revenues of 8.07 billion, 10.62 billion, and 12.37 billion RMB from 2024 to 2026, accounting for 86% to 87% of total revenue [9]. - The full-steel tire segment is forecasted to generate revenues of 1.3 billion, 1.6 billion, and 1.8 billion RMB, making up 14% to 13% of total revenue [9]. Market and Industry Outlook - The demand for semi-steel tires in overseas markets remains strong, with a supply-demand imbalance expected to drive profitability [4]. - The overall tire production in China is projected to reach 1.19 billion units in 2024, a year-on-year increase of 20.2% [4]. Valuation Comparison - The company's projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 11, 10, and 8 respectively, indicating a favorable valuation compared to peers [10][11].

以下文章来源于车与轮店主联盟 ，作者Sky 车与轮店主联盟 . 《车与轮》有车与轮新媒体矩阵和《轮胎经销商》杂志，汇聚轮胎行业50万人。主导《奚仲奖评选》、《中国轮胎测试排行榜》、《车与轮选胎指南》、 《中国轮胎10大人物评选》。《年度颁奖盛典—奚仲奖》被誉为中国轮胎行业奥斯卡。 作 者 | Sky 来源 | 车与轮店主联盟 导语：这种"既要国产化红利，又要洋品牌光环"的做派，到底是谁在拖中国工业的后腿？ 近日，理想汽车产品线总裁汤靖表示："短期内不会将国产轮胎作为标配。"这一言论，无疑是对国产轮胎行业的一种"轻视"，也让我们不禁要问： 国产轮胎，真的就那么不堪吗？ 其实，国产轮胎早已不是吴下阿蒙，从超跑到国民车，从技术专利到全球销量，中国轮胎企业用实力打脸偏见。 今天，我们有必要为国产轮胎正名，也请部分国内企业收起傲慢与偏见，睁开眼看看这个早已换了剧本的行业！ 原配市场逆袭：国产轮胎 早已打入"国际大厂核心圈" 赛轮液体黄金轮胎与小米汽车联合研发，用新材料技术重新定义新能源车配套标准； 森麒麟为百万级超跑昊铂SSR定制轮胎，让国产轮胎首次站上性能鄙视链顶端。 玲珑轮胎成功为宝马2系和奥迪A3提供轮胎配套服务 ...

Investment Rating - The report rates the chemical industry as "Outperform the Market" [1] Core Views - The report suggests focusing on companies in rapidly developing downstream industries, particularly in electronic materials and new energy materials [1] - It emphasizes the importance of high-quality development and shareholder returns, recommending large energy state-owned enterprises and related oil service companies [1] - The report highlights the high prosperity of leading companies in the refrigerant and vitamin industries [1] - It notes an overall improvement in macroeconomic expectations, suggesting attention to undervalued leading companies and those in the light hydrocracking sub-industry [1] Summary by Sections Industry Dynamics - During the week of February 10-16, 2025, among 101 tracked chemical products, 43 saw price increases, 26 saw declines, and 32 remained stable [7] - The average price of WTI crude oil was $70.74 per barrel, with a weekly increase of 0.18%, while Brent crude oil was $74.74 per barrel, with a weekly increase of 0.11% [31] - The report indicates a tightening supply of potassium chloride due to reduced production and limited import availability, with prices rising to 2797 CNY/ton, up 4.19% week-on-week [32] Investment Recommendations - The report recommends focusing on companies in the rapidly developing electronic materials and new energy materials sectors [8] - It suggests that the oil and gas extraction sector will continue to see high prosperity, with energy state-owned enterprises improving quality and efficiency [8] - The report identifies specific companies to recommend, including China Petroleum, China National Offshore Oil Corporation, and several others in the new materials and chemical sectors [8] Price Changes - The average price of DMF increased to 4300 CNY/ton, up 4.24% week-on-week, despite a year-on-year decrease of 12.65% [33] - The report notes that the overall market for chemical products is experiencing a mixed trend, with some products seeing significant price increases while others decline [30]

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].