| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-117 | | --- | --- | --- | | 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 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第三届监事会第二十五次会议 于2024年11月7日在青岛公司会议室以现场结合通讯的方式召开，会议通知已于2024年 11月2日以通讯及直接送达方式通知全体监事。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于调整2022年 股票期权激励计划行权价格的公告》（公告编号：2024-118）。 三、备查文件 本次会议应参加表决监事3名，实际参加表决监事3名。其中，现场参加监事1名， 监事牟晋宝先生、纪晓龙先生因工作原因，以通讯方式参加。会议由监事会主席刘炳宝 先生主持，会议的召集和召开符合《公司法》等有关法律、行政法规、部门规章、规范 性文件及《公司章程》的有关规定。 二、监事会会议审议情况 （一）审议通过《关于调整2022年股票期权激励计划行权价格的议案》 表决结果：赞成票3票，反对票0票，弃权票0票。 经审核，监事会认为：根 ...

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： 1、"麒麟转债"将于 2024 年 11 月 11 日按面值支付第三年利息，每 10 张 "麒麟转债"（面值 1000 元）利息为人民币 10.00 元（含税）。 2、债权登记日：2024 年 11 月 8 日（星期五） 3、除息日：2024 年 11 月 11 日（星期一） | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-115 | | --- | --- | --- | | 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 可转换公司债券2024年付息公告 4、付息日：2024 年 11 月 11 日（星期一） 5、"麒麟转债"票面利率：第一年 0.30%、第二年 0.50%、第三年 1.00%、 第四年 1.50%、第五年 1.80%、第六年 2.00%。 6、"麒麟转债"本次付息的债权登记日为 2024 年 11 月 8 日，凡在 2024 年 11 月 8 日（含）前买入并持有本期债券的投资者享有本次派发的利息：2024 年 11 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-114 | | --- | --- | --- | | 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"麒麟转债"可能满足赎回条件的提示性公告 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： 1、自 2024 年 9 月 11 日至 2024 年 10 月 31 日，青岛森麒麟轮胎股份有限公 司（以下简称"公司"）股票价格已有 10 个交易日的收盘价不低于公司公开发 行可转换公司债券（以下简称"可转债"或"麒麟转债"）当期转股价格的 130% （含 130%，分别为：26.21 元/股、25.94 元/股，具体说明详见"有条件赎回条 款可能成就的情况"）。 2、若在未来触发"麒麟转债"的有条件赎回条款（即在本次发行的可转换 公司债券转股期内，如果公司股票连续 30 个交易日中至少有 15 个交易日的收盘 价格不低于当期转股价格的 130%（含 130%）），届时根据《青岛森麒麟轮胎股 份有限公司公开发行可转换公司债券募集说明书》（以下 ...

青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公司"）于 2024 年9月14日披露了《关于公司首发前员工持股平台股份减持计划的预披露公告》 （公告编号：2024-099）。公司首次公开发行股票上市前设立的员工持股平台青 岛森伟林企业信息咨询管理中心（有限合伙）（以下简称"森伟林"）、青岛森 宝林企业信息咨询管理中心（有限合伙）（以下简称"森宝林"）、青岛森玲林 企业信息咨询管理中心（有限合伙）（以下简称"森玲林"）、青岛森忠林企业 信息咨询管理中心（有限合伙）（以下简称"森忠林"）四名股东计划自减持预 披露公告披露之日起 15 个交易日后的三个月内（即 2024 年 10 月 16 日-2025 年 1 月 15 日）通过集中竞价交易或大宗交易的方式减持以公司董监高及核心骨干 员工为主的人员间接持有的公司 1,745.04 万股中的 337.844 万股，占公司当时 股份总数的 0.33%（如遇送股、资本公积金转增股本等股份变动事项，上述拟减 持股份数量可以进行相应调整），其中，通过集中竞价交易方式减持股份的，合 计不超过公司股份总数的 1%；通过大宗交易方式减持股份的，合计不超过公司 股份总数的 2% ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-112 | | --- | --- | --- | | 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 关于股东股份减持计划实施完毕的公告 公司股东、董事、总经理林文龙先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公司"）于 2024 年9月14日披露了《关于股东股份减持计划的预披露公告》（公告编号：2024-100）。 公司董事、总经理林文龙先生计划自减持预披露公告披露之日起 15 个交易日后 的三个月内（即 2024 年 10 月 16 日-2025 年 1 月 15 日）以集中竞价交易或大宗 交易方式合计减持公司股份 338 万股，占公司当时股份总数的 0.33%。其中，通 过集中竞价交易方式减持股份的，合计不超过公司股份总数的 1%；通过大宗交 易方式减持股份的，合计不超过公司股份总数的 2%（如遇送股、资本公积金转 增股本等股份变动事 ...

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 within the next six months [11]. Core Views - The company has demonstrated strong performance in Q3 2024, with revenue reaching 6.34 billion yuan, a year-on-year increase of 10.42%, and a net profit of 1.73 billion yuan, up 73.72% year-on-year [1][2]. - The production capacity of the Morocco factory is expected to ramp up significantly, with projections of 6-8 million tires in 2025 and full capacity of 12 million tires by 2026, which will contribute to new profit growth opportunities [4][2]. - The company is benefiting from a reduction in anti-dumping duties on its products, which has positively impacted profit margins [4]. Financial Summary - For the first three quarters of 2024, the company reported a tire production of 24.24 million units, a 14.05% increase year-on-year, and sales of 23.36 million units, up 7.88% year-on-year [2]. - The revenue forecast for 2024-2026 is projected at 89.65 billion yuan, 115.80 billion yuan, and 138.65 billion yuan, respectively, with corresponding net profits of 2.34 billion yuan, 2.68 billion yuan, and 3.08 billion yuan [4][5]. - The company's cash flow from operating activities for the first three quarters of 2024 was 1.52 billion yuan, a decrease of 1.52% year-on-year, while investment cash flow was -1.83 billion yuan, down 145.32% year-on-year [4]. Market Position and Strategy - The company is expected to continue increasing its market share in overseas markets, supported by the growing brand strength of Chinese tire manufacturers [2]. - The Morocco project is a strategic move to diversify production locations and reduce reliance on Southeast Asia, aligning with the company's "833plus" strategic goal [4].

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company achieved a record high quarterly profit in Q3 2024, with a net profit of 648 million yuan, representing a year-on-year increase of 67.48% and a quarter-on-quarter increase of 13.04% [1] - The company's revenue for the first three quarters of 2024 reached 6.34 billion yuan, a year-on-year growth of 10.42% [1] - The production and sales of tires continue to grow, with the company producing 24.24 million tires in the first nine months of 2024, a year-on-year increase of 14.05% [1] - The new factory in Morocco has commenced production, expected to contribute significantly to profit growth, with an anticipated annual output of 6-8 million tires in 2025 and full capacity of 12 million tires by 2026 [1] Financial Performance Summary - For 2024, the company is projected to achieve revenues of 9.515 billion yuan, a year-on-year increase of 21.3%, and a net profit of 2.219 billion yuan, reflecting a growth of 62.1% [3][4] - The gross profit margin for the first three quarters of 2024 was 35.45%, an increase of 11.08 percentage points year-on-year [1] - The company’s earnings per share (EPS) for 2024 is estimated at 2.16 yuan, with a price-to-earnings (P/E) ratio of 11.9x [3][4] Production and Sales Data - The company sold 23.36 million tires in the first nine months of 2024, a year-on-year increase of 7.88% [1] - The production of semi-steel tires reached 23.56 million units, up 13.73% year-on-year, while the production of all-steel tires increased by 26.10% to 685,000 units [1] Future Outlook - The company is expected to benefit from the booming tire market and reduced trade tariffs, with continuous growth anticipated following the ramp-up of production at the Morocco factory [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company achieved a significant increase in revenue and net profit in Q3 2024, with total revenue reaching 6.34 billion yuan, a year-on-year growth of 10.42%, and a net profit of 1.726 billion yuan, up 73.72% year-on-year [2] - The tire business continues to grow rapidly, with record sales in Q3 2024, driven by recovering overseas demand and the resolution of previous shipping delays [3] - The establishment of a factory in Morocco is expected to enhance production capacity significantly, contributing to a 40% increase in overall capacity by 2026 [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 6.34 billion yuan, a 10.42% increase year-on-year, and a net profit of 1.726 billion yuan, a 73.72% increase year-on-year [2] - In Q3 2024 alone, revenue was 2.23 billion yuan, reflecting a 1.13% year-on-year increase and an 11.82% quarter-on-quarter increase, while net profit reached 648 million yuan, up 67.48% year-on-year and 13.04% quarter-on-quarter [2] Business Growth - The production of semi-steel and full-steel tires increased by 14% and 26% respectively in the first nine months of 2024, with sales growing by 7% and 30% respectively [3] - Q3 2024 saw record sales of semi-steel tires at 8.069 million units, a significant increase of 737,600 units quarter-on-quarter, and full-steel tire sales of 192,000 units, up 3.35% quarter-on-quarter [3] Profitability Enhancement - The company benefited from a 200 million yuan export tax rebate, which helped reduce costs, while product structure optimization led to an increase in overall gross margin to 39.52%, up 4.25 percentage points quarter-on-quarter [4] - Operating cash flow for Q3 2024 was 1.522 billion yuan, showing a slight decrease of 0.23 million yuan year-on-year, indicating stable operations [4] Capacity Expansion - The Moroccan factory, with an annual production capacity of 12 million tires, was completed in just 11 months and is expected to ramp up production significantly by 2026, alleviating capacity constraints [5]

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 25.21 CNY [1]. Core Insights - The company reported a strong net profit growth in Q3, with a total revenue of 6.34 billion CNY for the first three quarters, representing a year-on-year increase of 10.4%. The net profit attributable to shareholders reached 1.726 billion CNY, up 73.7% year-on-year [2]. - The company's production capacity is expected to increase significantly with the official launch of the Morocco factory, which is projected to produce 12 million high-performance tires annually by 2026 [2][3]. - The company anticipates a compound annual growth rate (CAGR) of 30% for net profit from 2024 to 2026, supported by strong order growth and the establishment of overseas production bases [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 2.23 billion CNY, with a year-on-year increase of 11.8% and a quarter-on-quarter increase of 1.1%. The net profit for Q3 was 648 million CNY, reflecting a year-on-year growth of 67.5% [2]. - The company’s gross margin improved significantly, reaching 39.52% in Q3, an increase of 12.03 percentage points year-on-year. The net profit margin also reached a historical high of 29.07% [2]. - The company’s tire production for the first nine months of 2024 was 24.24 million units, a year-on-year increase of 14.05%, with sales of 23.36 million units, up 7.88% year-on-year [2]. Future Projections - Revenue projections for 2024 to 2026 are as follows: 7.842 billion CNY in 2024, 8.964 billion CNY in 2025, and 11.543 billion CNY in 2026, with respective growth rates of 14.31% and 28.77% [4]. - The net profit attributable to shareholders is expected to reach 1.369 billion CNY in 2024, 2.377 billion CNY in 2025, and 3.015 billion CNY in 2026, with growth rates of 73.66% and 12.63% [4][5].

Investment Rating - The report maintains an "Outperform" rating for the company [7]. Core Views - The company achieved a record high in sales for Q3, with revenue of 6.34 billion yuan, a year-on-year increase of 10.4%, and a net profit of 1.726 billion yuan, up 73.7% year-on-year. The growth in profit is attributed to tax refunds and increased sales volume [7][8]. - The demand for semi-steel tires remains strong, with production and sales continuing to grow. The company's profitability has improved due to changes in product structure and tax refunds. The company produced 24.24 million tires in the first three quarters of 2024, a year-on-year increase of 14.05% [8]. - The company is expanding its production capacity, particularly with the upcoming launch of a high-performance tire project in Morocco, which is expected to enhance its high-end offerings and mitigate trade barriers [9]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 2.23 billion yuan, a year-on-year increase of 1.13% and a quarter-on-quarter increase of 11.8%. The net profit for the same period was 648 million yuan, up 67.5% year-on-year and 13.0% quarter-on-quarter [7][8]. - The gross margin improved by 11.08 percentage points to 35.45% due to increased sales volume and favorable product mix, despite rising raw material costs [8]. Production and Sales - The company produced 8.16 million tires in Q3 2024, a year-on-year increase of 5.6% and a quarter-on-quarter increase of 1.8%. The sales volume reached 8.26 million tires, up 3.6% year-on-year and 10.3% quarter-on-quarter [8]. - The production capacity is currently a limiting factor for further growth, necessitating expansion efforts [8]. Future Outlook - The company forecasts net profits of approximately 2.31 billion yuan, 2.46 billion yuan, and 2.81 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of about 11, 11, and 9 [9].