Investment Rating - The report maintains an "Accumulate" rating for the company [5][10] Core Views - The company's Q2 2024 performance met expectations, with the Morocco project accelerating towards production in Q4 2024, which is expected to contribute to incremental growth [4][10] - The company has received the lowest anti-dumping tax rate for its Thailand factory, enhancing its competitive edge [10] - The report raises the company's 2024 EPS forecast to 2.11 yuan from 1.98 yuan, while maintaining EPS estimates for 2025 and 2026 at 2.44 yuan and 2.81 yuan respectively [10] Financial Performance Summary - For H1 2024, the company achieved revenue of 4.109 billion yuan, a year-on-year increase of 16.21%, and a net profit attributable to shareholders of 1.077 billion yuan, up 77.71% year-on-year [10] - Q2 2024 revenue was 1.994 billion yuan, reflecting a year-on-year increase of 6.16% but a quarter-on-quarter decrease of 5.70% [10] - The company’s tire production for H1 2024 totaled 1,608.66 million units, with semi-steel tires and all-steel tires showing year-on-year increases of 17.90% and 62.78% respectively [10] Market and Industry Insights - The report indicates that the demand for high-quality, high-performance semi-steel tires in the European and American markets remains strong, with the company continuing to explore high-growth potential in the domestic market [10] - The report notes limited impact from cost fluctuations due to geopolitical factors affecting shipping prices, as the company has a higher market share in North America [10] - The average price of natural rubber as of August 23 was 14,933 yuan per ton, with a half-year increase of 13.27% [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.20 CNY per share [3][4]. Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.11 billion CNY, up 16.21% year-on-year, and net profit reaching 1.08 billion CNY, up 77.71% year-on-year [3][4]. - The net profit margin for Q2 2024 reached a historical high of 28.76%, driven by strong overseas demand and effective cost management strategies [3][4]. - The company's strategic focus on smart manufacturing is expected to enhance its global competitiveness and operational efficiency [4]. Revenue and Profitability - In H1 2024, the company achieved a revenue of 4.11 billion CNY, with a net profit of 1.08 billion CNY, and a non-recurring net profit of 1.06 billion CNY [3]. - For Q2 2024, revenue was 1.995 billion CNY, with a net profit of 574 million CNY, reflecting a year-on-year increase of 61.12% [3][4]. - The company’s gross margin for H1 2024 was 33.24%, up 10.84 percentage points year-on-year, with Q2 gross margin at 35.27% [3][4]. Sales and Market Demand - The company sold 15.10 million tires in H1 2024, a 10.35% increase year-on-year, with Q2 sales at 7.49 million tires [3][4]. - The U.S. market showed resilience in demand for imported tires, with a 7.47% increase in semi-steel tire imports in H1 2024 [3][4]. Cost Management and Efficiency - The company has implemented internal process reengineering to enhance operational efficiency, resulting in improved profit margins [3][4]. - The average global shipping cost in H1 2024 was 3,156 USD, up 89.85% year-on-year, but is expected to decrease in Q3 2024, alleviating cost pressures [3][4]. Strategic Initiatives - The company is advancing its "833plus" strategy, focusing on smart manufacturing and expanding production capacity in Spain and Morocco [4]. - The reduction of anti-dumping duties on Thai products to 1.24% is anticipated to enhance the company's competitive position and profitability [4]. Financial Projections - Revenue projections for 2024-2026 are 9.75 billion CNY, 11.66 billion CNY, and 13.50 billion CNY, respectively, with net profits expected to be 2.21 billion CNY, 2.48 billion CNY, and 2.84 billion CNY [5][6]. - The report forecasts an EPS of 2.15 CNY for 2024, with a PE ratio of 11 [5][6].

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-093 | | --- | --- | --- | | 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 2024年半年度利润分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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 2024 年 8 月 29 日召 开第三届董事会第三十次会议、第三届监事会第二十三次会议，审议通过了《关 于 2024 年半年度利润分配方案的议案》，本议案尚需提交公司股东大会审议， 现将相关事项公告如下： 2024年8月29日，公司第三届董事会第三十次会议审议通过了《关于2024年 半年度利润分配方案的议案》，同意将该议案提交公司股东大会审议。 （二）公司监事会意见 鉴于公司当前经营状况及发展态势良好，公司未来发展可期，正在稳步向"创 世界一流轮胎品牌，做世界一流轮胎企业"愿景迈进，在综合考量公司的盈利状 况、当前所处行业的特点以及未来的现金流状况、资金需求等因素，在符合利润 分配原则、保证公司正常经营和长远发展的前 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-094 | | --- | --- | --- | | 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 关于召开公司2024年第五次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、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2024年8月29日召开 第三届董事会第三十次会议，决定于2024年9月18日（星期三）14:30召开2024年 第五次临时股东大会。现将会议的有关情况通知如下： 一、召开会议的基本情况 2、股东大会的召集人：公司董事会 1、股东大会届次：2024年第五次临时股东大会 经公司第三届董事会第三十次会议审议通过，决定召开2024年第五次临时股 东大会，召集程序符合有关法律、行政法规、部门规章、规范性文件和《公司章 程》等有关规定。 4、会议召开的日期和时间： （1）现场会议时间：2024年9月18日（星期三）14:30 3、会议召开的合法性、合规性情况： 间任意时间。 5、会议的召开方式：本次会议采取现场表决和网 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥4,109,727,525.15, representing a 16.21% increase compared to ¥3,536,563,453.70 in the same period last year[28]. - Net profit attributable to shareholders was ¥1,077,328,393.43, a significant increase of 77.71% from ¥606,231,320.24 in the previous year[28]. - The net profit after deducting non-recurring gains and losses was ¥1,058,695,592.34, up 81.56% from ¥583,104,405.81 year-on-year[28]. - Basic earnings per share increased by 37.63% to ¥1.28 from ¥0.93 in the same period last year[28]. - Total assets at the end of the reporting period were ¥16,090,097,422.27, reflecting a 2.81% increase from ¥15,649,926,492.85 at the end of the previous year[28]. - The net assets attributable to shareholders increased by 5.59% to ¥12,444,861,070.68 from ¥11,786,295,058.75 at the end of the previous year[28]. - The net cash flow from operating activities was ¥695,341,688.81, a decrease of 4.12% compared to ¥725,197,955.69 in the previous year[28]. - The diluted earnings per share rose by 35.63% to ¥1.18 from ¥0.87 in the same period last year[28]. - The weighted average return on equity increased to 8.74% from 7.65% year-on-year[28]. Production and Capacity - In the first half of 2024, the company achieved a tire production of 16.0866 million units, an increase of 18.90% year-on-year, with semi-steel tire production growing by 17.90% and all-steel tire production increasing by 62.78%[43]. - The company is expanding its production capacity with the Morocco plant expected to commence operations in Q4 2024, aiming to meet increasing demand for high-quality tires[42]. - The company has established a global layout with production bases in Thailand and Morocco, aiming to produce 12 million high-performance tires annually in Morocco and 6 million in Thailand by 2023[71]. - The company has reported a production capacity of 1.2 million high-performance tires in Spain for the year 2023[108]. - The company also plans to produce 1.2 million high-performance tires in Morocco, with a focus on passenger cars and light trucks[108]. Market and Sales Strategy - The company has established a sales structure focusing on the overseas replacement market, domestic replacement market, and global mid-to-high-end OEM market, covering over 150 countries and regions[50]. - In the U.S. replacement market, the company's tire products hold a market share of over 5%, while in the European replacement market, the share exceeds 4%[57]. - The company’s semi-steel tire products are experiencing strong demand in the overseas market, particularly in Europe and the United States, while all-steel tire demand remains weak due to high inventory levels[39]. - The sales revenue from large-sized high-performance passenger car and light truck tires (17 inches and above) has consistently accounted for over 65% and 40% respectively in recent years, enhancing the company's pricing power and gross margin[63]. Research and Development - The company’s R&D efforts are directed towards high-performance and environmentally friendly tires, with a diverse product range including over 26,000 specifications in the semi-steel tire segment[47]. - Research and development expenses increased by 59.42% to ¥98,317,885.78, up from ¥61,673,492.99, primarily due to an increase in R&D projects[80]. - The company has committed to becoming a global leader in high-end new energy vehicle tires, capitalizing on the growing market for electric vehicles[40]. - The company has developed a high-end brand image in the tire market, with its products receiving top ratings in various international tire assessments, positioning it competitively against well-known brands[61]. Environmental and Social Responsibility - The company has invested over 3.7 million RMB in environmental governance and protection during the reporting period[175]. - The company has established an environmental monitoring system that transmits emission data in real-time to the relevant authorities[176]. - The company has implemented measures to reduce carbon emissions and is focusing on developing lightweight, low rolling resistance, and low noise green tire products[180]. - The company has set up scholarships at universities to support and encourage outstanding students, reflecting its commitment to social value[188]. - The company emphasizes social responsibility, focusing on talent, customer orientation, quality, technology, and innovation to create value for society and returns for shareholders[181]. Financial Management and Investments - The company's investment cash flow significantly declined by 422.49% to -¥1,565,852,471.48, primarily due to overseas factory construction[80]. - The total investment during the reporting period was 449,909,669.99, representing a 156.93% increase compared to the previous year's investment of 564,321,874.38[103]. - The company has established a dedicated account system for the management of raised funds, ensuring proper usage and oversight[121]. - The company has maintained a rigorous internal control system to manage risks associated with commodity futures hedging activities[121]. - The company has not engaged in speculative derivative investments during the reporting period[120]. Corporate Governance - The company has established a comprehensive corporate governance structure and ensures fair treatment of all shareholders through various communication channels[182]. - The company has conducted several shareholder meetings with participation rates ranging from 50.73% to 55.57%[155]. - The company has fully utilized RMB 75,000,000.00 for working capital supplementation, achieving 100% of the committed investment[130]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[177].

因上述使用部分暂时闲置募集资金进行现金管理的授权即将到期，为提高募集资 金使用效率，更好地实现公司现金的保值增值，保障公司股东的利益，公司于2024年 8月29日分别召开第三届董事会第三十次会议、第三届监事会第二十三次会议，审议 通过了《关于继续使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确 保不影响向特定对象发行股票募集资金投资项目正常进行和募集资金安全的情况下， 继续使用部分暂时闲置向特定对象发行股票募集资金进行现金管理，使用额度不超过 10亿元人民币，使用期限为自董事会审议通过之日起十二个月之内，在上述额度和期 限范围内资金可滚动使用。现将具体事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意青岛森麒麟轮胎股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023]1432号）核准，同意公司向特定对象发行股票 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-092 | | --- | --- | --- | | 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 关于继续使用部分暂时闲置募集资金进行现金管理 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-087 | | --- | --- | --- | | 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 关于公司高级管理人员辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 近日，青岛森麒麟轮胎股份有限公司（以下简称"公司"）董事会收到公司副总经 理姚志广先生的书面辞职报告。姚志广先生因个人原因，申请辞去公司副总经理的职 务，辞职后不再担任公司及子公司任何职务。根据《公司法》及《公司章程》等有关规 定，姚志广先生的辞职报告自送达公司董事会之日起生效。 截至本公告披露日，姚志广先生直接持有公司股份40,362股，占公司当前总股本 的0.0039%。公司董事会将督促姚志广先生严格按照《上市公司股东减持股份管理暂行 办法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》《深 圳证券交易所上市公司自律监管指引第18号——股东及董事、监事、高级管理人员减 持股份》等相关规定进行股份管理。 特此公告。 青岛森麒麟轮胎股份有限公司董事会 ...

证券研究报告 森麒麟 (002984 CH) 股价走势图 (%)森麒麟 沪深300 (22) (13) (3) 7 16 Aug-23 Dec-23 Apr-24 Aug-24 资料来源：Wind 基本数据 摩洛哥：政通人和，工业加速计划助力，贸易环境安全 摩洛哥是中国全面战略合作伙伴国家，政局稳定、治安良好、劳动力资源性 价比高，同时与美、欧建立自贸协定，受贸易保护主义干扰较小。自 2001 年以来其 GDP 保持 4%左右，2023 年人均 GDP3672 美元，电力供应充足， 绿电资源丰富。摩洛哥是非洲第二大汽车生产国，境内共有 300 余家汽车 产业链相关的公司，目前汽车整车厂包括雷诺和标致雪铁龙，合计产能 70 万辆；为配套汽车工业，摩洛哥大力引进汽车零部件投资，美、欧企业引领， 中信戴卡等多家中国零部件制造商均已在摩投资设厂。且基于摩洛哥全球逾 7 成的磷矿石资源储量，未来对新能源产业吸引力较大。 丹吉尔科技城："一带一路"旗舰项目，中资控股、政策优惠 公司摩洛哥项目位于丹吉尔科技城，科技城由中国交建、中国路桥参与建设， 是中摩两国"一带一路"旗舰项目，专业的中国团队帮助公司提供全面服务 和风险规 ...

汽车 上 市 公 司 2024 年 07 月 16 日 森麒麟 (002984) ——海外半钢供不应求以及少量退税带动 Q2 盈利增长, 业绩符合预期 证 券 研 究 报 告 市场数据: 2024 年 07 月 15 日 收盘价(元) 23.87 一年内最高/最低(元) 37.13/21.82 市净率 2.1 息率(分红/股价) 1.72 流通 A 股市值(百万元) 16,659 上证指数/深证成指 2,974.01/8,801.62 注:"息率"以最近一年已公布分红计算 基础数据: 2024 年 03 月 31 日 每股净资产(元) 16.12 资产负债率% 23.80 总股本/流通 A 股(百万) 1,028/698 流通 B 股/H 股(百万) -/- 一年内股价与大盘对比走势: 07-1708-1709-1710-1711-1712-1701-1702-1703-1704-1705-1706-17 -20% -10% 0% 10% 20% 30% 森麒麟 沪深300指数 (收益率) 相关研究 《森麒麟(002984)点评:反倾销税率下 行利好至美国的价格和成本,业绩明显超预 期》 2024/04/22 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | --- | --- | --- | |---------------------------------------------|----------------------------|-----------|------------| | | | 基础化工 | /原材料 | | | [Table_Invest] 评级: | | 增持 | | 业绩符合预期,摩洛哥项目有望四季度投产 | [Table_Target] 目标价格: | 上次评级: | 增持34.24 | | 2024 年中报预告点评 | [当前价格: Table_CurPrice] | 上次预测: | 34.2424.60 | | 陈传双(研究助理) | | | | | 021-38676675chenchuanshuang027603@gtjas.com | [Table_Date] | | 2024.07.14 | 登记编号 S0880522120008 S0880123060038 本报告导读: ...