| | | 青岛森麒麟轮胎股份有限公司 第三届董事会第二十七次会议决议公告 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。 一、董事会会议召开情况 青岛森麒麟轮胎股份有限公司（以下简称"公司"）第三届董事会第二十七次会 议于2024年4月23日在青岛公司会议室以现场结合通讯的方式召开。经全体董事同意， 本次董事会会议豁免通知时限要求，会议通知已于2024年4月22日以通讯及直接送达方 式发出。 本次会议应参加表决董事9名，实际参加表决董事9名。其中，现场参加董事5名， 董事王宇先生，独立董事丁乃秀女士、谢东明先生、李鑫先生因工作原因，以通讯方式 参加。会议由董事长秦龙先生主持，公司部分监事和高级管理人员列席了本次会议。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、董事会会议审议情况 （一）审议通过《关于豁免董事会会议通知时限的议案》 表决结果：赞成票9票，反对票0票，弃权票0票。 根据公司《董事会议事规则》等相关规定，情况紧急，需要尽快召开董事会临时会 议的，可以随时通过电话或者其他口头方式发出会议 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.24 yuan, up from the previous target of 28.68 yuan [2][3]. Core Insights - The company's Q1 2024 performance exceeded expectations, driven by a high demand in the tire industry and the orderly progress of its Morocco project [2][3]. - The company achieved a revenue of 7.84 billion yuan in Q1 2024, representing a year-on-year increase of 27.59% and a net profit of 1.37 billion yuan, up 101.34% year-on-year [2][3]. - The report highlights the company's strategic advantages, including the lowest anti-dumping tax rate for its Thailand factory and its growing market share in the U.S. and Europe [2][3]. Summary by Sections Financial Performance - The company reported a significant increase in tire production and sales, with Q1 2024 tire production reaching 807.57 million units, a 28% increase year-on-year [2]. - The net profit margin reached a historical high of 31.32%, reflecting a year-on-year increase of 7.98 percentage points [2][3]. Earnings Forecast - The projected EPS for 2024, 2025, and 2026 is 1.97, 2.43, and 2.80 yuan respectively, indicating a positive growth trajectory [2][3]. - The report anticipates a revenue growth of 21% for 2024, with total revenue expected to reach 8.995 billion yuan [4]. Market Position - The company has become a qualified supplier for major automotive brands, enhancing its competitive position in the market [2][3]. - The report notes that the company's products have gained significant market share in the replacement market in the U.S. and Europe, with respective shares exceeding 5% and 4% [2][3].

上 市 公 司 汽车 2024 年04月 22 日 森麒麟 (002984) 公 司 研 究 ——反倾销税率下行利好至美国的价格和成本，业绩明显 公 司 超预期 点 评 报告原因：有业绩公布需要点评 增持 投资要点： （维持）  公司公告 2024 年一季报，业绩明显超预期。依据公告内容，一季度实现收入 21.15 亿元 证 券 （YoY+27.6%，QoQ+0.7%），实现归母净利润5.04亿元（YoY+101%，QoQ+34.3%）， 研 实现扣非归母净利润约 4.97亿元（YoY+107%，QoQ+43%），单季度盈利创新高。一季度收 市场数据： 2024年04月19日 究 入及盈利同比大幅度增长主要由于 2023年一季度仍旧处于海外市场去库的尾声，因此去年同期 收盘价（元） 25.77 报 一年内最高/最低（元） 37.13/25.02 开工率仍未达到满产，并且公司泰国二期仍处于爬坡状态，因此去年同期相对低基数；环比提 告 市净率 1.6 升主要由于泰国反倾销税率下行，公司泰国工厂进行提价，以及美国贸易子公司成本下行。 息率（分红/股价） 1.59 流通A股市值（百万元） 18120  24Q1 ...

[Table_StockInfo] 买入 2024年 04月 20日 （维持） 证券研究报告•2024年一季报点评 当前价： 25.77元 森 麒 麟（002984） 汽车 目标价： 36.48元（6个月） 一季度业绩亮眼，盈利水平提升明显 投资要点 西南证券研究发展中心 [T a事ble件_S：（um1）m公ar司y]发 布2024年第一季度报告，2024Q1实现营业收入21.15亿元， [分Ta析bl师e_：Au郑th连or声] 同环比分别+27.59%/ +0.73%；实现归母净利润 5.04 亿元，同环比分别 执业证号：S1250522040001 +101.34%/ +34.28%，实现扣非归母净利润 4.97亿元，同环比分别+106.70%/ 电话：010-57758531 +42.96%。（2）公司发布《2023 年度权益分派实施公告》，公司向全体股东每 邮箱：zlans@swsc.com.cn 10股派4.10元，以资本公积金向全体股东每10股转增4股。 联系人：冯安琪  需求端：半钢胎需求强劲，营收同环比均实现增长。据国家统计局和海关总署数 电话：021-58351905 据，2024Q ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨森麒麟（ ） 002984.SZ [Table_Title] 业绩创历史新高，持续推进全球化布局 Q1 报告要点 [公Ta司bl发e_布Su2m0m24ar年y]一季报，Q1实现收入21.2亿元（同比+27.6%），归属净利润5.0亿元（同 比+101.3%），归属扣非净利润5.0亿元（同比+106.7%），一季度归属净利润创造历史新高。 公司为国内轮胎龙头，智能化制造全球领先。随着公司海内外产能不断释放，叠加关税优势， 以航空胎技术背书的高端产品与强大海外渠道有望帮助公司树立较强品牌优势，驱动业绩与品 ...

2024 年 04 月 20 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 李永磊 S0350521080004 净利率环比显著提[T 升abl ，e_T 摩itle 洛] 哥项目进展顺利 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn ——森麒麟（ ） 年一季报点评 002984 2024 证券分析师： 贾冰 S0350524030003 jiab@ghzq.com.cn 最近一年走势 事件 : 2024年4月19日，森麒麟发布2024年一季度报告：2024年Q1单季 度，公司实现营业收入21.15亿元，同比+27.59%，环比+0.73%；实现 归母净利润为5.04亿元，同比+101.34%，环比+34.28%；扣非后归母 净利润4.97亿元，同比增长106.70%，环比+42.96%；经营活动现金流 净额为3.99亿元，同比增加1150万元，环比减少4.22亿元。销售毛利 率为31.21%，同比+8.98pct，环比+3.83pct。销售净利率为23.82%， 同比+8.72pct，环比+5.95pct。 相 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.72%. The net profit attributable to shareholders reached 504 million yuan, up 101.34% year-on-year and 34.32% quarter-on-quarter [1]. - The company's tire production reached 8.0757 million units in Q1 2024, representing a year-on-year increase of 28%. The sales volume of tires was 7.6071 million units, an increase of 15.70% year-on-year [1]. - The company is benefiting from the recovery of the tire industry in China and the expansion of its production capacity in Thailand, which has significantly contributed to its revenue growth [1]. - The implementation of smart manufacturing strategies is enhancing the company's global development capabilities, with ongoing projects in Spain and Morocco aimed at increasing production capacity [1][3]. - The reduction of anti-dumping duties on tires produced in Thailand is expected to improve the company's profitability [1]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 2.115 billion yuan, with a year-on-year growth of 27.59% and a quarter-on-quarter growth of 0.72%. The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year increase of 101.34% [1]. - The company expects revenues of 9.745 billion yuan, 11.661 billion yuan, and 13.497 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.212 billion yuan, 2.490 billion yuan, and 2.845 billion yuan for the same years [3][4]. Production and Sales - The tire production volume in Q1 2024 was 8.0757 million units, with a year-on-year increase of 28%. The sales volume was 7.6071 million units, up 15.70% year-on-year [1]. - The company has expanded its production capacity significantly, particularly in Thailand, which has contributed to its strong performance [1]. Strategic Initiatives - The company is advancing its "833plus" strategy, which includes the establishment of smart manufacturing facilities in Spain and Morocco, aimed at enhancing production efficiency and capacity [1][3]. - The company has been recognized for its smart manufacturing capabilities, being the only Chinese tire manufacturer to receive national-level honors four times [1]. Market Conditions - The tire industry in China is experiencing a comprehensive recovery, with strong demand in both domestic and overseas markets, benefiting the company's sales and profitability [1].

朋友也比较多从毛利率来看公司整体的毛利率今年一季度是31.32同比增长了8.98个百分点环比增长了3.83个百分点净利率呢23.82%同比增长了8.73个百分点环比增长了5.96个百分点那么 按照业务类型来分析泰国的半钢一季度的毛利率这个是和美国合并抵消之后啊泰国半钢的毛利率合并抵消之后提升到了36.5%四季度是27.96就提升了8.54个百分点青岛的半钢的毛利率是26.19四季度是28.9略微降了两个百分点 全港的毛利率和半港整体的毛利率就是青岛、泰国整体的半港的毛利率是32.72去年四季度是28.34环比提升了4.38个百分点全港的毛利率一季度是22.77去年四季度是20.3环比提升了2.47个百分点 这是主要的另外这个成本向大家做一个因为一季度呢有一部分原材料成本出现了一些波动大家对这个问题也比较关注从目前看呢影响不是很大范方来说呢今年一季度我们的生产成本按照公斤价来看是13块1毛5去年四季度是13块1毛3所以变动幅度 非常小就是0.1 0.2个百分点其中材料成本呢原材料成本呢一季度是10块2去年四季度是9块8毛5这个是变动幅度有4%上升了4%船舰呢一季度生产成本是13块2毛7去年四季度是12块8毛7 ...

Summary of Conference Call Company Overview - **Company**: Senqilin Company - **Date of Call**: April 19, 2024 Key Financial Metrics - **Overall Gross Margin**: 31.32%, up 8.98 percentage points year-over-year and 3.83 percentage points quarter-over-quarter [1][4] - **Net Margin**: 23.82%, up 8.73 percentage points year-over-year and 5.96 percentage points quarter-over-quarter [1][4] - **Thai Semi-Steel Tire Gross Margin**: 36.54%, increased by 8.54 percentage points from the previous quarter [1][5] - **Qingdao Semi-Steel Tire Gross Margin**: 26.19%, decreased from 28.9% in the previous quarter [1][5] - **Combined Semi-Steel Tire Gross Margin**: 32.72%, up 4.38 percentage points quarter-over-quarter [1][6] - **Full Steel Tire Gross Margin**: 22.77%, up 2.47 percentage points quarter-over-quarter [1][6] Raw Material Costs and Pricing Strategy - **Raw Material Cost Fluctuation**: Minor impact observed; semi-steel tire production costs increased by approximately 0.2 percentage points, while full steel tire costs rose by about 3% [1][9] - **Price Adjustment Plan**: Product prices will be adjusted starting in Q2, with domestic price changes effective from April and export price changes from May [1][9] U.S. Anti-Dumping Policy Impact - **U.S. Anti-Dumping Investigation**: Results expected around May 14, 2024, with estimated tax rates between 10% and 15%. If rates exceed 20%, significant impacts on exports to the U.S. are anticipated [1][11] Shipping Costs and Market Conditions - **Shipping Costs**: Decreased to below $2,000 due to improved market conditions following the Red Sea incident, with no significant negative impact on the company [1][12] Morocco Project Progress - **Morocco Factory Construction**: Construction began in October 2023, currently in the civil installation phase. Production line installation is expected to be completed by Q4 2024, with full capacity of 12 million tires per year anticipated by 2025 [1][13][14] Business Expansion and Order Status - **Capacity Utilization and Orders**: Full steel tire capacity utilization is near 80%. The Thai factory's Q1 production plan was 1.3 to 1.4 million tires, with 330,000 tires actually produced [2][16] - **High-End Market Strategy**: Focus on high-end partnerships, with ongoing collaborations with traditional clients like GAC and targeting international brands such as Volkswagen, Toyota, and Renault [2][17][18] Sales Price and Trends - **Average Sales Price**: Q1 average price for semi-steel tires was approximately 240 RMB, while full steel tires averaged over 970 RMB. Price increases are planned for Q2 to address raw material cost changes [2][20] Future Outlook and Market Projections - **Capacity Expansion**: Qingdao factory undergoing upgrades to increase capacity, with new equipment expected to be operational by the end of June. The Thai factory is running at full capacity, and 30% of Morocco's output is planned for Renault and other clients [2][18][19] - **Profitability Outlook**: Anticipated improvements in profitability for Q2 due to price adjustments, seasonal demand, and stable raw material prices [2][18][45] - **New Project Developments**: Plans to steadily advance other projects, including a factory in Spain, while ensuring the successful launch of the Morocco factory [2][47][48] U.S. Market Sales Situation - **Sales in the U.S.**: The Thai factory sold 3.953 million semi-steel tires in Q1, with 85% of sales directed to the U.S. The average price for semi-steel tires sold in the U.S. was around 290 RMB [3][50] Conclusion - The company is positioned for growth with strong financial metrics, strategic pricing adjustments, and ongoing expansion projects. The potential impact of U.S. anti-dumping measures and raw material costs will be closely monitored as the company navigates market conditions.

2021年青岛森麒麟轮胎股份有限公司公开 发行可转换公司债券2024年跟踪评级报告 CSCI Pengyuan Credit Rating Report 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人 员与评级对象不存在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告 遵循了真实、客观、公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的 合法性、真实性、准确性和完整性作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组 织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、 持有任何证券的建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导 致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时， 本评级机构已对受评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变 更信用评级。本评级机构提醒报告使用者应及时登陆本公司网站关注被评证券信用评级的 ...