| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-025 | | --- | --- | --- | | 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 关于参加2025年青岛辖区上市公司投资者网上集体接待日 暨2024年度业绩说明会活动的公告 为进一步加强与投资者的互动交流，构建和谐投资者关系，青岛森麒麟轮胎股 份有限公司（以下简称"公司"）将参加由青岛证监局指导，青岛市上市公司协会 与深圳市全景网络有限公司联合举办的"2025年青岛辖区上市公司投资者网上集体 接待日暨2024年度业绩说明会活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为2025年5月12日（周一）15:00-17:00。届时公 司董事兼总经理林文龙先生、董事兼副总经理兼财务总监许华山女士、董事兼副总 经理兼董事会秘书王倩女士、独立董事李鑫先生将通过网络在线交流形式与投资者 就公司治理、发展战略、经营状况等投 ...

Group 1 - The core viewpoint is that Chinese tire companies are accelerating their overseas factory layout, expanding from Southeast Asia to diversified markets such as Europe, North America, and Africa, transitioning from scale expansion to value creation [1][2] - The average import price of semi-steel tires in the U.S. for 2024 is projected to be $62 per tire, with those from Thailand, Cambodia, and Vietnam averaging $40 per tire. The average import price for all-steel tires is $117 per tire, with those from Cambodia and Vietnam averaging around $80-85 per tire [2][3] - The imposition of a 25% tariff may further widen the price gap between Chinese tires and those from North America and Japan, thereby solidifying cost advantages for Chinese manufacturers [2][3] Group 2 - The new 25% tariff on passenger car and light truck tires under Section 232 may not significantly reduce the cost advantage of tires imported from low-cost regions compared to high-cost regions [2][3] - Historical data indicates that tariffs have not effectively increased domestic tire production in the U.S. due to high labor costs, significant investment requirements, and long construction periods [4] - The high-end market for tires presents a significant opportunity for Chinese manufacturers, allowing them to escape low-end competition and enhance profitability in markets outside the U.S. [5] Group 3 - Recommended stocks include Sailun Tire (601058.SH), Senking (002984.SZ), Linglong Tire (601966.SH), General Shares (601500.SH), Triangle Tire (601163.SH), Guizhou Tire (000589.SZ), and Wind God Shares (600469.SH) [6]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Core Viewpoint - The company, Qingdao Senqilin Tire Co., Ltd., is proposing to increase shareholder returns through a cash dividend for the first half of 2025, reflecting confidence in its future growth and financial health [2][3]. Group 1: Background and Purpose of the Proposal - The company's global production capacity is strategically located in China, Thailand, and Morocco, providing a strong foundation for competing internationally [3]. - The upcoming large-scale production from the Moroccan smart factory and ongoing partnerships with leading international automotive companies are expected to enhance the company's brand value and operational performance [3]. - The proposal aims to protect shareholder interests and address the undervaluation of the company's stock in the secondary market, thereby enhancing investor satisfaction [3]. Group 2: Details of the 2025 Mid-Year Dividend Proposal - The proposal suggests a cash dividend of RMB 3.00 per 10 shares (tax included) to all shareholders, with no stock bonuses or capital reserve transfers [4]. - The total dividend amount will be adjusted based on any changes in the company's total share capital before the distribution [4]. Group 3: Additional Notes - The company will analyze the proposal in conjunction with its operational plans and profitability, considering it reasonable and feasible [6]. - The proposal is currently a personal opinion of the chairman and requires approval from the board and shareholders before implementation, indicating some uncertainty [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company experienced a decline in gross profit in the first quarter due to rising raw material costs, but the Moroccan factory is expected to ramp up production soon, which could enhance profitability [1]. - The company's revenue for 2024 is projected at 85.11 billion, with a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to be 21.86 billion, reflecting a significant increase of 59.7% year-on-year [6]. - The report highlights the company's ongoing global expansion, particularly through the new Moroccan factory, which is anticipated to contribute positively to profits in the medium to long term [6]. Financial Summary - **Revenue Projections**: - 2024: 85.11 billion - 2025: 108.83 billion (27.9% growth) - 2026: 119.84 billion (10.1% growth) - 2027: 129.56 billion (8.1% growth) [2] - **Net Profit Projections**: - 2024: 21.86 billion - 2025: 19.92 billion (-8.9% decline) - 2026: 23.68 billion (18.9% growth) - 2027: 26.59 billion (12.3% growth) [2] - **Earnings Per Share (EPS)**: - 2024: 2.11 - 2025: 1.92 - 2026: 2.29 - 2027: 2.57 [2] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 10x, with a target price of 26.88 yuan based on a 14x P/E multiple [6]. - **Market Performance**: The company's stock price has fluctuated between 18.90 and 28.60 over the past 12 months, with a current market capitalization of 195.70 billion [3].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a record high performance in 2024, with revenue of 8.51 billion yuan, a year-on-year increase of 8.53%, and a net profit of 2.19 billion yuan, up 59.74% year-on-year [2] - The first quarter of 2025 saw a decline in performance due to cost pressures, with revenue of 2.06 billion yuan, down 2.79% year-on-year, and a net profit of 361 million yuan, down 28.29% year-on-year [3] - The Moroccan project is expected to ramp up significantly in 2025, potentially producing 6-8 million tires, enhancing the company's global competitive position [4] Summary by Sections Financial Performance - In 2024, the company sold 30.49 million semi-steel tires, a 7.12% increase year-on-year, and 916,400 full-steel tires, a 15.52% increase year-on-year [2] - The average selling price in 2024 was 270.7 yuan per tire, a 1.1% increase year-on-year, contributing to a gross margin of 32.84%, up 7.63 percentage points year-on-year [2] - For Q1 2025, semi-steel tire sales were 7.16 million, down 1.6% year-on-year, and full-steel tire sales were 213,700, down 34.6% year-on-year [3] Cost and Margin Analysis - The cost of raw materials increased in Q1 2025, with synthetic rubber and natural rubber prices rising by 10.9% and 27.4% respectively [3] - The gross margin for Q1 2025 was 22.75%, down 8.57 percentage points year-on-year, and the net margin was 17.57%, down 6.25 percentage points year-on-year [3] Future Outlook - The Moroccan project is anticipated to enhance the company's production capacity and global presence, creating a "golden triangle" layout with operations in China, Thailand, and Morocco [4] - The company is focusing on high-end product development, having already gained recognition in the U.S. and European markets [4] - Profit forecasts for 2025 and 2026 have been adjusted to 1.93 billion yuan and 2.29 billion yuan respectively, with a projected net profit of 2.54 billion yuan in 2027 [5]

Core Insights - The company reported a revenue of 8.51 billion yuan for 2024, representing a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 2.19 billion yuan, up 59.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 2.17 billion yuan, with a year-on-year increase of 3.4% but a quarter-on-quarter decrease of 2.6%, and a net profit of 460 million yuan, showing a year-on-year increase of 22.7% but a quarter-on-quarter decrease of 29.0% [1] - The gross margin for Q4 2024 was 25.2%, down 14.3 percentage points from the previous quarter, primarily due to rising raw material costs and a high base effect from tax rebates [1] Production and Sales Performance - In 2024, the company produced 32.23 million tires, a year-on-year increase of 10.2%, with semi-steel tires and all-steel tires producing 31.30 million and 0.9223 million units respectively, both showing increases [2] - Tire sales reached 31.41 million units in 2024, up 7.3% year-on-year, with semi-steel and all-steel tire sales at 30.49 million and 0.9164 million units respectively, the latter showing a significant increase of 15.5% [2] - In Q1 2025, tire sales faced slight pressure, totaling 7.38 million units, down 3.0% year-on-year, with semi-steel and all-steel tire sales declining by 1.6% and 34.6% respectively [2] Raw Material Costs and Profitability - The increase in raw material costs, particularly natural rubber, negatively impacted Q4 2024 profit margins, with the average price of domestic natural rubber reaching 17,016 yuan per ton, up 14.9% quarter-on-quarter [3] - The average procurement price of rubber for the company in the second half of 2024 was 13.23 yuan per kilogram, reflecting a 16.8% increase from the first half [3] - In 2025, the prices of key raw materials in the tire industry showed a decline, which is expected to support profit recovery for the company [3] Future Outlook - The construction of the Morocco factory is progressing steadily, with a construction progress of 89% as of the end of 2024, and the company expects to achieve production ramp-up within the year [3] - Profit forecasts for 2025-2027 estimate net profits attributable to shareholders at 2.07 billion, 2.63 billion, and 2.95 billion yuan respectively, with year-on-year changes of -5.4%, +27.1%, and +12.1% [3] - The corresponding price-to-earnings ratios for these years are projected to be 10, 7, and 7 times, maintaining a strong buy recommendation [3]

Group 1 - The company, Senmikirin (002984), announced a proposal for a cash dividend of RMB 3 per 10 shares (tax included) for the mid-term of 2025 [1] - The proposal was made by the actual controller and chairman, Mr. Qin Long, based on a comprehensive consideration of the company's long-term development confidence, financial outlook, and shareholder interests [1] - The company aims to share the results of its operational development with all shareholders and effectively protect the interests of a wide range of investors [1]

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。 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-024 | | --- | --- | --- | | 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 关于公司实际控制人、董事长提议持续提高股东回报 暨2025年中期现金分红的公告 特别提示： 森麒麟的中国、泰国、摩洛哥全球产能"黄金三角"布局为公司参与全球化竞争 提供了坚强的后盾。2025 年度，伴随公司摩洛哥智能工厂的大规模放量、持续发力国 际一线车企高端配套，公司将继续充分发挥全球化智能工厂的布局优势，进一步精细 化经营管理，多措并举持续提升品牌价值，努力向国际一线品牌价值不断靠近，在未 来通过品牌价值的提升持续提高产品售价，创造更高的经营价值。 青岛森麒麟轮胎股份有限公司（以下简称"公司"或"森麒麟"）董事会于 2025 年 4 月 24 日收到公司实际控制人、董事长秦龙先生出具的《关于提议持续提高股东 回报暨 2025 年中期现金分红的函》。伴随 2025 年度摩洛哥智能工厂的大规模放量、 持 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant increases in revenue and net profit, driven by high demand for its tire products in both domestic and international markets [1][2]. Financial Performance - The company achieved an operating revenue of 8.511 billion yuan, an increase of 8.53% year-on-year [1] - The net profit attributable to shareholders reached 2.186 billion yuan, up 59.74% from the previous year [1] - The net profit after deducting non-recurring gains and losses was 2.126 billion yuan, reflecting a growth of 62.96% year-on-year [1] - A cash dividend of 2.9 yuan per 10 shares (including tax) is proposed to reward shareholders [1] Production and Sales - The total tire production reached 32.2261 million units, a growth of 10.22% compared to the previous year [2] - The production of semi-steel tires was 31.3038 million units, increasing by 10.24% year-on-year [2] - The sales volume of tires was 31.4087 million units, up 7.34% from the previous year [2] - The sales of semi-steel tires were 30.4923 million units, reflecting a growth of 7.12% [2] - The sales of all-steel tires increased by 15.52%, totaling 916,400 units [2] Global Expansion - The company's global strategy is a key driver of its performance, with significant progress in the Morocco project aimed at producing 12 million high-performance tires annually [2][3] - The Morocco factory is recognized as a benchmark for intelligent manufacturing in the tire industry, enhancing the company's global competitiveness [3] - The company is focusing on expanding its production capacity to meet growing global demand [2][3] Innovation and R&D - The company has enhanced its R&D capabilities, successfully developing various advanced tire technologies, including low rolling resistance tires and specialized tires for electric vehicles [4] - A total of 200 new patents were added, including 5 invention patents [4] - The company is committed to high-end market development, having begun supplying winter tires to Volkswagen for the Tiguan model [4] Marketing and Sales Strategy - The company is expanding its presence in both international and domestic markets, with a focus on digital upgrades to traditional sales models [3] - It aims to build a dual-circulation development pattern, enhancing its market reach [3] - The company is also deepening partnerships in the aviation tire sector, laying the groundwork for future collaborations with airlines [5]