[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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's Q1 2024 performance shows significant growth in net profit and revenue, with a year-on-year increase of 101.34% in net profit and 27.59% in revenue [3][4] - The company is progressing well with its Morocco project, which is expected to enhance its production capacity and revenue in the future [10][14] Financial Performance Summary - For Q1 2024, the company achieved a revenue of 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.73% [3] - The net profit attributable to shareholders was 504 million yuan, reflecting a year-on-year growth of 101.34% and a quarter-on-quarter growth of 34.28% [3] - The gross profit margin improved to 31.21%, up 8.98 percentage points year-on-year and 3.83 percentage points quarter-on-quarter [3][12] - The company produced 8.0757 million tires in Q1 2024, a 28% increase compared to the same period last year [5][12] Market Position and Competitive Advantage - The company has seen a significant increase in tire sales, with a total of 7.6071 million tires sold in Q1 2024, a 15.70% increase year-on-year [5][12] - The average selling price of tires was 278.04 yuan per tire, showing a slight increase of 0.74% from the previous quarter [5][12] - The reduction in various expenses, including sales and management costs, contributed to the improved profitability [6][12] Future Outlook - The company forecasts net profits of 2.253 billion yuan, 2.660 billion yuan, and 2.998 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 12, 10, and 9 [14][16] - The ongoing construction of the Morocco project is expected to generate significant revenue once operational, with projected annual revenue of 210 million USD upon completion [10][14]

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].

Company Summary Industry Overview - The document discusses the performance metrics of a specific company within its industry Key Financial Metrics - The company's overall gross margin for Q1 is 31.32%, which represents a year-over-year increase of 8.98 percentage points [1] - The gross margin has also increased by 3.83 percentage points compared to the previous quarter [1] - The net profit margin stands at 23.82%, showing a year-over-year growth of 8.73 percentage points [1] - There is a quarter-over-quarter increase in net profit margin of 5.96 percentage points [1] Additional Insights - The significant growth in both gross and net profit margins indicates strong operational efficiency and profitability improvements within the company [1]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company has shown significant revenue growth, with Q1 2024 revenue reaching approximately 2.115 billion yuan, a year-on-year increase of 27.59% and a quarter-on-quarter increase of 0.73% [2] - Net profit attributable to shareholders for Q1 2024 is about 504 million yuan, reflecting a year-on-year increase of 101.34% and a quarter-on-quarter increase of 34.28% [2] - The company has benefited from a reduction in anti-dumping tariffs, which has positively impacted its gross margin, reaching 31.3% in Q1 2024, an increase of 9 percentage points year-on-year [2] - The company is advancing its construction projects, including a new tire production facility in Morocco and another in Spain, which are part of its global expansion strategy [3] Summary by Sections Financial Performance - Q1 2024 tire production reached 8.0757 million units, a year-on-year increase of 28% and a quarter-on-quarter increase of 1.2% [2] - The company sold 7.6071 million tires in Q1 2024, a year-on-year increase of 15.7% [2] - The company’s net profit margin for Q1 2024 is 23.82%, up 8.73 percentage points year-on-year [2] Revenue Forecast - The company’s revenue is projected to be 9.96 billion yuan in 2024, 11.5 billion yuan in 2025, and 13.5 billion yuan in 2026, with corresponding EPS of 1.97 yuan, 2.26 yuan, and 2.62 yuan respectively [4][6] - The expected growth rates for revenue are 27.0% in 2024, 15.5% in 2025, and 17.4% in 2026 [4][6] Production Capacity - As of the end of 2023, the company has a tire design capacity of 30 million units, with ongoing projects expected to enhance production capabilities further [2][3]

公司研 究 证 券研究 报 告 橡胶制品 2024年04月19日 森 麒麟（002984）2024年一季报点评 强 推 （维持） 目标价：47.55元 净利润创季度新高，持续强化全球化竞争力 当前价：34.27元  事件：公司发布 2023 年一季报，2023Q1 实现营业收入 21.15 亿元，同比 华创证券研究所 +27.59%，环比+0.73%；实现归母净利润 5.04 亿元，同比+101.34%，环比 +34.28%；实现扣非归母净利润4.97亿元，同比+106.70%，环比+42.96%。 证券分析师：杨晖 一季度公司业绩表现超市场预期，并创净利润单季度新高。 邮箱：yanghui@hcyjs.com  新增产能释放助力一季度产销同比增长。据公司披露，一季度公司实现轮胎 执业编号：S0360522050001 产量807.57万条，同比+28%，其中半钢胎/全钢胎产量分别为773.99/33.58 证券分析师：郑轶 万条，分别同比+26%/+148%；实现轮胎销量760.71万条，同比+15.7%，其 中 半 钢 胎 / 全 钢 胎 销 量 分 别 为 728.03/32.68 万 条 ， 分 ...

事件 2024年 4月 18 日公司发布了2024年1季度报告，2024年1季度 实现营收 21.15 亿元，同比增长 27.6%，环比增长 0.7%；实现归 母净利润5.04 亿元，同比增长 101.3%，环比增长 34.3%；扣非净 利润 4.97 亿元，同比增长106.7%，环比增长43%。 经营分析 轮胎产销量继续向好，泰国降税后公司盈利能力快速提升。2024 年 1季度公司完成轮胎产量807.6万条，同比增长28%；其中半钢 胎产量774 万条，同比增长26%；全钢胎产量33.6万条，同比增 长 148%。完成轮胎销售 760.7 万条，同比增长 15.7%；其中半钢 胎销量728 万条，同比增长12.76%；全钢胎销量32.7 万条，同比 增长 175.28%。从单季度盈利能力来看，美国对泰国乘用车胎双反 税率下调后公司营业成本降低，盈利能力也得到显著提升，公司1 季度销售毛利率为31.32%，同比提升 8.98pct，环比提升 3.83pct； 人民币(元) 成交金额(百万元) 销售净利率为23.82%，同比提升8.73pct，环比提升5.96pct。 28.00 1,600 全球化战略稳步推进 ...