Investment Rating - The investment rating for the company is "Buy-B" [1][2]. Core Views - The company has shown strong performance with a revenue of 4.11 billion yuan in the first half of 2024, representing a year-on-year growth of 16.21%. The net profit attributable to shareholders reached 1.08 billion yuan, up 77.71% year-on-year [1]. - The company is benefiting from strong demand, tax reductions, and robust production and sales, with a focus on both domestic and international markets [1][2]. - The company aims to become a global leader in high-end tires for new energy vehicles, capitalizing on the growing market for electric vehicles [2]. Summary by Sections Financial Performance - In 2024 H1, the company achieved a revenue of 4.11 billion yuan, a 16.21% increase year-on-year. The net profit attributable to shareholders was 1.08 billion yuan, reflecting a 77.71% increase year-on-year. The gross profit margin improved to 33.24%, up 10.84 percentage points year-on-year [1]. - For 2024, the company forecasts revenues of 9.515 billion yuan, 11.326 billion yuan, and 12.814 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21.3%, 19.0%, and 13.1% [2][3]. Production and Sales - The company produced 16.09 million tires in 2024 H1, a year-on-year increase of 18.90%. The sales volume reached 15.10 million tires, up 10.35% year-on-year [1]. - The company is expanding its production capacity, with projects in Morocco and Spain expected to contribute significantly to output in the near future [1]. Market Outlook - The demand for tires, particularly semi-steel tires, remains strong in both domestic and international markets, with the company focusing on high-growth potential areas [1][2]. - The company is well-positioned to leverage the increasing demand for new energy vehicle tires, as the market for electric vehicles continues to grow [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][26]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 4.11 billion yuan, up 16.21% year-on-year, and net profit increasing by 77.71% to 1.08 billion yuan [3][4]. - The sales gross margin improved to 33.24%, reflecting a year-on-year increase of 10.84 percentage points, while the net profit margin rose to 26.21%, up 9.07 percentage points [3]. - The company is experiencing strong demand for its high-quality semi-steel tires in overseas markets, particularly in Europe and the United States, while also expanding in the domestic market [5][9]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 1.995 billion yuan, a year-on-year increase of 6.16%, but a quarter-on-quarter decrease of 5.7% [3]. - The net profit for Q2 2024 was 574 million yuan, showing a year-on-year growth of 61.11% and a quarter-on-quarter increase of 13.88% [3][6]. - The operating cash flow for Q2 2024 was 296 million yuan, a decrease compared to the previous quarter [3][6]. Production and Sales Data - In Q2 2024, the company produced 8.01 million tires, a year-on-year increase of 10.95%, while sales volume reached 7.49 million tires, up 5.40% year-on-year [5][11]. - The company’s Thai subsidiary reported a revenue of 2.609 billion yuan for H1 2024, a year-on-year increase of 42.36%, with net profit rising by 109.73% to 708 million yuan [5]. Future Outlook - The company forecasts revenues of 9.071 billion yuan, 11.501 billion yuan, and 13.003 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.258 billion yuan, 2.662 billion yuan, and 2.999 billion yuan [9][26]. - The projected P/E ratios for the next three years are 11, 9, and 8 times, indicating a favorable growth outlook [9][26].

| | | 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。 特别提示： 青岛森麒麟轮胎股份有限公司（以下简称"公司"或"本公司"）董事、总经 理林文龙先生，持有公司股份 47,997,423 股，占公司当前股份总数的 4.66%。公 司于近日收到林文龙先生出具的《关于青岛森麒麟轮胎股份有限公司股份减持计 划的告知函》，林文龙先生计划自本公告披露之日起 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，占公司当前股份总数的 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 事项，上述拟减持股份数量可以进行相应调整）。 青岛森麒麟轮胎股份有限公司 关于股东股份减持计划的预披露公告 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。 现将有关事项公告如下： 一、股东的基本情况 1、股东名 ...

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2024-099 | | --- | --- | --- | | 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 2、公司于近日收到森宝林、森伟林、森忠林、森玲林四名股东出具的《关于 青岛森麒麟轮胎股份有限公司股份减持计划的告知函》，上述四名股东计划自本公 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，占公司当前股份总数的 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 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 股东森宝林、森伟林、森忠林、森玲林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。 特别提示： 1、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" ...

证券代码：002984 证券简称：森麒麟 公告编号：2024-097 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 关于股东及董监高减持计划期限届满 暨减持计划实施情况公告 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 5 月 11 日披露了《关于持股 5%以上股东及董监高减持计划的预披露公告》（公 告编号：2024-069）。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，以集中竞价交易或大宗交易方式合计减持公 司股份 1,244.6 万股，占公司当时股份总数的 1.21%。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 动事项，上述拟减持股份数量可以进行相应调整）。 近日，公司收到林文龙先生出具的《关于青岛森 ...

证券代码：002984 证券简称：森麒麟 公告编号：2024-096 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"或"本公司"）于 2024 年5月11日披露了《关于公司首发前员工持股平台股东减持计划的预披露公告》 （公告编号：2024-068）。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"）、青岛森忠林企业 信息咨询管理中心（有限合伙）（以下简称"森忠林"）、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"）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，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 1939.98 万股中的 532.784 万股，占公司当时股份总数的 0.52%（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，董监高间接 持有的公司股份拟减持 25%，共计 246.0 ...

关于公司实控人、董事长买卖公司 可转债构成短线交易暨致歉的公告 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"或"本公司"）实控人、 董事长秦龙先生因近期卖出又买入公司可转换公司债券"麒麟转债"（以下简称 "可转债"）间隔时间未超过 6 个月，根据《证券法》《关于可转换公司债券适 用短线交易相关规定的通知》《深圳证券交易股票上市规则》等相关规定，秦龙 先生的上述行为构成了短线交易。现就相关事项公告如下： 证券代码：002984 证券简称：森麒麟 公告编号：2024-098 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 除上述情况外，秦龙先生最近 6 个月内不存在买卖公司股票及衍生品的其他 相关情况。 三、短线交易收益的计算方式和收回收益的具体情况 4 月 19 日卖出 30,500 张可转债的成交金额-7 月 3 日及 7 月 4 日买入的可转 债总量逐笔计算成交价格后依照成交价格最低排序后买入 30,500 张可转债的成 交金额-手续费=4,086,011.37-3,967,845.52 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [7][8]. Core Insights - The company reported strong performance in Q2 2024, with revenue of 4.11 billion yuan, a year-on-year increase of 16.2%, and a net profit of 1.077 billion yuan, reflecting a significant year-on-year growth of 77.7% [7][8]. - The demand for semi-steel tires remains robust, contributing to the company's revenue growth, while full-steel tires face some pressure [7][8]. - The company is expanding its production capacity, particularly with the upcoming launch of its Morocco facility, which is expected to enhance its high-end product offerings and mitigate trade barriers [8][9]. Financial Data Summary - Total revenue for 2023 was 7.842 billion yuan, with projections of 9.747 billion yuan for 2024, representing a year-on-year growth rate of 24.3% [7][9]. - The net profit for 2023 was 1.369 billion yuan, with an expected increase to 2.308 billion yuan in 2024, indicating a growth rate of 68.7% [7][9]. - The gross margin improved to 33.2% in the first half of 2024, up from 25.2% in 2023, driven by product mix and tax rebate benefits [7][8]. Production and Sales Performance - In the first half of 2024, the company produced 16.09 million tires, a year-on-year increase of 18.9%, with semi-steel tire production reaching 15.6 million units [7][8]. - The sales volume for the first half of 2024 was 15.1 million tires, with semi-steel tire sales at 14.61 million units, reflecting a year-on-year increase of 10.35% [7][8]. - The second quarter saw a production of approximately 8.01 million tires, with semi-steel tire production estimated at 7.856 million units [7][8]. Future Outlook - The company expects to maintain its profit forecast for 2024-2026, with projected net profits of 2.31 billion yuan, 2.46 billion yuan, and 2.81 billion yuan respectively, corresponding to price-to-earnings ratios of approximately 10, 10, and 8 [8][9]. - The Morocco facility is anticipated to contribute significantly to production capacity and revenue starting in 2025, with initial orders already secured from North American clients [8][9].

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved a net profit of 10.77 billion yuan in H1 2024, a year-on-year increase of 77.71%, with a net profit margin of 28.76% in Q2, reaching a historical high [2] - The company's semi-steel tire and export demand remain strong, with a production volume of 16.09 million tires in H1 2024, a year-on-year increase of 18.90% [2] - The Morocco factory is expected to start production in Q4 2024, which will further enhance the company's growth potential [2][8] Financial Performance - In H1 2024, the company's revenue reached 41.1 billion yuan, a year-on-year increase of 16.21%, with a gross profit margin of 35.27% in Q2, the highest since 2021 [2][3] - The company's net profit in Q2 was 5.74 billion yuan, a year-on-year increase of 61.11%, with a net profit margin of 28.76%, the highest in history [2] - The company's financial expenses decreased by 46.88% year-on-year in H1 2024, mainly due to increased interest income [3] Production and Sales - In H1 2024, the company produced 16.09 million tires, a year-on-year increase of 18.90%, with semi-steel tire production reaching 15.60 million, up 17.90% year-on-year [2] - The company sold 15.10 million tires in H1 2024, a year-on-year increase of 10.35%, with semi-steel tire sales reaching 14.61 million, up 9.06% year-on-year [2] - The operating rate of semi-steel tires remained high at 79% as of August 29, 2024 [2] Overseas Expansion - The company's Thailand plant achieved a revenue of 2.61 billion yuan in H1 2024, a year-on-year increase of 42.36%, with a net profit of 708 million yuan, up 109.73% year-on-year [8] - The Morocco factory, with an annual production capacity of 12 million high-performance passenger and light truck radial tires, is expected to start production in Q4 2024 [8] - The company is also steadily advancing the Spain project, which will further boost its performance [8] Profitability and Valuation - The company's gross profit margin in Q2 2024 was 35.27%, a year-on-year increase of 12.82 percentage points, and the net profit margin was 28.76%, a year-on-year increase of 9.81 percentage points [3] - The company's PE ratio is expected to be 10.13 in 2024, with a PB ratio of 1.78 [9] - The company's ROE is expected to be 17.55% in 2024, with a net profit margin of 24.76% [9] Future Outlook - The company is expected to achieve a compound annual growth rate (CAGR) of 34% in net profit from 2024 to 2026 [8] - The company's overseas base construction is progressing steadily, and future performance is expected to grow significantly [8] - The company's profit level is leading the industry, and the significant reduction in the anti-dumping tax rate for PCR in Thailand will further enhance profitability [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company achieved a record high performance in Q2 2024, with revenue of 4.11 billion yuan in H1 2024, representing a year-on-year increase of 16%, and a net profit attributable to shareholders of 1.08 billion yuan, up 78% year-on-year [10][11] - The demand for overseas semi-steel tires continues to rise, with the company's high-quality products experiencing strong order demand in the European and American markets [10][11] - The Morocco project is expected to commence production in Q4 2024, further enhancing the company's global layout [10][11] Financial Performance - In Q2 2024, the company reported revenue of 1.99 billion yuan, a year-on-year increase of 6% but a quarter-on-quarter decrease of 6%, with a net profit of 570 million yuan, up 61% year-on-year and 14% quarter-on-quarter [10][11] - The company's tire production and sales in H1 2024 reached 16.09 million and 15.10 million units, respectively, representing year-on-year increases of 19% and 10% [10][11] - The company's overseas revenue in H1 2024 increased by 21% year-on-year to 3.66 billion yuan, accounting for 89% of total revenue [10][11] Future Outlook - The company expects revenue for 2024-2026 to be 9.8 billion, 11.8 billion, and 13.8 billion yuan, with growth rates of 24%, 21%, and 17% respectively [10][11] - The net profit attributable to shareholders is projected to be 2.2 billion, 2.8 billion, and 3.4 billion yuan for the same period, with growth rates of 64%, 23%, and 24% respectively [10][11] - The company plans to implement a mid-term dividend distribution, proposing a cash dividend of 2.1 yuan per 10 shares, reflecting a commitment to investor returns [10][11]