Linglong Tyre(601966)2025-04-24 14:20Financial Performance - In Q4 2024, the company achieved operating revenue of CNY 610.90 million and a net profit attributable to shareholders of CNY 40.56 million, with the parent company net profit at CNY 253.04 million[8]. - The total cash dividend for 2024 is CNY 537.11 million, accounting for 30.65% of the net profit attributable to shareholders for the year[9]. - For Q1 2025, the company reported operating revenue of CNY 569.68 million and a net profit attributable to shareholders of CNY 340.58 million, with a proposed cash dividend of CNY 10.24 million[10]. - The company's total operating revenue for 2024 reached CNY 22.06 billion, a 9.39% increase from 2023, while net profit attributable to shareholders increased by 26.01% to CNY 1.75 billion[26]. - The net cash flow from operating activities for 2024 was CNY 1.94 billion, reflecting a significant increase of 61.62% compared to 2023[26]. - Basic earnings per share for 2024 were CNY 1.20, up 26.32% from CNY 0.95 in 2023[27]. - The diluted earnings per share (EPS) increased to 1.20 CNY, up 26.32% from the previous year[28]. - The net profit attributable to shareholders for Q1 2024 was 441,062,925 CNY, with a total revenue of 5,044,861,883 CNY[28]. - The company achieved a weighted average return on equity of 8.23%, an increase of 1.30 percentage points year-on-year[28]. - The company reported a non-recurring profit of 348,096,446 CNY for 2024, significantly higher than the previous year's 95,218,943 CNY[31]. Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.14 per 10 shares for Q4 2024, totaling CNY 20.49 million, which is 50.52% of the net profit for that quarter[8]. - The cumulative undistributed profits of the parent company as of March 31, 2025, amounted to CNY 458.44 million[9]. - The cash dividend for Q4 2024 is set at CNY 0.14 per 10 shares, totaling CNY 2,048.90 million, which represents 50.52% of the net profit attributable to shareholders for the quarter[175]. - For the entire year of 2024, the total cash dividend distributed amounts to CNY 53,710.55 million, accounting for 30.65% of the annual net profit attributable to shareholders[176]. - In Q1 2025, the company reported revenue of CNY 569,683.73 million and a net profit of CNY 34,057.62 million, with a proposed cash dividend of CNY 0.7 per 10 shares, totaling CNY 10,244.52 million, which is 30.08% of the net profit for the quarter[176]. - Over the last three accounting years, the cumulative cash dividend (including tax) reached CNY 1,043,743.11 million, with a cash dividend ratio of 108.30% relative to the average annual net profit[180]. - The company has a total undistributed profit of CNY 4,403,418.76 million at the end of the most recent accounting year[180]. Production and Sales - The company produced over 1.187 billion tires, a 9.2% increase from 2023, showcasing the strength of China's tire manufacturing industry[47]. - The production of semi-steel tires reached a five-year peak of approximately 638 million units in 2024, with an increase of 8.04%[47]. - The company produced 8.91 million tires, a 12.65% increase, and sold 8.54 million tires, a 9.57% increase compared to the previous year[77]. - The company is recognized as the number one in China's passenger car tire sales, with a projected global supply of nearly 29 million tires in 2024[92]. - The company aims to achieve a tire production and sales volume of 160 million units and sales revenue exceeding 80 billion CNY by 2030[129]. Market Position and Strategy - The company has implemented a "7+5" global strategy, establishing 7 production bases in China and 5 overseas, aiming for high-quality global industrial layout and digital transformation[38]. - The company has established long-term strategic partnerships with competitive suppliers, ensuring stable procurement of raw materials[94]. - The company is focusing on market expansion and new product development to enhance its competitive edge in the industry[94]. - The company has a significant presence in overseas assets, with ¥2,043,284.50 million, making up 43.40% of total assets[88]. - The company has established a global autonomous procurement model, focusing on top ten suppliers, with a procurement plan based on annual production targets[94]. Research and Development - The company has set up multiple R&D bases globally, forming an innovative ecosystem that has won national technology awards, enhancing its competitive edge in tire technology[61]. - The company has established the world's first 100-ton green water-based dandelion rubber production line and developed the first domestic 3D printed standard polyurethane tire[62]. - The company is committed to ongoing research and development in tire technology to enhance product offerings[150]. - The company employs 2,240 R&D personnel, representing 12.60% of the total workforce[82]. - R&D expenses totaled ¥920,484,763, accounting for 4.17% of total revenue[82]. Sustainability and Environmental Compliance - The company is committed to sustainable development, focusing on green manufacturing and establishing a robust ESG framework to lead the industry's green transformation[59]. - The company has invested CNY 8,490.42 million in environmental protection during the reporting period[185]. - The company reported actual emissions concentrations for particulate matter at 1.1-4.5 mg/m³, well below the standard of 10 mg/m³[187]. - VOCs emissions were recorded at 2.15-8.79 mg/m³, significantly lower than the regulatory limit of 10 mg/m³[187]. - The company has implemented advanced treatment technologies including plasma and UV light for VOCs management[188]. - The company is actively pursuing environmental compliance and sustainability initiatives to enhance operational efficiency and reduce emissions[187]. - The company has obtained pollution discharge permits for its subsidiaries, with valid periods ranging from 2022 to 2030[192][193]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[197]. Governance and Management - The company received the highest rating of A in the information disclosure evaluation by the Shanghai Stock Exchange for five consecutive years, reflecting its strong governance and compliance with regulations[145]. - The company has established independent governance structures and internal control systems to ensure the independence of its operations from its controlling shareholders[145]. - The company held its first shareholder meeting in 2024, where several key resolutions were passed, including amendments to the company's articles of association and management systems[146]. - The company has a robust system in place for managing related party transactions, ensuring compliance with regulatory requirements[146]. - The company has maintained stable executive positions with no new appointments or departures during the reporting period[150]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which could impact market demand for its products due to global economic uncertainties[139]. - Major raw material supply and price volatility pose risks, as natural rubber and synthetic rubber significantly affect production costs[140]. - Currency exchange rate fluctuations present risks, particularly as the company exports primarily in USD, affecting profit margins and pricing competitiveness[142]. - The establishment of overseas factories under the "7+5" strategy may face uncertainties due to local political, economic, and legal conditions[143].