Investment Rating - The report suggests a "bullish" outlook for the tire industry, indicating a potential increase in stock prices and market performance over the next six months [61]. Core Insights - Rising raw material costs are prompting a new round of price increases in the tire industry, with some companies planning to raise prices by 3%-5% starting mid-March 2025 [61]. - The domestic tire production is expected to maintain high operational levels due to recovering demand, with a positive outlook for the replacement market as logistics and construction activities resume [61]. - Domestic brands are making significant strides in the high-end market, particularly in collaboration with premium automotive manufacturers [61]. Summary by Sections Cost Side - Raw material prices are fluctuating, with overall costs remaining relatively high historically. The shipping costs have decreased recently [62]. - Specific raw material prices in February 2025 include: - Butadiene at 11,833.33 CNY/ton, down 1.62% month-on-month but up 17.47% year-on-year - Natural rubber at 2,107.89 USD/ton, up 3.38% month-on-month and 33.89% year-on-year [6][7]. Production Side - Tire production in February 2025 saw a significant year-on-year increase, with the total output of rubber tires reaching 105.56 million units, a 21.51% increase compared to the previous year [26]. - The average operating rates for semi-steel tires and full-steel tires were 66.52% and 54.44%, respectively, showing increases of 18.02 percentage points and 26.67 percentage points year-on-year [30]. Demand Side - The logistics industry in China is recovering quickly, with the logistics prosperity index at 49.30 in February 2025, indicating a slight decrease but a year-on-year increase [44]. - The overseas replacement market remains strong, particularly in the U.S. and Europe, with a notable demand for replenishment as tariffs are gradually implemented [61]. Industry News - The U.S. Tire Manufacturers Association (USTMA) forecasts a 0.9% increase in U.S. tire shipments for 2025, reaching 340.4 million units [55]. - Several tire companies in China have announced price hikes across various tire categories, reflecting a collective adjustment in the market [55]. - New collaborations, such as the partnership between Sailun Tire and Xiaomi for high-performance tires, indicate a shift towards high-end market segments [56].

成本助推轮胎新一轮涨价，国产品牌进入高端市场 轮胎行业月报 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：wjyan@longone.com.cn 2025年3月12日 | | | 一、成本端：原材料涨跌互现，海运指数回落 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 二、生产端：产量同比高增，开工率回升超去年同期 三、需求端：国内运力供给快速回升，海外替换市场延续向好 四、行业重要新闻 五、月度总结及展望 六、风险提示 ● 2月轮胎上游原材料价格：2025年2月丁二烯均价11833.33元/吨，环比下降1.62%，同比上涨17.47%；天然橡胶均价 2107.89美元/吨，环比上涨3.38%，同比上涨33.89%；丁苯橡胶均价15039.29元/吨，环比下降1.21%，同比上涨 18.51%；炭黑均价7439.29元/吨，环比上涨8.94%，同比减少5.40%；锦纶帘子布均价20500.00元/吨 ...

[Table_Reportdate] 2025年03月12日 [晨会纪要 Table_NewTitle] 20250312 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1."具身智能+煤炭"助推采煤迈入无人化智能时代——机械设备行业简评 ➢ 2.关注药品价格新趋势——医药生物行业周报（2025/3/3-2025/3/9） ➢ 3.光伏产业链价格企稳回升，关注全国海风项目建设进程——新能源电力行业周报 （2025/03/03-2025/03/07) ➢ 1.证监会：全力巩固市场回稳向好势头 ➢ 2.两部门发文要求做好运用地方政府专项债券支持土地储 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [1][11]. Core Insights - The company is establishing a joint venture in Thailand, marking its first overseas factory, which accelerates its global expansion strategy. The joint venture aims to produce 10,000 forklifts and 10,000 lithium battery packs annually [9]. - The partnership with Huawei is expected to enhance the company's capabilities in digital transformation and smart logistics, potentially reshaping the competitive landscape in the logistics sector [9]. - Domestic demand for forklifts is anticipated to improve due to favorable macroeconomic indicators, including a manufacturing PMI above the neutral line and a projected GDP growth of around 5% [9]. - The company is positioned as a leader in the domestic forklift market, with a comprehensive manufacturing capability across the entire supply chain, and is advancing strategies in globalization, electrification, and automation [9]. Financial Summary - The total revenue for 2023 is projected at 17,470.51 million, with a year-on-year growth rate of 10.76%. By 2026, revenue is expected to reach 22,888.21 million, reflecting a growth rate of 11.62% [6]. - The net profit attributable to the parent company is forecasted to grow from 1,278.13 million in 2023 to 1,865.54 million in 2026, with a compound annual growth rate of 17.57% [6]. - The diluted EPS is expected to increase from 1.43 in 2023 to 2.09 in 2026, indicating strong earnings growth [6]. - The company's P/E ratio is projected to decrease from 14.55 in 2023 to 9.97 in 2026, suggesting an attractive valuation as earnings grow [6].

[Table_Reportdate] 2025年03月12日 [晨会纪要 Table_NewTitle] 20250312 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] 采煤机器人是解决煤炭开采安全和招工难的最佳路径。煤炭在我国能源供给中发挥"压 舱石"作用，是我国基础能源，2024 年全国原煤产量 47.59 亿吨创历史新高。然而，我国 煤矿事故发生的概率持续增加，严重威胁煤矿安全生产。根据《2016—2022 年我国煤矿事 故统计与规律分析》的数据，2016-2022 年我国共发生 1026 起煤矿事故据，造成 1990 人 死亡。煤矿智能化无人 ...

[Table_Reportdate] 2025年03月11日 买入（维持） 报告原因：重大事项 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn | [数据日期 Table_cominfo] | 2025/03/11 | | --- | --- | | 收盘价 | 20.88 | | 总股本(万股) | 89,069 | | 流通A股/B股(万股) | 89,069/0 | | 资产负债率(%) | 42.18% | | 市净率(倍) | 1.72 | | 净资产收益率(加权) | 12.64 | | 12个月内最高/最低价 | 28.50/15.23 | [Table_QuotePic] -37% -25% -14% -3% 9% 20% 32% 43% 24-03 24-06 24-09 24-12 25-03 安徽合力 沪深300 [相关研究 Table_Report] 1.安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 2. ...

制冷剂价格稳步上行，未来空间广阔 氟化工行业月报 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：zjlei@longone.com.cn 2025年3月11日 | | | 一、核心观点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 二、制冷剂跟踪 三、含氟聚合物 四、行业要闻 五、投资建议 六、风险提示 核心观点 ● 风险提示：制冷剂配额政策变化的风险；原材料价格变化的风险；需求不及预期的风险。 3 ● 2月制冷剂价格价差上行，制冷剂仍然具有涨价空间。截至2025年2月28日，根据百川盈孚数据，三代制冷剂R32、R125、R134a产品价格 分别为44500元/吨、44000元/吨和45000元/吨，月环比分别上涨2.30%、2.33%、2.27%。R22价格为34000元/吨，较上月环比上涨 3.03%。受产能快速提升、需求增速下滑影响，我国PTFE、HFP价格仍保持低位运行，PVDF价格有所反弹 ...

制冷剂价格稳步上行，未来空间广阔 氟化工行业月报 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：zjlei@longone.com.cn 2025年3月11日 | | | 一、核心观点 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 二、制冷剂跟踪 三、含氟聚合物 四、行业要闻 五、投资建议 六、风险提示 核心观点 ● 风险提示：制冷剂配额政策变化的风险；原材料价格变化的风险；需求不及预期的风险。 3 2月三代制冷剂月度产量同比保持回落，环比回升 ● 2025年2月，国内R32、R134a、R125月度产量同比保持回落、环比回升。根据百川盈孚数据，2025年2月，国内R32、 R134a、R125产量分别为17326吨、10022吨、8049吨，同比分别变动-1.50%、-11.47%、-32.70%，环比分别变动- 48.58%、10.27%、14.53%。 ● 2月制冷剂价格价差上行，制冷剂仍然具 ...

原油供给预计宽松，下游或迎复苏行情 原油及聚酯产业链月报（2025年3月） 证券分析师：张季恺 执业证书编号：S0630521110001 证券分析师：谢建斌 执业证书编号：S0630522020001 证券分析师：吴骏燕 执业证书编号：S0630517120001 邮箱：zjk@longone.com.cn 目 录 原油价格影响因素及预测 | 指标 | 展望 | 油价影响 | | --- | --- | --- | | | 2025年2月布伦特原油维持震荡下行，月底收于73美元/桶左右。OPEC+国家将按计划从4月起逐步放松减产，其中将逐步增加阿联酋30 | | | 油价判断 | 万桶/日的配额。美联储2025年2月继续暂停降息符合预期，随着cpi高于预期，预计降息将会继续推迟。综合来看，油价短期在65美元/桶 | | | | 之上具备地缘政治支撑；我们认为原油长期受需求面影响大，随着美联储之后恢复降息，原油回调风险增加；预计2025年全年布伦特在 | | | | 55-80美元/桶波动。 | | | 全球石油供应 | OPEC+的165万桶/天的额外减产协议将延长至2026年底，而220万桶的自愿减产协议 ...

[Table_Reportdate] 2025年03月11日 [table_invest] 超配 [证券分析师 Table_Authors] shangjian@longone.com.cn [table_stockTrend] -32% -20% -8% 5% 17% 29% 41% 24-03 24-06 24-09 24-12 申万行业指数:机械设备(0764) 沪深300 [相关研究 table_product] 1.采煤迈入无人化智能时代，综采装 备技术升级正当时——机械设备行 业深度报告 [Table_NewTitle "具身智能] +煤炭"助推采煤迈入无人化 智能时代 ——机械设备行业简评 [table_main] 投资要点： 行 业 简 评 机 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 二、分析师声明： 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，具备专业胜任能力，保证以专业严谨的研究方法和分析逻 辑，采用合 ...