2 1 Shi Ji Jing Ji Bao Dao·2025-05-22 23:07Core Viewpoint - The company Zhongce Rubber (603049.SH) is set to launch an IPO, being one of the largest tire manufacturers in China, focusing on the research, production, and sales of various tire products [1][4]. Group 1: Company Overview - Zhongce Rubber is engaged in the development, production, and sales of all-steel tires, semi-steel tires, bias tires, and other tire products, making it one of the largest tire manufacturers in China [1]. - The company owns several well-known tire brands, including "Chaoyang," "Weishi," "Haoyun," and "Jinguang," with "Chaoyang" being recognized as a famous Chinese trademark since 2004 [4]. - Zhongce Rubber has established a comprehensive domestic and international marketing network, supplying major automotive manufacturers and exporting to various regions including Europe, North America, Africa, Southeast Asia, and the Middle East [4]. Group 2: Financial Metrics - The IPO price is set at 46.50 yuan per share, with an institutional offering price of 47 yuan, and the company's market capitalization is 36.6 billion yuan [2]. - The company’s earnings per share (EPS) is projected with a price-to-earnings (P/E) ratio of 12.24, while comparable companies have P/E ratios ranging from 9.61 to 13.08 [2]. - The company’s direct sales channel gross profit margins for 2021 to the first half of 2024 are reported as 11.22%, 10.79%, 15.11%, and 18.69%, respectively, indicating a decline in 2022 but an increase in 2023 and the first half of 2024 [5]. Group 3: Market Position and Challenges - Zhongce Rubber ranks among the top ten tire manufacturers globally and has consistently held the top position in the China Rubber Industry Association's tire enterprise rankings [4]. - The company primarily focuses on the replacement tire market, with a need to enhance its presence in the original equipment manufacturer (OEM) market, particularly for high-end passenger vehicles [4]. - The demand from downstream customers, mainly large domestic automotive manufacturers, is influenced by macroeconomic conditions and industry policies, posing a risk to the company's direct sales gross profit margins if demand declines [5].