比亚迪“小伙伴”，轮胎制造业龙头今天申购

Group 1 - The core viewpoint of the news is the IPO of Zhongce Rubber, a leading tire manufacturer in China, which is set to be available for subscription on May 23 [1] - Zhongce Rubber primarily engages in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, and bias tires [1] - The company is recognized as one of the largest tire manufacturers in China, with a significant market presence [1] Group 2 - 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, compared to the industry average P/E ratio of 22.83 [2] - The company has a strong brand portfolio, including well-known brands such as "Chaoyang," which has been recognized as a famous Chinese trademark since 2004 [4] Group 3 - Zhongce Rubber's products are distributed through a comprehensive domestic and international marketing network, serving major automotive manufacturers and exporting to various regions including Europe, North America, and Southeast Asia [4] - The company ranks among the top ten tire manufacturers globally and has consistently held the top position in the China Rubber Industry Association's tire manufacturer rankings [4] - The company has identified a need to enhance its presence in the original equipment manufacturer (OEM) market, particularly for high-end passenger vehicles, to improve brand recognition [4] Group 4 - The gross profit margin for the direct sales channel has shown fluctuations, with rates of 11.22%, 10.79%, 15.11%, and 18.69% from 2021 to the first half of 2024, indicating a decline in 2022 followed by recovery in subsequent years [5] - The demand from large domestic automotive manufacturers, which are the primary customers for the company's direct sales, is influenced by macroeconomic conditions and industry policies [5] - There is a potential risk of declining gross margins if there are adverse changes in the demand from automotive manufacturers [5]