成本上涨 业绩分化 我国轮胎行业呈现苦乐不均特征

Core Viewpoint - The tire industry in China is experiencing moderate growth in 2024, with overall revenue increasing by 5.7% year-on-year, while total profits have decreased by 8.5%, indicating a divergence in economic performance among companies in the sector [1]. Group 1: Financial Performance - Leading companies such as Linglong Tire, Sailun Tire, Senqilin, and General Tire have reported significant profit increases, with net profits growing by 26.01%, 31.42%, 59.74%, and 72.81% respectively [2]. - Conversely, Triangle Tire has seen a substantial profit decrease of 21.03%, attributed to rising raw material costs and a slight decline in sales volume [3]. Group 2: Market Dynamics - The tire industry is characterized by a "high first half, low second half" trend in 2024, with full steel tire production increasing by 2.7% in the first half but declining by 3.2% in the second half, while semi-steel tire production remains in a growth phase [4]. - The industry is facing increased cost pressures due to rising prices of natural and synthetic rubber, which have not been fully offset by price increases in tire sales [3]. Group 3: Industry Disparity - There is a growing disparity in performance among tire companies, with a few leading firms accounting for 70% of the industry's profits despite only representing one-third of sales revenue [5]. - Companies achieving better performance are often those that have made advancements in technology and overseas expansion [6]. Group 4: Export and Global Market - China's tire exports have shown positive growth, with a 4.9% increase in weight, a 10.5% increase in quantity, and a 5.5% increase in export value in 2024 [7]. - The global market is seeing a shift as Chinese tires gain market share in Europe and other regions due to competitive pricing [7]. Group 5: Future Outlook - The tire industry is expected to enter a phase of capacity reduction due to ongoing cost pressures and trade frictions [9]. - The demand for tires is anticipated to be bolstered by the growth of the electric vehicle market, with production and sales of new energy vehicles increasing by 34.4% and 35.5% respectively in 2024 [10]. - Trade tensions, particularly with the U.S. and Mexico, pose significant risks to the industry, prompting companies to enhance their overseas operations to mitigate these challenges [11].