国内第一、全球第四：海安橡胶主板IPO上会在即

Core Viewpoint - Hai'an Rubber Group Co., Ltd. is set to hold its IPO on the Shenzhen Stock Exchange, marking a significant milestone in its 20-year journey as a leader in the all-steel giant engineering tire sector, having broken the international monopoly in this market [2][4]. Industry Overview - Prior to 2008, China's demand for giant engineering tires was met entirely by imports from international brands like Michelin and Bridgestone, due to the extreme conditions these tires must endure [3]. - The manufacturing process for these tires is complex, requiring specialized materials and techniques, which has historically limited domestic production capabilities [3][4]. Company Development - Hai'an Rubber produced China's first giant engineering radial tire in 2008, overcoming significant technological barriers and establishing itself as a domestic leader [4]. - The company has consistently ranked as the top domestic manufacturer and has climbed to the fourth position globally, following Michelin, Bridgestone, and Goodyear [6][7]. Market Position and Recognition - Hai'an Rubber has achieved a market share exceeding 50% in China and has received numerous accolades, including recognition as a "demonstration enterprise for service-oriented manufacturing" and a "national specialized and innovative small giant" [7][8]. - The company holds over 79 patents and 19 core technologies, creating a robust competitive moat [7]. Financial Performance - From 2022 to 2024, Hai'an Rubber's revenue is projected to grow from 1.508 billion to 2.299 billion yuan, with a compound annual growth rate (CAGR) of 23.5% [12]. - Net profit is expected to increase from 354 million to 679 million yuan, with a CAGR of 38.5%, significantly surpassing the industry average [12]. - The company's gross margin for its main business is projected to reach 48.71% in 2024, highlighting its pricing power and competitive advantage [12]. IPO and Future Prospects - The company plans to raise 2.952 billion yuan through its IPO, with funds allocated for expanding production capacity, upgrading production lines, and enhancing R&D capabilities [13][14]. - With a strong international presence, particularly in Russia, where its market share has surged due to the exit of international competitors, Hai'an Rubber is well-positioned for future growth [11][12].