海安橡胶深主板IPO过会 打破国际品牌垄断进口替代加速推进

Core Viewpoint - Hai'an Rubber has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant step for the company in its expansion efforts in the giant all-steel radial tire market for engineering machinery [1][3]. Company Overview - Hai'an Rubber specializes in the research, production, and sales of giant all-steel radial tires for engineering machinery and mining tire operation management [3]. - The company has been focused on the development and production of all-steel giant tires since its establishment in 2005, achieving production capabilities for a full range of models with rim diameters of 49 inches and above [3][4]. - The company has broken the monopoly of international brands in the domestic all-steel giant tire market, achieving import substitution and promoting the localization of these products [4]. Market Position - The all-steel giant tire segment is characterized by high technical barriers and strong customer loyalty, with major international brands like Michelin, Bridgestone, and Goodyear holding over 80% of the global market share [3][4]. - Hai'an Rubber's products have gained wide recognition among downstream customers, including major mining companies and equipment manufacturers [4]. Financial Performance - In the first quarter of 2023, Hai'an Rubber reported revenues of 4.68 billion yuan and net profits of 1.43 billion yuan, with revenues of 22.51 billion yuan and net profits of 6.54 billion yuan for the full year of 2022 [5]. - The global demand for all-steel giant tires is expected to grow rapidly, with a projected compound annual growth rate of over 10% from 2022 to 2027, reaching an output of 358,000 units by 2027 [5]. IPO and Future Plans - Hai'an Rubber plans to raise 2.95 billion yuan through its IPO to invest in expanding production capacity, upgrading automation production lines, and building a research and development center [5]. - The company aims to overcome production capacity bottlenecks and enhance product quality to meet domestic and international market demands, ensuring the security of the national mining supply chain [5].