Core Viewpoint - The report from Cinda Securities indicates that Sailun Tire achieved a net profit attributable to shareholders of 1.831 billion yuan in the first half of 2025, representing a year-on-year decrease of 14.90% [1]. Financial Performance - In Q2 2025, the net profit attributable to shareholders was 792 million yuan, showing a year-on-year decline of 29.16% and a quarter-on-quarter decrease of 23.77% [1]. - The company's production capacity release significantly supported its performance, with both production and sales volume reaching record highs in Q2 [1]. Global Expansion - As of the 2025 semi-annual report, the company has planned an annual production capacity of 9.75 million all-steel radial tires, 49 million semi-steel radial tires, and 137,000 tons of non-road tires across its overseas locations in Vietnam, Cambodia, Indonesia, Mexico, and Egypt, making it the largest Chinese tire company in terms of overseas capacity [1]. - The continuous deepening of global capacity layout is viewed as the core driver for future performance growth, with expectations for rapid and stable growth in the global market [1]. Channel Innovation - The company has innovatively established a digital system for direct and joint venture companies, achieving full business chain connectivity for over 20 subsidiaries and data integration with some agents [1]. - This development is expected to facilitate smoother transmission of product upgrade concepts through the channel, aiding in the long-term enhancement of the company's brand strength [1]. Investment Rating - The report maintains a "Buy" rating for the company [1].
研报掘金丨信达证券:维持赛轮轮胎“买入”评级,产能释放有力支撑业绩