信达证券：关税扰动Q2轮胎业绩 原材料继续同比下降

Group 1: Tire Raw Material Prices - The tire raw material price index for August is 153.52, showing a month-on-month increase of 1.07% but a year-on-year decrease of 7.18% [1][4] - Average prices for natural rubber, styrene-butadiene rubber, and carbon black are 14,094 CNY/ton, 12,266 CNY/ton, and 6,792 CNY/ton respectively, with varying month-on-month and year-on-year changes [1][4] Group 2: U.S. Market Demand - In July, U.S. retail sales for auto parts and tire stores reached $11.945 billion, reflecting a month-on-month increase of 2.80% and a year-on-year increase of 2.42% [2] - Gasoline and diesel consumption in the U.S. for August were 9.0478 million barrels/day and 3.8594 million barrels/day respectively, indicating stable overall tire downstream demand [2] Group 3: U.S. Import Demand - In July, the U.S. imported 18.6138 million semi-steel tires and 2.0833 million full-steel tires, with month-on-month increases of 10.21% and 8.98% respectively, and year-on-year increases of 6.06% and 49.21% [3] Group 4: Financial Performance of Tire Companies - In Q2 2025, ten A-share tire companies reported total revenues of 39.833 billion CNY, a year-on-year increase of 12.27% and a month-on-month increase of 5.97%, with a net profit of 3.187 billion CNY, down 22.76% year-on-year [5] - SaiLun Tire achieved revenues of 9.175 billion CNY in Q2 2025, with a year-on-year increase of 16.76% but a net profit decline of 29.11% year-on-year [5]