研报掘金丨华鑫证券：予赛轮轮胎“买入”评级，上半年营收产销均创历史同期新高

Core Viewpoint - The report from Huaxin Securities indicates that Sailun Tire achieved a revenue of 17.392 billion yuan in the first half of 2025, marking a year-on-year growth of 16.4%, with tire business accounting for 98.89% of total revenue [1] Revenue Performance - The tire business's revenue growth was driven by domestic and international markets, with domestic revenue increasing by 9.21% and international revenue by 18.72%, both reaching historical highs for the same period [1] - The company produced 40.6 million tires and sold 39.5 million tires in the first half of the year, representing year-on-year growth of 15% and 14% respectively, also achieving historical highs [1] Profitability and Cost Management - Despite revenue growth, the gross margin for the tire business declined by 4.38 percentage points to 24.58% due to market competition and cost pressures [1] - The company effectively managed expenses, improved cash flow quality, and optimized its capital structure, demonstrating strong operational resilience and financial health [1] Strategic Focus - The company is driving its transformation through technological innovation and sustainable development, focusing on high-end, green, and digital transformation initiatives [1]