研报掘金丨华鑫证券：予玲珑轮胎“买入”评级，轮胎产销量继续向上突破

Core Viewpoint - Linglong Tire's net profit attributable to shareholders for the first half of 2025 was 854 million yuan, a year-on-year decline of 7.66% [1] Company Performance - In Q2 2025, the company achieved a net profit of 514 million yuan, representing a year-on-year growth of 6.11% and a quarter-on-quarter increase of 50.89% [1] - The company's tire production and sales volume continued to rise, contributing to overall revenue growth despite short-term profit pressure from tariffs and other factors [1] Industry Context - The tire industry in China is experiencing a stable increase in prosperity during the first half of 2025 [1] Strategic Initiatives - The company is advancing its globalization strategy, with existing factories in Thailand and Serbia, and the construction of a base in Brazil already underway [1] - Future production flexibility is expected to help mitigate tariff risks effectively [1] Investment Rating - The company has been given a "Buy" investment rating [1]