Core Insights - The company reported a revenue of 33.68 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.0%, and a net profit of 3.51 billion yuan, up 9.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 11.83 billion yuan, a year-on-year increase of 9.8% and a quarter-on-quarter increase of 5.5%, with a net profit of 1.19 billion yuan, showing a significant year-on-year growth of 76.4% [1][2] - The strong performance in Q3 was driven by lower raw material prices, successful cost pass-through of tariffs, and continuous growth in domestic and international sales [1][3] Revenue and Sales Performance - In Q3 2025, the company sold 28.54 million tires, a year-on-year increase of 11.2%, and 32.39 million car tires, up 3.6% year-on-year [1] - The revenue growth in Q3 was supported by a 20.7% gross margin, which improved by 1.0 percentage points year-on-year, and a net profit margin of 10.1%, up 3.8 percentage points year-on-year [2] Cost and Profitability Factors - The improvement in gross margin was attributed to the clearance of high-cost inventory and the decline in raw material prices starting from Q2, with cost savings becoming evident in Q3 [2] - The company’s expenses in Q3 included sales, management, R&D, and financial expense ratios of 3.9%, 2.7%, 3.2%, and 1.0% respectively, with sales and management expenses rising due to the shift of domestic semi-steel capacity to overseas markets [2] Future Outlook - The company is expected to see a steady upward trend in its fundamentals, driven by the release of global capacity, particularly in Thailand, Indonesia, and Mexico, with an estimated additional capacity of approximately 5 million full-steel tires and 43 million semi-steel tires [3] - The brand strength of the company’s products, particularly in the domestic market, is expected to enhance pricing power, with a price increase notice issued for full-steel tires [3] - The improvement in external factors, such as lower raw material costs and the gradual pass-through of tariffs in the U.S. market, is anticipated to further enhance profitability [3] Earnings Forecast - The company’s projected revenues for 2025-2027 are 44.2 billion, 54.7 billion, and 56.9 billion yuan, with year-on-year growth rates of 13%, 24%, and 4% respectively [4] - The expected net profits for the same period are 4.3 billion, 5.5 billion, and 6.0 billion yuan, with corresponding growth rates of 14%, 28%, and 9% [4]
中策橡胶(603049)：25Q3业绩同比高增 重视25贸易变化后替配加速、26戴维斯双击机会