赛轮轮胎(601058)：三季度利润向好 单季度营收迈入百亿关口

Core Viewpoint - The company reported its Q3 2025 results, showing a revenue increase but a decline in net profit, indicating mixed performance amid expanding production capacity and improving gross margins [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 27.59 billion yuan, a year-on-year increase of 16.8%, while the net profit attributable to shareholders was 2.87 billion yuan, a year-on-year decrease of 11.5% [1]. - In Q3 2025, the company recorded a revenue of 10.0 billion yuan, with year-on-year and quarter-on-quarter increases of 18.0% and 9.0%, respectively, while the net profit was 1.04 billion yuan, reflecting a year-on-year decrease of 4.7% but a quarter-on-quarter increase of 31.3% [1]. Production and Sales - The company produced and sold 61.1 million and 60.45 million tire products, respectively, in the first three quarters of 2025, representing year-on-year increases of 11.8% and 12.2% [1]. - In Q3 2025, tire production reached 20.49 million units, with year-on-year and quarter-on-quarter changes of +6.7% and -1.1%, while sales were 21.3 million units, showing year-on-year and quarter-on-quarter increases of 10.2% and 7.7% [1]. Gross Margin Improvement - The company's overall gross margin for Q3 2025 was 25.1%, reflecting a quarter-on-quarter increase of 0.7 percentage points, driven by cost improvements and a slight increase in tire prices [2]. - The average price of self-produced tires increased by 7.3% year-on-year and 1.7% quarter-on-quarter, contributing to the recovery of the gross margin [2]. Capacity Expansion - The company is progressing with its overseas capacity expansion, with the Mexican and Indonesian factories having achieved their first tire production in May and August 2025, respectively [2]. - These factories are currently in the ramp-up phase, which is expected to enhance production and sales in the future [2]. Profit Forecast - The company forecasts net profits of 3.96 billion yuan, 4.81 billion yuan, and 5.84 billion yuan for 2025 to 2027, with year-on-year changes of -2.5%, +21.5%, and +21.4%, respectively [2].