Core Viewpoint - Hai'an Group (001233.SZ) has initiated its subscription with an issue price of 48 CNY per share and a subscription limit of 14,500 shares, reflecting a price-to-earnings ratio of 13.94 times, with Guotai Junan Securities as the sponsor [1] Company Overview - Hai'an Group's main business includes the research, production, and sales of giant all-steel engineering machinery radial tires and the operation management of mining tires, possessing production technology and mass production capabilities for a full range of all-steel giant tires (rim diameter of 49 inches and above) [1] - The company serves numerous domestic and international mining companies, mining machinery manufacturers, mining service contractors, and tire traders [1] Market Analysis - According to Frost & Sullivan, the global market for all-steel giant tires grew from 167,000 units in 2017 to 215,000 units in 2022, with a compound annual growth rate (CAGR) of 5.18%, indicating a persistent supply-demand imbalance [3] - The market for all-steel giant tires is expected to reach 358,000 units by 2027, highlighting significant future growth potential [3] Competitive Landscape - The global tire industry is experiencing a dynamic shift, with market share increasingly leaning towards East Asian companies, as the market share of major international tire brands has decreased from approximately 56% in 2002 to around 39% in 2022 [5] - China, as a major tire producer, accounts for nearly half of the global output, with 60% of its tires exported worldwide [5] - The exit of smaller tire manufacturers due to supply-side reforms has led to a gradual clearing of domestic tire production capacity, allowing surviving companies to gain more development space [5] Financial Performance - Hai'an Group's revenue composition for the years 2022, 2023, and 2024 shows significant growth in both all-steel giant tire sales and mining tire operation management [9] - The company reported revenues of approximately 1.508 billion CNY in 2022, 2.251 billion CNY in 2023, and an estimated 2.3 billion CNY in 2024, with net profits of about 354 million CNY, 654 million CNY, and 679 million CNY respectively [9] - Total assets increased from 2.103 billion CNY in 2022 to 3.283 billion CNY in 2024, with a notable decrease in the asset-liability ratio from 44.49% in 2022 to 21.10% in 2024 [10] Future Outlook - The non-road tire market is expected to maintain rapid growth due to increasing global mining exploration and infrastructure investment, with an estimated annual growth rate of approximately 6.7% from 2021 to 2027 [6] - The company anticipates a significant decline in net cash flow from operating activities in the first half of 2025 compared to the same period in 2024, primarily due to increased cash payments for goods and services [10]
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