研报掘金丨中银证券：首予赛轮轮胎“买入”评级，全球化产能布局完善

Core Viewpoint - The report from Zhongyin Securities highlights the comprehensive global capacity layout of Sailun Tire, emphasizing the construction of product barriers through core technologies such as "liquid gold" tires and off-road tires, which are expected to drive revenue and performance growth through enhanced overseas production capacity and product value addition [1] Group 1: Production Capacity - The company has established four production bases in China: Qingdao, Dongying, Shenyang, and Weifang, along with overseas production bases in Vietnam and Cambodia, and is currently building a base in Egypt [1] - By mid-2025, the company plans to achieve an annual production capacity of 31.55 million all-steel tires, 109 million semi-steel tires, and 467,000 tons of off-road tires, with overseas bases contributing 9.75 million all-steel tires, 49 million semi-steel tires, and 137,000 tons of off-road tires [1] Group 2: Product Strategy - The off-road tires and "liquid gold" technology create a strong product barrier, while the dual-driven approach of research and marketing enhances brand influence [1] - The company is optimistic about its diversified overseas base layout and varied product structure, leading to a positive outlook on its growth potential [1]