Core Viewpoint - The company expresses confidence in the growth prospects of its all-steel giant tire products, with a current order backlog of approximately 1.424 billion yuan and active efforts to expand into international markets [2][3] Group 1: Market Potential - The all-steel giant tires are primarily used for large open-pit mining giant trucks, with an estimated 56,000 active giant trucks globally and projected production of 358,000 all-steel giant tires by 2027 [2] - In 2024, the company achieved sales of 5,974 units for 49-inch tires, 4,201 units for 51-inch tires, 5,594 units for 57-inch tires, and 302 units for 63-inch tires, with the 63-inch product already in mass production [2] Group 2: Competitive Advantages - The company identifies its core competitive advantages as a strong mining service background, a unique "product + operation" business model, high-quality customer resources, and a mature global layout network [2] - The company operates in dozens of countries, providing all-steel giant tire products or mining tire operation management services to over a hundred mines, positioning itself closely behind three major international brands in market share, brand, and technology [2] Group 3: Future Growth and Market Strategy - The company acknowledges entering a relatively stable growth phase after years of rapid expansion, yet maintains sufficient growth momentum, with an order backlog of approximately 1.424 billion yuan as of July 2025 [3] - In the first half of 2025, new orders and framework agreements for all-steel giant tires amounted to 3.37 billion yuan, involving 4,790 units and 17 new customers, with ongoing efforts to pursue potential sales and operation management projects [3] - The company holds a positive yet rational outlook on gross margin, anticipating an increasing substitution effect of Chinese manufacturing over international brands, while recognizing potential pricing and margin pressures due to industry capacity release [3] - Future international market development will focus on traditional markets in Europe and the U.S., emerging markets in BRICS countries, and Chinese overseas markets [3]
海安集团：全钢巨胎市场空间广阔 在手订单约14.24亿元