Linglong Tyre(SH:601966) Chan Ye Xin Xi Wang·2026-02-10 01:23Overview - The semi-steel tire industry in China is experiencing rapid growth, driven by the continuous prosperity of the passenger car market, with total sales expected to reach 650 million units in 2024, a year-on-year increase of 8.8% [1][7]. - Domestic sales are projected to be 322 million units, accounting for 49.54% of total semi-steel tire sales [1][7]. Market Policies - The Chinese government has issued several policies to support the development of the tire industry, including guidelines for high-quality development in the petrochemical sector and encouragement for foreign investment [5][6]. Industry Chain - The semi-steel tire industry consists of upstream suppliers of raw materials, midstream research and production, and downstream markets focused on passenger vehicles [6][7]. - The automotive industry is a crucial pillar of China's economy, with significant growth expected in passenger car production and sales, projected to reach 30.27 million and 30.10 million units respectively by 2025 [7]. Current Development - The semi-steel tire industry is expanding rapidly, with production expected to reach 661 million units in 2024, a year-on-year increase of 11.8%, representing 55.73% of the total tire production in China [7][8]. - Major production regions include Shandong, Zhejiang, Jiangsu, Liaoning, Guizhou, and Fujian, with Shandong alone accounting for 46% of total production [7][8]. Competitive Landscape - The market concentration of the semi-steel tire industry has significantly increased, with the top 10 companies holding a market share of 56.5% in 2024 [9]. - Linglong Tire leads the domestic market with a sales volume of 35.72 million units, capturing an 11.1% market share [9]. - Other notable companies include Zhongce Rubber and Giti Tire, with market shares of 10.4% and 7.7% respectively [9]. Key Companies - Linglong Tire: A comprehensive tire company focusing on design, manufacturing, and sales, with a revenue of 11.81 billion yuan in the first half of 2025, and a significant presence in the new energy vehicle sector [9][10]. - Zhongce Rubber: Engaged in the production of various tire types, with a revenue of 39.25 billion yuan in 2024, and a focus on expanding its market presence both domestically and internationally [10]. Development Trends - The industry is moving towards green and low-carbon production, with an emphasis on eliminating high-energy consumption and high-emission capacities [11]. - The rise of electric vehicles is driving innovation in tire technology, focusing on low rolling resistance and smart tire solutions [12]. - Domestic brands are increasingly replacing foreign brands, leading to a more concentrated market with a shift towards technology and brand competition [13].