顺应出海趋势，下游稳定增长！这两家轮胎企业产能持续优化，盈利快速攀升

Core Insights - The report highlights the growth of two tire manufacturing companies, Senqilin and Tongyong, which have shown significant revenue and profit increases despite a general decline in industrial profits in China [1][2][4]. Group 1: Company Performance - Senqilin reported a revenue of 6.3 billion yuan, a year-on-year increase of 10%, and a net profit of 1.7 billion yuan, up 74% [2][3]. - Tongyong achieved a revenue of 5 billion yuan, with a year-on-year growth of 36%, and a net profit of 400 million yuan, reflecting a 139% increase [2][3]. - Both companies have a high export ratio, with 80-90% of their revenue coming from overseas, reducing their exposure to domestic macroeconomic risks [4]. Group 2: Profitability Analysis - Senqilin's gross margin for the first three quarters of 2024 was 35.4%, an increase of 10 percentage points compared to 2023, marking the highest level since 2018 [5][6]. - Tongyong's gross margin reached 16.7%, the highest in five years [7]. - The increase in profitability for both companies is attributed to enhanced operational efficiency and product mix improvements rather than price hikes [13]. Group 3: Market Dynamics - The tire manufacturing industry is characterized as a midstream sector, with upstream raw materials and downstream automotive manufacturers [9]. - Rising rubber prices have pressured tire manufacturers, but the stable growth in downstream demand has allowed for effective cost pass-through [11]. - The report notes that the overseas production capacity expansion will be a key driver for profitability in the future, supported by stable global automotive consumption [14]. Group 4: Share Buybacks and Management Actions - Tongyong announced a share buyback plan with a budget of 25 million to 50 million yuan, having repurchased shares worth 15.61 million yuan by October 9, 2024 [16]. - Senqilin completed a share buyback and cancellation totaling 150 million to 250 million yuan, with a repurchase price range of 26.06 to 28.63 yuan per share [16][17]. - Following the buyback, Senqilin's management announced a significant share reduction, indicating a potential shift in shareholder sentiment [17].