轮胎行业专题报告（2024年12月）：12月原材料价格指数环比下滑，赛轮拟扩建柬埔寨全钢胎产能

Investment Rating - The report provides a positive outlook for the tire industry, particularly highlighting the potential growth of Sailun Tire's expansion project in Cambodia [4]. Core Insights - The tire industry is experiencing stable downstream demand, with U.S. automotive parts and tire store sales remaining at historically high levels despite a slight month-over-month decline [4][62]. - Sailun Tire plans to expand its production capacity in Cambodia, targeting an annual output of 1.65 million steel radial tires, with an investment of approximately $93.48 million [4]. - The raw material price index for tires decreased by 1.35% month-over-month in December 2024, while showing a year-over-year increase of 7.81% [6][7]. Summary by Sections Raw Materials - The raw material price index for December 2024 was 176.85, reflecting a month-over-month decrease of 1.35% and a year-over-year increase of 7.81% [6]. - Natural rubber averaged 17,309 CNY/ton, up 1.74% month-over-month and up 34.44% year-over-year [6][7]. - Styrene-butadiene rubber averaged 14,893 CNY/ton, down 2.45% month-over-month but up 26.74% year-over-year [6][7]. - Steel rebar averaged 3,504 CNY/ton, down 0.41% month-over-month and down 14.04% year-over-year [6][7]. - Carbon black averaged 7,382 CNY/ton, down 6.75% month-over-month and down 15.49% year-over-year [6][7]. Production and Export - In December 2024, the average operating rate for steel radial tires in China was 60.11%, a year-over-year increase of 2.85 percentage points [22]. - The average operating rate for semi-steel tires was 79.09%, a year-over-year increase of 6.84 percentage points [22]. - In November 2024, China's rubber tire output was 10.345 million units, reflecting a month-over-month increase of 9.46% and a year-over-year increase of 19.70% [25]. Consumption - The U.S. automotive parts and tire store retail sales in November 2024 were $11.142 billion, down 8.30% month-over-month but down only 0.12% year-over-year [62]. - The U.S. gasoline consumption in December 2024 was 8.7283 million barrels per day, down 0.53% month-over-month but up 1.02% year-over-year [62]. - Diesel consumption in the U.S. was 3.8583 million barrels per day in December 2024, up 4.87% month-over-month and up 7.27% year-over-year [62]. Import Market - In November 2024, the U.S. imported 17.5159 million PCR tires, down 4.02% month-over-month and down 1.51% year-over-year [69]. - The U.S. imported 1.5159 million TBR tires, down 1.08% month-over-month and down 2.37% year-over-year [69]. - The report indicates that U.S. import demand for tires remains robust despite seasonal fluctuations [70]. European Market - In Q3 2024, the European PCR replacement market saw sales of 57.854 million units, a quarter-over-quarter increase of 10.08% and a year-over-year increase of 4.53% [84]. - The TBR replacement market in Europe recorded sales of 3.112 million units, a quarter-over-quarter increase of 22.66% and a year-over-year increase of 2.27% [84].