SAILUN GROUP(SH:601058) Xinda Securities·2025-05-11 06:23Investment Rating - The report provides a positive outlook on the tire industry, indicating a stable demand in the U.S. market and a focus on potential trade policy changes in Europe and the U.S. [1] Core Insights - The tire industry is experiencing a decline in raw material and shipping costs, with a notable decrease in the raw material price index by 7.94% month-on-month and 5.32% year-on-year as of April 2025 [3][8] - U.S. imports of semi-steel tires reached 18.91 million units in March 2025, reflecting an 18.11% month-on-month increase and a 7.23% year-on-year increase, indicating robust overall demand [3][75] - The European Union plans to initiate anti-dumping investigations against Chinese semi-steel tires, which may impact future trade dynamics [3] Summary by Sections Raw Materials - The raw material price index for tires in April 2025 was 161.66, with significant decreases in prices for natural rubber (8.78% down), styrene-butadiene rubber (11.78% down), and carbon black (8.92% down) [8][9] - Natural rubber averaged 15,341 CNY/ton, while styrene-butadiene rubber averaged 12,486 CNY/ton [9] Production and Export - In April 2025, the average operating rate for full-steel tires in China was 65.14%, down 3.63 percentage points month-on-month, while semi-steel tires had an operating rate of 79.21%, down 3.81 percentage points [24] - China's rubber tire production in March 2025 was 107.45 million units, with exports of new inflatable rubber tires reaching 62.29 million units, a 42.34% increase month-on-month [26][30] Consumption - The replacement market shows resilience, with stable demand in the U.S. and a global year-on-year growth of 3% in March 2025 [37] - The U.S. automotive parts and tire store retail sales reached $12.069 billion in March 2025, reflecting a 21% month-on-month increase [68] Shipping Costs - The Baltic global container shipping price index averaged 2,045.93 points in April 2025, down 6.87% month-on-month and 15.47% year-on-year [3] Key Companies - The report highlights Sailun Tire as a key focus company within the tire industry [3]