注册制新股纵览 20250516：中策橡胶：我国销售规模最大的轮胎制造企业之一

Investment Rating - The report assigns a rating of "Neutral" to Zhongce Rubber, with an AHP score of 1.86, placing it in the 25.0% percentile of the non-Science and Technology Innovation Board AHP model [9][10]. Core Insights - Zhongce Rubber is one of the largest tire manufacturers in China, focusing on the research, production, and sales of all-steel tires, semi-steel tires, bias tires, and vehicle tires. The company has achieved significant advancements in technology, particularly in producing heavy-duty tires without inner tubes [4][11]. - The company has a relatively low global market share, with less than 3% from 2021 to 2023, despite being ranked first in the "2024 China Tire Enterprise Rankings" and among the top ten in the "2024 Global Annual Tire Report" [4][14]. - The company has been expanding its overseas presence, with a steady increase in foreign revenue from 14.99 billion yuan in 2022 to 18.90 billion yuan in 2024, accounting for 48.32% of total revenue [4][17]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for Zhongce Rubber, after excluding liquidity premium factors, is 1.86, indicating a position in the lower-middle tier of the AHP model [9][10]. Fundamental Highlights and Features - Zhongce Rubber is the largest tire manufacturer in China, with a focus on all-steel and semi-steel tires as its main revenue sources. The company has made significant technological advancements in tire production [4][11]. - The company has been increasing its production capacity utilization, reaching 95.17% in 2024, with plans to expand capacity further through new projects [12][29]. Comparable Company Financial Metrics - From 2022 to 2024, Zhongce Rubber's revenue and net profit are higher than the average of comparable companies, with revenue growth rates of 10.95% and net profit growth of 75.84%, although these rates are lower than the industry average [21][22]. - The gross profit margin for 2024 is expected to be in the upper-middle range compared to peers, with a higher R&D expense ratio [27][28]. Fundraising Projects and Development Vision - The company plans to raise funds through an IPO to invest in several projects, including a high-performance tire digital factory and production line expansions, which will significantly increase its production capacity [29][32].