中策橡胶：新股覆盖研究-20250518

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company, Zhongce Rubber (603049.SH), is a leading global tire manufacturer with a strong market presence and brand recognition, including well-known brands such as "Chaoyang" and "Goodride" [21][22]. - The company has shown consistent revenue growth, with projected revenues of CNY 318.89 billion, CNY 352.52 billion, and CNY 392.55 billion for the years 2022, 2023, and 2024, respectively, reflecting year-over-year growth rates of 4.21%, 10.55%, and 11.35% [7][25]. - The company is expanding its overseas production bases, which is expected to stabilize and enhance its future operations, with foreign sales accounting for 48.32% of revenue in 2024 [22]. Summary by Sections Basic Financial Status - The company achieved operating revenues of CNY 318.89 billion, CNY 352.52 billion, and CNY 392.55 billion for the years 2022, 2023, and 2024, with corresponding net profits of CNY 12.25 billion, CNY 26.38 billion, and CNY 37.87 billion [7][21]. - In Q1 2025, the company reported operating revenues of CNY 106.41 billion, a 17.06% increase year-over-year, while net profit decreased by 19.14% [7]. Industry Situation - The global tire market has maintained a scale of over USD 150 billion, with 2023 sales reaching USD 192 billion, driven by the essential nature of tires in automotive consumption [14][20]. - The Chinese tire market is expected to continue growing due to increasing vehicle ownership, with a projected vehicle count of 453 million by the end of 2024 [16][17]. Company Highlights - Zhongce Rubber has been in the tire manufacturing industry for over 60 years and ranks among the top ten global tire manufacturers, leading in sales within China [21][22]. - The company is expanding its overseas production capabilities, with new facilities in Thailand, Indonesia, and Mexico, which will help mitigate trade protectionism impacts and enhance profit margins [22]. Fundraising Project Investments - The company plans to invest in five projects through its IPO, including a green 5G digital factory for high-performance tires, which is expected to generate significant revenue and profit upon completion [23][24]. Peer Comparison - In 2024, Zhongce Rubber's revenue of CNY 392.55 billion and net profit of CNY 37.87 billion positioned it in the mid-high range compared to peers, although its sales gross margin was below the industry average of 21.29% [25][26].