打破垄断，中国第一！全钢巨胎龙头海安橡胶：净利润超6亿，国产替代、全球化双线崛起

Investment Rating - The report indicates a strong investment potential for Hai'an Rubber, highlighting its leadership in the domestic market and significant growth prospects in the global arena. Core Insights - Hai'an Rubber has become the first domestic company capable of mass-producing 63-inch steel radial tires, with a current order backlog nearing 100 million yuan [4][8]. - The company holds over 50% of the domestic market share for giant steel tires, ranking first in China and fourth globally [9][10]. - The global market for giant steel tires is expected to grow, with Hai'an Rubber positioned to benefit from the exit of major international brands from the Russian market [50][51]. Summary by Sections Company Overview - Hai'an Rubber has developed advanced production technology for giant steel tires, achieving significant milestones since its inception in 2005 [1][4]. - The company has successfully filled domestic gaps in the market, breaking the monopoly of international giants [1][11]. Market Position - In 2022, Hai'an Rubber produced approximately 14,000 units of giant steel tires, accounting for about 52.4% of China's total production [9]. - The company is recognized for its extensive application in the mining sector, serving numerous domestic and international clients [11][27]. Financial Performance - Revenue for Hai'an Rubber has surged by 360% over five years, with projected revenue of 2.3 billion yuan in 2024 [15][14]. - The net profit for 2024 is expected to reach 679 million yuan, nearly double that of 2022 [33]. Growth Drivers - The company is experiencing robust growth in both domestic and international markets, particularly in Russia, where demand for its products has increased significantly [23][25]. - Hai'an Rubber's operational management services for mining tires are expected to yield substantial future revenue, as they currently represent a smaller portion of total income [32]. Competitive Advantage - Hai'an Rubber maintains the highest gross margin in the industry, benefiting from a direct sales model and high production capacity utilization [33][44]. - The company has a unique service and research combination that enhances its product offerings and customer loyalty [30][31]. Future Outlook - The global demand for giant steel tires is projected to grow at a compound annual growth rate of 5.18%, with China's market expected to grow at 12.47% [47]. - The exit of major international brands from key markets presents a significant opportunity for Hai'an Rubber to expand its market share [50][51].