玲珑轮胎（601966）：公司事件点评报告：轮胎产销高增，盈利能力短期承压

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The tire production and sales have seen significant growth, but profitability is under short-term pressure due to rising raw material costs and tariffs [5][9] - The company reported a total revenue of 11.812 billion yuan for the first half of 2025, a year-on-year increase of 13.80%, while the net profit attributable to shareholders decreased by 7.66% [4][5] - The company is actively expanding its global footprint with the construction of a new factory in Brazil, which will enhance its ability to manage tariff risks [5][9] Summary by Sections Market Performance - The company achieved a tire production of 45.89 million units and sales of 44.39 million units in the first half of 2025, representing year-on-year growth of 5.77% and 11.23% respectively [5] Financial Performance - In Q2 2025, the company recorded a revenue of 6.115 billion yuan, a year-on-year increase of 14.63% and a quarter-on-quarter increase of 7.34% [4] - The net profit for Q2 2025 was 514 million yuan, showing a year-on-year growth of 6.11% and a quarter-on-quarter growth of 50.89% [4] Cost and Cash Flow - The gross margin was pressured due to a 14.63% increase in the average price of natural rubber and additional costs from U.S. tariff policies [5] - Operating cash flow decreased significantly, with a net cash flow from operating activities of 41 million yuan, down 95.05% year-on-year [6] Strategic Initiatives - The company is expanding its new retail channels, partnering with JD.com for a "trade-in" promotion, and has significantly increased its offline service network [7][8] - The number of service stations for passenger vehicles exceeded 1,000, and for commercial vehicles, it surpassed 1,300, with over 340,000 registered users on the app [8] Profit Forecast - The company forecasts net profits of 1.877 billion yuan, 2.298 billion yuan, and 2.732 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.3, 10.0, and 8.4 [9][11]