轮胎行业更新点评：半钢胎高景气延续，海外基地税率优势明显

Investment Rating - The report rates the basic chemical industry as "Overweight" [1] Core Viewpoints - The industry remains in a high prosperity phase, with a continued demand for semi-steel tires and significant export advantages from overseas bases. The production volume of rubber tires in China is projected to increase by 4.9% year-on-year to 89.449 million units in April 2024, with cumulative production reaching 338 million units, up 10.8% year-on-year [3] - The report highlights that the recent preliminary anti-dumping duties imposed by the US on Thai steel tires are lower than expected, enhancing the competitive edge of overseas production bases [3] - Domestic tire companies are expanding their production capacity globally, indicating strong medium to long-term growth potential [3] Summary by Sections Industry Overview - The report indicates that the domestic tire industry is experiencing high demand, with semi-steel tire orders remaining robust. The export volume of Chinese automotive tires in April 2024 reached 641,200 tons, with an export value of $1.537 billion, reflecting a year-on-year increase of 2.36% and 1.61%, respectively [3] Cost and Capacity - Short-term cost fluctuations are noted to have limited impact, with natural rubber prices at 14,550 yuan per ton, showing a weekly increase of 3.19% and a monthly increase of 7.38%. The report also mentions ongoing capacity expansions by major domestic tire manufacturers, which are expected to enhance growth [3] Investment Recommendations - The report recommends investing in leading companies such as Sailun Tire, Senqisha, Linglong Tire, and General Motors, citing their clear growth potential and capacity expansion plans [3][5]