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

Core Viewpoint - The article highlights the significant advancements and market position of Hai'an Rubber Group in the production of giant all-steel radial tires, emphasizing its role in breaking the monopoly of international giants and achieving import substitution in China. Group 1: Company Achievements - In December 2019, China became the third country capable of producing 59/80R63 all-steel giant tires, filling a domestic gap and reaching international advanced levels [2][3] - Hai'an Rubber is the first and largest manufacturer of 63-inch tires in China, with nearly 100 million yuan in orders on hand [6] - The company has delivered hundreds of 63-inch products, demonstrating successful application and validation [6] Group 2: Market Position - In 2022, Hai'an Rubber produced approximately 14,000 giant all-steel tires, accounting for about 52.4% of China's total production of 27,000 units [12] - Globally, Hai'an Rubber holds a 6.5% market share, ranking fourth after Michelin, Bridgestone, and Goodyear [13] - The company has successfully provided products and services to over a hundred mining companies, indicating strong market penetration [15] Group 3: Financial Performance - Hai'an Rubber's revenue is projected to reach 2.3 billion yuan in 2024, reflecting a 360% increase from 2020 [18] - Sales volume increased from 3,300 units in 2020 to 15,100 units in 2024, nearly a fivefold growth [19] - The company’s net profit for 2024 is expected to be 679 million yuan, nearly double that of 2022 [37] Group 4: Growth Drivers - The demand for giant all-steel tires is driven by the recovery of global mining companies, with domestic and international growth rates around 50% [23] - The exit of major international brands from the Russian market has created opportunities for Hai'an Rubber to expand its customer base [24] - The company has seen significant revenue growth in Europe, reaching 1.218 billion yuan in 2023 [25] Group 5: Competitive Advantages - Hai'an Rubber's operational management services for mining tires enhance customer loyalty and provide valuable feedback for product development [29][30] - The company maintains the highest gross margin in the industry, with a gross margin of 48.71% in 2024 [39] - Hai'an Rubber's production capacity utilization exceeds 90%, significantly higher than the industry average [43] Group 6: Market Outlook - The global market for giant all-steel tires is expected to grow at a compound annual growth rate (CAGR) of 5.18%, while China's market is projected to grow at a CAGR of 12.47% [48] - The exit of international brands from key markets presents a strategic opportunity for domestic companies to secure supply chains and enhance market share [50] - The shift towards giant all-steel tires, which have a longer lifespan than diagonal tires, indicates a structural opportunity for market growth [51]