证券研究报告 宏观研究 2025 年 7 月 16 日 二季度中国经济保持基本稳定结构更趋合理 核心观点： 第一创业证券研究所 2025 年上半年 GDP 同比增长 5.3%，较 2024 年回升 0.3 个百分点。其中，二季度 GDP 同比增长 5.2%，较一季度回落 0.2 个百分点，与 Wind 的市场预期持平。而从季调 后的环比看，二季度增长 1.1%，较一季度回落 0.1 个百分点。分产业看，第一产业 增加值同比增长 3.8%，较一季度回升 0.3 个百分点；第二产业增加值同比增长 4.8%， 较一季度回落 1.1 个百分点；第三产业增加值同比增长 5.7%，较二季度回升 0.4 个百分点。 分析师：李怀军 证书编号：S1080510120001 电话：010-63197789 从 6 月工业增加值看，同比增速为 6.8%，远高于 5.5%的市场预期（Wind），较 5 月回升 1 个百分点，季调环比为 0.5%，虽较 5 月 0.61%略有回落，但仍保持在较高 水平；从累计增速看，上半年同比增速为 6.3%，仅较一季度回落 0.1 个百分点。因 此，二季度 GDP 虽有回落但工业生产仍具相当韧性。 ...

Group 1 - The company plans to publicly issue 87.44856 million shares, accounting for 10% of the total share capital after issuance, with the initial inquiry date set for May 20, 2025, and subscription date for May 23, 2025 [1] - The company specializes in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, bias tires, and car tires, aiming to provide high-quality, high-performance, and green energy-saving products [1] - The company has established a strong domestic and international marketing network, with its tire products covering most provinces and cities in China and being exported to Europe, America, Africa, Oceania, Southeast Asia, and the Middle East [1] Group 2 - The company's net profit attributable to the parent company is projected to be 1.225 billion yuan, 2.638 billion yuan, and 3.787 billion yuan for the years 2022, 2023, and 2024, respectively [2] - The company expects a revenue growth of 8% to 15% for the first half of 2025, with projected revenue reaching 15.56 billion yuan, although profits may slightly decline due to increased raw material prices and external factors affecting overseas sales [2] - The funds raised from the public offering, after deducting issuance costs, will be invested in several projects, including a high-performance radial tire green 5G digital factory project and a production line for 2.5 million sets of all-steel radial heavy-duty tires, totaling an investment of 4.85 billion yuan [2]