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森麒麟(002984):二季度利润环比下滑 摩洛哥工厂放量在即
Xin Lang Cai Jing· 2025-09-04 06:45
Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit, primarily due to rising raw material costs and global tariff disruptions affecting profit margins [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.12 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 670 million yuan, a year-on-year decrease of 37.6% [1]. - The second quarter saw operating revenue of 2.06 billion yuan, with year-on-year and quarter-on-quarter increases of 3.4% and 0.4%, respectively, while net profit attributable to shareholders was 310 million yuan, down 45.8% year-on-year and 14.0% quarter-on-quarter [1]. Product Performance - Revenue from tire products in the first half of 2025 was 4.11 billion yuan, with a slight year-on-year increase of 0.2%. However, operating costs rose by 13.2% to 3.11 billion yuan due to increased raw material costs and inventory buildup [1]. - The gross margin for the first half of 2025 was recorded at 24.5%, a decrease of 8.7 percentage points year-on-year [1]. Production and Sales - The company maintained strong production and sales of tire products, with a total tire production of 15.57 million units in the first half of 2025, a year-on-year decrease of 3.2% [2]. - The production of semi-steel tires was 15.04 million units, down 3.6% year-on-year, while full-steel tire production increased by 7.7% to 530,000 units [2]. - Sales of tires totaled 14.87 million units, a year-on-year decrease of 1.5%, with semi-steel tire sales down 1.7% and full-steel tire sales up 3.1% [2]. Future Outlook - The company's Morocco factory project is progressing well, with expectations for large-scale production in the second half of the year. The project has seen a cumulative investment of 3.31 billion yuan, with 93.9% of the engineering progress completed [2]. - Revenue projections for 2025 to 2027 are 9.64 billion, 12.19 billion, and 13.47 billion yuan, with year-on-year growth rates of 13.3%, 26.5%, and 10.5%, respectively [3]. - Net profit forecasts for the same period are 1.70 billion, 2.36 billion, and 2.77 billion yuan, with year-on-year changes of -22.3%, +38.9%, and +17.4% [3].