原材料涨价致业绩承压，拟建巴西项目基地 玲珑轮胎(601966) ——玲珑轮胎 2024 年报及 2025Q1 季报点评 本报告导读： 原材料涨价致 2025Q1 业绩承压，塞尔维亚项目产能快速爬坡中，兵器公司公告拟 投建巴西项目。公司将持续受益于中长期产能释放，配套和替换端发力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 20,165 | 22,058 | 24,932 | 26,942 | 28,205 | | (+/-)% | 18.6% | 9.4% | 13.0% | 8.1% | 4.7% | | 净利润（归母） | 1,391 | 1,752 | 2,134 | 2,462 | 2,717 | | (+/-)% | 376.9% | 26.0% | 21.8% | 15.3% | 10.4% | | 每股净收益（元） | 0.95 | 1.20 | 1.46 | 1.68 | 1.86 | | ...

(图为优科豪马苏州工厂一期光伏实景图) 近日，优科豪马轮胎宣布其苏州工厂二期屋顶分布式光伏项目方案正式获得批准。该项目总装机容量达 2.98MWp，计划于5月底启动施工，预计2个月内完成建设并实现并网发电。此举标志着优科豪马在推进绿色生 产、践行碳中和承诺方面迈出重要一步。 此次光伏项目是优科豪马"可持续发展愿景"的重要实践，致力于在保障生产效率的同时，通过技术创新减少环境 负荷，为全球碳中和目标贡献力量。作为轮胎行业低碳转型的先行者，优科豪马近年来持续加码清洁能源布局， 此次苏州工厂项目亦成为其深化本土化绿色战略的关键举措。 在 "双碳"目标持续推进的背景下，优科豪马此举不仅彰显了外资企业积极履行社会责任的担当，也为制造业绿色 升级提供了可借鉴的范例。未来，公司计划进一步拓展可再生能源应用场景，推动全价值链减排，持续引领行业 可持续发展。 根据测算，该项目在并网投用后，年均发电量可达约2,778兆瓦时(10年期)及2,704兆瓦时(20年期)，可满足工厂部 分清洁电力需求。尤为突出的是，其环保效益显著：运营期内年均二氧化碳减排量分别达约2,110吨(10年期)与 2,054吨(20年期)，相当于种植约9.4 ...

Group 1 - Shengxiang Bio plans to increase its investment in Hunan Shengwei Kunteng Biotechnology Co., Ltd. by 100 million yuan to enhance its industrial chain layout in the POCT field, resulting in a 44.6441% stake in Shengwei Kunteng after the investment [1] - Yaguang Technology's subsidiary Chengdu Yaguang signed a product pre-production agreement worth 101 million yuan, accounting for 10.56% of the company's audited revenue for the last fiscal year [1] Group 2 - Chutianlong's shareholder plans to reduce its stake by up to 3%, equating to 13.83 million shares, due to personal funding needs [2] - Naipu Mining intends to invest up to 45 million USD in Swiss Veritas Resources AG, acquiring a 22.5% stake to extend its industrial chain [2][3] Group 3 - Diri Medical's shareholder plans to reduce its stake by up to 3%, totaling 814.83 thousand shares, due to funding needs [4] - Kangtai Medical's controlling shareholder plans to reduce its stake by up to 2.99%, equating to 12 million shares [5] Group 4 - Iwu Bio's controlling shareholder plans to transfer up to 450 thousand shares through block trading, representing 0.86% of the total share capital [7] - Guokai Hengtai's four shareholders plan to collectively reduce their stake by up to 4.7%, totaling 22.94 million shares [9] Group 5 - *ST Zhongcheng submitted a hearing application to the Shenzhen Stock Exchange in response to a delisting notice [10] - Donghua Software's actual controller and associated parties plan to reduce their stake by up to 1%, totaling 32.05 million shares [12] Group 6 - Shandong Molong's shareholder reduced its H-share holdings by 107 million shares, representing 13.39% of the total share capital [12] - Yinbang Co.'s shareholder plans to reduce its stake by up to 1%, totaling 821.92 thousand shares [13] Group 7 - Jinxinnong reported April sales of 10.65 million pigs, generating sales revenue of 139 million yuan, with an average selling price of 15.05 yuan per kilogram [14] - Dongfang Jiasheng purchased 9.54 million shares of Zhonggu Logistics for approximately 99.72 million yuan, representing 4.18% of the company's net assets [15] Group 8 - Linglong Tire's controlling shareholder received a financing commitment of up to 270 million yuan for stock repurchase [16] - Wuchan Jinlun's shareholder plans to reduce its stake by up to 3%, totaling 619.77 thousand shares [18] Group 9 - Pengyao Environmental's directors and executives plan to collectively reduce their stake by up to 0.07% [19] - Ruihu Mould's controlling shareholder plans to reduce its stake by up to 1.92%, totaling 401.89 thousand shares [20] Group 10 - Electric Alloy's shareholder plans to reduce its stake by up to 0.63%, totaling 210.88 thousand shares [22] - Shanghai Xinyang's controlling shareholder plans to reduce its stake by up to 0.64%, totaling 200 thousand shares [24] Group 11 - Sujiao Ke's controlling shareholder plans to acquire up to 2% of the company's shares from a fund [26] - Heyuan Bio's shareholders plan to reduce their stake by up to 1%, totaling 649.04 thousand shares [27]

Core Insights - The Chinese tire industry holds a 35% global market share but faces significant challenges in profitability and competition, with over 50% of tire companies experiencing declining net profits despite revenue growth [1][2] - The industry is shifting from a focus on scale and price competition to a need for technological innovation and quality improvement to escape the "involution" trap [1][3] Industry Performance - In 2024, China's rubber tire production reached 1.17 billion units, a 3.2% increase year-on-year, while industry profits fell by 8.5% to 31.1 billion yuan [2] - The top five or six companies account for one-third of sales revenue and over 70% of industry profits, highlighting a concentration of market share [2] Challenges and Trends - The industry is characterized by a lack of core technology and brand premium, leading to a situation where companies face "incremental growth without profit" [2][3] - The prevalence of credit sales has increased the risk of cash flow issues for dealers, with a record number of tire stores closing due to unpaid debts in 2024 [3] Technological Advancements - The industry is moving towards "smart manufacturing," with leading companies developing digital standards and intelligent production systems to enhance efficiency and reduce costs [5][6] - Innovations such as the "Industrial 4.0" factory model and the "橡链云" platform are being implemented to create a more interconnected and efficient tire manufacturing ecosystem [6][7] Global Expansion - Chinese tire companies are seizing new opportunities for global expansion, particularly in Europe, the Middle East, and North America, where demand is rising [8][9] - Companies like 森麒麟 are establishing production bases abroad, such as in Morocco, to enhance their global footprint and brand value [8] R&D and Product Development - The industry has seen significant improvements in R&D intensity, leading to breakthroughs in high-performance tire products that meet stringent international standards [10] - The "devil's triangle" of tire performance (rolling resistance, wet grip, and wear resistance) is being addressed through innovative product development [10] Policy and Future Directions - Recent government policies emphasize the need for digital and green upgrades in the tire industry, marking a shift towards quality and value enhancement [11] - The industry is at a crossroads, where the focus is on how to rapidly transform rather than whether to transform, indicating a new era of collaboration and innovation [11]

智通财经5月8日讯（记者 肖良华）遭遇贸易摩擦阴霾，原材料涨价、需求不足，2025年开年伊始，国 内头部轮胎企业可以说遭遇了"高难度"开局。在今天举行的2024年度暨2025年第一季度业绩说明会上， 玲珑轮胎（601966.SH）董秘孙松涛对投资者的上述担忧一一进行了回应。 在贸易摩擦大背景下，玲珑轮胎计划进一步完善全球化布局。4月25日，玲珑轮胎公告称拟投资87.1亿 元人民币，建设巴西基地，计划于2025年第三季度开工，全部建成后，正常将实现年营业收入 77.58 亿 元人民币，年净利润12.13亿元人民币。 不过，在业绩会上，有投资者质疑，公司巴西基地回报周期过长（需11年多），而国内同业在墨西哥和 摩洛哥的项目投资回报周期只有6年多甚至更短。 对此，孙松涛表示，为了高效推进新基地建设的同时减轻资本投入压力，管理层对巴西工厂的建设原则 是"轻负债、长周期"。巴西项目建设周期为7年，计划分三期完成。此外，本次巴西项目公司是与当地 较有实力的经销商SUNSET进行合作，可有效减少公司直接资金投入。 去年四季度和今年一季度，玲珑轮胎的业绩也有所承压。 财报显示，今年一季度，公司实现毛利率 14.92%，同比和 ...

丨证券研究报告丨 公司研究丨点评报告丨通用股份（601500.SH） [Table_Title] Q1 业绩有所承压，海外产能保障新动能 报告要点 [Table_Summary] 1、公司发布 2024 年年报，全年实现收入 69.6 亿元（同比+37.4%），归属净利润 3.7 亿元（同 比+72.8%），归属扣非净利润 3.6 亿元（同比+83.6%）。2、公司发布 2025 年一季报，实现收 入 21.2 亿元（同比+47.0%），归属净利润 1.0 亿元（同比-32.8%），归属扣非净利润 0.9 亿元 （同比-36.5%）。公司是一家以斜交胎起家，不断横向拓展品类，逐步发展至全品类产品的轮胎 企业。公司研发能力领先，产品具备硬实力，海外泰国与柬埔寨双基地逐渐发力，成长动能充 足。 分析师及联系人 [Table_Author] 马太 叶家宏 SAC：S0490516100002 SAC：S0490522060003 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通用股份（601500.SH） cjzqdt11111 [Table_ ...

[Table_Summary] 1、公司发布 2024 年年报，全年实现收入 220.6 亿元（同比+9.4%），归属净利润 17.5 亿元（同 比+26.0%），归属扣非净利润 14.0 亿元（同比+8.4%）。公司拟向全体股东每 10 股派发现金红 利 0.14 元（含税）。2、公司发布 2025 年一季报，实现收入 57.0 亿元（同比+12.9%，环比- 6.7%），归属净利润 3.4 亿元（同比-22.8%，环比+739.8%），归属扣非净利润 2.8 亿元（同比 -34.6%，环比+3678.1%）。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨玲珑轮胎（601966.SH） [Table_Title] Q1 业绩有所承压，海外新基地落子巴西 报告要点 马太 叶家宏 SAC：S0490516100002 SAC：S0490522060003 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 玲珑轮胎（601966.SH） cjzqdt11111 [Table_Title2] Q1 业绩有所承 ...

Core Viewpoint - The 15th China (Guangrao) International Rubber Tire and Auto Parts Exhibition is set to take place from May 15 to 17, showcasing the growth and significance of the rubber tire industry in Guangrao County, with a focus on market-driven and innovative exhibition practices [2][3]. Group 1: Exhibition Overview - The exhibition has been held since 2010, with 12 offline and 2 online events, evolving into a globally recognized platform for technology exchange and trade cooperation in the rubber tire industry [2]. - The 14th exhibition achieved significant success, with the operational model recognized as an innovative case for 2024 [2]. - Guangrao County's rubber tire industry has seen substantial growth, with an industrial output value of 46.67 billion yuan in 2024, a year-on-year increase of 13.1%, and exports reaching 25.95 billion yuan [2]. Group 2: Exhibition Features - The upcoming exhibition will cover an area of 55,000 square meters, an increase of 3,000 square meters from the previous year, with 800 planned exhibition booths [3]. - The exhibition will feature eight major areas, including new energy and recycling, and will host over 50 global top 500 companies and 9 of the top 10 tire manufacturers [3]. Group 3: International Participation - The exhibition aims to attract professional buyers from over 70 countries and regions, with a focus on markets in the EU, Southeast Asia, and the Middle East [4]. - Extensive promotional efforts have been made through over 150 media outlets, with expectations of attracting at least 30,000 professional buyers and over 150,000 total attendees [4]. Group 4: Platform Functionality - The exhibition will serve as a comprehensive platform for showcasing cutting-edge products and technologies, facilitating one-on-one supply-demand matching, and promoting industry-academia collaboration [5]. - Various events, including industry forums and innovation conferences, will be held to drive the digital transformation of the rubber tire industry [5]. Group 5: Service Enhancements - The exhibition will focus on improving service quality through digital platforms and optimized venue facilities, ensuring a seamless experience for exhibitors and attendees [7]. - Efforts will be made to maintain a conducive environment for business interactions, including urban management and transportation order [7].

Core Insights - Hankook Tire is launching four new commercial vehicle tire products in May 2025, targeting various segments such as express delivery, high-end tractors, and diversified transportation [1][5] Group 1: Product Launch Details - The new products include Steady Star AH39, Steady Drive DH39, Swift Star AL36, and Swift Power DL36, designed to meet the increasing performance demands in the logistics and transportation industry [1][4] - The Swift Star AL36 and Swift Power DL36 are specifically designed for the express delivery market, addressing high standards for long-distance logistics [2][3] Group 2: Technical Innovations - The new tire designs incorporate advanced 3D tread patterns and hidden grooves, enhancing durability, traction, and overall performance throughout the tire's lifecycle [2][3] - The Swift series tires reduce rolling resistance, improving fuel efficiency and supporting users in achieving high mileage with low fuel consumption [3] Group 3: Market Positioning - The launch reflects Hankook's strategic response to the structural changes in the Chinese market, transitioning from a price-first approach to a focus on efficiency and comprehensive performance [5] - The new products are positioned to meet the evolving demands for high durability, low fuel consumption, and reduced maintenance costs in the commercial vehicle sector [5][6] Group 4: Future Outlook - The introduction of these products is expected to set new performance benchmarks in the industry, aligning with trends towards high-end, intelligent, and sustainable transportation solutions [6] - Hankook aims to continue expanding its market presence by focusing on safety, economy, and sustainability in its product offerings [6]

斑马消费 沈庹 一封疑似由双星品牌创始人汪海签署的公开信，近日在互联网上疯狂传播。信中描述其被儿子儿媳及孙子逼宫，被逼交出公章和管理权。 昨日下午，汪海的儿媳徐英向媒体表示，不知道这封公开信的真假，也不知公公所在何处，"但这事我们肯定会给大家一个答复"。 家族内斗？ 84岁的青岛双星名人集团董事长兼总裁汪海，被逼交出权力？ 日前，一封疑为其签署的告全体员工公开信在互联网上疯传。信中详细披露20多天前，汪海被膝下两代人限制人身自由、抢公章等情节，引起业内外的高度 关注。 昨日下午，汪海儿媳徐英向媒体回应称，不知道这封公开信是否为公公所发，也不知其所在何处，但承诺给公众一个答复。 按照公开信的描述，4月11日下午，汪海被其孙汪子栋限制人身自由两小时，并要求交出公司管理权。与此同时，汪海之子汪军、儿媳徐英到办公室抢夺公 章及财物等。 当天，汪、徐等人还采取阻止人员进场等方式，导致当天召开的一季度生产经营会议和公司组织架构调整会议会场混乱，经警方介入才得以平息。 汪海在上世纪70年代加入青岛双星前身国营第九橡胶厂，后来推动青岛双星上市，12年前辞任董事长，转身掌舵家族企业的鞋类业务至今。 作为双星品牌缔造者，汪海曾带 ...