二、主要产品和原材料的价格变动情况 1．主要产品的价格变动情况 本公司的主要产品为轮胎，2025 年第三季度实现轮胎销售收入 12.89 亿元， 销售收入同比增加 0.58 亿元。由于市场结构变化及公司产品结构的调整，2025 年第三季度轮胎销售价格同比 2024 年度第三季度上涨 0.77%，2025 年第三季度 环比 2025 年第二季度轮胎销售价格上涨 1.32%。 证券代码：600182 证券简称：S 佳通 公告编号：临 2025-030 佳通轮胎股份有限公司 关于 2025 年第三季度主要经营数据情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号-行业信息披露-第十三 号——化工》的相关规定，现将佳通轮胎股份有限公司（以下简称"公司"）2025 年第三季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况 | | | 2025 年第三季度 | | | --- | --- | --- | --- | | 轮胎产量 | | 轮胎销量 | 主营业务-轮 ...

Core Insights - The company reported a revenue of 33.68 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.0%, and a net profit of 3.51 billion yuan, up 9.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 11.83 billion yuan, a year-on-year increase of 9.8% and a quarter-on-quarter increase of 5.5%, with a net profit of 1.19 billion yuan, showing a significant year-on-year growth of 76.4% [1][2] - The strong performance in Q3 was driven by lower raw material prices, successful cost pass-through of tariffs, and continuous growth in domestic and international sales [1][3] Revenue and Sales Performance - In Q3 2025, the company sold 28.54 million tires, a year-on-year increase of 11.2%, and 32.39 million car tires, up 3.6% year-on-year [1] - The revenue growth in Q3 was supported by a 20.7% gross margin, which improved by 1.0 percentage points year-on-year, and a net profit margin of 10.1%, up 3.8 percentage points year-on-year [2] Cost and Profitability Factors - The improvement in gross margin was attributed to the clearance of high-cost inventory and the decline in raw material prices starting from Q2, with cost savings becoming evident in Q3 [2] - The company’s expenses in Q3 included sales, management, R&D, and financial expense ratios of 3.9%, 2.7%, 3.2%, and 1.0% respectively, with sales and management expenses rising due to the shift of domestic semi-steel capacity to overseas markets [2] Future Outlook - The company is expected to see a steady upward trend in its fundamentals, driven by the release of global capacity, particularly in Thailand, Indonesia, and Mexico, with an estimated additional capacity of approximately 5 million full-steel tires and 43 million semi-steel tires [3] - The brand strength of the company’s products, particularly in the domestic market, is expected to enhance pricing power, with a price increase notice issued for full-steel tires [3] - The improvement in external factors, such as lower raw material costs and the gradual pass-through of tariffs in the U.S. market, is anticipated to further enhance profitability [3] Earnings Forecast - The company’s projected revenues for 2025-2027 are 44.2 billion, 54.7 billion, and 56.9 billion yuan, with year-on-year growth rates of 13%, 24%, and 4% respectively [4] - The expected net profits for the same period are 4.3 billion, 5.5 billion, and 6.0 billion yuan, with corresponding growth rates of 14%, 28%, and 9% [4]

Group 1 - Linglong Tire (SH 601966) announced on October 27 that its sixth board meeting was held to review the third quarter report for 2025 [1] - For the year 2024, Linglong Tire's revenue composition is 98.88% from tire sales and 1.12% from other businesses [1] - As of the report date, Linglong Tire has a market capitalization of 22.4 billion yuan [1]

Group 1 - The core viewpoint of the news is that Linglong Tire reported its third-quarter performance, showing a revenue increase but a significant decline in net profit and earnings per share [1] Group 2 - For the first three quarters of 2025, Linglong Tire's revenue was approximately 18.161 billion yuan, representing a year-on-year increase of 13.87% [1] - The net profit attributable to shareholders was about 1.167 billion yuan, reflecting a year-on-year decrease of 31.81% [1] - The basic earnings per share were 0.8 yuan, down 31.62% compared to the previous year [1] Group 3 - As of the report date, Linglong Tire's market capitalization was 22.4 billion yuan [2]

相关报告：智研咨询发布的《2026-2032年中国橡胶轮胎行业市场供需态势及发展前景研判报告》 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 近一年中国橡胶轮胎出口情况统计图 根据中国海关数据显示：2025年8月中国橡胶轮胎出口数量为87万吨，同比增长2.6%，出口金额为20.95 亿美元，同比下降0.7%。。 ...

Core Insights - The company reported a revenue of 33.68 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.0% [1] - The net profit attributable to shareholders reached 3.51 billion yuan, up 9.3% year-on-year, while the net profit excluding non-recurring items was 3.43 billion yuan, reflecting a 16.9% increase [1] Revenue and Profit Performance - In Q3 2025, the company achieved a revenue of 11.83 billion yuan, with year-on-year and quarter-on-quarter growth of 9.8% and 5.5% respectively [1] - The net profit for Q3 was 1.19 billion yuan, showing a significant year-on-year increase of 76.6% and a slight quarter-on-quarter increase of 1.7% [1] Production and Sales Growth - The company’s tire production reached 81.17 million units in the first three quarters of 2025, a year-on-year increase of 9.6%, while sales were 81.98 million units, up 12.5% year-on-year [1] - In Q3, tire sales were 28.54 million units, with year-on-year and quarter-on-quarter increases of 11.2% and 6.0% respectively [1] Cost and Margin Improvement - The gross margin for Q3 2025 was 20.7%, an increase of 1.0 percentage points quarter-on-quarter, driven by higher sales prices and improved cost structure [2] - The average sales price for tire products increased by 1.5% quarter-on-quarter, while the average price for car tire products rose by 1.8% [2] - The comprehensive procurement price of key raw materials decreased by 5.2% year-on-year and 3.0% quarter-on-quarter, indicating a trend of cost improvement [2] Capacity Expansion - The company is steadily advancing capacity construction in Thailand and Indonesia, with the Indonesian base filling a local production gap and contributing to overseas revenue growth [2] Profit Forecast and Valuation - The company is projected to achieve net profits of 4.39 billion yuan, 5.22 billion yuan, and 6.23 billion yuan for 2025-2027, with year-on-year growth rates of 16.0%, 18.9%, and 19.3% respectively [3] - Based on the closing price on October 21, the corresponding price-to-earnings ratios are estimated to be 10, 9, and 7 times for the respective years [3]

Core Viewpoint - Qingdao Double Star (000599.SZ) reported a year-on-year increase in operating revenue for Q3 2025, but also posted a significant net loss attributable to shareholders [1] Financial Performance - Operating revenue reached 1.22 billion yuan, representing a year-on-year increase of 16.96% [1] - Net profit attributable to shareholders was -74.36 million yuan [1] - Net profit attributable to shareholders after deducting non-recurring gains and losses was -90.49 million yuan [1]

青岛双星公告，第三季度营收为12.2亿元，同比增长16.96%；净利润亏损7436.4万元，下降40.01%。前 三季度营收为34.92亿元，同比增长5.12%；净利润亏损2.61亿元，下降44.00%。 ...

上市企业：玲珑轮胎（601966）,三角轮胎（601163）,赛轮轮胎（601058）,贵州轮胎（000589）,风神股 份（600469）,青岛双星（000599）,通用股份（601500）,S佳通（600182） 相关报告：智研咨询发布的《2025-2031年中国橡胶轮胎外胎行业市场分析研究及产业趋势研判报告》 根据国家统计局数据显示：2025年8月中国橡胶轮胎外胎产量为10295万条，同比增长1.5%；2025年1-8 月中国橡胶轮胎外胎累计产量为79546.7万条，累计增长1.6%。 2020-2025年1-8月中国橡胶轮胎外胎产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

3Q25 业绩略超市场预期 3Q25 公司轮胎产量2,801 万条（+2.6%QoQ），销量2,854 万条（+6.0%QoQ），销售收入100.69 亿元 （+7.5%QoQ）。 风险 发展趋势 全球贸易壁垒增加；原材料价格上涨；产能投放进度不及预期。 盈利预测与估值 公司公布1-3Q25 业绩：收入336.83 亿元，同比+11.4%；归母净利润35.13 亿元，同比+9.3%。即3Q25 收入118.28 亿元，同比+9.8%，环比+5.5%；归母净利润11.91 亿元，同比+76.6%，环比+1.7%。业绩略 超市场预期，主要是由于原材料价格下行利好有所体现。 由于公司3Q25 业绩略超预期，我们上调2025 年/2026 年净利润6.8%/3.4%至45.41 亿元/51.04 亿元。当前 股价对应2025 年/2026 年市盈率9.5 倍/8.4 倍。维持跑赢行业评级，由于明年原材料价格波动仍有不确 定性，我们维持目标价63.0 元，对应2025 年/2026 年市盈率12.1 倍/10.8 倍，较当前股价有28.0%的上行 空间。 原材料价格下降，3Q25 公司成本端受益。2Q25 轮胎主要原材 ...