Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved significant growth in net profit attributable to shareholders, with a year-on-year increase of 59.74% in 2024, reaching 2.186 billion yuan [3] - The company is expanding steadily in both domestic and international markets, with a revenue of 8.511 billion yuan in 2024, representing an 8.53% year-on-year increase [2] - The company is recognized for its leading position in intelligent manufacturing within the industry, having received multiple national honors for its smart manufacturing practices [9] - The company has successfully entered the high-end tire supply market, becoming a qualified supplier for major automotive manufacturers, including Volkswagen and Audi [8] - The company is also making strides in the aviation tire sector, having developed capabilities to produce tires for various aircraft, including those for Boeing and Airbus [10] Financial Performance Summary - In 2024, the company achieved a tire production volume of 32.2261 million units, a 10.22% increase year-on-year, with sales volume reaching 31.4087 million units, up 7.34% [2] - The average tire price was 270.70 yuan per unit, reflecting a 1.14% increase compared to the previous year [2] - For Q1 2025, the company reported a revenue of 2.056 billion yuan, a decrease of 2.79% year-on-year, with a net profit of 361 million yuan, down 28.29% year-on-year [4] - The company’s cash flow from operating activities for 2024 was 1.960 billion yuan, a decrease of 17.19% year-on-year [3] Future Projections - The company is projected to achieve revenues of 10.856 billion yuan, 12.531 billion yuan, and 13.056 billion yuan for the years 2025, 2026, and 2027 respectively [12] - The net profit attributable to shareholders is expected to be 2.243 billion yuan, 2.664 billion yuan, and 2.835 billion yuan for the same years [12] - The company maintains a strong outlook with a leading position in intelligent manufacturing and ongoing expansion in both domestic and international markets, justifying the "Buy" rating [10]

Core Viewpoint - The financial performance of major Chinese tire companies, including Sailun, Linglong, and Triangle, shows significant divergence in 2024, with Sailun and Linglong experiencing substantial growth in revenue and net profit, while Triangle faced declines in both revenue and profit [2][4][8]. Financial Performance Summary - **Sailun Tire**: - Revenue reached 31.802 billion yuan, up 22.4% year-on-year - Net profit was 4.063 billion yuan, a 31.4% increase - R&D expenses amounted to 1.013 billion yuan, a 20.8% increase [3][4][6][8] - **Linglong Tire**: - Revenue was 22.058 billion yuan, growing by 9.4% - Net profit reached 1.752 billion yuan, up 26% - R&D expenses totaled 920 million yuan, a 12.97% increase [3][4][7][8] - **Triangle Tire**: - Revenue fell to 10.156 billion yuan, down 2.55% - Net profit decreased to 1.103 billion yuan, a decline of 21.03% - R&D expenses were 150 million yuan, a 6% increase [3][4][8] Market Trends and Challenges - The global tire market is expanding, driven by the recovery of the automotive industry, with a total global tire sales volume of 1.856 billion units in 2024, a 1.86% increase year-on-year [4][12] - The domestic tire market saw a total production of 847 million units, up 7.8% year-on-year [4] - The industry is facing challenges from rising raw material prices, particularly natural rubber and synthetic rubber, which increased by 30% and 19% respectively [7][11] Q1 2025 Performance - **Sailun**: - Revenue for Q1 2025 was 8.411 billion yuan, a 15.28% increase year-on-year - Net profit was 1.039 billion yuan, a slight increase of 0.47% [9][10] - **Linglong**: - Q1 revenue reached 5.697 billion yuan, up 12.92% - Net profit fell to 341 million yuan, down 22.78% [9][10] - **Triangle**: - Q1 revenue was 2.244 billion yuan, down 5.92% - Net profit decreased significantly to 166 million yuan, a decline of 43.54% [9][11] Strategic Developments - Sailun is enhancing its digital and intelligent manufacturing capabilities, establishing a comprehensive digital ecosystem to improve production efficiency and reduce costs [6][8] - Linglong is expanding its global footprint with new factories in Brazil and Serbia, aiming to strengthen its international competitiveness [14] - Triangle is also investing in digital transformation to improve operational efficiency despite facing significant challenges [7][11]

Group 1 - Linglong Tire (601966.SH) reported its Q1 2025 results, with 58 institutional investors holding a total of 917 million shares, representing 62.63% of the total share capital [1] - The top ten institutional investors collectively hold 60.27% of the shares, with a slight increase of 0.08 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 11 funds increased their holdings, while 13 funds decreased their holdings, both with a change of 0.11% [2] - Seven new public funds disclosed their holdings in Linglong Tire, while 350 funds did not disclose their holdings in the current period [2] Group 3 - One pension fund decreased its holdings, while one insurance fund increased its holdings, indicating a slight change in the pension and insurance sectors [3] - One foreign fund reduced its holdings by 0.20% compared to the previous quarter [3]

Core Viewpoint - The company reported strong revenue growth but faced declining net profit due to rising raw material costs impacting gross margins [1][2] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.122 billion yuan, a year-on-year increase of 47% [1] - The net profit attributable to shareholders was 103 million yuan, a year-on-year decrease of 32.8% [1] - The net profit excluding non-recurring items was 95 million yuan, down 36.5% year-on-year [1] - For the year 2024, the company reported revenue of 6.958 billion yuan, a 37.39% increase year-on-year, and a net profit of 374 million yuan, up 72.81% year-on-year [2] Group 2: Operational Developments - The company is accelerating internationalization, smart upgrades, and green initiatives, establishing production bases in China, Thailand, and Cambodia [1] - The Cambodia base is expected to achieve full production capacity by May 22, 2024, making the company a pioneer in achieving "overseas dual bases" in the tire industry [1] - The Thailand factory has a strong market reputation for high-performance and green products, with semi-steel orders consistently exceeding supply [1] Group 3: Strategic Initiatives - The company is actively advancing overseas projects, including the second phase in Thailand and Cambodia, as well as domestic semi-steel tire upgrades, aiming for full production capacity by 2025 [2] - The company plans to enhance profitability through cost reduction, innovation, and brand value improvement, leveraging new capacities from overseas factories and domestic upgrades [2] - The company has demonstrated resilience and market competitiveness despite external challenges such as weak global economic recovery and increased trade protectionism [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.20 CNY, compared to the current price of 12.07 CNY [4][9]. Core Insights - The company has demonstrated stable operating performance, focusing on product competitiveness and global capacity layout. The revenue for 2024 reached 31,802 million CNY, a year-on-year increase of 22.42%, while the net profit attributable to shareholders was 4,063 million CNY, up 31.42% year-on-year [9][10]. - The company plans to distribute a cash dividend of 0.23 CNY per share for 2024, amounting to a total of 1,249 million CNY, which represents 30.76% of the annual net profit [9]. - The company has seen a steady increase in tire production and sales, with 2024 figures showing production of 74.81 million tires and sales of 72.16 million tires, reflecting year-on-year growth of 27.6% and 29.3%, respectively [9][10]. Financial Performance - For Q1 2025, the company reported revenue of 8,411 million CNY, a year-on-year increase of 15.29%, and a net profit of 1,039 million CNY, which is a slight increase of 0.47% year-on-year [9]. - The average selling price of tire products in Q1 2025 was 417.6 CNY per tire, showing a decrease of 0.4% year-on-year [9]. - The company’s gross margin for Q1 2025 was 24.74%, down 2.94 percentage points year-on-year, influenced by rising raw material costs [9]. Market and Production Insights - The company achieved revenues of 23,810 million CNY from overseas markets and 7,550 million CNY from domestic markets in 2024, with respective year-on-year growth rates of 23.6% and 19.9% [9]. - The overseas subsidiaries in Vietnam and Cambodia reported revenues of 8,644 million CNY and 4,039 million CNY, respectively, with significant growth in Cambodia [9]. - The company has a robust capacity planning, with a total planned annual production capacity of 27.65 million full-steel tires and 106 million semi-steel tires, indicating strong growth potential [9]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 4,193 million CNY and 5,019 million CNY, respectively, with a new forecast for 2027 at 5,829 million CNY [9][10]. - The projected price-to-earnings (P/E) ratios for the upcoming years are 10x for 2024, 9x for 2025, and 8x for 2026, indicating a favorable valuation compared to historical averages [10].

01 事件概述 ► 液体黄金性能优异，助力公司品牌力提升 液体黄金轮胎应用国际首创化学炼胶技术，降低轮胎滚动阻力，提升抗湿滑和耐磨性能，成功解决了困扰轮胎行业多年的"魔鬼三角"问题，已经过国际权威机构西班牙 IDIADA、史密斯实验室、中国橡胶工业协会等多项权威机构的测试和认证。此外平均1条液体黄金卡客车胎、轿车胎可分别降低能耗4%、3%以上，新能源轿车可提高续 航5%-10%。 03 投资建议 披露2024年报及2025一季报：2024年营收318.0亿元，同比+22.4%，归母净利40.6亿元，同比+31.4%，扣非归母净利39.9亿元，同比+26.9%。2025Q1营收84.1亿元，同比 +15.3%/环比+2.9%；归母净利10.4亿元，同比+0.4%/环比+26.8%；扣非归母净利10.1亿元，同比-0.7%/环比+16.3%。 02 分析判断 ► 2025Q1业绩稳健增长 高盈利水平持续 收入端： 公司2024Q4营收同比+17.3%/环比-3.5%，2025Q1营收同比+15.3%/环比+2.3%，收入的同比高增主要系新产能持续投放，展望2025年印尼及柬埔寨产能会陆续 达到量供状态。 利润端： ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 12.07 CNY per share [6]. Core Views - The company reported a revenue of 31.8 billion CNY for 2024, representing a year-on-year increase of 22.4%, and a net profit attributable to shareholders of 4.06 billion CNY, up 31.4% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 8.41 billion CNY, reflecting a year-on-year growth of 15.3% and a quarter-on-quarter increase of 2.9% [1]. - The company is benefiting from its global capacity expansion and the introduction of its innovative "Liquid Gold" tire technology, which enhances performance and reduces energy consumption [4]. Summary by Sections Financial Performance - The company reported a gross margin of 25.3% in Q4 2024, down 8.3 percentage points year-on-year, and a gross margin of 24.7% in Q1 2025, down 3.0 percentage points year-on-year [3]. - The net profit margin for Q1 2025 was 12.4%, indicating sustained high profitability despite rising raw material costs [2]. Capacity and Market Position - The company has a production capacity exceeding 70 million tires, with facilities in various locations including Qingdao, Dongying, and Cambodia, and is on track to meet its mid-to-long-term capacity goals [3]. - The company has established partnerships with major domestic and international firms, enhancing its market presence in both domestic and overseas markets [3]. Product Innovation - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and improving durability, which addresses long-standing industry challenges [4]. - The technology has been certified by several international testing organizations, further solidifying the company's reputation in the market [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 36.54 billion CNY, 41.85 billion CNY, and 46.16 billion CNY, respectively, with net profits expected to reach 4.50 billion CNY, 5.27 billion CNY, and 6.15 billion CNY [5][9]. - The report anticipates a continued strong growth trajectory, supported by the expansion of the tire market and the company's strategic initiatives [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a significant increase in stock price over the next 6-12 months [5][13]. Core Insights - The company reported a total revenue of 31.8 billion RMB for 2024, a year-on-year increase of 22.4%, and a net profit of 4.06 billion RMB, up 31.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 8.4 billion RMB, reflecting a 15.3% year-on-year growth and a 2.9% quarter-on-quarter increase, with a net profit of 1.04 billion RMB, which is a slight increase of 0.47% year-on-year and a 26.8% increase quarter-on-quarter [2]. - The company is experiencing rapid growth in tire production and sales, with a production volume of 74.81 million tires in 2024, up 27.6% year-on-year, and sales of 72.16 million tires, up 29.3% year-on-year [3]. - The company is implementing a global strategy, with production bases in Mexico and Indonesia under construction, which is expected to enhance its global market share and drive revenue growth [4]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 31.8 billion RMB in 2024 to 36.12 billion RMB in 2025, with a growth rate of 13.57% [9]. - The net profit is expected to increase from 4.06 billion RMB in 2024 to 4.49 billion RMB in 2025, reflecting a growth rate of 10.61% [9]. - The diluted earnings per share are forecasted to rise from 1.236 RMB in 2024 to 1.367 RMB in 2025 [9]. Production and Sales - The company’s tire production and sales are on an upward trajectory, with Q1 2025 sales volume increasing by 16.84% year-on-year [3]. - The average selling price of tires has slightly decreased by 0.4% year-on-year due to changes in product structure [3]. Strategic Initiatives - The company is expanding its production capabilities internationally to mitigate trade barriers and enhance its competitive position in the global market [4]. - The construction of new production bases in Mexico and Indonesia is expected to be completed this year, further solidifying the company's global footprint [4].

橡胶工业协会会长徐文英指出，过去七八年，中国企业成功在其他国家建厂，只要美国不在全球范围内 加征关税，中国轮胎还是有出口美国的可能性。 自关税危机以来，降价出售成为轮胎行业公认"好走的路"。对此，徐文英呼吁企业要将价格稳定在合理 区间，进行公平竞争，这样行业才能向好发展。徐文英透露，协会正与有关部门积极沟通，力求在减税 降费、向企业发放补贴、增加消费补贴等方面为企业发展助力。 中化新网讯 在中美关税摩擦升级、轮胎企业出海面临挑战的当下，轮胎行业如何实现高质量发展?"中 美贸易战升级对于中国轮胎企业对外贸易而言风险是可控的。轮胎企业要树立信心，积极有为应对挑 战，加强科技创新，拓展全球视野，积极探索多元发展路径，实现合作共赢。"4月25日在江苏兴化召开 的2025全国轮胎行业会员大会暨兴达生态创新发展论坛上，业内专家及学者共商破局之道，凝聚发展共 识。 美国加征关税对轮胎企业影响如何是与会代表最关心的话题。"2024年轮胎行业整体出口额为1430亿 元，其中向美国出口额为56.5亿美元，占比仅为4.2%，利润约3亿元。而去年我国轮胎行业利润额达400 亿元，因此对美轮胎贸易波动对于我国轮胎行业发展实际影响有限， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience with record high revenue and profit in 2024, achieving total revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% year-on-year [1] - In Q1 2025, the company continued to show growth with total revenue of 8.411 billion yuan, a year-on-year increase of 15.29%, and a net profit of 1.039 billion yuan, which is stable despite short-term adverse impacts from raw material and shipping costs [4] - The company’s overseas factories in Vietnam and Cambodia contributed significantly to profitability, with net profits of 1.585 billion yuan and 0.904 billion yuan respectively, accounting for 39% and 22% of total net profit [4] - The company has successfully launched several new products targeting various market segments, enhancing its brand strength and market competitiveness [4] Financial Summary - The company’s revenue is projected to reach 36.963 billion yuan in 2025, with a year-on-year growth of 16.2%, and net profit is expected to be 4.172 billion yuan, reflecting a growth of 2.7% [7] - Key financial metrics for 2024 include a gross margin of 27.6% and a return on equity (ROE) of 20.8% [6] - The company plans to distribute a cash dividend of 0.23 yuan per share for 2024, totaling 0.756 billion yuan, which represents 30.76% of the net profit attributable to shareholders [2]