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 reported revenue of 8.411 billion yuan, a year-on-year increase of 15.29%, and a net profit of 1.039 billion yuan, reflecting a year-on-year growth of 0.47% [1] - The company’s production capacity release has effectively supported performance, with sales volume reaching 72.16 million units in 2024, a 29.34% increase year-on-year, and 19.37 million units in Q1 2025, up 16.84% year-on-year [4] - The overseas factories in Vietnam and Cambodia have significantly contributed 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, enhancing its competitive edge in various market segments [4] Financial Summary - The company’s projected revenue for 2025-2027 is expected to reach 36.963 billion yuan, 43.028 billion yuan, and 49.708 billion yuan, with year-on-year growth rates of 16.2%, 16.4%, and 15.5% respectively [7] - The net profit attributable to shareholders is forecasted to be 4.172 billion yuan, 5.124 billion yuan, and 6.225 billion yuan for the same period, with growth rates of 2.7%, 22.8%, and 21.5% respectively [7] - The diluted EPS for 2025-2027 is expected to be 1.27 yuan, 1.56 yuan, and 1.89 yuan [7]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-036 赛轮集团股份有限公司 2024 年第四季度主要经营数据公告 2、轮胎贸易 除自产自销轮胎外，公司还经销公司合并范围外的其他企业生产的轮胎产 品。2024 年第四季度，公司轮胎贸易收入为 19,827.46 万元。 二、主要产品和原材料的价格变动情况 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 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》之《上 市公司行业信息披露指引第十三号—化工》要求，现将赛轮集团股份有限公司（以 下简称"公司"）2024 年第四季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 2024 年第四季度，公司实现营业收入 817,424.20 万元，其中轮胎产品收入 801,373.19 万元（包括自产自销轮胎实现的收入及轮胎贸易收入）。 1、自产自销轮胎 | 主要产品 | 产量（万条） | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | | 轮胎 | 2 ...

本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 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》之《上 市公司行业信息披露指引第十三号—化工》要求，现将赛轮集团股份有限公司（以 下简称"公司"）2025 年第一季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 2025 年第一季度，公司实现营业收入 841,146.65 万元，其中轮胎产品收入 830,780.93 万元（包括自产自销轮胎实现的收入及轮胎贸易收入）。 1、自产自销轮胎 | 主要产品 | 产量（万条） | | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | --- | | 轮胎 | | 1,988.33 | 1,937.39 | 808,972.68 | 证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2025-037 赛轮集团股份有限公司 2025 年第一季度主要经营数据公告 2025 年第一季度，受产品结构变化等因素影响，公司自产自销轮胎产品的 平均价格同比下降 0.40%， ...

1．主要产品的价格变动情况 本公司的主要产品为轮胎，2025 年第一季度实现轮胎销售收入 11.15 亿元， 销售收入同比增加 0.52 亿元。由于市场结构变化及公司产品结构的调整，2025 年第一季度轮胎销售价格同比 2024 年度第一季度上涨 0.62%，2025 年第一季度 环比 2024 年第四季度轮胎销售价格下降 2.02%。 2．主要原材料的价格变动情况 证券代码：600182 证券简称：S 佳通 公告编号：临 2025-013 佳通轮胎股份有限公司 关于 2025 年第一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（2022 年修订）》的相关规定，现将佳通轮胎股份有限公司（以下简 称"公司"）2025 年第一季度主要经营数据披露如下： | | 2025 年第一季度 | | | --- | --- | --- | | 轮胎产量 | 轮胎销量 | 主营业务-轮胎销售收入 | | 424.7 万条 | 4 ...

证券代码：600182 证券简称：S 佳通 公告编号：临 2025-012 | | 2024 年第四季度 | | | --- | --- | --- | | 轮胎产量 | 轮胎销量 | 主营业务-轮胎销售收入 | | 469.75 万条 | 456.39 万条 | 12.30 亿元 | 佳通轮胎股份有限公司 关于 2024 年第四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（2022 年修订）》的相关规定，现将佳通轮胎股份有限公司（以下简 称"公司"）2024 年第四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 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，2024 年第四季度实现轮胎销售收入 12.30 亿元， 销售收入同比增加 1.45 亿元。公司 2024 年第四季度因产品结构和市场结构的影 响，2024 年第四季度轮胎销售价格同比 2023 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Guoguang Co., Shengquan Group, and others as strong investment opportunities [4]. Core Insights - The chemical market is experiencing active trading, with growth stocks presenting favorable allocation opportunities. The report highlights the "Five Tigers" of Minsheng Chemical, which includes Shengquan Group, Guoci Materials, Guoguang Co., Amway Co., and Polymeric Co. [1][4]. - Phosphate fertilizer demand remains stable, with high prices for phosphate rock expected to continue due to increased entry barriers and a delayed supply release from new mines [1]. - The report suggests focusing on large phosphate chemical enterprises with integrated advantages, such as Yuntianhua, Xingfa Group, Chuanheng Co., and Chuanfa Longmang [1]. Summary by Sections Chemical Sector Overview - The basic chemical industry index closed at 3335.36 points, up 2.71% from the previous week, outperforming the CSI 300 index by 2.32% [10]. - Among 462 stocks in the chemical sector, 298 stocks rose (65%), while 148 stocks fell (32%) [16]. Key Chemical Products - The report tracks 380 chemical products, with 59 products seeing price increases and 119 products experiencing declines. Notable price increases were observed in liquid chlorine, sulfuric acid, and MDI [21]. - Liquid chlorine prices surged by 105% to 41 CNY/ton, while sulfuric acid prices rose by 21% to 100 CNY/ton [22]. Subsector Tracking - Polycarbonate (PC) production capacity is expected to grow from 875,000 tons in 2018 to 3,810,000 tons by 2024, with a gradual improvement in supply-demand balance anticipated from 2025 to 2029 [2]. - The organic silicon sector is projected to see a recovery in supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024 [2]. Company Profit Forecasts - Guoguang Co. is forecasted to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 24 [4].

Group 1 - The core viewpoint of the article is that Linglong Tire is advancing its "7+5" global strategy and plans to list H-shares in Hong Kong, which is expected to enhance its financing channels and support its international business development [1][9] - Linglong Tire's main products include passenger and light truck tires, truck and bus tires, and off-road tires, with a market presence in 173 countries. The company has shown stable revenue growth, with year-on-year increases of 18.6%, 9.4%, and 12.92% for the years 2022, 2023, and Q1 2025 respectively [2][5] - The company has experienced fluctuations in profit, with net profits of 1.391 billion, 1.752 billion, and 341 million yuan for the same periods, attributed to product and market structure adjustments, leading to a decline in gross margin to 15% [2][4] Group 2 - Linglong Tire is enhancing its product competitiveness through innovation and a diversified brand matrix, with new products launched in 2024 and 2025 achieving high market recognition [4][5] - The company is implementing its "7+5" global strategy, establishing seven production bases in China and five overseas, including a factory in Serbia that is expected to reach a design capacity of 12 million semi-steel tires and 2.4 million all-steel tires by 2025 [4][5] - The company is also investing 1.19 billion USD (approximately 8.71 billion yuan) in a new factory in Brazil, which is projected to further enhance its production capacity and growth expectations for 2026 [5][6] Group 3 - The global tire industry has been steadily growing since 2020, with a market size reaching 1.784 billion units in 2023, primarily driven by replacement market demand [6][7] - Linglong Tire is positioned well within the industry, with 36 Chinese companies, including Linglong, ranking among the top 75 global tire manufacturers, reflecting the increasing competitiveness of domestic brands [7][8] - The company has been actively expanding its presence in the high-end market, securing partnerships with major automotive brands and enhancing its reputation as a quality supplier [8][9] Group 4 - Linglong Tire has a stable dividend policy, distributing a total of 0.367 yuan per share in 2024, with a planned dividend of 0.07 yuan per share in Q1 2025, maintaining a payout ratio of 30% [8][9] - The company's market capitalization has significantly increased, with a premium of over 90% for investors holding shares since the beginning of the year, leading to a total shareholder return exceeding 100% [8][9]

Investment Rating - The report maintains a "Buy" rating for specific companies in the chemical industry, particularly in the compound fertilizer and pesticide sectors, while recommending "Hold" for others [17]. Core Insights - The chemical industry is experiencing an optimization in supply and demand dynamics, leading to a recovery in the compound fertilizer, metal chromium, and niche pesticide markets. The report highlights investment opportunities in undervalued high-growth companies [3][4]. - The report emphasizes the positive performance of listed companies in Q1 2025, particularly in the compound fertilizer sector, and suggests focusing on companies like Xin Yang Feng, Stanley, and Yun Tu Holdings for investment opportunities [3][4]. - The report notes that metal chromium prices have surged to 75,000 CNY/ton, a week-on-week increase of 7,500 CNY/ton, driven by rising demand from the stainless steel sector and new military spending in Europe [3][4]. - The agricultural chemical market is entering its traditional peak season, with stable trading volumes for seasonal crop pesticides. Specific products like Acetochlor and Avermectin are seeing price increases, with recommendations for companies like Xian Da and Li Min [3][4]. Summary by Sections Industry Dynamics - Current macroeconomic conditions in the chemical sector indicate a stabilization in oil prices due to geopolitical factors and OPEC+ production increases, while coal prices are expected to decline in the medium term [4][6]. - The chemical industry PPI data shows a gradual recovery from negative values, with March 2025 PPI at -2.8% year-on-year, indicating a potential bottoming out of the cycle [6][8]. Fertilizer and Pesticide Sector - The report highlights that the domestic urea price is currently at 1,800 CNY/ton, with a slight week-on-week decline of 0.6%. The compound fertilizer sector is experiencing a decrease in operating rates, leading to increased inventory levels [10]. - The pesticide market is witnessing a seasonal peak, with stable trading volumes and price adjustments in various pesticide products, including a price increase for Pyrazole [10][19]. Chemical Products Pricing and Inventory Changes - The report provides detailed pricing data for various chemical products, indicating fluctuations in prices for PTA, MEG, and PVC, with specific attention to the impact of raw material costs and market demand [10][11][12]. - The report notes that the market for fluorinated chemicals is facing supply constraints due to mining restrictions, while the demand remains weak, leading to price adjustments [12][19]. Company Recommendations - The report recommends several companies for investment based on their growth potential and market positioning, including Yangnong Chemical, Runfeng Co., and Yun Tianhua in the fertilizer and pesticide sectors [17][18]. - Companies in the tire and fluorochemical sectors are also highlighted for their potential benefits from recovering domestic demand and cost reductions [3][17].

Investment Rating - The report maintains a "Strong Buy" rating for Linglong Tire (601966) with a target price of 20.85 CNY, while the current price is 14.77 CNY [1][3]. Core Insights - Linglong Tire is expanding its global footprint by investing 1.19 billion USD (approximately 8.71 billion CNY) in a new production base in Brazil, which is expected to enhance its competitiveness and market share in the Americas [7][8]. - The company reported a revenue of 22.06 billion CNY in 2024, representing a year-on-year increase of 9.39%, and a net profit of 1.75 billion CNY, up 26.01% year-on-year [7][8]. - The report highlights a significant drop in net profit for Q4 2024, which was 0.41 billion CNY, down 90.6% year-on-year, indicating challenges in the latter part of the year [7][8]. Financial Performance Summary - In 2024, Linglong Tire produced and sold 89.12 million and 85.45 million tires, respectively, marking increases of 12.65% and 9.57% year-on-year [7]. - The average selling price of tires in 2024 was 255.3 CNY per tire, a slight increase of 0.2% from 2023 [7]. - The gross profit margin for 2024 was 22.06%, reflecting a year-on-year increase of 1.05 percentage points, although the margin decreased in Q4 2024 and Q1 2025 due to rising raw material costs [7][8]. Future Projections - The report projects revenues of 27.7 billion CNY in 2025, with a year-on-year growth rate of 25.6%, and a net profit of 2.04 billion CNY, reflecting a growth rate of 16.4% [8]. - For 2026 and 2027, the expected revenues are 31.28 billion CNY and 34.03 billion CNY, with corresponding net profits of 2.72 billion CNY and 3.39 billion CNY [8].

截至4月25日，A股9家轮胎上市公司中已有6家披露2024年年报。其中，从营收方面看，山东玲珑轮胎 （601966）股份有限公司(以下简称"玲珑轮胎")以220.58亿元的营业收入位居第一；从净利方面看，青 岛森麒麟（002984）轮胎股份有限公司(以下简称"森麒麟")则以归母净利润21.86亿元居行业榜首。 政策支持下，汽车市场实现了新的突破，特别是新能源汽车。根据中国汽车工业协会数据，新能源汽车 2024年产销首次突破千万辆大关，渗透率已达到40.9%。 玲珑轮胎有关人士对《证券日报》记者表示，近年来创新成果不断涌现，如发布首条智能发电轮胎等， 公司在低滚阻、高耐磨、超强操控性产品上走在行业前列。此外，公司还建成全球首条百吨级绿色水基 蒲公英橡胶生产线，加快绿色低碳产品开发。 在袁帅看来，绿色材料替代与智能制造升级是轮胎行业"双碳"转型的关键。玲珑轮胎有关负责人也表 示，绿色环保已成为轮胎行业的新标准，轮胎企业需加速创新和深化绿色转型，实现绿色低碳高质量发 展。 "当前，中国轮胎加速'出海'，有望实现品牌力及市占率的进一步提升。"玲珑轮胎有关人士表示。玲珑 轮胎的塞尔维亚基地一期项目在2024年9月份成功 ...