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 ...

Investment Rating - The report indicates a declining trend in public fund allocation to the chemical industry, with the allocation ratio dropping to 4.1% in Q1 2025, down 1.6 percentage points year-on-year and 0.7 percentage points quarter-on-quarter, reflecting a historical low level [1][11]. Core Insights - The focus of public funds has shifted, with a notable decrease in the concentration of holdings in leading companies within the chemical sector. The top ten heavyweights' market capitalization share fell from 46.2% in Q4 2024 to 41.9% in Q1 2025 [1]. - Attention has been primarily directed towards the civil explosives and fluorochemical sectors in Q1 2025, with significant increases in holdings for companies like Guangdong Hongda and Zhenhua Co., while reductions were seen in companies such as Wanhua Chemical and Xinzhou Bang [2][3]. - The report highlights a strong interest in sectors with price increase potential, such as fluorochemicals, chromium salts, and pesticides, alongside improving supply-demand dynamics in the civil explosives sector [3]. Summary by Sections Public Fund Allocation Trends - The allocation of public funds to the chemical industry has been on a downward trajectory since Q2 2022, with the market capitalization share decreasing to 4.1% in Q1 2025, marking a significant decline from previous years [11][12]. Individual Stock Movements - Key stocks that saw increased holdings include Guangdong Hongda, Zhenhua Co., and Saint Spring Group, while major reductions were noted for Wanhua Chemical and Xinzhou Bang [2][16]. - The top ten companies by market capitalization in the chemical sector accounted for 52.2% of total holdings, a decrease of 3.3 percentage points [11][15]. Sector Performance - The report identifies the top five sectors by fund holdings in Q1 2025 as other chemical products (13.36 billion), polyurethane (5.91 billion), tires (5.18 billion), fluorochemicals and refrigerants (4.96 billion), and other chemical raw materials (3.85 billion) [24]. Investment Recommendations - The report suggests focusing on sectors with price increase potential and strong domestic demand, particularly civil explosives, while also highlighting opportunities in new materials such as AI materials [4].

Core Viewpoint - Linglong Tire plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image, while supporting its global business development and strategy implementation [1][3]. Group 1: Financial Performance - In 2024, Linglong Tire achieved a revenue of 22.058 billion yuan, representing a year-on-year growth of 9.39% [3]. - The net profit attributable to shareholders was 1.752 billion yuan, showing a significant year-on-year increase of 26.01% [3]. Group 2: Global Strategy - Linglong Tire has established a "7+5" global layout strategy, with production bases in China and overseas locations in Thailand and Serbia, indicating steady progress in its globalization efforts [3]. - The company aims to complete the H-share issuance within the validity period of the shareholders' resolution, subject to necessary approvals from regulatory bodies [4]. Group 3: Technological Innovation - Linglong Tire is committed to technological innovation, with a global R&D system established across multiple locations, including China, the US, and Germany [6]. - The company has developed a range of high-performance products, integrating proprietary technologies and focusing on high quality and added value [6]. - Advanced technologies such as industrial internet, big data, and AI are utilized to enhance product quality and ensure efficient production processes [6]. Group 4: Sustainability and Industry Leadership - The European Linglong factory incorporates cutting-edge technologies and has achieved full automation and digital management, significantly improving product quality and production efficiency [5]. - The factory promotes a new model of "green, clean, civilized, and lean" manufacturing, leading the industry towards more environmentally friendly and efficient practices [5]. - In 2023, the European factory received a high score of 94 in a sustainability audit conducted by a third-party organization, highlighting its commitment to social responsibility [5].

关于 2025 年第一季度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号—— 化工》等要求，山东玲珑轮胎股份有限公司（以下简称"公司"）现 将 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 | 轮胎产量(万条) | 轮胎销量(万条) | 营业总收入(万元) | 其中：轮胎产品 | | --- | --- | --- | --- | | | | | 收入(万元) | | 2,302.86 | 2,140.96 | 569,683.73 | 565,327.37 | 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-022 山东玲珑轮胎股份有限公司 2、主要原材料的价格变动情况 受天然胶、合成胶等主要原材料价格波动等影响，公司第一季度 天然橡胶、合成胶、炭黑、钢丝帘线四项主要原材料综合采购成本环 比 2024 年第四季度降低 0.40%，同比 2024 年第一季度提升 13.95%。 三、需要说明的其 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 21959.94万股，累计占流通股比： 31.14%，较上期变化： -1378.69万股。 | 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 秦龙 | 9606.22 | 13.63 | 不变 | | 青岛森伟林企业信息咨询管理中心(有限合伙) | 1673.91 | 2.37 | -14.58 | | 青岛森宝林企业信息咨询管理中心(有限合伙) | 1623.37 | 2.30 | -85.34 | | 青岛森玲林企业信息咨询管理中心(有限合伙) | 1589.13 | 2.25 | -115.02 | | 青岛森忠林企业信息咨询管理中心(有限合伙) | 1580.81 | 2.24 | -122.90 | | 香港中央结算有限公司 | 1466.13 | 2.08 | 新进 | | 上海高毅资产管理合伙企业(有限合伙)-高毅庆瑞6号 瑞行基金 | 1343.21 | 1.91 | 131.80 | | 全国社保基金四零六组合 | 10 ...