Group 1 - Prinx Thailand has completed the necessary rectification work at its production base as of September 4, 2025 [1] - The production at the Thailand tire manufacturing base has been suspended starting from September 5, 2025, at 00:00 [1] - The company anticipates that the recent events in Thailand will not have a significant impact on the group's financial condition [1]

Core Viewpoint - Prinx Thailand, a subsidiary of浦林成山 (01809), has suspended production at its manufacturing base since September 5, 2025, following the completion of necessary rectification work on September 4, 2025. The company will update shareholders and investors once production is authorized to resume [1]. Company Summary - The production base of Prinx Thailand has been halted as of September 5, 2025 [1]. - The company completed the required rectification work on September 4, 2025, and is awaiting approval to restart operations [1].

Core Viewpoint - The company reported a mixed performance in its 2025 H1 results, with revenue growth but a significant decline in net profit, indicating challenges in profitability despite increased sales volume and improved margins in Q2 [1][2] Group 1: Financial Performance - In 2025 H1, the company achieved total revenue of 3.52 billion yuan, a year-on-year increase of 11.7%, while net profit attributable to shareholders was 100 million yuan, down 55.4% year-on-year [1] - For Q2 2025, total revenue reached 1.89 billion yuan, with quarter-on-quarter growth of 12.4% and year-on-year growth of 15.9%. However, net profit for Q2 was 70 million yuan, showing a significant decline of 52.2% quarter-on-quarter but a recovery of 164.7% year-on-year [1][2] - The average selling price of tire products increased by 1.81% quarter-on-quarter and 1.35% year-on-year in Q2 2025, contributing to improved sales margins [2] Group 2: Production and Sales - The company produced 2.996 million tires in H1 2025, a year-on-year increase of 7%, with sales reaching 2.953 million tires, up 10.3% year-on-year [2] - In Q2 2025, tire sales were 1.586 million units, reflecting a quarter-on-quarter increase of 11.7% and a year-on-year increase of 16.0% [2] Group 3: Raw Material Costs and Future Outlook - Raw material costs have significantly decreased, with the raw material price index at 114.6 as of August 31, 2025, down 8.8% from the average of 2024. This decline is expected to positively impact the company's margins in Q3 2025 [2] - The company is focusing on the specialty tire segment, particularly in giant tires, with a project aimed at increasing production capacity by 20,000 units, expected to generate annual revenue of approximately 1.563 billion yuan upon completion [3] Group 4: Investment Potential - The projected net profits for 2025-2027 are 300 million, 450 million, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 15, 10, and 7 times, indicating potential for future growth [4]

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for the stock [4]. Core Views - The company's tire products have seen both volume and price increases, with expectations for the Serbia plant to turn profitable [4][6]. - The company reported a revenue of 11.81 billion yuan in H1 2025, a year-on-year increase of 13.8%, while net profit decreased by 7.7% [5][6]. - The report highlights a significant decrease in raw material costs, which is expected to positively impact the company's margins in Q3 2025 [6][7]. Financial Performance - In H1 2025, the company sold 44.39 million tires, a year-on-year increase of 11.2%, with Q2 sales reaching 22.98 million tires [6]. - The average selling price of tires increased by 0.29% from Q1 to Q2 2025 and by 5.24% year-on-year [6]. - The company’s net profit projections for 2025-2027 are 1.67 billion, 2.04 billion, and 2.47 billion yuan, respectively, with corresponding P/E ratios of 13, 11, and 9 times [8]. Strategic Developments - The company is expanding its global footprint with plans to build a new plant in Brazil, marking its third overseas facility [7]. - The Serbia plant has shown a revenue increase of 148.1% year-on-year, although it is currently operating at a loss [7]. Market Data - As of September 3, 2025, the closing price of the stock was 15.24 yuan, with a market capitalization of 22.304 billion yuan [3].

Investment Rating - The report assigns a "Buy-B" rating to the company, indicating an upward adjustment in the investment outlook [2][6]. Core Insights - The company reported a total revenue of 3.52 billion yuan for H1 2025, reflecting a year-on-year increase of 11.7%, while the net profit attributable to shareholders decreased by 55.4% to 100 million yuan [3][4]. - In Q2 2025, the company achieved a total revenue of 1.89 billion yuan, with a quarter-on-quarter increase of 12.4% and a year-on-year increase of 15.9% [3][4]. - The company is initiating the construction of a 20,000-unit giant tire project, which is expected to enhance its product matrix and drive future revenue growth [6]. Financial Performance - For H1 2025, the company produced 2.996 million tires, a 7% increase year-on-year, and sold 2.953 million tires, a 10.3% increase year-on-year [4]. - The average selling price of tire products in Q2 2025 increased by 1.81% quarter-on-quarter and 1.35% year-on-year [4]. - The gross profit margin and net profit margin for Q2 2025 were 16.14% and 3.96%, respectively, showing improvements of 2.67 and 2.22 percentage points quarter-on-quarter [4]. Raw Material Costs - The raw material price index decreased by 8.8% compared to the average value in 2024, which is expected to positively impact the company's margins in Q3 2025 [5]. Growth Potential - The company has seen significant growth in its specialty tire segment, particularly in giant tires, with sales increasing from approximately 3,100 units in 2021 to over 5,900 units in 2024, representing a compound annual growth rate of nearly 80% [6]. - The giant tire project, with a total investment of approximately 1.464 billion yuan, is expected to generate annual revenue of about 1.563 billion yuan upon reaching full production [6]. Earnings Forecast - The projected net profits for the company from 2025 to 2027 are 300 million yuan, 450 million yuan, and 670 million yuan, respectively, with corresponding price-to-earnings ratios of 15, 10, and 7 times [6].

Core Viewpoint - The company reported a slight increase in revenue for the first half of 2025, but a significant decline in net profit, primarily due to rising raw material costs and global tariff disruptions affecting profit margins [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.12 billion yuan, a year-on-year increase of 0.2%, and a net profit attributable to shareholders of 670 million yuan, a year-on-year decrease of 37.6% [1]. - The second quarter saw operating revenue of 2.06 billion yuan, with year-on-year and quarter-on-quarter increases of 3.4% and 0.4%, respectively, while net profit attributable to shareholders was 310 million yuan, down 45.8% year-on-year and 14.0% quarter-on-quarter [1]. Product Performance - Revenue from tire products in the first half of 2025 was 4.11 billion yuan, with a slight year-on-year increase of 0.2%. However, operating costs rose by 13.2% to 3.11 billion yuan due to increased raw material costs and inventory buildup [1]. - The gross margin for the first half of 2025 was recorded at 24.5%, a decrease of 8.7 percentage points year-on-year [1]. Production and Sales - The company maintained strong production and sales of tire products, with a total tire production of 15.57 million units in the first half of 2025, a year-on-year decrease of 3.2% [2]. - The production of semi-steel tires was 15.04 million units, down 3.6% year-on-year, while full-steel tire production increased by 7.7% to 530,000 units [2]. - Sales of tires totaled 14.87 million units, a year-on-year decrease of 1.5%, with semi-steel tire sales down 1.7% and full-steel tire sales up 3.1% [2]. Future Outlook - The company's Morocco factory project is progressing well, with expectations for large-scale production in the second half of the year. The project has seen a cumulative investment of 3.31 billion yuan, with 93.9% of the engineering progress completed [2]. - Revenue projections for 2025 to 2027 are 9.64 billion, 12.19 billion, and 13.47 billion yuan, with year-on-year growth rates of 13.3%, 26.5%, and 10.5%, respectively [3]. - Net profit forecasts for the same period are 1.70 billion, 2.36 billion, and 2.77 billion yuan, with year-on-year changes of -22.3%, +38.9%, and +17.4% [3].

汽车零部件 玲珑轮胎 25H1 点评：Q2 产销同比增长、盈利由汇兑收益抬升， Q3 业绩环增可期 玲珑轮胎（601966.SH） 证券研究报告/公司点评报告 2025 年 09 月 04 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 20,165 | 22,058 | 25,336 | 27,882 | 30,319 | | 执业证书编号：S0740523020004 | | 增长率 yoy% | 19% | 9% | 15% | 10% | 9% | | | | 归母净利润（百万元） | 1,391 | 1,752 | 2,016 | 2,402 | 2,756 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 377% | 26% | 15% | 19% | 15% | | 分析师： ...

Core Viewpoint - Guizhou Tyre's major shareholder, Guiyang Industrial Investment Co., Ltd., has committed to not reducing its stake in the company for the next year, signaling confidence in the company's future development and stability [1] Shareholder Commitment - Guiyang Industrial Investment has pledged not to sell any shares of Guizhou Tyre for twelve months starting from September 1, 2025, including any new shares generated from capital reserves or stock dividends [1] - Two months prior, Guiyang Industrial Investment completed a share buyback plan, investing nearly 100 million yuan [1] Share Buyback Details - On May 11, 2025, Guizhou Tyre announced a buyback plan, with Guiyang Industrial Investment intending to purchase between 50 million yuan and 100 million yuan worth of shares within six months [1] - By June 26, 2025, the buyback was completed, with a total of 22.11 million shares acquired, representing 1.42% of the total share capital, for a total investment of approximately 99.99 million yuan [1] Company Performance Overview - As of September 1, 2025, Guiyang Industrial Investment holds approximately 341 million shares of Guizhou Tyre, accounting for 21.91% of the total share capital [3] - Guizhou Tyre, established in 1958, specializes in the research, production, and sales of tires, being one of the most comprehensive commercial tire manufacturers in China [3] Financial Performance - In 2024, Guizhou Tyre achieved a revenue of 10.691 billion yuan, marking an 11.35% year-on-year increase, but its net profit attributable to shareholders fell by 26.08% to 615 million yuan [3] - For the first half of 2025, the company reported a revenue of 5.193 billion yuan, a slight increase of 0.36% year-on-year, while the net profit dropped by 41.75% to 249 million yuan, continuing the trend of increasing revenue but declining profits [3] - Tire production in the first half of 2025 was 4.5981 million units, down 4.46% year-on-year, and tire sales were 4.6262 million units, a decrease of 1.94% compared to the previous year [3] Cash Flow Improvement - Despite the decline in profits, Guizhou Tyre's operating cash flow significantly improved, with a net cash flow of 87.07 million yuan in the first half of 2025, compared to a negative 186 million yuan in the same period last year, representing a growth of 146.80% [4]

Core Viewpoint - Shandong Linglong Tire Co., Ltd. reported a revenue increase of 13.80% in the first half of 2025, but faced a decline in net profit due to high raw material costs and increased competition in the tire industry [1][4]. Revenue and Profit Analysis - The company achieved a revenue of 11.812 billion yuan, marking a year-on-year growth of 13.80% [1][4]. - However, the net profit attributable to shareholders was 854 million yuan, reflecting a year-on-year decrease of 7.66% [1][4]. - The non-recurring net profit was 772 million yuan, with a more significant decline of 16.86% [4]. Cost and Expense Factors - The operating cost reached 9.981 billion yuan, increasing by 24.44%, which significantly outpaced revenue growth and squeezed profit margins [6]. - Raw material prices remained high, with natural rubber STR20 averaging 1,905 USD per ton in the first half of 2025, up 14.63% compared to the same period last year [6]. - Sales expenses surged to 416 million yuan, a year-on-year increase of 49.16%, primarily due to higher advertising and sales service costs [8]. Global Expansion Strategy - The company is accelerating its global layout by initiating an investment project in Brazil, planning to invest 1.19 billion USD (approximately 8.71 billion yuan) to build a tire factory [10]. - The Brazilian facility aims for an annual production capacity of 14.7 million tires, including 12 million semi-steel radial tires and 2.4 million all-steel radial tires [10]. - This move is strategic for entering the local automotive market and leveraging tariff agreements to access the broader Latin American replacement market [10][12]. Future Outlook - The company anticipates a potential easing of raw material pressures in the second half of the year, with natural rubber prices declining from their peak [11]. - Linglong Tire is exploring three main strategies to overcome industry challenges: nearshore manufacturing to avoid trade barriers, focusing on high-value-added products, and channel transformation to enhance distributor profitability [11][12].

Group 1 - The company is currently progressing with the capacity construction of its Serbia factory as planned [2] - All equipment for both semi-steel and full-steel production lines has been largely delivered, and installation and debugging are underway [2] - The production capacity is steadily increasing, and profitability is expected to enhance as the production lines are fully operational and capacity utilization improves [2]