Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Tire (000589) with a target price of 5.20 CNY, compared to the current price of 4.36 CNY [3][7]. Core Views - The company achieved steady growth in production and sales, focusing on structural improvements and actively advancing the Vietnam Phase III project [2][7]. - In 2024, the company reported a revenue of 10.691 billion CNY, a year-on-year increase of 11.35%, while the net profit attributable to shareholders decreased by 26.08% to 615 million CNY [7][8]. - The company plans to produce and sell 10.45 million and 10.35 million tires in 2025, respectively, representing growth of 8.7% and 7.8% compared to 2024 [7][8]. Financial Performance - In Q4 2024, the company achieved a revenue of 2.848 billion CNY, with a year-on-year increase of 11.06% and a quarter-on-quarter increase of 6.72% [7]. - The company’s tire production and sales reached 9.611 million and 9.602 million units in 2024, with year-on-year increases of 7.4% and 11.8% respectively [7]. - The average price of tire products in 2024 was 1,113.4 CNY per unit, showing a slight decrease of 0.4% year-on-year, indicating stable pricing [7]. Vietnam Operations - The Vietnam operations saw significant growth, with production and sales of 2.1163 million and 2.0601 million tires, respectively, marking increases of 65.3% and 64.0% year-on-year [7]. - The revenue from the Vietnam operations was 1.789 billion CNY, a year-on-year increase of 45.7%, with a net profit of 232 million CNY, down 3.2% year-on-year [7]. Profitability Metrics - The company reported a gross margin of 17.94% and a net profit margin of 5.81% for 2024, both showing declines compared to the previous year due to rising raw material costs [7]. - In Q1 2025, the gross margin and net profit margin were 14.19% and 2.65%, respectively, reflecting a year-on-year decline primarily due to increased raw material prices [7]. Future Outlook - The company is optimistic about the domestic economic foundation and expects a recovery in the commercial vehicle tire market, which will support its growth [7]. - The report adjusts the net profit forecasts for 2025 and 2026 to 618 million CNY and 806 million CNY, respectively, with a new forecast for 2027 at 1.024 billion CNY [7][8].

赛轮轮胎（601058）公告，2025年第一季度营收为84.11亿元，同比增长15.29%；净利润为10.39亿元， 同比增长0.47%。 ...

| 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 三角集团有限公司 | 45473.98 | 56.84 | 不变 | | 单国玲 | 1533.28 | 1.92 | 不变 | | 丁木 | 1395.75 | 1.74 | 不变 | | 王福凤 | 1385.75 | 1.73 | 不变 | | 香港中央结算有限公司 | 1382.41 | 1.73 | 215.55 | | 侯汝成 | 1333.75 | 1.67 | 不变 | | 王文浩 | 694.28 | 0.87 | 不变 | | 国信证券股份有限公司 | 555.77 | 0.69 | -1.38 | | 赵惠新 | 509.46 | 0.64 | 新进 | | 李艳丽 | 344.13 | 0.43 | 新进 | | | 较上个报告期退出前十大股东有 | | | | 南方中证1000ETF | 384.43 | 0.48 | 退出 | | 招商瑞信稳健配置混合A | 373.78 | 0.47 | 退出 | 三、分红送配方案情况 数据四舍五入，查看更多财 ...

玲珑轮胎（601966）公告，2024年营业收入为220.58亿元，同比增长9.39%。归属于上市公司股东的净 利润为17.52亿元，同比增长26.01%。公司2024年第四季度实现营业收入61.09亿元，归属于上市公司股 东的净利润4055.65万元。2025年第一季度实现营业收入56.97亿元，归属于上市公司股东的净利润3.41 亿元。公司2024年第四季度利润分配方案为每10股派发现金红利0.14元(含税)，2025年第一季度利润分 配方案为每10股派发现金红利0.7元(含税)。 ...

玲珑轮胎（601966）公告，2025年第一季度营收为56.97亿元，同比增长12.92%；净利润为3.41亿元， 同比下降22.78%。 ...

加大法治宣传力度，自主品牌稳定增加。 4月22日，东营市组织召开知识产权发展状况新闻发布会，东营海关党委委员、副关长温书坤针对2024 年知识产权保护工作方面采取的主要措施，回答记者提问。 2024年，东营海关深入推进"龙腾行动2024"、"蓝网行动2024"，以扎实有效的知识产权海关保护工作， 促进东营市开放型经济创新提质，为进一步优化东营市营商环境贡献力量。 着力提升服务水平，企业备案取得突破。 积极培塑具有出口知识产权优势的企业，2024年培塑东营市万得福生物科技有限公司成为"龙腾企业"， 加强对东营市6家"龙腾企业"指导帮扶力度，实现"一企一策"精细培塑；依托东营市橡胶轮胎产业知识 产权联盟，开展轮胎行业国外商标注册预警，助力企业妥善应对国际贸易纠纷，为企业走出去参与国际 竞争提供支持；指导企业开展知识产权海关保护备案，为企业提供"保姆式"服务，2024年指导东营市5 家企业完成知识产权海关备案9项，东营市备案企业及备案知识产权数量均实现倍增。 结合智慧海关建设，精准预警侵权风险。 发挥"移动查验单兵设备"、"商标智能识别"应用功能，通过对货物使用图形标识拍照与自动比对，提高 知识产权状况验核速度，精 ...

Financial Performance - The company reported a basic earnings per share of -0.4400 yuan for 2024, a decrease of 100% compared to -0.2200 yuan in 2023 [1] - The net profit for 2024 was -3.56 billion yuan, which represents a 102.27% decline from -1.76 billion yuan in 2023 [1] - The operating revenue decreased by 6.89% to 43.35 billion yuan in 2024 from 46.56 billion yuan in 2023 [1] - The return on equity was -19.08% in 2024, a significant drop from -7.64% in 2023 [1] - The net asset per share decreased by 25.29% to 1.95 yuan in 2024 from 2.61 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 36,656.03 million shares, accounting for 44.88% of the circulating shares, which is a decrease of 893.51 million shares from the previous period [2] - The largest shareholder, Shuangxing Group Co., Ltd., holds 26,464.42 million shares, representing 32.40% of the total share capital, with no change in holdings [3] - New entrants among the top shareholders include Geng Ruiyi and Xie Yali, while Dongfang Selected Mixed Fund, Xu Guo, and Shen Lihua have exited the top ten shareholders [3] Dividend Distribution - The company has announced no distribution or capital increase for the current period [4]