信达证券研报指出，赛轮轮胎2025年上半年实现归母净利润18.31亿元，同比-14.90%，2025Q2实现归母 净利润7.92亿元，同比-29.16%，环比-23.77%。产能释放有力支撑业绩，Q2产销量与收入均创新高。截 至2025半年报，公司在海外的越南、柬埔寨、印尼、墨西哥和埃及共规划年生产975万条全钢子午胎、 4,900万条半钢子午胎和13.7万吨非公路轮胎的生产能力，是目前海外布局产能规模最大的中国轮胎企 业。认为公司持续加深全球化产能布局是未来业绩增长的核心动力，全球化的产能布局有望助推公司在 全球市场更快速更稳健的成长。在渠道方面，公司创新性搭建了直营/合资公司数字化系统，实现20余 家子公司全业务链贯通，并与部分代理商实现数据对接，构建"客户-渠道-仓储-物流"四位一体的高效协 同网络。我们认为这能使得渠道端可以更顺畅传导产品升级理念，助力公司长期品牌力提升。维持"买 入"评级。 ...

Core Viewpoint - General Shares (通用股份) has completed the transfer of 24.50% of its shares to Suhao Holdings, making Suhao the controlling shareholder and the Jiangsu Provincial State-owned Assets Supervision and Administration Commission the actual controller of the company, which is expected to enhance its international strategy and transformation efforts [1][3][4]. Group 1: Share Transfer Details - On June 17, 2025, General Shares announced that the transfer of 389,425,230 shares (24.50%) from its controlling shareholder, Hongdou Group, to Suhao Holdings has been completed [1][3]. - The share transfer was approved by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission on April 24, 2025, and the shares are classified as unrestricted circulating shares [3]. - The transfer price was set at 5.44 yuan per share, totaling 2.118 billion yuan [4]. Group 2: Company Background and Products - General Shares primarily produces all-steel radial tires, semi-steel radial tires, engineering tires, and bias tires, and was listed on the Shanghai Stock Exchange on September 19, 2016 [3]. - The company has modern tire production bases in China, Thailand, and Cambodia, and owns several well-known brands including "Qianlima," "Chitu Ma," "TBBTIRES," "GOODTRIP," and "Heima" [3]. Group 3: Financial Performance Outlook - The latest performance forecast indicates that General Shares expects to achieve a net profit attributable to shareholders of 400 million to 500 million yuan for the fiscal year 2024, representing a year-on-year increase of 85.19% to 131.48% [5].

Core Viewpoint - The company, Tongyong Co., has shifted its ownership plans from Guangzhou State-owned Assets to Jiangsu State-owned Assets, with a transaction price of approximately 2.1 billion yuan, following a significant increase in its net profit for 2024, which reached a historical high of 374 million yuan, up over 70% year-on-year [1][7]. Group 1: Ownership Change - Tongyong Co. initially planned to transfer ownership to Guangzhou Industrial Investment Holding Group but terminated this plan three months later [1][4]. - The new ownership agreement involves Jiangsu Suhao Holding Group, which will acquire 24.50% of the shares from Tongyong's controlling shareholder, Hongdou Group, at a price of 5.44 yuan per share, totaling approximately 2.118 billion yuan [5]. - Following the transfer, Hongdou Group's shareholding will decrease from 41.35% to 16.85%, while Suhao Holding will become the new controlling shareholder [5]. Group 2: Financial Performance - In 2024, Tongyong Co. achieved a record revenue of 6.958 billion yuan and a net profit of 374 million yuan, marking year-on-year increases of 37.39% and 72.81%, respectively [7][8]. - The company's first-quarter revenue for this year was 2.122 billion yuan, reflecting a year-on-year growth of 46.99%, although net profit decreased by 32.81% due to rising raw material costs and financial expenses [8]. - The company has successfully ramped up production at its Cambodia plant, achieving full capacity within a year, contributing to its improved profitability [2][7]. Group 3: Strategic Direction - Tongyong Co. is focusing on expanding its global marketing network and optimizing its production capacity to enhance profitability, driven by increasing demand in the overseas tire market [2][8]. - The company is also advancing several overseas projects, including expansions in Thailand and Cambodia, aiming for full production capacity by 2025 [7].

Core Viewpoint - Zhongce Rubber's IPO marks a significant milestone for the company and the "Juxing System," further enhancing the influence of its owner, Qiu Jianping, in the capital market [2][6]. Company Overview - Zhongce Rubber officially listed on the Shanghai Stock Exchange on June 5, 2023, with an opening price of 46.50 CNY, rising 22.58% to 57 CNY on the first day, resulting in a total market capitalization of approximately 50 billion CNY [1]. - The company is a leading player in the domestic tire industry, involved in the research, production, and sales of various tire products, including all-steel tires and semi-steel tires, with well-known brands such as "Chaoyang" and "Good Luck" [1][7]. - In the 2024 China Tire Company Rankings published by the China Rubber Industry Association, Zhongce Rubber ranked first, and it was also listed among the top ten global tire manufacturers by Tire Business magazine [1][8]. Financial Performance - The total funds raised from the IPO amount to 4.066 billion CNY, primarily aimed at enhancing production capacity and technological advancement through projects like the high-performance radial tire green 5G digital factory [2][10]. - Zhongce Rubber's revenue for 2021, 2022, 2023, and the first half of 2024 was 30.601 billion CNY, 31.889 billion CNY, 35.252 billion CNY, and 18.518 billion CNY, respectively, with net profits of 1.375 billion CNY, 1.225 billion CNY, 2.638 billion CNY, and 2.540 billion CNY during the same periods [7][9]. Strategic Moves - Qiu Jianping, known as the "merger and acquisition maniac," acquired a 46.95% stake in Zhongce Rubber for 5.798 billion CNY in 2019, becoming the actual controller of the company [3][4]. - The acquisition was part of a strategic layout, as Qiu Jianping recognized the potential for growth in the tire industry, aiming to elevate Zhongce Rubber to a billion-dollar company [4][5]. Market Position and Competition - Zhongce Rubber's market share remains strong, but it faces increasing competition from rivals like Linglong Tire and Sailun Tire, which have also entered the capital market [8]. - The company has established long-term partnerships with major automotive manufacturers such as BYD and Geely, further solidifying its market position [8]. Future Outlook - The IPO is expected to enhance Zhongce Rubber's global competitiveness and support its expansion into international markets, including projects in Thailand [10]. - The company aims to leverage the funds raised to reduce its high debt ratio, which was 62.62% in the first half of 2024, compared to the industry average of 49.69% [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.08 CNY, based on a projected average P/E ratio of 16 times for comparable companies in 2025 [2][3]. Core Insights - The company is facing pressure on quarterly performance, with a notable decline in Q1 2025 net profit by 22.8% year-on-year, attributed to fluctuations in raw material prices [8]. - The sales structure is improving, with export and overseas sales revenue reaching 10.73 billion CNY in 2024, a 14.19% increase, accounting for 49.2% of total tire product revenue [8]. - The company plans to invest 8.71 billion CNY in building a third factory in Brazil, expected to generate annual revenue of 7.758 billion CNY and net profit of 1.213 billion CNY upon completion [8]. Financial Performance Summary - Revenue is projected to grow from 20.165 billion CNY in 2023 to 32.820 billion CNY by 2027, with a CAGR of 18.6% in 2023 and 26.4% in 2025 [6][10]. - The net profit attributable to the parent company is expected to increase from 1.391 billion CNY in 2023 to 2.692 billion CNY in 2027, reflecting a growth rate of 376.9% in 2023 [6][10]. - The company's gross margin is forecasted to stabilize around 20.7% to 21.2% from 2025 to 2027, despite fluctuations in raw material costs [6][10].

Core Viewpoint - The company, Jiangsu General Technology Co., Ltd., reported a negative retained earnings of approximately 520.63 million yuan as of the end of 2024, leading to no profit distribution for the year due to regulatory compliance [1] Group 1: Company Overview - Jiangsu General Technology Co., Ltd. is primarily engaged in the research, production, and sales of tire products, with modern production bases in China, Thailand, and Cambodia [12] - The company focuses on high-performance, cost-effective tire products and has developed green tires for the new energy vehicle sector [12][17] Group 2: Industry Situation - The global economic downturn and geopolitical conflicts have created a complex external environment for the tire industry, with challenges such as rising raw material prices and intense market competition [2] - In 2024, China's rubber tire production reached 1.187 billion units, a year-on-year increase of 9.2%, with significant growth in passenger and light truck tires [3] - The commercial vehicle market in China showed weakness, with a decline in production and sales of steel tires, leading to a 5% decrease in sales revenue for the steel tire market [3] Group 3: Raw Material Market - The prices of tire raw materials, including natural rubber and synthetic rubber, have shown significant volatility, with natural rubber prices reaching a seven-year high at the beginning of the year [4] - The increase in raw material costs has pressured the profit margins of tire manufacturers, with industry profits dropping below 20% in the latter part of the year [4] Group 4: Logistics and Transportation - In the first half of 2024, geopolitical tensions led to increased shipping costs, with the Shanghai export container freight index rising by 95.84% compared to the beginning of the year [5] - Shipping costs began to decline in the second half of the year as market conditions improved [5] Group 5: Automotive Market - The automotive market in China showed signs of stabilization and structural optimization, with total vehicle production and sales reaching 31.28 million and 31.44 million units, respectively, in 2024 [6] - New energy vehicles (NEVs) continued to grow rapidly, with production and sales increasing by 34.4% and 35.5%, respectively, making up 40.9% of total new vehicle sales [6][7] Group 6: Industry Policies - The new "2024 Industrial Structure Adjustment Guidance Catalog" encourages the development of high-performance tires and the recycling of waste tires, while restricting certain rubber and tire production [9] - The new national standard for tire and carbon black energy consumption limits was released, aiming to promote green and high-quality development in the tire industry [10] Group 7: Company Financial Performance - As of December 31, 2024, the company reported total assets of 15.379 billion yuan, a 36.31% increase year-on-year, and a net profit of 374 million yuan, reflecting a 72.81% increase from the previous year [18]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 31.802 billion yuan, a year-on-year increase of 22.4% [1] - The net profit attributable to shareholders reached 4.06 billion yuan, up 31.4% year-on-year, while the net profit after deducting non-recurring items was 3.99 billion yuan, an increase of 26.9% year-on-year [1] - For Q4 2024, the company reported operating revenue of 8.17 billion yuan, with a year-on-year increase of 17.3% but a quarter-on-quarter decrease of 3.5% [1] Group 2: Tire Production and Sales - Global tire demand saw a slight increase, with total tire sales reaching 1.856 billion units in 2024, a year-on-year growth of 1.9% [2] - The company achieved a record high in tire production and sales, with annual tire production of 74.81 million units, up 27.6% year-on-year, and sales of 72.16 million units, an increase of 29.3% year-on-year [2] - In Q4 2024, tire production and sales were 20.18 million and 18.28 million units respectively, with a quarter-on-quarter increase and decrease [2] Group 3: Cost and Margin Analysis - In Q4 2024, the comprehensive procurement prices of key raw materials increased by 21.7% year-on-year and 7.6% quarter-on-quarter, leading to a slight decline in gross margin [3] - The gross margin for Q4 2024 was 25.3%, down 8.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [3] - For Q1 2025, the gross margin recorded was 24.7%, with a quarter-on-quarter decrease of 0.5 percentage points [3] Group 4: Capacity and Future Outlook - The company has planned production capacity of 27.65 million full steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires [3] - The company is expected to continue releasing performance capabilities as domestic and overseas bases ramp up production [3] - Profit forecasts for 2025-2027 project net profits of 4.61 billion, 5.66 billion, and 6.75 billion yuan respectively, with corresponding PE ratios of 9, 7, and 6 times [3]