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新股前瞻|玲珑轮胎:募资加码“7+5”布局 全球轮胎巨头之路再提速
智通财经网· 2025-07-17 12:51
Core Viewpoint - The trend of A-share companies seeking secondary listings in Hong Kong continues, with Linglong Tire submitting its prospectus to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, and global marketing strategy improvement [1][10]. Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications for different applications. The company is the largest OE tire manufacturer in China and ranks third globally, while being the largest OE tire manufacturer in the new energy vehicle sector for five consecutive years [4][10]. Financial Performance - Linglong Tire has shown robust growth, with a compound annual growth rate (CAGR) of 13.9% in revenue over the past three years. Revenue figures for 2022, 2023, and 2024 are 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB, respectively [5][6]. - The passenger and light truck tire segment is the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.429 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [5][6]. - Linglong Tire's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for 2022, 2023, and 2024, respectively, leading to gross margins of 11%, 17.9%, and 19.7% [6]. Global Expansion Strategy - The company has implemented a "7+5" strategy, establishing seven domestic factories and five overseas factories, with two overseas bases in Thailand and Serbia. This strategy aims to accelerate global expansion [7][10]. - Linglong Tire's global tire market is growing, with 2023 global tire sales reaching 1.784 billion units, where the replacement market accounts for approximately 74% of demand [8]. Market Position and Competitive Landscape - The tire industry is highly concentrated, with the top three players (Michelin, Bridgestone, and Goodyear) holding nearly 40% of the market share. Linglong Tire is positioned to compete with these giants as it expands its market presence [8][10]. - The company is also focusing on high-end market segments, having become a supplier for several premium brands, including Volkswagen, and aims to enhance its brand image [10]. Future Outlook - Linglong Tire plans to achieve a production target of 330,900 tons of off-road tires by the end of 2030, capitalizing on the growing demand in this segment [11]. - The funds raised from the Hong Kong listing will support the company's global expansion, technological upgrades, and brand enhancement, solidifying its position in the domestic and international markets [10][11].
新股前瞻|“壮年”玲珑轮胎(601966.SH)南下港股,全球布局进入深水区?
智通财经网· 2025-07-02 12:40
Core Viewpoint - Linglong Tire, a leading domestic tire manufacturer established in 1994, is seeking to expand its global presence by applying for a listing on the Hong Kong Stock Exchange, marking a significant step in its nearly ten-year journey since its Shanghai Stock Exchange debut [1]. Group 1: Company Overview - Linglong Tire's product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications to meet different application scenarios [1]. - The company has established a brand matrix that includes Linglong, Lio, Yufeng, Atlas, Green Line, and Ruijie [1]. - By 2024, Linglong Tire is projected to be the largest OE tire manufacturer in China and the third largest globally, with a notable position in the new energy vehicle sector, being the largest OE tire manufacturer for five consecutive years [1]. Group 2: Financial Performance - From 2022 to 2024, Linglong Tire's revenue has shown a compound annual growth rate (CAGR) of 13.9%, with revenues of 17.006 billion RMB, 20.166 billion RMB, and 22.058 billion RMB respectively [3][4]. - The passenger and light truck tire segment has been the largest revenue contributor, increasing from 9.709 billion RMB in 2022 to 14.430 billion RMB in 2024, with its revenue share rising from 57.1% to 65.4% [3][4]. - The company's gross profit has also improved significantly, with gross profits of 1.871 billion RMB, 3.601 billion RMB, and 4.344 billion RMB for the years 2022 to 2024, leading to gross margins of 11%, 17.9%, and 19.7% respectively [6][7]. Group 3: Market Strategy - Linglong Tire has implemented a "7+5" strategy, aiming to establish seven domestic factories and five overseas factories, with two overseas bases already operational in Thailand and Serbia [2][10]. - The company is also focusing on a "3+3" strategy for off-road tire production, planning to establish production capabilities in three domestic and three overseas bases [10]. - The global tire market is expected to grow steadily, with a projected CAGR of 3.9% from 2020 to 2024, and the penetration rate of new energy vehicle tires is anticipated to rise significantly, particularly in China [8][10]. Group 4: Geographic Revenue Distribution - The domestic market has been the primary revenue source for Linglong Tire, contributing 51.1%, 52.2%, and 50.8% of total revenue from 2022 to 2024, while overseas revenue has been steadily increasing, reaching 49.2% by 2024 [5][6]. - The overseas revenue primarily comes from North America, Europe, Asia, and other regions, with North America being the largest contributor [5].
玲珑轮胎递交港股上市申请,全球第三大OE轮胎制造商寻求双重上市
Jin Rong Jie· 2025-07-01 07:10
Core Viewpoint - Linglong Tire has submitted its listing application to the Hong Kong Stock Exchange, aiming to enhance its global presence and capitalize on its strong market position in the tire manufacturing industry [1][2]. Group 1: Company Overview - Linglong Tire is a specialized and large-scale tire manufacturer, listed on the Shanghai Stock Exchange since July 6, 2016, focusing on the design, development, production, and sales of diversified tire products [1]. - The company offers a wide range of products, including passenger and light truck tires, truck and bus tires, and off-road tires, marketed under its own brands such as Linglong and Lio [1]. Group 2: Global Expansion Strategy - As of the end of 2024, Linglong Tire has established seven R&D centers and seven production bases globally, with five located in China and one each in Thailand and Serbia [1]. - The company has a direct sales relationship with over 60 automotive manufacturers, including eight of the top ten global automotive manufacturers by sales in 2024 [1]. - To further enhance its international brand influence, Linglong Tire plans to establish a third overseas production base in Brazil, a significant automotive production hub with over 70 years of industry history [1]. Group 3: Market Position and Performance - According to Frost & Sullivan, Linglong Tire is the largest OE tire manufacturer in the Chinese market and ranks as the third-largest globally [2]. - The company has been the largest global manufacturer of OE tires for electric vehicles since 2020, highlighting its leadership in emerging market segments [2]. - In 2024, Linglong Tire reported a revenue of 22.058 billion yuan, a year-on-year increase of 9.39%, and a net profit of 1.752 billion yuan, up 26.01% [2]. - However, in the first quarter of the year, the company experienced a revenue of 5.697 billion yuan and a net profit of 341 million yuan, reflecting a year-on-year decline of 22.78% in net profit [2]. - The first quarter's cash flow from operating activities was negative 318 million yuan, a significant decrease of 163.41% year-on-year, attributed to rising raw material costs and increased cash payments for goods and services [2].
新股消息 | 玲珑轮胎(601966.SH)递表港交所 为中国市场最大的OE轮胎制造商
智通财经网· 2025-06-30 22:45
Core Viewpoint - Shandong Linglong Tire Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities and CMB International as joint sponsors [1] Company Overview - Linglong Tire is a leading global tire manufacturer engaged in the design, development, production, and sales of a diverse and expanding range of tire products, showcasing strong sales performance and rapid growth [4] - The product portfolio includes a wide range of passenger and light truck tires, truck and bus tires, and off-road tires, with various specifications to meet different application scenarios [4] - The company operates under several proprietary brands, including Linglong, Lio, Yufeng, Atlas, Greenline, and Ruijie [4] Global Presence - As of December 31, 2024, Linglong Tire has established seven major R&D centers and seven major production bases globally, with five located in China and two in Thailand and Serbia [4] - The company sells products directly to over 60 automotive manufacturers, including eight of the top ten international automotive manufacturers based on global sales in 2024, as well as other renowned brands from China, Germany, Europe, the United States, and Japan [4] - Linglong Tire has built a distribution network consisting of over 1,240 distributors for retail sales [4] Market Position - According to Frost & Sullivan, Linglong Tire is the largest OE tire manufacturer in the Chinese market and the third-largest OE tire manufacturer globally based on global sales in 2024 [4] - The company has been the largest global manufacturer of OE tires for new energy vehicles for five consecutive years since 2020, based on global sales in 2024 [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Linglong Tire reported revenues of approximately 17.01 billion, 20.17 billion, and 22.06 billion RMB, respectively [5][7] - The net profits for the same periods were approximately 0.29 billion, 1.39 billion, and 1.75 billion RMB, respectively [5][7]