（记者 曾健辉） 每经AI快讯，中策橡胶（SH 603049，收盘价：56.06元）12月29日晚间发布公告称，截至本公告发布 日，公司为子公司、子公司为其他子公司担保总额约为15.98亿元人民币，占公司最近一期经审计净资 产的9.15%。 截至发稿，中策橡胶市值为490亿元。 2024年1至12月份，中策橡胶的营业收入构成为：全钢胎占比45.86%，半钢胎占比34.55%，车胎占比 8.45%，斜交胎占比6.53%，其他占比4.23%。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 ...

截至发稿，中策橡胶市值为485亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 每经AI快讯，中策橡胶（SH 603049，收盘价：55.48元）11月28日晚间发布公告称，公司限售股份约 262.51万股将于2025年12月5日解禁并上市流通，占公司总股本比例为0.3%。 （记者 王晓波） 2024年1至12月份，中策橡胶的营业收入构成为：全钢胎占比45.86%，半钢胎占比34.55%，车胎占比 8.45%，斜交胎占比6.53%，其他占比4.23%。 ...

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，中策橡胶（SH 603049，收盘价：56.65元）11月19日晚间发布公告称，截至本公告发布 日，公司为子公司、子公司为其他子公司担保总额约为15.95亿元人民币，占公司最近一期经审计净资 产的9.13%。 2024年1至12月份，中策橡胶的营业收入构成为：全钢胎占比45.86%，半钢胎占比34.55%，车胎占比 8.45%，斜交胎占比6.53%，其他占比4.23%。 截至发稿，中策橡胶市值为495亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" 每日经济新闻 ...

Group 1 - The company Zhongce Rubber (SH 603049) announced the resignation of Mr. Shen Haoyu as the secretary of the board due to job adjustments [1] - Ms. Shen Luyi will no longer serve as the representative for securities affairs but will continue in other roles within the company [1] - Mr. Zhou Yi has been appointed as the new representative for securities affairs to assist the board secretary [1] Group 2 - For the fiscal year 2024, the revenue composition of Zhongce Rubber is as follows: full steel tires account for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1] - As of the report date, the market capitalization of Zhongce Rubber is 51.3 billion yuan [1]

Core Viewpoint - Zhongce Rubber announced a board meeting to discuss the change of the board secretary and other documents, indicating ongoing governance activities within the company [1]. Group 1: Company Financials - For the year 2024, Zhongce Rubber's revenue composition is as follows: full steel tires account for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1]. - As of the report, Zhongce Rubber has a market capitalization of 51.3 billion yuan [1].

Core Insights - The company Zhongce Rubber (603049) reported a net profit of approximately 3.513 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.3% [1] - The company's operating revenue for the same period reached approximately 33.683 billion yuan, showing a year-on-year growth of 14.98% [1] Company Overview - Zhongce Rubber is primarily engaged in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, bias tires, and automotive tires [1]

Summary of Zhongce Rubber Conference Call Company Overview - Zhongce Rubber has production capacities by the end of 2024 for 22 million all-steel tires, 72 million semi-steel tires, 7 million cross-ply tires, and over 120 million two-wheeler tires, with a product structure primarily focused on all-steel and semi-steel tires, contributing over 80% of revenue [2][4] Financial Performance - In 2024, all-steel tires contribute 46% of the company's revenue and approximately 40% of gross profit, while semi-steel tires account for 35% of revenue and about 40% of gross profit. The gross margin for semi-steel tires is 22.8%, compared to 17.1% for all-steel tires [2][5] - The overall gross margin for Zhongce Rubber has maintained a range of 15% to 20% over the past few years, projected to be 19.5% in 2024, influenced by raw material costs, market competition, and overseas tariffs [2][6][7] Market Position - By the first half of 2025, Zhongce Rubber is expected to achieve the highest revenue and net profit in the domestic tire industry, with a global market share exceeding 10% for all-steel tires and over 4% for semi-steel tires [3][10] International Sales - In 2024, overseas sales account for 48% of total revenue, with North America contributing 17%, other Asian countries 11%, and Europe 10%. The profit contribution from overseas sales is expected to exceed 44%, as the profit level from international sales is higher than domestic [2][8] Management and Control Structure - The actual controllers of Zhongce Rubber are Qiu Jianping and Qiu Fei, who collectively hold 42.25% of the voting rights. The management team, led by Shen Jinrong, is responsible for the company's operations [2][9] Competitive Advantages - Zhongce Rubber leads domestic peers in scale and net profit, with the largest all-steel tire capacity and third-largest semi-steel tire capacity as of the end of 2024. The company maintains a high operating rate of over 90% for all-steel tires and controls sales and management expenses at around 5% [2][10] Future Expansion Plans - Following a successful IPO, Zhongce Rubber raised 4.1 billion yuan to expand production capacity, including projects in Zhejiang, Jiangsu, Tianjin, and Thailand, expected to add 44 million semi-steel and 7 million all-steel tires over the next two to three years [2][11] Profit Forecast and Valuation - Projected net profits for Zhongce Rubber are expected to reach 4.25 billion yuan in 2025 and 4.94 billion yuan in 2026, with corresponding price-to-earnings ratios of 10.5 and 9.1, which are favorable compared to the industry average of around 12. A target price of 63 yuan is set, indicating a potential upside of 22.9% [2][12]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 21.9 billion yuan in H1 2025, representing an 18% year-on-year increase, with a gross margin of 20.5% and a net profit attributable to shareholders of 2.32 billion yuan, down 8.6% year-on-year [1]. - In Q2 2025, the company reported a revenue of 11.2 billion yuan, a 19% year-on-year increase and a 5.4% quarter-on-quarter increase, with a gross margin of 19.7% and a net profit of 1.17 billion yuan, up 4.9% year-on-year and 1.7% quarter-on-quarter [1]. - The company is the largest tire manufacturer in China, with a continuous growth in sales, particularly in Q2 2025, where tire product sales increased by 10.36% year-on-year [2]. - The company is expanding its global footprint, with ongoing capacity construction in Indonesia and Thailand, and has established a new subsidiary in Mexico [3]. Financial Summary - The company forecasts net profits of 4.29 billion yuan in 2025, 4.83 billion yuan in 2026, and 5.37 billion yuan in 2027, with corresponding P/E ratios of 9, 8.73, and 7.84 [4][10]. - Revenue is projected to grow from 39.26 billion yuan in 2024 to 49.51 billion yuan in 2027, with annual growth rates of 10.55%, 11.35%, 8.01%, 8.40%, and 7.71% respectively [10]. - The company’s gross margin is expected to improve from 19.5% in 2024 to 20.4% in 2027, while the net profit margin is projected to increase from 9.6% to 10.9% over the same period [10].

Core Viewpoint - Zhongce Rubber Group Co., Ltd. reported its first financial results post-IPO, showing a revenue increase but a decline in net profit due to specific non-recurring factors [2][3]. Financial Performance - In the first half of 2025, Zhongce Rubber achieved operating revenue of 21.855 billion yuan, a year-on-year increase of 18.02%, while net profit attributable to shareholders was 2.322 billion yuan, down 8.56% [2][3]. - Excluding a one-time gain from land disposal in the previous year, the profit performance remained stable compared to the previous year [4]. - Domestic revenue reached 11.867 billion yuan, up 23.73%, while overseas revenue was 9.924 billion yuan, an increase of 11.89% [3]. Business Operations - The company faced supply shortages for its main products, particularly in the all-steel tire segment, which showed strong demand across various market segments [3]. - The Thai and Indonesian factories contributed significantly to overseas revenue, with the Thai factory generating 3.785 billion yuan and a net profit of 499 million yuan [3]. Financial Indicators - As of the reporting period, net assets attributable to shareholders were 22.927 billion yuan, a 31.18% increase from the end of 2024, primarily due to IPO fundraising [4]. - The net cash flow from operating activities was 12.3915 million yuan, a significant decrease of 99.13% year-on-year, attributed to increased cash outflows for goods and services [4][5]. Industry Context - The tire industry is currently under pressure, with several companies reporting declines in net profit due to high raw material costs and intense competition [6]. - Zhongce Rubber is not alone in facing these challenges, as competitors like Sailun and Windforce also reported significant profit declines [6]. Research and Development - Zhongce Rubber increased its R&D expenditure to 732 million yuan in the first half of 2025, a 2.98% year-on-year increase, and has consistently invested in R&D over the years [7][8]. - The company is expanding its R&D efforts into high-end specialty areas, including a recent patent for self-repairing lunar rover tires [8]. Future Outlook - Analysts have a positive outlook for Zhongce Rubber, projecting net profits of 4.006 billion yuan, 4.745 billion yuan, and 5.068 billion yuan for 2025 to 2027, respectively [8].

Group 1 - The core point of the article is that Zhongce Rubber announced the convening of its second board meeting on August 19, 2025, to review the semi-annual report and related documents for 2025 [1] - The company's revenue composition for the year 2024 is detailed, with full steel tires accounting for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1]