丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨赛轮轮胎（601058.SH） [Table_Title] Q3 营收破百亿规模，全球化再下一城 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现收入 275.9 亿元（同比+16.8%），实现归属净利润 28.7 亿元（同比-11.5%），实现归属扣非净利润 28.2 亿元（同比-9.7%）。其中 Q3 单季度实现收入 100.0 亿元（同比+18.0%，环比+9.0%），实现归属净利润 10.4 亿元（同比-4.7%，环比+31.3%）， 实现归属扣非净利润 10.0 亿元（同比-7.2%，环比+21.9%）。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 赛轮轮胎（601058.SH） cjzqdt11111 分析师及联系人 [Table_Author] 马太 叶家宏 SAC：S0490516100002 SAC：S0490522060003 SFC：BUT911 风险提示 请阅读最后评级说明和重要声明 ⚫ 。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a record high in tire sales, with quarterly revenue surpassing 10 billion yuan for the first time, indicating strong performance across multiple metrics [3] - The company's global capacity expansion is seen as a key driver for future growth, with significant production capabilities planned in various countries [3] - A decline in raw material prices and shipping costs is expected to positively impact the company's performance [3] - The company is enhancing its brand strength through technological advancements, product diversification, and innovative channel strategies [3][4] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 27.587 billion yuan, a year-on-year increase of 16.76%, and a net profit attributable to shareholders of 2.872 billion yuan, a decrease of 11.47% [1] - In Q3 2025, the company achieved total revenue of 10 billion yuan, up 18.01% year-on-year and 8.99% quarter-on-quarter, with a net profit of 1.041 billion yuan, down 4.71% year-on-year but up 31.35% quarter-on-quarter [1] - The company is projected to achieve revenues of 36.872 billion yuan, 44.271 billion yuan, and 51.484 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.9%, 20.1%, and 16.3% [6] - The estimated net profit for 2025 is 3.900 billion yuan, with a projected EPS of 1.19 yuan [6]

Core Insights - Over 5,000 A-share listed companies have established a solid foundation for China's high-quality economic development with a market value exceeding 100 trillion yuan and over 1.8 trillion yuan in R&D investment [2] - The past five years have seen listed companies transition from quantity expansion to quality improvement, marking a significant leap in their development trajectory [2] Group 1: Innovation and R&D Investment - During the "14th Five-Year Plan" period, major technological achievements have accelerated, with significant milestones such as the operation of the "Tiangong" space station and the commercial flight of the C919 aircraft [3] - In 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with listed companies contributing 1.88 trillion yuan, accounting for 51.96% of the national total [3] - 26 companies, including BYD and CATL, have joined the "100 billion R&D club," showcasing substantial investments in key technologies [3] Group 2: Industry Transformation and Smart Manufacturing - The R&D intensity of the ChiNext, Sci-Tech Innovation Board, and Beijing Stock Exchange is 4.89%, 11.78%, and 4.63% respectively, highlighting the increasing technological attributes of these markets [4] - Companies like Raycus Fiber Laser Technologies have integrated AI into their production processes, significantly improving efficiency and output [7] - Over 30,000 smart factories have been established in China, reflecting the ongoing digital transformation in manufacturing [7] Group 3: Green Development and Sustainability - The renewable energy sector has seen a 20 percentage point increase in installed capacity, with A-share listed companies investing 1.3 trillion yuan in renewable projects [10] - Yanjing Beer has implemented a green philosophy throughout its product lifecycle, achieving a carbon footprint of 100.04 grams of CO2 equivalent per 500ml bottle [11] - The carbon emissions per unit of revenue for listed companies decreased by approximately 16.9% from 2020, significantly surpassing the national average [11] Group 4: Global Expansion and Market Integration - In 2024, A-share listed companies achieved overseas revenues of 9.52 trillion yuan, a 56.58% increase from 2020, indicating a qualitative shift in their global presence [12] - Companies are increasingly adopting localized manufacturing and supply chain collaboration to deepen their integration into local markets [13] - The global strategy of listed companies has evolved from simple exportation to a model of innovation-led and ecosystem-based collaboration [12][13]

Core Viewpoint - The article emphasizes the significant role of A-share listed companies in driving China's high-quality economic development through innovation, with substantial R&D investments and transformative achievements in various sectors [1][2]. Group 1: Innovation and R&D Investment - A-share listed companies have contributed over 1.88 trillion yuan in R&D, accounting for 51.96% of the national R&D expenditure, with a 48% increase in overall R&D investment since 2020 [2]. - The R&D intensity of A-share companies has risen to 2.61%, surpassing the average of EU countries, with notable contributions from companies like BYD and CATL [2]. - The emergence of innovative drugs, such as Zepzelca, showcases the global competitiveness of Chinese original research drugs, supported by significant R&D investments from companies like BeiGene [2][3]. Group 2: Technology and Industry Integration - Listed companies are pivotal in transforming scientific achievements into industrial applications, exemplified by advancements in tire technology and battery recycling [3]. - The integration of AI and digital technologies in manufacturing has led to significant efficiency improvements, with smart factories achieving notable reductions in production cycles and defect rates [5][6]. Group 3: High-end, Intelligent, and Green Transformation - Companies are focusing on high-end manufacturing to enhance brand value, as seen with LONGi Green Energy's advancements in solar technology [5]. - The shift towards intelligent manufacturing is evident, with significant investments in digital transformation across various industries, including agriculture and logistics [6][7]. - The green transformation is highlighted by the establishment of a comprehensive renewable energy industry chain, with A-share companies investing 1.3 trillion yuan in renewable projects [7]. Group 4: Global Expansion and Collaboration - A-share companies have significantly increased their overseas revenue, reaching 9.52 trillion yuan, marking a 56.58% growth since 2020 [8]. - The export of innovative products, particularly in pharmaceuticals, has seen substantial growth, indicating a shift towards higher value-added exports [9]. - Companies are adopting a collaborative approach in global markets, integrating local manufacturing and supply chain partnerships to enhance their international presence [10].

Core Insights - A-share listed companies have significantly contributed to China's high-quality economic development, with over 1.8 trillion yuan in R&D investment and a market capitalization exceeding 100 trillion yuan [1] - The past five years have seen a transition from quantity expansion to quality improvement among listed companies, marking a critical leap in their development [1][2] R&D Investment - In 2024, China's total R&D investment is expected to exceed 3.6 trillion yuan, a 48% increase from 2020, with listed companies contributing 1.88 trillion yuan, accounting for 51.96% of the national total [3] - The R&D intensity of listed companies has risen to 2.61%, up by 0.1 percentage points from the previous year, with 26 companies entering the "billion R&D club" [3] Innovation and Technology - Major technological achievements during the "14th Five-Year Plan" include advancements in space exploration, high-speed rail, and renewable energy, with listed companies playing a pivotal role in these innovations [2] - Companies like BeiGene have invested heavily in R&D, with over 47 billion yuan from 2021 to 2024, showcasing the potential of Chinese original research drugs on the global stage [3] Industry Transformation - Listed companies are integrating technological innovation with industrial innovation, exemplified by successful case studies in tire manufacturing and battery recycling [4] - The shift towards smart manufacturing has led to significant efficiency improvements, with over 230 exemplary smart factories reporting an average production efficiency increase of 22.3% [6][7] Green Development - The "14th Five-Year Plan" has seen the establishment of the world's largest renewable energy industry chain, with listed companies investing 1.3 trillion yuan in renewable projects [8] - Companies like Yanjing Beer are implementing green practices throughout their production lifecycle, contributing to a 16.9% reduction in carbon emissions per unit of revenue since 2020 [9] Global Expansion - A-share listed companies achieved 9.52 trillion yuan in overseas revenue in 2024, a 56.58% increase from 2020, indicating a qualitative shift in their global presence [10] - The export of innovative drugs has surged, with nearly 66 billion USD in foreign licensing agreements in the first half of 2025, reflecting the global recognition of China's R&D capabilities [10] Conclusion - The trajectory of A-share listed companies reflects the microcosm of China's economic high-quality development, transitioning from innovation-driven breakthroughs to global value elevation [11]

Summary of SAILUN TIRE Conference Call Company Overview - SAILUN TIRE was established in 2002, focusing on the production, operation, and sales of tires. The company has expanded its product range over 20 years, becoming a leading tire manufacturer in China with multiple sub-brands such as SAILUN, LUZHIG, and HEIYING, achieving high brand recognition both domestically and internationally [4][5][20]. Financial Performance - In Q2 2025, SAILUN reported revenue of 9.175 billion yuan, showing year-on-year and quarter-on-quarter growth. However, profits decreased to approximately 800 million yuan due to the impact of new tariffs imposed by the US and Europe on Chinese tires [2][5][20]. - Production reached 20.72 million tires, with sales nearing 20 million, marking a historical high. The average selling price increased by over 6% quarter-on-quarter, indicating strong downstream demand [2][6][20]. Market Dynamics - The natural rubber market is influenced by economic cycles and supply factors, with expectations of downward pressure on prices in Q4 due to the peak rubber tapping season, benefiting tire companies like SAILUN [2][7]. - Synthetic rubber prices are closely aligned with natural rubber, and a decrease in raw material costs is expected to enhance SAILUN's profit margins [2][8]. Demand Structure - The tire market is primarily driven by the replacement market, which accounts for over 70% of global demand for passenger and commercial vehicle tires. In China, the replacement market constitutes 28% of total demand [11][12]. - The global automotive production has rebounded from 80 million units in 2020 to 93 million units in 2023, contributing to a growing replacement market [12]. Impact of New Energy Vehicles (NEVs) - NEVs are rapidly gaining market share, with production and sales increasing by over 40% in the first half of 2025. The penetration rate reached 44%, leading to increased tire demand due to faster wear rates and higher prices compared to traditional vehicles [13][14]. Competitive Landscape - Global tire market leaders include Michelin, Bridgestone, Goodyear, and Continental, but these companies are experiencing declining sales. In contrast, Chinese companies like SAILUN are showing significant growth, with a 21% year-on-year increase in 2024 [15][16]. Global Expansion Strategy - SAILUN has established production bases in Vietnam, Cambodia, Mexico, and Indonesia, with overseas revenue accounting for 76% of total income, indicating a successful international expansion strategy [16][17]. - The company plans to build a new facility in Egypt with a capacity of 3.6 million radial tires, further enhancing its global production capabilities [18]. Technological Advancements - SAILUN has developed a proprietary "Liquid Gold" tire, which has received positive market feedback. This innovation aims to improve rolling resistance, wet grip, and wear resistance [19]. - Collaborations with companies like BYD and Xiaomi are expected to enhance brand recognition and market presence [19]. Future Outlook - The projected net profit for SAILUN in 2025 is approximately 4.197 to 4.2 billion yuan, with a relatively low price-to-earnings ratio of about 11.5. The company anticipates improved performance as new production bases ramp up and the impact of tariffs diminishes [20].

Summary of Conference Call Records Company: Sailun Tire Industry Overview - Sailun Tire has established production bases in multiple countries including Vietnam, Cambodia, Mexico, and Indonesia, with plans to build a new factory in Egypt to be closer to consumer markets and avoid trade barriers, enhancing overseas profitability [1][2] - The global tire replacement market is experiencing growth, but Chinese tire companies face export tariff challenges. Sailun effectively mitigates these barriers through overseas manufacturing, projecting an overseas gross margin of 30% in 2024, significantly higher than the domestic margin of 21% [1][6][11] Core Business Insights - Sailun's product range includes semi-steel tires, all-steel tires, and off-road tires, with a focus on expanding the high-margin off-road tire market. By the end of 2024, the company aims to achieve an off-road tire production capacity of 215,000 tons, with plans to expand to 450,000 tons [1][3][7] - The company has developed a proprietary "Liquid Gold" tire technology that addresses rolling resistance, wet traction, and wear resistance, enhancing its long-term growth potential [8][10] Financial Performance and Projections - Sailun's revenue is projected to rank tenth globally in 2023 and 2024, with expected profits of 4.2 billion, 5.2 billion, and 6.2 billion yuan from 2025 to 2027, indicating sustained growth [2][4][12] - Recent fluctuations in raw material prices have impacted gross margins, but a decrease in prices is anticipated in the latter half of the year, with expectations for improved margins in Q3 and Q4 [9] Competitive Advantages - Sailun's integration of production, education, and research, in collaboration with Qingdao University of Science and Technology and EVE Rubber Research Institute, supports continuous product optimization, particularly in the high-margin off-road tire segment [7] - The company's overseas production strategy not only provides tax advantages but also enhances its competitive edge in the global market [11] Company: Jerry Holdings Market Development - Jerry Holdings has made significant progress in the Middle East, Central Asia, and North Africa, particularly in the natural gas sector, with countries like Oman, Qatar, and the UAE planning substantial increases in natural gas production [13] - The company has secured large orders, including significant contracts in Kuwait and Algeria, positioning these regions as key growth areas [13] U.S. Market Opportunities - Despite challenges in the U.S. market due to past oil price volatility, Jerry Holdings is poised for growth as the market enters a new equipment replacement cycle, with approximately 40% of the 200+ fracturing fleets needing updates [14] - If Jerry captures 10% of this market, it could result in annual orders for about 5 units of equipment, each generating approximately 200 million yuan in revenue with a gross margin of 60%-70% [14] Domestic Market Prospects - In China, the focus on energy security has led to increased capital expenditure in unconventional oil and gas exploration, benefiting Jerry as a supplier of related equipment [15] - The company is expected to gain from the rising capital expenditures in unconventional oil and gas sectors, providing a stable growth foundation [15] Conclusion - Both Sailun Tire and Jerry Holdings are positioned to leverage their strategic advantages and market opportunities for sustained growth in their respective sectors, with Sailun focusing on global expansion and product innovation, while Jerry capitalizes on regional developments and equipment upgrades.

Core Insights - The article highlights the remarkable growth of Sailun Group, which has successfully positioned itself among the top 500 private enterprises in China and within the top ten global tire brands, showcasing its transition from manufacturing to intelligent manufacturing and global presence [1][11] Group 1: Technological Innovation - Sailun has tackled the long-standing "devil's triangle" challenge in the tire industry, which involves optimizing rolling resistance, wet traction, and wear resistance simultaneously [2] - The company has developed the "Liquid Gold" tire, a significant innovation that addresses this challenge and has been recognized as a milestone in rubber tire industrial history [2][6] - Sailun's R&D investment has seen an annual growth rate exceeding 20%, with over 2,000 domestic and international patents, reflecting its commitment to technological advancement [3][4] Group 2: Product Development - The launch of the "Color Edge Tire" represents a blend of aesthetic innovation and advanced technology, maintaining the performance benefits of the Liquid Gold technology while introducing vibrant colors [5][6] - The Color Edge Tire incorporates proprietary technologies such as ARMORSEAL self-sealing technology and SILENTTREAD noise reduction, enhancing its market appeal [6] Group 3: Global Expansion - Sailun has established manufacturing bases in multiple countries, including Vietnam, Cambodia, Mexico, and Indonesia, with plans for further expansion in Egypt, aiming to enhance its global footprint [7][8] - The company operates under a "global factory" model, leveraging digital technologies to improve operational efficiency across its international production facilities [8] Group 4: Brand Strategy - Sailun has successfully transformed its brand image from a low-cost manufacturer to a recognized global player through strategic partnerships in high-profile events and innovative marketing campaigns [10][11] - The brand's value has significantly increased, ranking among the top ten global tire brands and achieving a brand value of approximately 112.9 billion yuan, reflecting its growing influence in the market [10][11]

Core Viewpoint - The article highlights the achievements and innovations of Sailun Group, particularly focusing on its "Liquid Gold" tire technology, which enhances performance and sustainability in the tire industry [1][5][9]. Group 1: Product Development and Innovation - The "Liquid Gold" tire was first introduced at the 2016 Hannover International Tire Technology Conference and has since undergone significant development, with mass production starting in 2018 [3]. - The technology utilizes a world-first "chemical rubber mixing" technique, optimizing rubber molecular structure to improve performance while reducing energy consumption during production [3]. - The tire offers substantial benefits, including an 8% reduction in fuel consumption for gasoline vehicles and a 12% increase in range for electric vehicles [5]. Group 2: Awards and Recognition - The "Liquid Gold" tire received the 7th China Industrial Award in March 2023 for its innovative and leading-edge technology [5]. - In January 2024, Sailun was the only automotive parts company to receive a special award from the CCTV "Automobile Wind and Cloud Ceremony," showcasing its role in advancing China's automotive industry from "Made in China" to "Brand from China" [5]. Group 3: Aesthetic and Performance Features - In June 2025, Sailun collaborated with Vogue Tire to launch a fashionable series of "Liquid Gold" tires, featuring seven vibrant colors and advanced design techniques [6][8]. - The new series maintains the high performance of the "Liquid Gold" tires while incorporating proprietary technologies such as ARMOR SEAL self-sealing technology and SILENT TREAD noise reduction [8]. Group 4: Sustainability and Environmental Impact - The "Liquid Gold" tire contributes to low-carbon development, with potential savings of 450 billion liters of fuel and a reduction of 104 million tons of CO2 emissions if widely adopted [9]. - Sailun aims to increase the sustainable material content to 40% by 2030 and achieve 100% by 2050, alongside a 30% reduction in energy consumption and carbon emissions per product by 2030 [9]. Group 5: Future Outlook - Sailun Group is committed to continuous innovation, focusing on higher performance, enhanced user experience, and greener solutions in the tire industry [11].

Group 1 - Qingdao Bay Chemical Co., Ltd. is rapidly advancing several major incremental projects, including the production of its vinyl chloride phase III project, which began operations in June, and the epoxy chloropropane and epoxy resin projects that started trial production in July [1] - The new projects signify the establishment of a closed-loop petrochemical and high-end new materials circular economy industrial chain, focusing on four main areas: "ethylene-vinyl chloride-PVC," "ethylene + benzene-styrene-PS," "epoxy chloropropane + bisphenol A-epoxy resin," and "caustic soda-sodium metasilicate" [1] - Qingdao has a long history in the chemical industry, being home to China's first national dye production plant established in 1919, and now hosts a significant petrochemical base and a comprehensive industrial chain covering new chemical materials and advanced materials [1] Group 2 - The city of Qingdao has announced a "10+1" innovative industrial system, with high-end chemicals and new materials identified as one of the three advantageous industries for quality development [2] - The list of leading enterprises in the industrial chain includes 62 companies, with 9 in the high-end chemical and new materials sector, four of which are located in the Dongjiakou Economic Zone [2] - Qingdao Bay Chemical has successfully reduced the "fish eye" issue in PVC film production through continuous technical improvements, achieving a production value of 6.4 billion yuan and a profit of approximately 170 million yuan in the first half of the year, reflecting a 58% year-on-year increase [2] Group 3 - The establishment of the Qingdao Green Low-Carbon New Materials Industrial Park aims to support enterprises' pilot testing needs, with over 20 pilot projects currently reserved and expectations for more than 30 projects to enter the base in the next three to five years [2] - Innovative breakthroughs are essential for creating new advantages, as demonstrated by Sailun Group's launch of the liquid gold tire series, which outperformed EU ice grip performance standards by 26% [3] - Qingdao Special Steel Co., Ltd. has developed a new galvanized steel wire for bridge cables that surpasses the strength limits of imported products, achieving a world-class strength level of 2100 MPa [3]