长江商报消息 赛轮轮胎大手笔投资扩建产能。 17亿投建沈阳项目 赛轮轮胎将在辽宁省沈阳市投建大型轮胎生产基地。 该项目并非传统意义上的新建工厂，而是赛轮轮胎在7月刚完成收购的"赛轮新和平（沈阳）轮胎有限公 司"原有厂区的升级改造与扩建。 8月25日，赛轮轮胎（601058.SH）宣布，将在辽宁省沈阳市投建大型轮胎生产基地，项目总投资达 17.01亿元，用于"赛轮新和平年产330万条全钢子午线轮胎及2万吨非公路轮胎项目"。 此次投资，是赛轮轮胎在东北地区的关键战略布局，旨在通过产能扩张与产品结构优化，巩固市场地 位，提升全球竞争力。 2025年上半年，公司研发费用支出5.37亿元，同比增长14.67%。公司持续推进全球化布局与业务拓展， 截至目前，公司共规划年生产3155万条全钢子午胎、1.09亿条半钢子午胎和46.7万吨非公路轮胎的生产 能力。 业绩方面，赛轮轮胎表现亮眼。2022年至2024年，公司营业收入分别为219.02亿元、259.78亿元和 318.02亿元，归母净利润分别为13.32亿元、30.91亿元和40.63亿元。营收、净利润均保持稳定增长。 2025年上半年，公司实现营业收入175.87亿 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 赛轮轮胎(601058.SH) 投资评级 买入 上次评级 买入 [Table_Author] 张燕生 化工行业首席分析师 执业编号：S1500517050001 邮箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 邮箱：hongyingdong@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 浮云难蔽日，扬帆向鹏程 [Table_ReportDate] 2025 年 8 月 26 日 [Table_S 事件：202ummar 5 年y]8 月 25 日，赛轮轮胎公布 2025 半年报。公司 2025 年上半 年实现营业总收入 175.87 亿元，同比+16.05%，归母净利润 18.31 亿元， 同比-14.90%。公司 2025Q2 实现营业总收入 91.75 亿元，同比+16. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a net profit of approximately 1.83 billion yuan in the first half of 2025, a decrease of about 320 million yuan or around 15% year-on-year. The non-recurring net profit is projected to be around 1.81 billion yuan, down by approximately 240 million yuan or 12% year-on-year. For Q2 2025, the estimated net profit is around 790 million yuan, reflecting a year-on-year decline of 29.2% and a quarter-on-quarter decline of 23.8% [2][6]. - The company is a leading domestic tire manufacturer with significant advantages in integrated production, research, and development, and its technology and quality are globally recognized. The ongoing expansion of domestic and international production capacity, coupled with strong tariff advantages, positions the company to enhance its brand strength and drive continuous growth in performance and brand recognition [2][11]. Summary by Sections Performance Overview - The company's performance in the first half of 2025 is under pressure, primarily due to international trade barriers and rising raw material costs. The additional 25% tariff on tire exports to the U.S. has impacted gross margins, while the costs of key raw materials such as natural rubber and synthetic rubber have increased [11]. - The company plans to optimize its overseas capacity layout and promote high-value-added products to mitigate external impacts. With the normalization of U.S.-China tariffs and a potential decrease in raw material prices, profit margins are expected to recover [11]. International Expansion - The company announced plans to invest in a new production facility in Egypt, with an annual capacity of 3.6 million radial tires, including 3 million semi-steel tires and 600,000 all-steel tires. The total investment is approximately 290 million USD (about 2.09 billion yuan), with expected annual revenue of around 190 million USD and net profit of approximately 34.77 million USD [11]. - The strategic location of Egypt, being at the crossroads of Asia, Africa, and Europe, allows the company to tap into the growing tire market in Africa, which is the third-largest automotive market on the continent [11]. Product Innovation - The company's self-developed "Liquid Gold" tires have received international recognition for their superior performance, addressing the challenges of rolling resistance, wet slip resistance, and wear resistance. According to TÜV Rheinland, the carbon emissions of these tires are significantly lower than those of conventional tires, indicating a large potential market [11]. Capacity Expansion - The company is actively expanding its global production capacity, with ongoing projects in Vietnam, Cambodia, Mexico, and Indonesia. By the end of 2024, the company plans to have a total production capacity of 27.65 million all-steel tires, 106 million semi-steel tires, and 44,700 tons of non-road tires [11]. - The continuous expansion of domestic and international production capacity is expected to drive revenue and profit growth [11]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 4.15 billion yuan, 5.23 billion yuan, and 6.24 billion yuan, respectively [11].

Core Viewpoint - The company is expected to face challenges in profitability due to trade barriers and raw material costs, but it is also making strides in global capacity expansion and innovative product development, particularly with its "Liquid Gold" tire technology [2][4][5][6]. Group 1: Performance Forecast - The company disclosed a profit forecast for H1 2025, expecting a net profit attributable to shareholders of 1.83 billion yuan, a year-on-year decrease of 14.94%, and a non-recurring net profit of 1.81 billion yuan, down 11.79% year-on-year [2]. - For Q2 2025, the company anticipates a net profit of 792 million yuan, representing a year-on-year decline of 23.78% and a quarter-on-quarter decline of 29.18% [4]. Group 2: Analysis and Judgments - The decline in profits is attributed to a 25% tariff on parts exported to the U.S. and a 4% year-on-year decrease in the weighted average index of raw materials for H1 2025, with costs expected to remain stable compared to H1 2024 [4]. - The company is focusing on optimizing overseas production capacity and promoting high-value-added products to mitigate the impact of these challenges [4]. Group 3: Global Expansion and Product Development - The company has a production capacity exceeding 70 million tires, with facilities in various locations including Qingdao, Dongying, and Vietnam, and is on track to meet its mid-to-long-term capacity goals [5]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [5]. - The "Liquid Gold" tire technology has been recognized for its performance improvements, including a reduction in rolling resistance and enhanced durability, contributing to increased brand strength [6]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with net profits expected to be 4.21 billion, 4.93 billion, and 5.76 billion yuan [7]. - The earnings per share (EPS) are projected to be 1.28, 1.50, and 1.75 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 10 for 2025 [7][5]. Core Views - The company's performance in H1 2025 is in line with expectations, with a forecasted net profit of 1.83 billion yuan, down 14.94% year-on-year. The decline is attributed to trade barriers and raw material costs [3][4]. - The company is steadily advancing its globalization strategy, with production capacity exceeding 70 million tires and ongoing projects in Vietnam and Cambodia [4][5]. - The introduction of the "Liquid Gold" tire technology enhances brand strength and addresses long-standing industry challenges, improving fuel efficiency and safety [5][4]. Financial Forecasts - Revenue projections for 2025-2027 are 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with corresponding net profits of 4.21 billion, 4.93 billion, and 5.76 billion yuan [6][10]. - The expected EPS for 2025, 2026, and 2027 are 1.28, 1.50, and 1.75 yuan, respectively, with PE ratios decreasing from 10 to 8 over the same period [6][10]. - The company anticipates a revenue growth rate of 14.9% in 2025, followed by 14.5% in 2026 and 10.3% in 2027 [6][10].

Core Viewpoint - The company plans to invest in a new tire production project in Egypt, which is expected to enhance its global capacity and market presence [2][4]. Group 1: Project Overview - The company intends to invest a total of $291 million in the "360 million radial tire project" in Egypt, with $255 million allocated for construction and $35 million for working capital [4]. - The project will add 3 million semi-steel radial tires and 600,000 all-steel radial tires to the company's production capacity [4]. - Located in the Suez Economic Cooperation Zone, the project aims to serve both the local Egyptian market and surrounding regions [4]. - The project is expected to reach 60% production capacity in the first year and 100% in the second year, generating an average annual revenue of $190 million and a net profit of $35 million, with a net profit margin of 18.3% [4]. Group 2: Global Expansion and Product Development - The company currently has a production capacity exceeding 70 million tires, with facilities in Qingdao, Dongying, Weifang, Shenyang, Vietnam, and Cambodia [5]. - Ongoing construction projects are progressing steadily, with significant capacity planned for completion by the end of 2024 [5]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-highway tire sector [5]. Group 3: Product Innovation - The "Liquid Gold" tire utilizes a pioneering chemical vulcanization technology that reduces rolling resistance and improves wet grip and wear resistance [6]. - This innovation addresses long-standing industry challenges, enhancing safety, energy efficiency, and comfort for users [6]. - The average "Liquid Gold" tire can reduce fuel consumption by over 4% for buses and 3% for passenger cars, while increasing the range of electric vehicles by 5-10% [6]. Group 4: Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with corresponding net profits of 4.50 billion, 5.26 billion, and 6.14 billion yuan [7][8]. - The expected earnings per share (EPS) for the same period are 1.37, 1.60, and 1.87 yuan, with price-to-earnings (PE) ratios of 10, 8, and 7 [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 13.39 CNY per share on August 15, 2025 [5]. Core Views - The company is expanding its overseas production capacity with a new project in Egypt, which will produce 3.6 million radial tires annually, with a total investment of 291 million USD [1]. - The project is expected to generate an average annual revenue of 190 million USD and a net profit of 35 million USD, with a net profit margin of 18.3% and a payback period of 6.15 years [1]. - The company has a strong existing capacity of over 70 million tires, with production facilities in various locations including Qingdao, Dongying, and Vietnam, and is steadily advancing its construction of new capacities [2]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [2]. - The innovative "Liquid Gold" tire technology has improved performance metrics, reducing rolling resistance and enhancing safety and comfort, which is expected to boost brand strength [3]. - Revenue projections for the company from 2025 to 2027 are estimated at 36.535 billion CNY, 41.850 billion CNY, and 46.156 billion CNY respectively, with net profits of 4.504 billion CNY, 5.264 billion CNY, and 6.138 billion CNY [4][8]. Summary by Sections Investment and Expansion - The company plans to invest in a new tire production facility in Egypt, which will add significant capacity to its global operations [1]. - The project is strategically located to serve both local and regional markets, enhancing the company's international footprint [1]. Production Capacity and Partnerships - The company has a robust production capacity and is actively expanding its facilities in Vietnam and Cambodia, with significant progress reported in ongoing projects [2]. - Collaborations with leading companies in both domestic and international markets have strengthened its position in the non-road tire segment [2]. Product Innovation - The "Liquid Gold" tire technology represents a significant advancement in tire performance, addressing long-standing industry challenges and improving energy efficiency [3]. - The technology has been validated by multiple international testing organizations, further solidifying the company's reputation in the market [3]. Financial Projections - The company is expected to see steady revenue growth over the next few years, with significant increases in both revenue and net profit anticipated [4][8]. - The earnings per share (EPS) are projected to rise from 1.37 CNY in 2025 to 1.87 CNY in 2027, indicating strong financial health and growth potential [4][8].

Group 1: US Market Demand - In June, US automotive parts and tire store retail sales reached $11.693 billion, a year-on-year increase of 2.90% [1] - In July, US gasoline consumption was 8.9418 million barrels per day, a year-on-year decrease of 3.04%, while diesel consumption was 3.5098 million barrels per day, down 4.09% year-on-year [1] - US automobile sales in July were 1.3722 million units, reflecting a year-on-year increase of 7.43% [1] Group 2: Import Demand - In June, the US imported 16.8895 million semi-steel tires, a month-on-month decrease of 4.67% but a year-on-year increase of 7.75% [2] - The US imported 1.9116 million full-steel tires in June, with a month-on-month decrease of 0.39% and a year-on-year increase of 44.90% [2] - Both semi-steel and full-steel tire import volumes in June were at historically high levels, indicating robust overall demand [2] Group 3: Raw Material Prices - In July, the tire raw material price index was 151.90, showing a month-on-month decrease of 0.28% and a year-on-year decrease of 10.26% [3] - The average price of natural rubber was 14,003 yuan/ton, with a month-on-month decrease of 1.06% and a year-on-year increase of 1.00% [3] - The average price of carbon black was 6,709 yuan/ton, reflecting a month-on-month decrease of 3.13% and a year-on-year decrease of 19.47% [3] Group 4: Shipping Costs - In July, the average Baltic global container freight index (FBX) was 2,531.25 points, a month-on-month decrease of 25.46% and a year-on-year decrease of 50.19% [4] - The CCFI for the East Coast averaged 1,247.30 points, down 7.31% month-on-month and down 30.43% year-on-year [4] - The CCFI for the West Coast averaged 983.60 points, reflecting a month-on-month decrease of 14.44% and a year-on-year decrease of 40.68% [4] Group 5: New Product Launch - Sailun Group successfully launched its "Liquid Gold" tire in the Vietnamese market, marking the introduction of this high-performance tire product [5] - The launch event was attended by key executives from Sailun Group and its Vietnamese subsidiary [5]

Core Viewpoint - Sailun Tire, a Chinese company emerging from a Qingdao university lab, is leveraging technological and industrial innovation to reshape the global tire industry and establish a strong international presence [2][4]. Group 1: Company Background and Innovation - Founded in 2002, Sailun Tire was initiated by Qingdao University and alumni, with a mission to revitalize China's rubber industry [2]. - The company developed a groundbreaking chemical rubber mixing technology, referred to as "liquid gold," which optimizes tire performance by restructuring rubber molecular structure [2][4]. - The "liquid gold" tires have shown superior performance in wet conditions, fuel efficiency, and noise reduction, allowing Sailun to position itself in the high-end market [4][5]. Group 2: Global Expansion Strategy - Sailun Tire has adopted a "research-manufacturing-marketing" localization strategy to penetrate global markets, with factories in Vietnam, Cambodia, Indonesia, and Mexico [4][5]. - The company has established four global R&D centers to tailor products to regional needs, such as developing specific formulas for Southeast Asia's humid climate [5]. - The Mexican factory serves the Americas, while the Cambodian facility has an annual production capacity of 21 million tires [5]. Group 3: Technological Advancements and Sustainability - Sailun Tire integrates advanced technologies such as RFID chips in tires for real-time data exchange, enhancing safety and efficiency [6]. - The company is committed to sustainability, utilizing white carbon black to reduce energy consumption and implementing chemical rubber mixing processes to lower carbon emissions [6]. - Sailun's industrial internet platform connects the entire production process, utilizing AI for accelerated R&D and improved service efficiency [6]. Group 4: Future Outlook and Collaborations - The company is collaborating with Xiaomi to develop specialized tires for electric vehicles, indicating a focus on innovation in the growing EV market [6]. - Sailun aims to prioritize quality, service, and value over price competition, continuing to invest in R&D to support the global automotive industry [6].

Core Viewpoint - Sailun Tire, a Chinese company emerging from a Qingdao university laboratory, has successfully integrated technological and industrial innovation to become one of the top ten tire manufacturers globally, showcasing China's ascent in the tire industry [1][2]. Group 1: Company Background and Innovation - Founded in 2002, Sailun Tire was initiated by Qingdao University and alumni with a mission to revitalize China's rubber industry [1]. - The company developed a groundbreaking chemical rubber compounding technology, referred to as "liquid gold," which simultaneously enhances rolling resistance, wet grip, and wear resistance, overcoming the "devil's triangle" challenge in tire performance [2]. - The successful launch of the "liquid gold tire" in 2022 has positioned Sailun in the high-end market, providing exceptional performance in adverse weather conditions and improving fuel efficiency [2][3]. Group 2: Global Expansion Strategy - Sailun Tire has adopted a localized strategy for research, manufacturing, and marketing, establishing factories in Vietnam, Cambodia, Indonesia, and Mexico to cater to regional demands [3]. - The company has four global R&D centers to tailor products to specific environmental conditions, such as high humidity in Southeast Asia [3]. - The Mexican factory serves the Americas, while the Cambodian facility has an annual production capacity of 21 million semi-steel tires and 3.3 million all-steel tires [3]. Group 3: Technological Advancements - Sailun Tire has integrated RFID technology into its products, allowing real-time data exchange on tire pressure, wear, and road conditions, enhancing safety and efficiency [4]. - The company has established an industrial internet platform that connects the entire production process, utilizing AI for accelerated research and development [4]. - The adoption of white carbon black instead of carbon black has reduced energy consumption, and the chemical rubber compounding process has decreased carbon emissions [4]. Group 4: Future Outlook - Sailun Tire aims to focus on quality, service, and value rather than price competition, committing to ongoing R&D investments [5]. - The company plans to leverage its "liquid gold" technology to support the global automotive industry and transform Qingdao into a leading hub for rubber innovation [5].