赛轮轮胎 20260106 摘要 赛轮轮胎通过全球化布局有效应对汇率波动，国内工厂进口天然橡胶以 美元计价，出口比例较高，汇率波动带来影响但总体可控，园区结售汇 操作平滑了汇率损益。 欧盟对中国半钢胎双反调查预计 2025 年 1 月公布初步结果，赛轮已将 出口欧洲产品转移至越南基地生产，柬埔寨和越南订单充足，海外工厂 开工率高，产量创新高，对公司整体影响不大。 赛轮轮胎新工厂建设稳步推进，印尼和墨西哥工厂处于产能爬坡阶段， 预计 2026 年 3 月达设计产能；新和平工厂首台已下线；董家口半钢胎 项目预计四季度投产；埃及项目计划 2025 年三季度首台下线。 面对国内半钢胎市场竞争加剧，赛轮轮胎 2025 年目标设定相对保守， 侧重 OE 配套市场，配套销售目标为 800 万条，替换市场目标增加 100 万条，已与代理商探讨产品规划和营销策略。 全球最低税政策对赛轮轮胎产生影响，柬埔寨作为香港全资子公司需补 足 15%税率，预计未来一两年大部分国家将实施全球最低税，享受低于 15%优惠税率将更难。 Q&A 请介绍一下赛轮轮胎在 2024 年第四季度的经营情况及面临的挑战。 2024 年，赛轮轮胎面临诸多挑战 ...

"金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大维 度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，赛轮轮胎荣获"投资价值上市公司"。 未来，赛轮轮胎将继续以科技创新为引领，深耕主业、拓展生态，在推动企业高质量成长的同时，为中国橡胶轮胎行业的转型升级贡献更多力量。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞争力、公司治理规范性及可持续发展能力。旨在树立 价值投资标杆，推动行业结构优化，引导市场回归理性投资，构建良性资本市场生 ...

■重点关注 【汽车】赛轮轮胎*余嫄嫄 赵泰。赛轮轮胎全球化产能布局完善，通过"液 体黄金"轮胎和非公路轮胎等核心技术构筑产品壁垒，研发与营销双轮驱 动推动品牌价值提升。未来海外基地产能释放及产品附加值提升有望推动 公司收入、业绩增长。首次覆盖，给予买入评级。 证券研究报告——晨会聚焦 2025 年 12 月 25 日 中银晨会聚焦-20251225 | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 国防军工 | 2.88 | 农林牧渔 | (0.85) | | 电子 | 2.12 | 煤炭 | (0.70) | | 建筑材料 | 1.72 | 食品饮料 | (0.36) | | 轻工制造 | 1.69 | 银行 | (0.30) | | 机械设备 | 1.49 | 传媒 | 0.01 | 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3940.95 | 0.53 | | 深证成指 | 13486.42 | 0.88 | | 沪深 300 | 4634.06 | 0.29 | | 中小 ...

中银证券研报指出，赛轮轮胎全球化产能布局完善，通过"液体黄金"轮胎和非公路轮胎等核心技术构筑 产品壁垒，研发与营销双轮驱动推动品牌价值提升。未来海外基地产能释放及产品附加值提升有望推动 公司收入、业绩增长。公司在国内拥有青岛、东营、沈阳、潍坊四大生产基地，在海外建成越南、柬埔 寨生产基地，并在建埃及基地。截至2025年中报，公司共规划建设年生产3,155万条全钢胎、10,900万条 半钢胎和46.7万吨非公路胎产能，其中属于海外基地的有975万条全钢胎、4,900万条半钢胎和13.7万吨 非公路胎。非公路轮胎与液体黄金打造产品力壁垒，研发、营销双轮驱动品牌影响力提升。看好公司多 极化的海外基地布局及多元化的产品结构，首次覆盖，给予"买入"评级。 ...

601058.SH 买入 汽车 | 证券研究报告 — 首次评级 2025 年 12 月 24 日 原评级：未有评级 市场价格:人民币 17.42 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 25.1 9.0 17.1 23.4 相对上证综指 6.5 12.1 16.9 9.3 发行股数 (百万) 3,288.10 流通股 (百万) 3,288.10 总市值 (人民币 百万) 57,278.71 3 个月日均交易额 (人民币 百万) 378.15 主要股东持股比例 瑞元鼎实投资有限公司 16.92% 资料来源：公司公告， Wind ，中银证券 (17%) (7%) 2% 11% 20% 30% Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 赛轮轮胎 上证综指 以 2025 年 12 月 15 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 汽车：汽车零部件 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu ...

赛轮轮胎 20251211 摘要 赛轮股份通过国内液体黄金轮胎和海外产能释放，应对中美贸易战、疫 情及海运费暴涨等挑战后，业绩仍持续高增长，并预计 2026 年高端配 套业务将加速推进，全球展点式产能布局有助于规避海外贸易政策扰动。 公司积极应对欧盟双反调查，通过产能转移至柬埔寨和越南工厂，维持 较高开工率，并计划明年印尼和墨西哥基地达到规划产能，分别为半钢 300 万条和 600 万条，全钢 60 万条及非公路 2 万吨。 赛轮调整配套业务策略，关注有发展前景的企业和产品品质，国内配套 量预计 2025 年达 240 万条，2026 年翻倍至 500 万条，目标突破 800 万条，并积极拓展比亚迪、吉利、奇瑞、长安等车企配套。 公司在海外市场积极布局，包括国内整车厂海外基地配套（如越南 VinFast）和国外本土汽车品牌合作，全钢轮胎领域新能源重卡占有率 超过 50%，并与卡特彼勒、约翰迪尔等工程机械制造商建立稳定供应关 系。 面对欧美市场半钢轮胎需求变化，赛轮凭借成本控制、智能化和产品性 能优势，加速抢占市场份额，同时美国关税通过墨西哥基地出口得以规 避，全球布局成为提升竞争力的关键。 Q&A 中泰证券对 ...

Core Insights - The article highlights the transformation of the Dongying tire industry from traditional manufacturing to high-quality, intelligent production, emphasizing innovation, collaboration, and sustainability as key drivers of this change [1][2][6]. Group 1: Innovation and Collaboration - Dongying's tire industry has shifted from low-end, OEM production to a focus on technology and innovation, driven by a collective industry awakening [2]. - The establishment of a collaborative ecosystem involving government, enterprises, and academic institutions has facilitated the resolution of critical technological challenges [2][3]. - New products, such as a quiet tire designed for electric vehicles, showcase the successful application of advanced research and development techniques [2]. Group 2: Industry Ecosystem - The tire industry in Dongying has developed a robust supply chain, with most materials needed for tire production sourced within a 20-kilometer radius [4]. - The presence of leading companies and specialized firms has created a resilient and innovative industrial community [5]. - Dongying's tire industry cluster has been recognized as a national-level characteristic industrial cluster, reflecting its competitive strength and ecological health [5]. Group 3: Digitalization and Sustainability - The integration of digital technologies has transformed production processes, enhancing efficiency and quality control [6][7]. - Companies are adopting green practices, such as recycling waste tires into new products, contributing to a circular economy [7][8]. - Dongying has established numerous green factories and industrial parks, promoting sustainable manufacturing practices [8]. Group 4: Global Expansion - Dongying's tire products are now exported to over 200 countries, with a significant portion of exports coming from self-owned brands [10][11]. - Companies are shifting from merely exporting products to establishing local manufacturing bases and enhancing brand presence in international markets [10][11]. - The local tire industry is poised for further growth, focusing on high-quality, high-value products and leveraging technological advancements [11].

Core Insights - The article highlights the transformation of the Dongying tire industry from low-end production to high-quality, innovative manufacturing, emphasizing the importance of technology and sustainability in driving this change [2][3][7]. Group 1: Innovation and Cluster Development - Dongying's tire industry has shifted from low-end, OEM production to self-branded, high-tech manufacturing, driven by a collective industry awakening to the need for innovation [3]. - The local government has played a crucial role in fostering a collaborative innovation ecosystem, partnering with universities to address key technological challenges [3][4]. - The introduction of advanced technologies, such as the "liquid gold" tire using innovative chemical rubber technology, showcases the industry's commitment to breaking performance barriers [4][6]. Group 2: Smart and Green Manufacturing - The integration of smart technologies in manufacturing processes has led to significant efficiency improvements, with automated systems reducing production time and enhancing quality control [7][8]. - Dongying's commitment to green manufacturing is evident in the establishment of recycling processes for used tires, transforming waste into valuable resources [9]. - The adoption of renewable energy sources, such as solar power, in production facilities reflects the industry's dedication to sustainability and reducing carbon emissions [9]. Group 3: Internationalization and Market Expansion - Dongying's tire products are now exported to over 200 countries, with a significant portion of exports coming from self-owned brands, marking a departure from previous OEM practices [12]. - Companies are actively expanding their global presence by establishing production bases in regions like Southeast Asia and developing local marketing strategies [11][12]. - The local tire industry is positioning itself as a key player in the global market, focusing on high-quality, high-value products to enhance competitiveness [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 27.59 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.8%. The net profit attributable to shareholders was 2.87 billion yuan, down 11.5% year-on-year [5][6]. - In Q3 alone, the company achieved a revenue of 10 billion yuan, which is an 18.0% increase year-on-year and a 9.0% increase quarter-on-quarter. The net profit for Q3 was 1.04 billion yuan, down 4.7% year-on-year but up 31.3% quarter-on-quarter [5][6]. - The company is expanding its global footprint, with plans to invest in a new production capacity in Egypt, which is expected to generate significant revenue and profit [5][6]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 27.59 billion yuan, with a net profit of 2.87 billion yuan and a net profit excluding non-recurring items of 2.82 billion yuan [5][6]. - In Q3, the company produced 20.495 million tires, with sales of 21.302 million tires, reflecting a 7.7% increase in sales compared to the previous quarter [5][6]. Market Expansion - The company plans to invest approximately 2.9 billion USD (about 20.9 billion yuan) in a new tire production project in Egypt, which is expected to produce 3.6 million radial tires annually [5][6]. - The company is also advancing its production capacity in Vietnam, Cambodia, Mexico, and Indonesia, with a total planned capacity of 31.55 million steel tires and 109 million semi-steel tires by mid-2025 [5][6]. Product Development - The company has developed a new "Liquid Gold" tire that has received international recognition for its superior performance, achieving a reduction in carbon emissions compared to standard tires [5][6]. - The company aims to leverage its technological advantages and strong brand recognition to drive future growth [5][6].

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]