Core Insights - The Chinese tire industry is at a critical juncture, facing significant challenges despite holding a 35% share of the global market, with over 50% of companies experiencing a decline in net profits [1][2] - The industry is grappling with issues such as overcapacity, trade barriers, and a general decline in profitability, with profit margins dropping from 5.3% in 2020 to less than 3% in 2023 [2][3] Industry Challenges - The tire industry is facing unprecedented challenges, including overcapacity leading to fierce competition, complex international relations creating trade barriers, and a situation where revenue growth does not translate to profit [2] - In the high-end passenger car original equipment market, China's market share is less than 10%, highlighting a structural imbalance [2] - The domestic market is suffering from severe overcapacity, with some production facilities operating at less than 60% capacity, and a rise in the number of tire stores closing due to credit issues [2] Brand Development and Market Positioning - The industry must shift its focus towards brand building rather than competing solely on price, as foreign brands dominate nearly 80% of market profits [3][4] - Continuous investment in research and development, product quality improvement, and service system establishment are essential for enhancing brand competitiveness [4] Opportunities in New Energy Vehicles - The growth of the new energy vehicle (NEV) market presents a new opportunity for the tire industry, with predictions of significant sales increases in the commercial NEV sector by 2025 [5] - Tire companies are encouraged to focus R&D efforts on NEVs and high-end passenger car tires to capture emerging market opportunities [5] Technological Advancements and Smart Transformation - A digital revolution is underway in tire manufacturing, with leading companies implementing smart manufacturing solutions that significantly enhance efficiency and reduce defect rates [6][7] - The integration of digital capabilities across the supply chain and production processes is becoming a core competitive advantage for tire companies [7] Global Strategy and Market Expansion - Chinese tire companies are adjusting their global strategies, moving from product export to brand establishment in international markets [7] - The establishment of production bases in regions like Africa demonstrates the industry's commitment to global expansion and competitiveness [7] Innovation and Performance Improvement - Innovations in tire performance, such as the development of liquid gold tires that improve fuel efficiency and reduce braking distances, are crucial for maintaining competitiveness [8] - The industry is encouraged to collaborate across the entire value chain to address international market challenges and enhance its influence in standard-setting [8]

Research and Development Center 轮胎行业专题报告（2025 年 6 月）： 橡胶等原料价格继续下降，赛轮发布液体黄金轮胎时尚系列新品 [Table_ReportTime] 2025 年 7 月 4 日 [Table_Industry] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 专题报告 [Table_StockAndRank] 轮胎行业 [Table_A 张燕生 uthor化工] 行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86010-83326712 邮箱：yinliu@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 ...

基础化工月报：油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 [Table_ReportDate] 本期内容提要: 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@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 [基础化工月报： Table_Title] 油价驱动部分化工品价格上涨 [Table_ReportDate] 2025 年 7 月 1 日 ...

证券研究报告 基础化工 关税消化+成本改善，轮胎拐点渐近 华泰研究 2025 年 6 月 13 日│中国内地 动态点评 据米其林公告，2025 年 1-4 月北美&中美半钢替换需求同比增速为 3%，欧 洲地区为 5%，欧美地区半钢需求延续增长。据《Modern Tire Dealer》（6 月刊），美国轮胎经销商反馈，过去 12 月中第三梯队轮胎已超过第二梯队成 为美国市场需求最好的轮胎。据 Eurostat，2025 年 2 月欧盟地区半钢轮胎 自中国进口量为 818 万条，占进口总量比例为 60%。中国高性价比轮胎海 外需求持续提升。 头部企业海外布局持续推进，推荐赛轮轮胎/森麒麟 推荐赛轮轮胎，公司持续加大液体黄金品牌建设力度，2024 年广告宣传费 同比增长 31%，国内配套市场终端售价对标国际一线轮胎品牌；2025 年 5 月底公司印尼工厂、墨西哥工厂首胎成功下线，全球供应链响应速度与灵活 配置能力进一步加强。推荐森麒麟，公司定位高端，具备产品定位与客户资 源优势；2025 年公司公告摩洛哥工厂将实现大规模投产放量,全年预计出货 量为 600-800 万条高端、高性能半钢胎，助力海外份额进一步提升。 ...

编者按 2024年，化工行业在复杂多变的市场环境中持续演进，行业整体业绩呈现明显的分化态势。本 系列报道将聚焦各化工子行业，为读者详细剖析2024年度业绩情况与展望2025年的业绩趋势。 受全球经济形势、原材料价格波动、新能源汽车发展以及国际贸易环境等多重因素影响，2024年我国轮 胎行业整体呈温和增长态势。数据显示，我国轮胎行业全年营业收入同比增长5.7%，利润总额下降 8.5%，行业经济效益有所下滑。部分头部企业凭借技术研发、海外布局等优势实现利润大幅增长，行 业呈现苦乐不均特征。 成本大幅上涨 利润压力加剧 2024年，在轮胎上市企业中，玲珑轮胎归母净利润同比增长26.01%，赛轮轮胎增长31.42%，森麒麟增 长59.74%，通用股份增长72.81%。 三角轮胎同比则大幅减少21.03%。根据该公司年报，轮胎销售价格略涨但传导滞后且不能完全覆盖原 材料价格上涨是其重要原因，产成品库存处于低位，全年销量同比略有下降也加剧了利润压力。 天然橡胶、合成橡胶价格的上涨是压制轮胎行业基本面的重要因素。去年，天然胶受下游需求增长、原 产地极端天气减产、零毁林法案(EUDR)推进抬升生产交易成本等因素影响，年初价格 ...

编者按 2024年，化工行业在复杂多变的市场环境中持续演进，行业整体业绩呈现明显的分化态势。本 系列报道将聚焦各化工子行业，为读者详细剖析2024年度业绩情况与展望2025年的业绩趋势。 记者梳理发现，取得较好业绩的公司多在技术研发、海外布局等方面有所突破。如净利居行业榜首的森 麒麟，其中国、泰国、摩洛哥等全球产能"黄金三角"布局为参与全球化竞争提供了坚强的后盾。 赛轮轮胎研制的液体黄金轮胎解决了轮胎"魔鬼三角"难题。其年报显示，赛轮轮胎在技术研发、人才培 养、设备提升等方面持续增加投入，在国内外多地建有研发中心，在各地工厂也建立了属地化的技术研 究部门，形成了全球化的技术研发体系。 成本大幅上涨 利润压力加剧 2024年，在轮胎上市企业中，玲珑轮胎归母净利润同比增长26.01%，赛轮轮胎增长31.42%，森麒麟增 长59.74%，通用股份增长72.81%。 三角轮胎同比则大幅减少21.03%。根据该公司年报，轮胎销售价格略涨但传导滞后且不能完全覆盖原 材料价格上涨是其重要原因，产成品库存处于低位，全年销量同比略有下降也加剧了利润压力。 天然橡胶、合成橡胶价格的上涨是压制轮胎行业基本面的重要因素。去年，天然胶 ...

| Rank | Rank | | Country of | Brand value | Brand value | Brand value | | --- | --- | --- | --- | --- | --- | --- | | 2025 | 2024 | Brand | operation | 2025 | % change | 2024 | | 1 | 1 | Michelin | France | $8.763.3 | 11% | 57.874.2 | | 2 | 2 | Bridgestone | Japan | $8,253.0 | 85% | $7,620.7 | | 3 | 3 | Continental | Germany | $3.904.3 | -165% | $4.660.0 | | 4 | पे | Goodyear ** | U.S. | $2,266.8 | 145% | $1.993.7 | | 5 | 5 | Dunloo *** | U.S. / Japan | 61.956.9 | -15% | $1.984.9 | | B | 6 | Pirelli | Ital ...

Core Viewpoint - The company demonstrates stable performance with ongoing high levels of production and sales, supported by the orderly advancement of new expansion projects in Vietnam, Cambodia, Mexico, and Indonesia, which is expected to lead to a continuous upward trend in performance over the medium to long term [1]. Financial Performance - The company maintains a "Buy" rating, with projected EPS of 1.45/1.59 for 2025/2026 and a new forecast of 1.76 for 2027, supported by clear overseas capacity increases [2]. - For 2024, the company expects revenue and net profit attributable to shareholders to reach 31.802 billion and 4.063 billion respectively, representing year-on-year increases of 22.42% and 31.42% [2]. - In Q4 2024, revenue and net profit attributable to shareholders are projected at 8.174 billion and 819 million respectively, with quarter-on-quarter declines of 3.54% and 25.00% [2]. - In Q1 2025, revenue and net profit attributable to shareholders are expected to be 8.411 billion and 1.039 billion respectively, showing year-on-year growth of 15.29% and 0.47%, and quarter-on-quarter increases of 2.90% and 26.79% [2]. Production and Sales - The company achieved a tire production volume of 74.8111 million units in 2024, a year-on-year increase of 27.59%, with sales volume reaching 72.1558 million units, up 29.34% year-on-year [2]. - In Q1 2025, the revenue from self-produced and self-sold tires is projected to be 8.09 billion, with production and sales volumes of 19.8833 million and 19.3739 million units respectively, reflecting a year-on-year sales volume increase of 16.84% [3]. Profitability Metrics - The company’s gross margin and net margin for 2024 are expected to be 27.58% and 12.97%, showing a slight year-on-year decrease of 0.06 percentage points and an increase of 0.64 percentage points respectively [3]. - In Q1 2025, the gross margin and net margin are projected to be 24.74% and 12.64%, reflecting year-on-year decreases of 2.94 percentage points and 1.75 percentage points, and a quarter-on-quarter decrease of 0.54 percentage points for gross margin but an increase of 2.55 percentage points for net margin [3]. Capacity Expansion - The company is accelerating its global capacity layout, with ongoing construction of production bases in Vietnam, Cambodia, Mexico, and Indonesia, aiming for a total planned production capacity of 27.65 million all-steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires by 2024 [4]. - The global capacity layout allows the company to shorten delivery cycles, serve existing customers more efficiently, expand overseas markets, and mitigate risks from trade frictions, supporting long-term stable development [4]. - The company has successfully developed a proprietary "liquid gold" tire that optimizes three key performance metrics: rolling resistance, wet grip, and wear resistance, enhancing product competitiveness [4].

在探讨科技创新与品牌塑造的相互关系时，嘉宾们认为品牌培育是一场"长期主义"的持久战，而科技创新是品牌建设的灵魂所在。 赛轮集团的发展历程正是这一理念的生动注脚。作为依托"橡胶界黄埔"青岛科技大学发展起来的民营轮胎企业，赛轮自成立之初，便秉持科技创新理 念，坚持基础研究。联合各方承建国家橡胶与轮胎工程技术研究中心，充分发挥产业链优势，十余年磨一剑，成功研发出打破轮胎性能"魔鬼三角"难题 的液体黄金轮胎，全面提升了轮胎综合性能，更安全、更节能、更耐磨、更舒适。这一世界首创的科技创新成果不仅提升了公司的核心竞争力，更让赛 轮品牌在全球市场上赢得了广大消费者的青睐。 赛轮集团股份有限公司董事长刘燕华坦言，一直以来，赛轮以"长期主义"的理念深耕基础研究，持续培育、塑造品牌，让科技创新不断"向下扎根"，为产 品赋予了强大的竞争力。 这种"科技+品牌"的双轮驱动模式，在浙江哈尔斯真空器皿股份有限公司同样成效显著。公司总裁吴子富介绍说，近年来哈尔斯通过推动研发与生产工艺 的创新，在智能化、健康化等细分领域深耕细作。以智能化为例，哈尔斯联合华为智选团队打造全球首款搭载星闪技术的纯钛版智能泡茶杯，集成"五金 智造+鸿蒙智联+健康 ...

在全球轮胎产业的版图上，中国以35%的市场占有率稳坐世界第一大生产国宝座。然而，在这份荣耀背 后，一场关乎生存与转型的战役正悄然打响。 近日，上市轮胎企业相继发布2024年年度报告。从披露的财务数据来看，尽管近八成轮胎企业实现营收 正增长，但超五成的轮胎企业净利润规模却在下滑，甚至有头部企业已连续亏损超六年。进入2025年， 行业增收不增利现象愈演愈烈。一季度，除一家轮胎上市企业净利润微增0.46%外，其余轮胎上市企业 净利润均有不同程度下滑。 当行业利润从2020年的5.3%滑落至2023年的不足3%，中国轮胎产业不得不直面一个问题——如何挣 脱"内卷"枷锁？ 在2025中国橡胶年会上，中国橡胶工业协会会长徐文英坦言，轮胎行业依靠价格内卷和扩大规模发展的 时代已经一去不复返，全行业需共同努力建立行业竞争规范，推动技术创新升级，优化资源配置体系， 来降低无效竞争。这场破局之战，不仅关乎行业存续，更将重塑中国轮胎产业在全球产业链中的坐标。 靠规模驱动发展 难以为继 公开数据显示，2024年，中国橡胶轮胎外胎产量达到11.7亿条，同比增长3.2%。与之形成鲜明对比的 是，行业利润总额却同比下滑8.5%至311亿元 ...