11月25日，海安集团成功登陆深市主板，本次发行价为48.00元/股，市盈率13.94倍。 资料显示，海安集团是我国第一大全钢巨胎企业、全球四大巨型工程子午线轮胎的制造企业之一。 海安集团今天的成就，离不开董事长朱晖的努力，出身于莆田市仙游县枫亭镇海安村的朱晖，年仅16岁 便被迫放弃学业。 起初，他只是在广西百色从事补胎生意，后来看到工程轮胎的生产技术长期掌握在国外巨头手中，国内 矿山有时拿钱都买不到轮胎，导致生产受到严重影响。 于是2005年，朱晖回乡创办企业，也就是如今的海安集团，致力于解决全钢巨胎国产化难题。创业20 年，海安集团的产品逐渐打响名声，年营收已经超过20亿元。目前，海安集团已实现全系列规格全钢巨 胎产品的量产，打破了国际三大品牌对全钢巨胎产品的垄断，实现了国产替代。 此次上市不仅对海安集团的发展具有重要的战略性意义，通过上市，实施募投项目可扩建升级生产装 备、改进工艺，突破产能瓶颈，进一步提升公司全钢巨胎产品的产能和品质；其次可以吸引更多行业内 优秀人才，提升公司整体研发实力，为公司的长远发展打下坚实的人才基础；同时能够提升公司在国内 外全钢巨胎行业内的品牌知名度，有利于进一步扩大产品的市 ...

11月25日，海安集团成功登陆深市主板，本次发行价为48.00元/股，市盈率13.94倍。 资料显示，海安集团是我国第一大全钢巨胎企业、全球四大巨型工程子午线轮胎的制造企业 之一。 海 安 集 团 今 天 的 成 就 ， 离 不 开 董 事 长 朱 晖 的 努 力 ， 出 身 于 莆 田 市 仙 游 县 枫 亭 镇 海 安 村 的 朱 晖，年仅1 6岁便被迫放弃学业。 起初，他只是在广西百色从事补胎生意，后来看到工程轮胎的生产技术长期掌握在国外巨头 手中，国内矿山有时拿钱都买不到轮胎，导致生产受到严重影响。 于 是 2 0 0 5 年 ， 朱 晖 回 乡 创 办 企 业 ， 也 就 是 如 今 的 海 安 集 团 ， 致 力 于 解 决 全 钢 巨 胎 国 产 化 难 题。创业2 0年，海安集团的产品逐渐打响名声，年营收已经超过2 0亿元。目前，海安集团已 实现全系列规格全钢巨胎产品的量产，打破了国际三大品牌对全钢巨胎产品的垄断，实现了 国产替代。 此次上市不仅对海安集团的发展具有重要的战略性意义，通过上市，实施募投项目可扩建升 级生产装备、改进工艺，突破产能瓶颈，进一步提升公司全钢巨胎产品的产能和品质；其次 ...

11月25日，有一只新股上市，为深证主板的海安集团（001233）(001233.SZ)。该公司主营业务包括巨 型全钢工程机械子午线轮胎的研发、生产与销售，以及矿用轮胎运营管理业务。公司为国家高新技术企 业，于2021年被工业和信息化部评为国家级专精特新"小巨人"企业，于2018年被工业和信息化部评 为"服务型制造示范企业"。 | 打新早知道 | | | 南财快讯 | | --- | --- | --- | --- | | 今日上市 | | | | | 001233.SZ 海安集团 | | | | | 发行价(元/股) | 机构报价(元/股) | | 所属行业 | | 48.00 | 48.93 | 89.27 | 轮胎制造 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 13.94 | 26.38 | 赛轮轮胎 | 14.03 | | | | 三角轮胎 | 12.91 | | | | 风神股份 | 21.97 | | 业绩情况 | | | | | 25.0 | | | 400% | 此外，受益于全球竞争格局变化，海安集团的全球布局优势显著。招股书显示，当前，海安集团拥有12 ...

资料显示，全球轮胎行业的竞争格局一直处于动态变化的过程中，市场份额逐步向东亚企业倾斜趋势明显。国际轮胎巨头企业 的市占率呈逐年降低趋势，行业头部公司的市场集中度因东亚地区轮胎公司的兴起已在逐步弱化，国际三大品牌轮胎企业从 2002年约56%的市场份额下降至2022年的39%左右。 我国作为全球主要的轮胎生产国，产量占据全球的近一半，其中60%的轮胎用于出口至全球各地。近年来随着供给侧改革的推 进，陆续有中小轮胎生产企业退出市场，国内轮胎产业产能逐步出清，由市场优胜劣汰所留存下来的轮胎生产企业将能够获得 更大的发展空间。 智通财经APP获悉，11月14日，海安集团(001233.SZ)开启申购，发行价格为48元/股，申购上限为1.45万股，属于深交所，市盈 率13.94倍，国泰君安证券为其保荐机构。 招股书披露，海安集团主营业务包括巨型全钢工程机械子午线轮胎的研发、生产与销售，以及矿用轮胎运营管理业务，现已具 备全系列型号全钢巨胎(轮辋直径49英寸及以上)的生产技术和量产能力，为国内外上百个矿山提供了全钢巨胎产品或服务。公 司主要客户包括国内外知名矿业公司、矿山机械主机厂商、采矿服务承包商以及轮胎贸易商，部分核 ...

11月14日，海安集团（001233）(001233.SZ)开启申购，发行价格为48元/股，申购上限为1.45万股，属于深交所，市盈率13.94 倍，国泰君安证券为其保荐机构。 招股书披露，海安集团主营业务包括巨型全钢工程机械子午线轮胎的研发、生产与销售，以及矿用轮胎运营管理业务，现已具 备全系列型号全钢巨胎(轮辋直径49英寸及以上)的生产技术和量产能力，为国内外上百个矿山提供了全钢巨胎产品或服务。公 司主要客户包括国内外知名矿业公司、矿山机械主机厂商、采矿服务承包商以及轮胎贸易商，部分核心客户如下： 根据弗若斯特沙利文行业研究报告，按照产量计算，全钢巨胎全球市场规模由2017年的16.7万条增长至2022年的21.5万条，年复 合增长率为5.18%，市场持续处于供不应求状态。根据弗若斯特沙利文行业研究报告预测数据，预计2027年全球全钢巨胎的产 量将达到35.8万条。总体来看，全钢巨胎产品的市场需求旺盛，市场规模较大，未来市场空间增长显著。 资料显示，全球轮胎行业的竞争格局一直处于动态变化的过程中，市场份额逐步向东亚企业倾斜趋势明显。国际轮胎巨头企业 的市占率呈逐年降低趋势，行业头部公司的市场集中度因东亚地 ...

Investment Rating - The report assigns a rating of "Neutral" to Hai'an Group, with an AHP score of 2.18, placing it in the 29.6% percentile of the non-innovative system AHP model [9][10]. Core Insights - Hai'an Group is a leading domestic manufacturer of all-steel giant tires, ranking fourth globally with a market share of 6.5% and first in China with a market share of 52.4% [4][11]. - The company is positioned to benefit from the exit of three major international competitors from the Russian market, aiming to capture new growth opportunities along the Belt and Road Initiative [4][19]. - The global market for all-steel giant tires is experiencing a supply-demand imbalance, with a projected increase in demand due to the expansion of Chinese mining companies overseas [22]. Summary by Sections AHP Score and Expected Allocation Ratio - Hai'an Group's AHP score, adjusted for liquidity premium factors, is 2.18, indicating a mid-to-upper tier performance in the AHP model [9][10]. Company Fundamentals and Highlights - Hai'an Group has developed a full range of all-steel giant tires and has established partnerships with major mining companies, enhancing its market position [4][11]. - The company has expanded its global footprint by establishing 12 overseas subsidiaries, particularly in emerging markets [19]. - The exit of major brands from the Russian market has led to a significant increase in Hai'an's overseas revenue, which grew by 77% from 2022 to 2023 [19]. Comparable Company Financial Metrics - Hai'an Group's revenue and net profit for 2022-2024 show a compound annual growth rate of 23.48% and 38.46%, respectively [24]. - The company's reliance on Russian revenue is significant, with nearly 40% of its overseas income coming from this market [23][25]. - The average P/E ratio of comparable companies is 16.32X, while Hai'an Group's industry P/E is 26.35X, indicating a premium valuation [23]. Investment Projects and Development Vision - The company plans to raise approximately 2.95 billion yuan for expansion projects, including the production of all-steel giant tires and automation upgrades [39][41]. - The expansion project aims to add over 22,000 units of production capacity, addressing the growing demand from clients [40].

Core Viewpoint - The article highlights the success story of Hai'an Rubber, founded by Zhu Hui, who transitioned from a tire repairman to the CEO of a company with annual revenue of 2.3 billion yuan and net profit of nearly 700 million yuan, positioning it as the third-largest global manufacturer of all-steel giant tires [3][9][19]. Group 1: Company Overview - Hai'an Rubber specializes in the production of all-steel giant tires used in heavy machinery and mining vehicles, with a significant portion of its revenue coming from overseas sales [7][9]. - The company has achieved impressive revenue growth, with projections showing an increase from 1.5 billion yuan in 2022 to 2.3 billion yuan in 2024, and net profit rising from 354 million yuan to 679 million yuan during the same period [9][19]. - Hai'an Rubber's primary revenue source is the sale of all-steel giant tires, which accounted for approximately 74.01% of total revenue in 2024, while the tire operation management business contributed 25.99% [6][8]. Group 2: Market Position and Clientele - Hai'an Rubber is recognized as the third-largest player in the all-steel giant tire market, following Michelin and Bridgestone, and is capable of producing a full range of giant tire specifications [9][19]. - The company has established strong relationships with major clients such as Zijin Mining and XCMG, with revenue from the top five clients increasing from 655 million yuan to 1.29 billion yuan, representing 57.58% of total revenue by 2024 [9][10]. - A notable aspect of Hai'an Rubber's business model is the dual role of some clients as both shareholders and customers, which has raised questions about potential conflicts of interest [10][14]. Group 3: Founder’s Journey and Financials - Zhu Hui, the founder of Hai'an Rubber, started his career as a tire repairman and founded the company in 2005 after returning to his hometown, marking a significant shift towards manufacturing giant tires [16][17]. - Zhu has successfully monetized his stake in the company, cashing out over 350 million yuan through equity transfers and dividends between 2020 and 2022 [18][19]. - The company is currently preparing for an IPO, aiming to raise 2.952 billion yuan, with over 80% of the funds allocated for expanding production capacity [19].

Core Viewpoint - The article highlights the significant advancements and market position of Hai'an Rubber Group in the production of giant all-steel radial tires, emphasizing its role in breaking the monopoly of international giants and achieving import substitution in China. Group 1: Company Achievements - In December 2019, China became the third country capable of producing 59/80R63 all-steel giant tires, filling a domestic gap and reaching international advanced levels [2][3] - Hai'an Rubber is the first and largest manufacturer of 63-inch tires in China, with nearly 100 million yuan in orders on hand [6] - The company has delivered hundreds of 63-inch products, demonstrating successful application and validation [6] Group 2: Market Position - In 2022, Hai'an Rubber produced approximately 14,000 giant all-steel tires, accounting for about 52.4% of China's total production of 27,000 units [12] - Globally, Hai'an Rubber holds a 6.5% market share, ranking fourth after Michelin, Bridgestone, and Goodyear [13] - The company has successfully provided products and services to over a hundred mining companies, indicating strong market penetration [15] Group 3: Financial Performance - Hai'an Rubber's revenue is projected to reach 2.3 billion yuan in 2024, reflecting a 360% increase from 2020 [18] - Sales volume increased from 3,300 units in 2020 to 15,100 units in 2024, nearly a fivefold growth [19] - The company’s net profit for 2024 is expected to be 679 million yuan, nearly double that of 2022 [37] Group 4: Growth Drivers - The demand for giant all-steel tires is driven by the recovery of global mining companies, with domestic and international growth rates around 50% [23] - The exit of major international brands from the Russian market has created opportunities for Hai'an Rubber to expand its customer base [24] - The company has seen significant revenue growth in Europe, reaching 1.218 billion yuan in 2023 [25] Group 5: Competitive Advantages - Hai'an Rubber's operational management services for mining tires enhance customer loyalty and provide valuable feedback for product development [29][30] - The company maintains the highest gross margin in the industry, with a gross margin of 48.71% in 2024 [39] - Hai'an Rubber's production capacity utilization exceeds 90%, significantly higher than the industry average [43] Group 6: Market Outlook - The global market for giant all-steel tires is expected to grow at a compound annual growth rate (CAGR) of 5.18%, while China's market is projected to grow at a CAGR of 12.47% [48] - The exit of international brands from key markets presents a strategic opportunity for domestic companies to secure supply chains and enhance market share [50] - The shift towards giant all-steel tires, which have a longer lifespan than diagonal tires, indicates a structural opportunity for market growth [51]

Group 1 - The global tire market is experiencing significant growth, driven by increasing automobile ownership, with major consumption concentrated in Asia, North America, Central Europe, and Western Europe, accounting for about 80% of the global market share [1] - China is a leading tire producer, accounting for nearly half of the global production, with 60% of its tires exported worldwide [1] - The non-road tire segment, which includes applications in agriculture, mining, and construction, is dominated by international tire giants due to high technical barriers [1] Group 2 - Hai'an Rubber Group Co., Ltd. is preparing for an IPO on the Shenzhen Stock Exchange, focusing on the development, production, and sales of giant all-steel radial tires [2][4] - The company has a history dating back to 2005 and has developed a full range of all-steel giant tire products from 49 inches to 63 inches [4] - Hai'an Rubber aims to raise approximately 29.52 billion yuan through its IPO to expand production capacity and upgrade automation [10] Group 3 - In 2024, the sales of all-steel giant tires accounted for 74.01% of Hai'an Rubber's revenue, while mining tire operation management contributed 25.99% [16] - The company has seen a significant increase in revenue, with figures of approximately 1.508 billion yuan, 2.251 billion yuan, and 2.3 billion yuan for the years 2022, 2023, and 2024 respectively [23] - The gross profit margin of Hai'an Rubber is notably higher than the industry average, with margins of 39.65%, 47.63%, and 48.71% over the past three years [24] Group 4 - The company faces challenges such as rising accounts receivable, with values of approximately 342 million yuan, 418 million yuan, and 625 million yuan over the reporting periods [18] - Hai'an Rubber's international sales are heavily reliant on markets like Russia, which accounted for over 44% of its revenue in 2024 [18][23] - The company has a relatively low R&D expense ratio compared to industry peers, which may pose risks as competition in the all-steel giant tire sector intensifies [27]