（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，中策橡胶（SH 603049，收盘价：56.65元）11月19日晚间发布公告称，截至本公告发布 日，公司为子公司、子公司为其他子公司担保总额约为15.95亿元人民币，占公司最近一期经审计净资 产的9.13%。 2024年1至12月份，中策橡胶的营业收入构成为：全钢胎占比45.86%，半钢胎占比34.55%，车胎占比 8.45%，斜交胎占比6.53%，其他占比4.23%。 截至发稿，中策橡胶市值为495亿元。 每经头条（nbdtoutiao）——爱泼斯坦案文件解密倒计时，美国会"秒过"法案直通特朗普，引爆两党"极 限撕扯" 每日经济新闻 ...

Group 1 - The company Zhongce Rubber (SH 603049) announced the resignation of Mr. Shen Haoyu as the secretary of the board due to job adjustments [1] - Ms. Shen Luyi will no longer serve as the representative for securities affairs but will continue in other roles within the company [1] - Mr. Zhou Yi has been appointed as the new representative for securities affairs to assist the board secretary [1] Group 2 - For the fiscal year 2024, the revenue composition of Zhongce Rubber is as follows: full steel tires account for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1] - As of the report date, the market capitalization of Zhongce Rubber is 51.3 billion yuan [1]

Core Viewpoint - Zhongce Rubber announced a board meeting to discuss the change of the board secretary and other documents, indicating ongoing governance activities within the company [1]. Group 1: Company Financials - For the year 2024, Zhongce Rubber's revenue composition is as follows: full steel tires account for 45.86%, semi-steel tires for 34.55%, car tires for 8.45%, bias tires for 6.53%, and others for 4.23% [1]. - As of the report, Zhongce Rubber has a market capitalization of 51.3 billion yuan [1].

Core Insights - The company reported a revenue of 33.68 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.0% [1] - The net profit attributable to shareholders reached 3.51 billion yuan, up 9.3% year-on-year, while the net profit excluding non-recurring items was 3.43 billion yuan, reflecting a 16.9% increase [1] Revenue and Profit Performance - In Q3 2025, the company achieved a revenue of 11.83 billion yuan, with year-on-year and quarter-on-quarter growth of 9.8% and 5.5% respectively [1] - The net profit for Q3 was 1.19 billion yuan, showing a significant year-on-year increase of 76.6% and a slight quarter-on-quarter increase of 1.7% [1] Production and Sales Growth - The company’s tire production reached 81.17 million units in the first three quarters of 2025, a year-on-year increase of 9.6%, while sales were 81.98 million units, up 12.5% year-on-year [1] - In Q3, tire sales were 28.54 million units, with year-on-year and quarter-on-quarter increases of 11.2% and 6.0% respectively [1] Cost and Margin Improvement - The gross margin for Q3 2025 was 20.7%, an increase of 1.0 percentage points quarter-on-quarter, driven by higher sales prices and improved cost structure [2] - The average sales price for tire products increased by 1.5% quarter-on-quarter, while the average price for car tire products rose by 1.8% [2] - The comprehensive procurement price of key raw materials decreased by 5.2% year-on-year and 3.0% quarter-on-quarter, indicating a trend of cost improvement [2] Capacity Expansion - The company is steadily advancing capacity construction in Thailand and Indonesia, with the Indonesian base filling a local production gap and contributing to overseas revenue growth [2] Profit Forecast and Valuation - The company is projected to achieve net profits of 4.39 billion yuan, 5.22 billion yuan, and 6.23 billion yuan for 2025-2027, with year-on-year growth rates of 16.0%, 18.9%, and 19.3% respectively [3] - Based on the closing price on October 21, the corresponding price-to-earnings ratios are estimated to be 10, 9, and 7 times for the respective years [3]

Company and Industry Summary Company Overview - **Company**: Zhongce Rubber - **Industry**: Tire Manufacturing Key Financial Performance - **Revenue**: 51 billion CNY for the first three quarters of 2025, a year-on-year increase of 15% [2][4] - **Net Profit**: 34.3 billion CNY, with a net profit growth of 9.3% and a non-GAAP net profit growth of 23% [2][4] - **Third Quarter Performance**: Sales revenue reached 118 billion CNY, with a profit of 11.9 billion CNY [4] Core Business Insights - **Production and Sales**: Tire and tire sales are robust, with production and sales ratios exceeding 100%, leading to a decrease in inventory [2][6] - **Cost Control**: The company maintains high operational efficiency and has seen a slight increase in gross margin due to cost control measures and high production rates [2][7] - **Research and Development**: Focus on enhancing product performance and reducing costs through collaborations with universities and advanced simulation technologies [12][13] Market Dynamics - **International Expansion**: The company is expanding overseas production bases, with a new factory in Thailand shipping to Europe and plans for an Indonesian factory to export to the U.S. [2][11] - **Tax Benefits**: The Thai subsidiary benefits from tax incentives, while the Indonesian subsidiary enjoys a 20-year tax exemption [5][17] - **Currency Impact**: The depreciation of the USD against CNY and THB has had a negative impact, but overall operational effects are manageable [9] Future Outlook - **Growth Projections**: The company anticipates stable growth in production and sales for 2026, targeting a 15% increase in sales revenue and maintaining a profit margin above 15% [5][32] - **Response to Trade Policies**: The company is adjusting strategies in response to anticipated EU tariffs, focusing on increasing production capacity in overseas facilities [22][26] Challenges and Risks - **Cash Flow Issues**: Cash flow declined due to expanded production and rising raw material costs, but improved sales efforts in Q3 have started to rectify this [3][16] - **Regulatory Environment**: The company faces challenges from potential EU anti-dumping measures and U.S. tariffs, which may affect pricing and market access [19][29] Additional Insights - **Product Mix and Margins**: The gross margin for the supporting business has improved, particularly in mid-range products, as acceptance of Chinese tires in high-end markets increases [23] - **Competitive Landscape**: Chinese tire manufacturers are exploring new markets due to increased competition and regulatory barriers in Europe, with a focus on maintaining competitiveness through pricing strategies [28][30] Conclusion Zhongce Rubber is positioned for growth through international expansion and strategic cost management, despite facing challenges from regulatory changes and market competition. The company's focus on R&D and operational efficiency will be critical in navigating the evolving landscape of the tire manufacturing industry.

Core Viewpoint - Zhongce Rubber achieved a net profit attributable to shareholders of 3.513 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 9.30% [1] - In Q3 2025, the net profit attributable to shareholders was 1.191 billion yuan, showing a significant year-on-year increase of 76.56% and a quarter-on-quarter increase of 1.73% [1] - The company is expected to see substantial growth in overseas production capacity in Thailand and Indonesia as it continues to expand its production bases [1] Financial Performance - The net profit for Q3 2025 was 1.191 billion yuan, which is a 76.56% increase year-on-year [1] - The net profit for the first three quarters of 2025 reached 3.513 billion yuan, marking a 9.30% increase compared to the same period last year [1] - The company experienced a significant increase in both volume and price for tire and tire products in Q3 2025 [1] Industry Context - The global tire industry is currently facing complex trade friction, with the US and Europe being the two major consumer markets [1] - Tire production capacity is concentrated in East Asia and Southeast Asia, leading to a high dependency of the US and European markets on imported tires [1] - Zhongce Rubber is the largest tire manufacturer in China, with its "Chaoyang" brand being one of the most recognized tire brands in the country [1] Growth Outlook - The company is steadily advancing the construction of production capacity in Indonesia and Thailand, which is expected to significantly increase overseas production capacity in 2025 [1] - The continuous growth in revenue scale indicates a positive outlook for the company's growth potential [1] - The company maintains a "buy" rating based on its growth prospects [1]

Core Viewpoint - Zhongce Rubber reported strong financial performance in Q3 2025, with significant increases in revenue and net profit, driven by rising sales volumes and prices of tire products [1][2] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 33.683 billion yuan, a year-on-year increase of 14.98%, and a net profit attributable to shareholders of 3.513 billion yuan, up 9.30% year-on-year [1] - In Q3 2025, the company recorded revenue of 11.828 billion yuan, a year-on-year increase of 9.77% and a quarter-on-quarter increase of 5.47% [1][2] - The net profit for Q3 2025 was 1.191 billion yuan, representing a year-on-year increase of 76.56% and a quarter-on-quarter increase of 1.73% [1][2] - The gross profit margin for Q3 2025 was 20.72%, up 0.96 percentage points year-on-year and 1.04 percentage points quarter-on-quarter [1][2] Product Performance - In Q3 2025, tire product sales volume increased by 11.22% year-on-year, with sales revenue rising by 12.64% [2] - The average selling price of tire products increased by 1.28% year-on-year and 1.48% quarter-on-quarter, while the average selling price of car tires rose by 8.14% year-on-year and 1.81% quarter-on-quarter [2] Cost and Expenses - The comprehensive procurement price of major raw materials decreased by 5.17% year-on-year and 3.04% quarter-on-quarter in Q3 2025 [2] - The company's selling, administrative, research and development, and financial expenses for Q3 2025 were 4.64 billion, 3.14 billion, 3.75 billion, and 1.17 billion yuan, respectively [3] Capacity Expansion - The company is steadily advancing capacity expansion in Indonesia and Thailand, with significant growth expected in overseas production capacity in 2025 [4] - The Indonesian production base achieved a remarkable milestone by producing its one millionth tire in just 282 days after starting operations [4] Industry Context - The global tire industry is facing increasing trade friction, particularly with the U.S. and Europe imposing additional tariffs and anti-dumping investigations [5] - Leading tire companies with global operations are expected to benefit from their diversified production bases, allowing for flexible order distribution and maintaining competitive advantages [5] Company Position - Zhongce Rubber is one of the largest tire manufacturers in China and ranks ninth globally in the 2025 global tire top 75 rankings [6] - The company is projected to achieve revenues of 44.545 billion, 51.178 billion, and 55.074 billion yuan from 2025 to 2027, with corresponding net profits of 4.191 billion, 5.437 billion, and 6.151 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown significant growth in net profit and revenue, with a notable increase in overseas production capabilities [4][9] - The company is positioned as a leading player in the tire manufacturing industry, with a strong focus on high-quality and diverse tire products [12][13] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 336.83 billion yuan, a year-on-year increase of 14.98%, and a net profit attributable to shareholders of 35.13 billion yuan, up 9.30% year-on-year [7] - In Q3 2025, the company reported a revenue of 118.28 billion yuan, a year-on-year increase of 9.77%, and a net profit of 11.91 billion yuan, which is a remarkable year-on-year increase of 76.56% [8][9] - The gross profit margin for Q3 2025 was 20.72%, reflecting a year-on-year increase of 0.96 percentage points [8] Production and Capacity Expansion - The company is actively expanding its production capacity in Indonesia and Thailand, with the Indonesian facility achieving a significant milestone by producing its one millionth tire in just 282 days [11] - The rapid establishment of overseas production bases is expected to create new revenue growth avenues for the company [11] Market Position and Industry Outlook - The company ranks ninth globally in the tire manufacturing sector and first among Chinese tire manufacturers, indicating its strong market presence [13] - The global tire industry is facing increasing trade friction risks, but the company’s international production footprint allows it to adapt and maintain competitive advantages [12]

Core Insights - The company Zhongce Rubber (603049) reported a net profit of approximately 3.513 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.3% [1] - The company's operating revenue for the same period reached approximately 33.683 billion yuan, showing a year-on-year growth of 14.98% [1] Company Overview - Zhongce Rubber is primarily engaged in the research, production, and sales of various tire products, including all-steel tires, semi-steel tires, bias tires, and automotive tires [1]

证券代码：603049 证券简称：中策橡胶 公告编号：2025-033 中策橡胶集团股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号——化工》等要 求，中策橡胶集团股份有限公司（以下简称"公司"）现将 2025 年第三季度主 要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（万条） | 销量（万条） | 收入（万元） | | --- | --- | --- | --- | | 轮胎 | 2,801.32 | 2,854.42 | 1,006,928.24 | | 车胎 | 3,258.11 | 3,238.59 | 108,197.25 | 2025 年第三季度公司轮胎产品销量同比增长 11.22%，轮胎产品销售收入同 比增长 12.64%；车胎产品销量同比增长 3.60%，车胎产品销售收入同比增长 12.04%。 二、主要产品和原材料的价格变动情况 （一）主要产品的价格变动情况 ...