证券日报网讯 12月30日，玲珑轮胎（601966）在互动平台回答投资者提问时表示，公司近年来在非公 路领域制定了"3+3"全球规划，正在通过不断提高和丰富产品技术性能、规格尺寸、销售渠道和销售区 域等举措，逐步提升非公路板块的产销规模和业务占比。公司主要提供适配工程机械、道路运输、厂内 运行等多种设备及车辆的非公路轮胎产品，在耐久性、承载力及适应复杂工况等方面具备较强的综合实 力，目前是三一重工（600031）、中国电建（601669）、中铁隧道、海螺水泥（600585）、酒钢集团等 大型客户的长期供货商，产品已销售至亚洲、欧洲、非洲、南北美洲、大洋洲等多个国家。未来随着公 司非公路领域布局的持续推进和产销率的不断提升，将会带来新的利润增长动力。公司已有航空轮胎的 技术储备和研究，目前尚未进入销售阶段。 ...

Investment Rating - The report provides a positive investment outlook for the tire industry, highlighting significant growth potential and opportunities for domestic tire manufacturers to capture market share from foreign brands [1]. Core Insights - The report emphasizes a substantial replacement opportunity in the tire market, particularly for domestic brands, as they currently hold only 30% market share domestically and 20% internationally. The potential for growth is driven by the increasing demand for cost-effective and high-quality products [3][17]. - The analysis indicates that the tire industry is expected to experience a "Davis double" effect in 2026, where both volume and pricing are anticipated to rise, leading to improved profitability for leading domestic tire manufacturers [3][25]. - The report outlines a multi-faceted approach to market dynamics, focusing on long-term replacement potential, mid-term supply-demand tracking, and short-term monitoring of key variables such as production capacity and cost factors [6][20]. Summary by Sections Research Framework - The long-term perspective indicates a significant replacement space for domestic tire manufacturers, with a focus on supply-demand dynamics and key variables to monitor [6]. 2025 Marginal Changes - The report discusses how changes in trade policies in 2025 will enhance the cost advantages of domestic manufacturers, allowing them to capture more market share from foreign competitors [25]. 2026 Core Changes - It is projected that 2026 will mark a breakthrough year for high-end tire supply, with domestic manufacturers expected to increase their market share in premium segments significantly [25][29]. Stock Recommendations and Focus - The report recommends several domestic tire companies, including Zhongce Rubber, Sailun, and Linglong, while also suggesting to monitor others like Haian Rubber and Triangle for potential investment opportunities [3][29].

■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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][17] Core Views - The company has entered a growth phase, being the only state-owned enterprise in the tire industry listed in China, with a focus on leveraging its platform advantages and technological innovation to enhance profitability and achieve competitive growth [11][16] - The company's Q3 2025 results show a significant increase in net profit, with a year-on-year growth of 168%, indicating strong operational performance [2][6] Financial Performance Summary - For Q3 2025, the company achieved revenue of 2.025 billion yuan, a year-on-year increase of 17.00% and a quarter-on-quarter increase of 7.25% [6] - The net profit for Q3 2025 was 121 million yuan, reflecting a year-on-year increase of 167.67% and a quarter-on-quarter increase of 61.54% [6] - The gross profit margin for Q3 2025 was 16.75%, up by 2.15 percentage points year-on-year [6] - The company’s total revenue for the first three quarters of 2025 was 5.543 billion yuan, a year-on-year increase of 13.58% [5] Production and Sales Insights - In Q3 2025, the company produced 1.6104 million tires, a year-on-year increase of 15.14%, and sold 1.648 million tires, a year-on-year increase of 10.04% [7] - The average selling price of the company's products in Q3 2025 was 1,198 yuan per tire, which is a year-on-year increase of 7.88% [7] Strategic Developments - The company is advancing its 20,000-unit giant tire project, with the first tire successfully produced, marking a significant step in its growth strategy [9][10] - A long-term cooperation agreement was signed with Maersk for the supply of port tires, enhancing the company's market presence in Brazil and showcasing its competitive edge in the international market [13][14] Future Projections - The company is projected to achieve revenues of 75.50 billion yuan in 2025, 78.32 billion yuan in 2026, and 85.23 billion yuan in 2027, with corresponding net profits of 3.09 billion yuan, 4.07 billion yuan, and 5.98 billion yuan [15][16]

Group 1 - Agricultural Bank of China (ABC) Weihai Branch is supporting the green transformation of Pulinhengshan (Shandong) Tire Co., Ltd., which is the only enterprise in Weihai selected for financial support in green low-carbon transformation [1] - The new non-road tire project is expected to save 5.3517 million kWh of electricity and reduce carbon dioxide emissions by 3,430.44 tons annually, showcasing significant achievements in green transformation [1] - ABC Weihai Branch has approved a project credit of 600 million yuan for the company, with an initial disbursement of 52.34 million yuan to support equipment upgrades and green transformation [1] Group 2 - ABC Weihai Branch prioritizes green finance as one of its three main strategies, aiming for green loan growth to exceed overall loan growth [2] - As of September 2025, the green credit balance of ABC Weihai Branch is expected to reach 17.481 billion yuan, an increase of 3.924 billion yuan from the beginning of the year [2] - The bank plans to enhance cooperation with government entities and establish a green project information database to improve financing efficiency [2]

Core Viewpoint - Linglong Tire, founded in 1975, has evolved from tire retreading to a leading green and low-carbon tire manufacturer, producing nearly 90 million tires annually and exporting to 173 countries [1][2]. Group 1: Company Development and Market Position - Linglong Tire has become a preferred original equipment manufacturer (OEM) for 8 out of the top 10 global automotive companies, supplying over 300 million tires [5][6]. - The company aims to achieve a long-term development goal by 2030, focusing on world-class technology, management, and brand influence [1][11]. - In 2024, Linglong Tire's OEM supply is expected to approach 30 million tires, capturing over 20% of the domestic new energy vehicle OEM market and nearly 12% globally [5][6]. Group 2: Business Strategy - The company employs a "four-legged" strategy, balancing domestic and international sales, as well as OEM and replacement tire markets, enhancing risk management and market adaptability [6]. - Linglong Tire's diverse market approach allows for greater growth potential compared to competitors reliant on single-channel strategies [6]. Group 3: Research and Development - Linglong Tire has established a global open innovation R&D system, investing over 4% of its annual revenue in R&D, with a projected investment of 920 million yuan in 2024, marking a 12.97% increase year-on-year [7][9]. - The company has developed innovative products such as dandelion rubber tires and 79% sustainable eco-friendly tires, showcasing its commitment to technological advancement [7][9]. Group 4: Market Recognition and Future Outlook - Linglong Tire is recognized for its quality, ranking first in passenger and light truck tire production in China and among the top three for truck and bus tires [10]. - The company aims to implement its "7+5" global strategy by 2030, focusing on innovation-driven development and brand marketing [11][14]. - As the Chinese automotive industry, particularly in new energy vehicles, continues to grow, Linglong Tire is positioned to compete globally, leveraging its scale and capabilities [14].

Core Viewpoint - The leading domestic tire manufacturer, Linglong Tire, is facing a "revenue growth without profit growth" situation in the first half of the year due to fluctuations in raw material costs and U.S. tariff policies, with revenue increasing by 13.8% to 11.81 billion yuan, while net profit decreased by 7.6% to 850 million yuan [1][3]. Group 1: Financial Performance - Linglong Tire's revenue for the first half of the year reached 11.81 billion yuan, marking a year-on-year increase of 13.8% [3]. - The company's net profit attributable to shareholders was 850 million yuan, reflecting a year-on-year decline of 7.6% [1][3]. - The gross profit margin decreased to 15.5%, down 7.22% year-on-year, primarily due to changes in raw material costs and U.S. tariff policies [3]. Group 2: Market Contribution - Nearly 70% of Linglong Tire's revenue comes from the mainland and Hong Kong markets, which generated approximately 8.09 billion yuan in sales, a year-on-year increase of 4.92% [4]. - The domestic market's gross profit has been declining, with figures dropping from 1.215 billion yuan in the first half of 2023 to 296 million yuan in the first half of 2025, indicating increasing difficulty in profitability [4]. Group 3: Overseas Expansion - To address challenges, Linglong Tire is accelerating the construction of its production base in Brazil, planning to invest 1.19 billion USD (approximately 8.71 billion yuan) [5][6]. - The Brazilian project is expected to generate annual revenue of 7.758 billion yuan and a net profit of 1.213 billion yuan once operational [6]. - Linglong Tire is also facing significant short-term debt pressures, with total debts exceeding 10.602 billion yuan against cash reserves of only 2.99 billion yuan, creating a gap of over 7 billion yuan [7]. Group 4: Operational Challenges - The Serbian factory reported revenue of 1.18 billion yuan in the first half of the year but incurred a net loss of 130 million yuan, indicating ongoing operational challenges [8]. - The Thai factory achieved revenue of 2.11 billion yuan, a 5.0% increase, but net profit fell by 15.3% to 410 million yuan [9].