风险提示：原材料价格大幅波动；市场竞争加剧；贸易摩擦升级等 落子埃及+收购普利司通沈阳工厂，公司全球化产能布局再推进。2025 年8 月，公司先后发布了投资建 设"埃及年产360 万条子午线轮胎项目"和投资建设"赛轮新和平年产330 万条全钢子午线轮胎及2 万吨非 公路轮胎项目"的公告，其中埃及基地规划产能300 万条半钢和60 万条全钢轮胎，项目总投资额约2.9 亿 美元，建设周期18 个月。赛轮新和平前身为普利司通（沈阳）轮胎有限公司，公司完成股权交割后拟 对其进行改扩建工程，项目完成后将具备年产330 万条全钢及2 万吨非公路轮胎生产能力，项目总投资 额约17 亿元，建设周期18 个月。公司海外基地落子埃及，进一步推动全球化产能布局，进而分散贸易 风险。同时公司收购普利司通沈阳工厂后整合国内资源，实现产能稳步有序扩张。 盈利预测与估值：综合考虑公司海外基地产能投放周期，以及行业需求的发展趋势，我们预计公司25- 27 年实现营业收入369.6、447.0、535.2 亿元，同比分别+16.2%、+20.9%、+19.7%，实现归母净利润 41.4、50.5、60.3 亿元，同比分别+1.8%、+22.0 ...

每经记者|赵李南 《每日经济新闻》记者注意到，赛轮轮胎的这份半年报揭示了一幅引人深思的财务图景：一边是净利润同比下滑近15%，一边却宣布大手笔中期分红近5亿元；沈阳工厂半年亏损5.6亿元，却计划 8月26日，二级市场对赛轮轮胎的半年报反应积极，赛轮轮胎股价当天上涨5.67%。 半年报显示，今年上半年，赛轮轮胎实现营业收入175.9亿元，较去年同期增长16.05%。 然而，与营业收入的增长形成反差的是，公司的盈利能力却有所下降。报告期内，公司归属于上市公司股东的净利润为18.3亿元，同比下降14.90%。 图片来源：Wind 在此前的发布的业绩预告中，赛轮轮胎称，业绩下滑的主要原因是受到国际贸易壁垒、原材料价格及市场环境等因素影响，公司报告期的毛利率同比有所下降。 8月25日，轮胎行业巨头赛轮轮胎（601058.SH，股价14.35元，市值471.84亿元）发布2025年半年度报告（以下简称"半年报"）。 此前，赛轮轮胎在2025年度"提质增效重回报"行动方案中表示，2025年，公司将综合考虑企业自身盈利水平、资金支出安排，兼顾投资者回报和公司发展，健全公司常态化分红机制，通过持续 值得注意的是，从现金流状况看 ...

长江商报消息 赛轮轮胎大手笔投资扩建产能。 17亿投建沈阳项目 赛轮轮胎将在辽宁省沈阳市投建大型轮胎生产基地。 该项目并非传统意义上的新建工厂，而是赛轮轮胎在7月刚完成收购的"赛轮新和平（沈阳）轮胎有限公 司"原有厂区的升级改造与扩建。 8月25日，赛轮轮胎（601058.SH）宣布，将在辽宁省沈阳市投建大型轮胎生产基地，项目总投资达 17.01亿元，用于"赛轮新和平年产330万条全钢子午线轮胎及2万吨非公路轮胎项目"。 此次投资，是赛轮轮胎在东北地区的关键战略布局，旨在通过产能扩张与产品结构优化，巩固市场地 位，提升全球竞争力。 2025年上半年，公司研发费用支出5.37亿元，同比增长14.67%。公司持续推进全球化布局与业务拓展， 截至目前，公司共规划年生产3155万条全钢子午胎、1.09亿条半钢子午胎和46.7万吨非公路轮胎的生产 能力。 业绩方面，赛轮轮胎表现亮眼。2022年至2024年，公司营业收入分别为219.02亿元、259.78亿元和 318.02亿元，归母净利润分别为13.32亿元、30.91亿元和40.63亿元。营收、净利润均保持稳定增长。 2025年上半年，公司实现营业收入175.87亿 ...

信达证券研报指出，赛轮轮胎2025年上半年实现归母净利润18.31亿元，同比-14.90%，2025Q2实现归母 净利润7.92亿元，同比-29.16%，环比-23.77%。产能释放有力支撑业绩，Q2产销量与收入均创新高。截 至2025半年报，公司在海外的越南、柬埔寨、印尼、墨西哥和埃及共规划年生产975万条全钢子午胎、 4,900万条半钢子午胎和13.7万吨非公路轮胎的生产能力，是目前海外布局产能规模最大的中国轮胎企 业。认为公司持续加深全球化产能布局是未来业绩增长的核心动力，全球化的产能布局有望助推公司在 全球市场更快速更稳健的成长。在渠道方面，公司创新性搭建了直营/合资公司数字化系统，实现20余 家子公司全业务链贯通，并与部分代理商实现数据对接，构建"客户-渠道-仓储-物流"四位一体的高效协 同网络。我们认为这能使得渠道端可以更顺畅传导产品升级理念，助力公司长期品牌力提升。维持"买 入"评级。 ...

赛轮轮胎8月25日公告，公司拟投资建设"赛轮新和平年产330万条全钢子午线轮胎及2万吨非公路轮胎项 目"，项目投资总额为170,093万元，其中建设投资126,400万元、流动资金43,295万元、建设期利息398 万元。同时，为满足该项目的建设资金需求，公司全资子公司赛轮（沈阳）轮胎有限公司拟对赛轮新和 平增资不超过52,000万元。项目建设期为18个月，预计正常将实现年营业收入329,345万元，实现年净利 润23,104万元。 ...

Core Viewpoint - The company is expected to face challenges in profitability due to trade barriers and raw material costs, but it is also making strides in global capacity expansion and innovative product development, particularly with its "Liquid Gold" tire technology [2][4][5][6]. Group 1: Performance Forecast - The company disclosed a profit forecast for H1 2025, expecting a net profit attributable to shareholders of 1.83 billion yuan, a year-on-year decrease of 14.94%, and a non-recurring net profit of 1.81 billion yuan, down 11.79% year-on-year [2]. - For Q2 2025, the company anticipates a net profit of 792 million yuan, representing a year-on-year decline of 23.78% and a quarter-on-quarter decline of 29.18% [4]. Group 2: Analysis and Judgments - The decline in profits is attributed to a 25% tariff on parts exported to the U.S. and a 4% year-on-year decrease in the weighted average index of raw materials for H1 2025, with costs expected to remain stable compared to H1 2024 [4]. - The company is focusing on optimizing overseas production capacity and promoting high-value-added products to mitigate the impact of these challenges [4]. Group 3: Global Expansion and Product Development - The company has a production capacity exceeding 70 million tires, with facilities in various locations including Qingdao, Dongying, and Vietnam, and is on track to meet its mid-to-long-term capacity goals [5]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [5]. - The "Liquid Gold" tire technology has been recognized for its performance improvements, including a reduction in rolling resistance and enhanced durability, contributing to increased brand strength [6]. Group 4: Financial Projections - Revenue projections for 2025-2027 are estimated at 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with net profits expected to be 4.21 billion, 4.93 billion, and 5.76 billion yuan [7]. - The earnings per share (EPS) are projected to be 1.28, 1.50, and 1.75 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [7][8].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 10 for 2025 [7][5]. Core Views - The company's performance in H1 2025 is in line with expectations, with a forecasted net profit of 1.83 billion yuan, down 14.94% year-on-year. The decline is attributed to trade barriers and raw material costs [3][4]. - The company is steadily advancing its globalization strategy, with production capacity exceeding 70 million tires and ongoing projects in Vietnam and Cambodia [4][5]. - The introduction of the "Liquid Gold" tire technology enhances brand strength and addresses long-standing industry challenges, improving fuel efficiency and safety [5][4]. Financial Forecasts - Revenue projections for 2025-2027 are 36.54 billion, 41.85 billion, and 46.16 billion yuan, respectively, with corresponding net profits of 4.21 billion, 4.93 billion, and 5.76 billion yuan [6][10]. - The expected EPS for 2025, 2026, and 2027 are 1.28, 1.50, and 1.75 yuan, respectively, with PE ratios decreasing from 10 to 8 over the same period [6][10]. - The company anticipates a revenue growth rate of 14.9% in 2025, followed by 14.5% in 2026 and 10.3% in 2027 [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 13.39 CNY per share on August 15, 2025 [5]. Core Views - The company is expanding its overseas production capacity with a new project in Egypt, which will produce 3.6 million radial tires annually, with a total investment of 291 million USD [1]. - The project is expected to generate an average annual revenue of 190 million USD and a net profit of 35 million USD, with a net profit margin of 18.3% and a payback period of 6.15 years [1]. - The company has a strong existing capacity of over 70 million tires, with production facilities in various locations including Qingdao, Dongying, and Vietnam, and is steadily advancing its construction of new capacities [2]. - The company has established partnerships with major domestic and international firms, enhancing its presence in the non-road tire sector [2]. - The innovative "Liquid Gold" tire technology has improved performance metrics, reducing rolling resistance and enhancing safety and comfort, which is expected to boost brand strength [3]. - Revenue projections for the company from 2025 to 2027 are estimated at 36.535 billion CNY, 41.850 billion CNY, and 46.156 billion CNY respectively, with net profits of 4.504 billion CNY, 5.264 billion CNY, and 6.138 billion CNY [4][8]. Summary by Sections Investment and Expansion - The company plans to invest in a new tire production facility in Egypt, which will add significant capacity to its global operations [1]. - The project is strategically located to serve both local and regional markets, enhancing the company's international footprint [1]. Production Capacity and Partnerships - The company has a robust production capacity and is actively expanding its facilities in Vietnam and Cambodia, with significant progress reported in ongoing projects [2]. - Collaborations with leading companies in both domestic and international markets have strengthened its position in the non-road tire segment [2]. Product Innovation - The "Liquid Gold" tire technology represents a significant advancement in tire performance, addressing long-standing industry challenges and improving energy efficiency [3]. - The technology has been validated by multiple international testing organizations, further solidifying the company's reputation in the market [3]. Financial Projections - The company is expected to see steady revenue growth over the next few years, with significant increases in both revenue and net profit anticipated [4][8]. - The earnings per share (EPS) are projected to rise from 1.37 CNY in 2025 to 1.87 CNY in 2027, indicating strong financial health and growth potential [4][8].

Group 1 - The company, Fengshen Co., Ltd. (600469.SH), confirmed its capability to design and produce a full range of tires for trucks and non-road vehicles [2] - The company serves as a strategic supplier for domestic construction machinery manufacturers such as XCMG and SANY [2] - Additionally, the company supplies tire products to global construction equipment firms including Volvo and Caterpillar [2]

Core Viewpoint - Linglong Tire, the second-largest tire manufacturer in China, is accelerating its IPO process in Hong Kong, aiming for a dual listing in A-shares and H-shares, with a consortium of six underwriters [1][2]. Company Overview - Established in 1994, Linglong Tire has seen its net profit grow fivefold in just two years, with a steady increase in gross margin [2][4]. - The company is primarily engaged in the design, development, production, and sales of tires, with major products including passenger and light truck tires, truck and bus tires, and off-road tires [4]. - Linglong Tire holds a significant market position, ranking as the sixth-largest tire manufacturer globally and the second-largest in China, following Zhongce Rubber [4][9]. Financial Performance - Revenue for Linglong Tire has shown a compound annual growth rate (CAGR) of 13.9%, with figures of 17.006 billion yuan, 20.165 billion yuan, and 22.058 billion yuan from 2022 to 2024 [6]. - Net profit figures for the same period were approximately 292 million yuan, 1.391 billion yuan, and 1.752 billion yuan, indicating a fivefold increase in two years [6]. - In Q1 2025, the company reported revenue of 5.697 billion yuan, a year-on-year increase of 12.92%, but net profit decreased by 22.78% due to rising raw material costs [6]. Market Position and Strategy - Linglong Tire has established a global presence with seven domestic and two overseas production bases, implementing a "7+5" global strategy and a "3+3" off-road tire production strategy [10][11]. - The company has plans to invest approximately 11.9 billion USD (about 87.1 billion yuan) in a new factory in Brazil, which is expected to generate an annual net profit of 1.66 billion USD (about 12.13 billion yuan) [11][12]. - The overseas revenue contribution has reached nearly half of the total sales, with domestic sales at 11.08 billion yuan and overseas sales at 10.73 billion yuan in 2024 [13]. Industry Context - The global tire market is experiencing steady growth, with an expected increase in tire sales from 1.659 billion units in 2020 to 1.931 billion units in 2024, reflecting a CAGR of 3.9% [9]. - Linglong Tire's growth is supported by the high demand in the tire industry, particularly in the context of the rising popularity of electric vehicles [10].