（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：你好请问一下贵公司跟道恩的合作，DVA材料说可以 降1公斤，那是不是材料成本会降低，能降低多少？ 玲珑轮胎（601966.SH）2月13日在投资者互动平台表示，公司与道恩股份合作开发的DVA材料是一种 用于轮胎气密层的新型高性能动态硫化合金材料，其气密性可达传统材料的7-10倍，且能够显著降低轮 胎滚动阻力和胎重，对提升燃油车节油性能和新能源车续航里程均具有重要价值。 ...

Core Viewpoint - Linglong Tire (601966.SH) is currently in the extensive testing phase of DVA materials developed in collaboration with Daon Co., aiming for large-scale production by the second half of 2026 [1] Group 1: Development and Production - The company is gradually advancing the mass production of DVA materials across its production bases [1] - There is an emphasis on carefully planning the application scenarios for DVA materials based on testing results, performance characteristics, and market positioning [1] Group 2: Market Communication - The company will ensure effective market promotion and user communication regarding the DVA materials to accurately convey technical advantages and product value [1] - Feedback regarding suggestions for "individual series" or "series applications" will be communicated to management for consideration [1]

Core Viewpoint - Linglong Tire (601966.SH) is currently in the extensive testing phase of DVA materials developed in collaboration with Daon Co., aiming for large-scale production by the second half of 2026 [1] Group 1: Development and Production - The company is gradually advancing the mass production of DVA materials across its production bases [1] - The company is considering suggestions for "individual series" or "series applications" and will provide feedback to management [1] Group 2: Market Strategy - Future planning for DVA material applications will be based on testing results, performance characteristics, and market positioning [1] - The company will also focus on market promotion and user communication to ensure the accurate transmission of technical advantages and product value to the market [1]

Core Viewpoint - The company is in the testing phase of DVA materials for tire production, aiming for large-scale production by the second half of 2026 [1] Group 1: DVA Material Development - The company is collaborating with Daon Co., Ltd. to develop DVA materials for tires [1] - DVA materials are currently undergoing extensive testing before gradual production rollout [1] - The company plans to launch DVA-based products in the market with appropriate promotional efforts once large-scale production begins [1] Group 2: Production Capacity and Profitability - The company has not yet confirmed the cost reduction potential of DVA materials or the expected gross margin of over 30% for tires made with DVA [1] - There is no current information on whether the new production capacity in Serbia will utilize DVA materials [1]

Investment Rating - The report assigns an "Add" rating to the company, indicating a positive outlook for its stock performance relative to the market index [3][8]. Core Insights - The company is advancing in technical innovation, particularly in new materials, and plans to acquire an 80% stake in Ningbo Aisikai for 516 million yuan, which is expected to enhance profitability [1][7]. - The DVA (Dynamic Vulcanized Polyolefin) material developed by the company shows significant improvements over traditional materials, with gas barrier properties enhanced by 7-10 times and weight reduction of up to 80% [7]. - The acquisition of Ningbo SK is strategically positioned to enter the EPDM market, which is characterized by high entry barriers and a favorable competitive landscape [7]. - The company is making breakthroughs in robotic materials, including ultra-soft TPE for artificial muscles and conductive TPE for circuit printing, which could reduce manufacturing costs and enhance product flexibility [7]. - The company is also expanding its high-end polyester materials production, with a new 20,000-ton PCTG production line aimed at filling domestic market gaps [7]. Financial Projections - The company is projected to achieve revenues of 6.48 billion yuan, 7.37 billion yuan, and 8.51 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 183 million yuan, 248 million yuan, and 352 million yuan [8][9]. - The expected EPS for the same years is 0.38 yuan, 0.52 yuan, and 0.73 yuan, with P/E ratios of 76.34, 56.29, and 39.76 [9].

Group 1: Company Value Management - The company has implemented a "Value Management System" to maximize company value and shareholder wealth through four core initiatives: enhancing core business, improving equity and return mechanisms, strengthening compliance and information disclosure, and optimizing capital operations [3] - The company has set a minimum annual dividend ratio and plans to increase dividend frequency and amount to enhance investor confidence and stabilize market value [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 4.456 billion, a year-on-year increase of 18.23%, and a net profit of CNY 131 million, up 32.96% [4] - The third quarter alone saw a revenue of CNY 1.574 billion, representing an 8.84% year-on-year growth, with a net profit of CNY 46.55 million, up 48.19% [4] Group 3: Sustainable Development Initiatives - The company is committed to sustainable practices, focusing on recycling and biodegradable materials, and has developed a complete industrial chain for biodegradable PBAT materials [5] - The "High-Value Recycling Technology Innovation Award" was received for the company's efforts in developing PCR materials, aligning with national sustainability goals [5] Group 4: Growth Drivers - The net profit growth outpaced revenue growth due to favorable macroeconomic conditions, increased consumer demand from policies like "old-for-new," and the ongoing transition of the new materials industry towards high-end, green, and intelligent solutions [6] - The company has optimized its product structure and benefited from the recovery in downstream industries, particularly in modified plastics and color masterbatch businesses [6] Group 5: Research and Development - The company has established a robust R&D framework with four national-level platforms and has made significant advancements in modified plastics and thermoplastic elastomers, breaking international monopolies [9] - Key innovations include ultra-soft artificial muscle materials and conductive TPE, which are expected to enhance the company's position in the robotics sector [11]

Core Viewpoint - Daon Co., Ltd. expects a net profit attributable to shareholders of 128 million to 138 million yuan for the first three quarters of 2025, representing a year-on-year growth of 30% to 40%, driven by policy incentives and technological breakthroughs [1] Group 1: Financial Performance - The company anticipates a significant increase in net profit due to strong growth in the new energy vehicle, home appliance, and electronics sectors, influenced by the government's consumption promotion policy [1] - Daon Co., Ltd. achieved historical high sales volume in the first three quarters of this year, supported by increased R&D and sales efforts in elastomers and modified plastics [1] Group 2: Product Development and Innovation - The company is collaborating with a well-known tire manufacturer to advance the road testing of a new thermoplastic elastomer (DVA) material for tire gas barrier layers, which has the potential to replace existing materials due to its superior gas impermeability and weight reduction capabilities [2] - Progress has been made in the humanoid robot sector, with the development of nylon and alloy materials for robotic arms, and thermoplastic elastomers are being positioned for use in robotic skin, indicating readiness for commercialization [2] Group 3: Capacity Expansion and Market Strategy - Daon Co., Ltd. is accelerating capacity expansion and industry chain integration to meet market demand and upgrade product structure, with a new materials expansion project in Longkou, Shandong, progressing smoothly [2] - The completion of projects for 100,000 tons of TPU and 60,000 tons of polyol and new high-temperature copolyester materials will significantly enhance the supply capacity in the high-end materials sector [2]