证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 赛轮轮胎(601058.SH) 投资评级 买入 上次评级 买入 [Table_Author] 张燕生 化工行业首席分析师 执业编号：S1500517050001 邮箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 邮箱：hongyingdong@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 浮云难蔽日，扬帆向鹏程 [Table_ReportDate] 2025 年 8 月 26 日 [Table_S 事件：202ummar 5 年y]8 月 25 日，赛轮轮胎公布 2025 半年报。公司 2025 年上半 年实现营业总收入 175.87 亿元，同比+16.05%，归母净利润 18.31 亿元， 同比-14.90%。公司 2025Q2 实现营业总收入 91.75 亿元，同比+16. ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience with record high revenue and profit in 2024, achieving total revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% year-on-year [1] - In Q1 2025, the company continued to show growth with total revenue of 8.411 billion yuan, a year-on-year increase of 15.29%, and a net profit of 1.039 billion yuan, which is stable despite short-term adverse impacts from raw material and shipping costs [4] - The company’s overseas factories in Vietnam and Cambodia contributed significantly to profitability, with net profits of 1.585 billion yuan and 0.904 billion yuan respectively, accounting for 39% and 22% of total net profit [4] - The company has successfully launched several new products targeting various market segments, enhancing its brand strength and market competitiveness [4] Financial Summary - The company’s revenue is projected to reach 36.963 billion yuan in 2025, with a year-on-year growth of 16.2%, and net profit is expected to be 4.172 billion yuan, reflecting a growth of 2.7% [7] - Key financial metrics for 2024 include a gross margin of 27.6% and a return on equity (ROE) of 20.8% [6] - The company plans to distribute a cash dividend of 0.23 yuan per share for 2024, totaling 0.756 billion yuan, which represents 30.76% of the net profit attributable to shareholders [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience with record high revenue and profit in 2024, achieving total revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit attributable to shareholders of 4.063 billion yuan, up 31.42% year-on-year [1] - In Q1 2025, the company reported revenue of 8.411 billion yuan, a year-on-year increase of 15.29%, and a net profit of 1.039 billion yuan, reflecting a year-on-year growth of 0.47% [1] - The company’s production capacity release has effectively supported performance, with sales volume reaching 72.16 million units in 2024, a 29.34% increase year-on-year, and 19.37 million units in Q1 2025, up 16.84% year-on-year [4] - The overseas factories in Vietnam and Cambodia have significantly contributed to profitability, with net profits of 1.585 billion yuan and 0.904 billion yuan respectively, accounting for 39% and 22% of total net profit [4] - The company has successfully launched several new products, enhancing its competitive edge in various market segments [4] Financial Summary - The company’s projected revenue for 2025-2027 is expected to reach 36.963 billion yuan, 43.028 billion yuan, and 49.708 billion yuan, with year-on-year growth rates of 16.2%, 16.4%, and 15.5% respectively [7] - The net profit attributable to shareholders is forecasted to be 4.172 billion yuan, 5.124 billion yuan, and 6.225 billion yuan for the same period, with growth rates of 2.7%, 22.8%, and 21.5% respectively [7] - The diluted EPS for 2025-2027 is expected to be 1.27 yuan, 1.56 yuan, and 1.89 yuan [7]