当前价格（元） 14.71 总市值（百万） 48,367.95 2024 年 10 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 贾冰 S0350524030003 jiab@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 三季度扣非归母净利润创历史新高，拟对墨西哥 控股子公司增资 ——赛轮轮胎（601058）2024 年三季报点评 最近一年走势 事件: 2024 年 10 月 29 日，赛轮轮胎发布 2024 年三季度报告：2024 年前三季 度公司实现营业收入 236.28 亿元，同比增长 24.28%；实现归属于上市 公司股东的净利润 32.44 亿元，同比增长 60.17%；加权平均净资产收益 率为 18.69%，同比增加 3.05 个百分点。销售毛利率 28.38%，同比增加 2.92 个百分点；销售净利率 ...

晚上好然后欢迎参加赛轮轮胎三季度的交流电话会然后公司也是在今天下午公告了整个三季度的一个经营情况整体前三季度的话整个收入也是实现了同比24%以上的增长然后规模经历润大概是32.4个亿然后单三季度的话整个从销量包括收入的位置来看也是再度创了新高然后整个经历润的话也是在接近11个亿 当然环境有点危险主要也是受到这个原材料包括这个还有一些这个费用上面的一些这个影响吧然后今天的话我们也是有先邀请到这个公司的总编李总好远为大家就整个三季度的一个情况包括前三季度整体的一个经营状况做一个这个交流然后后续的话看各位领导有任何的问题可以再做这个后续的沟通 好的 各位领导晚上好感谢大家对三联的关注也感谢深化化工团队提供这个机会我想先简单把三级报的一些基本的情况给各位领导汇报一下然后再进入交流整个我们1到9月份实验收入是236.3亿同比增长是24.3% 那么其中全钢、半钢和非公路那么三类产品的话这个收入都是同比实现了一个增长那么单看第三季度呢收入是84.7亿那么同比增长是15%黄比这个第二季度呢也是增长了6个多亿吧普通话接近8%因为这个第二季度呢也是当时创了一个历史新高吧那么当时是收入是78.6那么今年第三季度呢 那么比这个还还是 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.71 CNY per share [2][3]. Core Views - The company reported a robust performance in Q3 2024, achieving a revenue of 23.628 billion CNY, a year-on-year increase of 24.28%, and a net profit attributable to shareholders of 3.244 billion CNY, up 60.17% year-on-year [2][3]. - The company's global capacity expansion is progressing steadily, with a focus on non-highway tire markets and the innovative "Liquid Gold" tire technology enhancing brand strength and market competitiveness [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 23.628 billion CNY, with Q3 revenue at 8.474 billion CNY, reflecting a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [2]. - The net profit attributable to shareholders for the first three quarters was 3.244 billion CNY, with Q3 net profit at 1.092 billion CNY, showing a year-on-year increase of 11.50% [2][3]. - The company’s gross profit margin for Q3 2024 was 27.69%, slightly down from the previous year due to rising raw material costs [2][3]. Market Position and Strategy - The company has a production capacity exceeding 70 million tires, with facilities in multiple locations including Qingdao, Dongying, and overseas in Vietnam and Cambodia [2][3]. - The "Liquid Gold" tire technology has been recognized for its superior performance, reducing rolling resistance and enhancing safety and energy efficiency, which has positively impacted sales [3][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 33.148 billion CNY, 36.521 billion CNY, and 41.900 billion CNY respectively, with net profits expected to reach 4.256 billion CNY, 4.950 billion CNY, and 5.861 billion CNY [4][5]. - The report anticipates an EPS of 1.29 CNY for 2024, with a PE ratio of 11, indicating strong growth potential [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a total revenue of 23.63 billion RMB in the first three quarters of 2024, representing a year-on-year increase of 24.3%. The net profit attributable to shareholders reached 3.24 billion RMB, up 60.2% year-on-year [2]. - In Q3 2024, the company reported a single-quarter revenue of 8.47 billion RMB, a year-on-year increase of 14.8% and a quarter-on-quarter increase of 7.8%. The net profit for the quarter was 1.09 billion RMB, reflecting an 11.5% year-on-year growth but a 2.3% decline quarter-on-quarter [2]. - The company is investing in the Cambodia Kampot Economic Zone project with a total investment of 112 million USD, aimed at enhancing its global strategy and optimizing its supply chain [2]. Summary by Sections Financial Performance - The tire production volume reached 19.22 million units in Q3 2024, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 5.8%. Sales volume was 19.33 million units, up 22.8% year-on-year and 7.6% quarter-on-quarter [2]. - The average price of tire products decreased by 5.6% year-on-year but increased by 0.4% quarter-on-quarter due to changes in product structure [2]. - The company faced raw material cost pressures, with prices for key materials like natural rubber and synthetic rubber rising by 15.1% year-on-year and 1.8% quarter-on-quarter [2]. Investment and Growth Strategy - The company is focused on global expansion and supply chain optimization through the Cambodia project, which is expected to generate significant rental income from land leasing starting in 2026 [2]. - The projected revenue from the project is estimated at 15.4 million USD, with a net profit of approximately 5.019 million USD over the lease period [2]. Profit Forecast and Valuation - The company is expected to see net profits of 4.264 billion RMB, 4.756 billion RMB, and 5.177 billion RMB for the years 2024, 2025, and 2026, respectively. The corresponding PE ratios are projected to be 11.3, 10.13, and 9.3 times [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated resilience against industry challenges, achieving record highs in production, sales, revenue, and net profit [1] - The company is expanding its global industrial layout with the planning of the Cambodia Kampot Economic Zone project, which is expected to enhance its competitive edge [1][2] - The global tire market is steadily growing, providing significant development opportunities for Chinese tire manufacturers [1][2] Financial Performance - In Q3 2024, the company reported total revenue of 8.474 billion yuan, a year-on-year increase of 14.82% and a quarter-on-quarter increase of 7.84% [1] - The net profit attributable to the parent company was 1.092 billion yuan, reflecting a year-on-year growth of 11.50% but a quarter-on-quarter decrease of 2.29% [1] - The company’s tire production reached 19.22 million units, and sales were 19.33 million units, both setting new quarterly records [1] Future Projections - Revenue projections for 2024-2026 are 31.012 billion yuan, 34.949 billion yuan, and 39.871 billion yuan, with year-on-year growth rates of 19.4%, 12.7%, and 14.1% respectively [3] - Net profit attributable to the parent company is expected to reach 4.219 billion yuan, 5.008 billion yuan, and 6.013 billion yuan for the same period, with growth rates of 36.5%, 18.7%, and 20.1% respectively [3] Product Innovation - The company has introduced the "Liquid Gold" tire, which has been validated by multiple international testing organizations for its superior fuel efficiency and durability [2] - The company is actively expanding its market presence in both original equipment and replacement markets, partnering with several domestic and international automotive manufacturers [2] Market Outlook - The global tire market is projected to grow steadily, with a reported 900 million units sold in the first half of 2024, marking a year-on-year increase of 2.69% [1][2] - The demand for tires is expected to benefit from the ongoing increase in global vehicle ownership and the recovery of automotive production and sales [1][2]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-097 赛轮集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 7 日(星期四)下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadsh ow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 31 日(星期四)至 11 月 6 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ziben@sai luntire.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 赛轮集团股份有限公司（以下简称"公司"）已于本公告同日发布了公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季 度经营成果、财务状况，公司计划于 2024 年 11 月 7 日下午 15:00- ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-096 赛轮集团股份有限公司 2024 年第三季度主要经营数据公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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个别及连带责任。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息披露》之《上 市公司行业信息披露指引第十三号—化工》要求，现将赛轮集团股份有限公司（以 下简称"公司"）2024 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 1、自产自销轮胎产品 | 主要产品 | 产量（万条） | | 销量（万条） | | 收入（万元） | | --- | --- | --- | --- | --- | --- | | 轮胎 | | 1,921.63 | | 1,933.39 | 817,295.17 | 2、轮胎贸易 公司除自产自销轮胎产品外，还通过子公司经销公司合并范围外的其他企业 生产的轮胎产品。2024 年第三季度，公司轮胎贸易收入为 23,438.44 万元。 二、主要产品和原材料的价格变动情况 1、主要产品的价格变动情况 202 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-091 赛轮集团股份有限公司 第六届董事会第二十次会议决议公告 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。 本议案已经公司第六届董事会审计委员会第八次会议审议通过（同意 3 票， 反对 0 票，弃权 0 票），并同意提交公司董事会审议。 2、《2024 年前三季度利润分配方案》 公司拟以实施权益分派股权登记日登记的总股本为基数，向全体股东每股派 发现金红利0.15元（含税）。截至2024年10月29日，公司总股本为3,288,100,259 股，以此计算预计合计派发现金红利 493,215,038.85 元（含税），占公司 2024 年前三季度归属于上市公司股东的净利润的 15.21%。本次利润分配不送红股， 也不进行资本公积金转增股本。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）及《中国证券 报》《上海证券报》《证券日报》《证券时报》（以下简称"指定信息披露媒体"） 披露的《赛轮集团股份有限公司 2024 年前三季度利润分配方案 ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-093 赛轮集团股份有限公司 2024 年前三季度利润分配方案公告 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。 重要内容提示： 2024 年前三季度利润分配方案为：每股派发现金红利 0.15 元（含税）， 不送红股，也不进行资本公积金转增股本。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并另行公告具体调整情况。 如在本公告披露之日起至实施权益分派股权登记日期间，因回购股份/重大 资产重组股份回购注销等致使公司总股本发生变动的，公司拟维持每股分配比 例不变，相应调整分配总额。如后续总股本发生变化，将另行公告具体调整情 况。 二、公司履行的决策程序 1、董事会审议情况 2024 年 10 月 29 日，公司以现场加通讯方式召开第六届董事会第二十次会 议，以 7 票同意、0 票反对、0 票弃权的表决结果审议通过了《2 ...

赛轮集团股份有限公司 柬埔寨贡布经济特区项目 可行性研究报告 2024 年 10 月 | | | | 第一章 总 论 | | --- | | 1.1 项目名称与建设单位 | | 1.2 项目概况 . | | 1.3 项目编制依据 . | | 1.4 研究结论 . | | 第二章 项目建设的背景与必要性. | | 2.1 项目建设背景 . | | 2.2 项目建设必要性 | | 第三章 项目市场分析 | | 3.1 轮胎市场发展规模及趋势 | | 3.2 东南亚轮胎市场发展规模及趋势 11 | | 3.3 橡胶行业化工新材料及废旧橡胶回收处理市场分析 .. 15 | | 3.4 经济特区市场分析 . | | 第四章 建设地点及投资环境分析 21 | | 4.1 项目建设地点 . | | 4.2 自然条件 21 | | 4.3 外部配套条件 22 | | 4.4 投资环境分析 22 | | 第五章 环境影响评价. | | 5.1 环境影响评价标准 . | | 5.2 项目环境影响分析 . | | 5.3 环境保护措施 . | | --- | | 5.4 生态影响 | | 5.5 环境影响评价 . | | 第六章 ...