Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.1-32.8 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 58.52%-61.98% [1] - The total sales volume of tire products increased by over 30% year-on-year, with all categories (full steel, semi-steel, and non-road tires) reaching historical highs [1] - The company has a strong risk resistance capability due to its global production layout and the gradual easing of export pressures from high shipping costs [1] - The company is projected to have net profits of 42.9 billion RMB, 48.05 billion RMB, and 52.5 billion RMB for 2024-2026, with corresponding PE ratios of 11.66, 10.41, and 9.53 [2] Summary by Sections Company Performance - The company reported a net profit of 32.1-32.8 billion RMB for the first three quarters of 2024, an increase of 11.85-12.55 billion RMB year-on-year [1] - The net profit excluding non-recurring items is expected to be 31.1-31.8 billion RMB, up by 10.11-10.81 billion RMB, reflecting a growth of 48.17%-51.50% [1] Market Position and Strategy - The company is recognized as a leading domestic tire manufacturer, with expectations for further global market share growth due to ongoing overseas capacity expansion [2] - The company has established production bases in Vietnam and Cambodia, with ongoing projects in Mexico and Indonesia [1] Financial Projections - The projected revenue for 2024 is 31.719 billion RMB, with a growth rate of 22.10% [4] - The expected net profit for 2024 is 4.29 billion RMB, reflecting a growth rate of 38.77% [4] - The diluted earnings per share for 2024 is projected to be 1.305 RMB [4]

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 3.21 billion and 3.28 billion CNY, an increase of 1.185 billion to 1.255 billion CNY compared to the same period last year, representing a year-on-year growth of 58.52% to 61.98%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 3.11 billion and 3.18 billion CNY, an increase of 1.011 billion to 1.081 billion CNY compared to the same period last year, reflecting a year-on-year increase of 48.17% to 51.50%[2] - The net profit for the same period last year was 2.025 billion CNY, and the net profit after deducting non-recurring gains and losses was 2.099 billion CNY[4] Production and Sales - The company achieved record production and sales volumes for all-steel, semi-steel, and non-road tires, with total tire sales increasing by over 30% year-on-year[5] - The company's gross profit margin remains high due to effective market expansion and product structure optimization measures[5] Forecast and Risks - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[6] - The forecast data is preliminary and the final financial data will be disclosed in the official Q3 2024 report[7] - The company has not identified any significant uncertainties that could impact the accuracy of the performance forecast[6] - Investors are advised to pay attention to investment risks as the forecast data is subject to change[7] R&D and Innovation - The company emphasizes its commitment to R&D investment and technological innovation as part of its global strategy and brand building efforts[5]

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-086 赛轮集团股份有限公司 第六届监事会第十次会议决议公告 本公司监事会及全体监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。 2024 年 10 月 8 日，赛轮集团股份有限公司（以下简称"公司"）第六届监 事会第十次会议在公司会议室以现场加通讯方式召开。本次会议的会议通知于 2024 年 10 月 5 日以电话、电子邮件等方式送达全体监事。会议应到监事 3 人， 实到监事 3 人（其中以通讯表决方式出席 1 人）。会议由监事会主席闫凯先生主 持，公司董事会秘书及证券事务代表列席了会议。会议的召集和召开符合《公司 法》和《公司章程》的有关规定。经与会监事审议并表决，通过了以下议案： 《关于调整外汇套期保值业务额度的议案》 随着公司收入规模不断扩大，现有外汇套期保值额度已不能满足公司日常经 营需要，为有效规避外汇市场波动风险，降低汇率波动对公司经营业绩的不利影 响，以及根据公司经营战略的需要，公司拟调整与银行等金融机构外汇套期保值 业务额度。 特此公告。 与会监事发表意见如下： ...

证券代码：601058 证券简称：赛轮轮胎 公告编号：临 2024-087 赛轮集团股份有限公司 关于调整外汇套期保值业务额度的公告 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。 重要内容提示： 调整原因及目的：公司收入规模不断扩大，现有外汇套期保值额度已不能 满足公司日常经营需要，为有效规避外汇市场波动风险，降低汇率波动对公司经营 业绩的不利影响，以及根据公司经营战略的需要，公司拟调整与银行等金融机构外 汇套期保值业务额度。 本次调整事项：公司（含合并报表范围内子公司）2024 年与银行等金融机 构公司开展的外汇套期保值业务资金额度，由不超过 350,000 万元人民币或等值 外币调整至不超过 500,000 万元人民币或等值外币；预计动用的交易保证金和权 利金上限，由不超过 60,000 万元人民币或等值外币调整至不超过 75,000 万元人 民币或等值外币，有效期限内上述额度可循环滚动使用。 交易期限：自董事会审议通过之日起至 2024 年 12 月 31 日止 交易币种：实际业务发生的结算币种，主要币种为美元、欧元等 ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-085 赛轮集团股份有限公司 2024 年 9 月 23 日，赛轮集团股份有限公司（以下简称"公司"）召开第六 届董事会第十八次会议，审议通过了《关于全资子公司之间吸收合并的议案》， 同意公司全资子公司青岛赛轮轮胎有限公司（简称"赛轮董家口"）吸收合并青 岛赛轮新材料有限公司（简称"赛轮新材料"）。合并完成后，赛轮新材料的业 务、资产、负债、其他一切权利及义务等均由赛轮董家口承继，公司"青岛董家 口年产 50 万吨功能化新材料（一期 20 万吨）项目"（简称"董家口新材料项目"） 的实施主体将由赛轮新材料变更为赛轮董家口，该项目拟进行的建设内容、投资 金额没有发生变化。公司董事会授权管理层根据法律法规要求办理本次吸收合并 涉及的资产移交、权属变更登记、通知债权人、税务和工商变更登记以及法律法 规规定的其他程序等具体事项。 本次吸收合并不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形。 二、吸收合并双方的基本情况 1、青岛赛轮轮胎有限公司 统一社会信用代码：91370211MABRW4UH7T 企业类型：有限责 ...

证券研究报告|公司动态点评 2024 年 09 月 18 日 赛轮轮胎（601058.SH） 1H24 公司业绩同比高增，看好轮胎行业景气持续和公司海外基地 建设 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------------|------------------|------------------|------------------|----------------|------------------------------------------|-----------| | 财务指标 \n营业收入（百万元） | 2022A \n21,902 | 2023A \n25,978 | 2024E \n31,685 | 2025E \n36,392 | 2026E \n41,540 | 买入（维持评级） \n股票信息 | | | 增长率 yoy （ % ） | 21.7 | 18.6 | 22.0 | 14.9 | 14.1 | | | | ...

Investment Rating - The investment rating for the company is "Buy-B" [1][3]. Core Views - The company has shown impressive performance with a revenue of 15.154 billion yuan in the first half of 2024, representing a year-on-year growth of 30.29%. The net profit attributable to shareholders reached 2.151 billion yuan, up 105.77% year-on-year [1]. - The tire industry continues to thrive, supported by a growing global automotive market and strong demand for replacement tires. The company is benefiting from its global expansion strategy and technological innovations [1][3]. - The company is expected to maintain strong growth in revenue and net profit over the next few years, with projected revenues of 31.356 billion yuan, 34.865 billion yuan, and 40.184 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Performance - In the first half of 2024, the company's gross profit margin improved to 28.77%, an increase of 4.79 percentage points year-on-year. The second quarter of 2024 saw a revenue of 7.858 billion yuan, a year-on-year increase of 25.53% [1]. - The company produced 35.41 million tires in the first half of 2024, a year-on-year increase of 37.89%, with sales reaching 34.54 million tires, also up 37.56% year-on-year [1][4]. - The projected net profit for 2024 is 4.313 billion yuan, reflecting a year-on-year growth of 39.5% [3][4]. Global Expansion Strategy - The company is the first Chinese tire manufacturer to establish overseas production facilities, with ongoing investments in Vietnam, Cambodia, Mexico, and Indonesia. The planned production capacity includes 26 million steel radial tires and 103 million semi-steel radial tires annually [1][3]. - The company has successfully increased its market share in the global tire market, with significant sales growth both domestically and internationally [1][3].

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-084 赛轮集团股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 本次被担保人名称：赛轮香港、赛轮集团 本次担保金额及已实际为其提供担保的余额：公司本次为赛轮香港提供 2,850万美元（折合人民币2.03亿元）连带责任担保，包含本次担保在内，公司 已实际为赛轮香港提供38.64亿元连带责任担保；赛轮销售、赛轮沈阳本次为公 司各提供6.05亿元连带责任担保，包含本次担保在内，各子公司已实际为公司 提供63.89亿元连带责任担保。 特别风险提示：公司及控股子公司预计年度对外担保总额为228亿元，截 至本公告披露日实际发生担保额为176.81亿元，分别占公司最近一期经审计净资 产的153.50%、119.04%；公司对资产负债率超过70%的全资子公司实际发生担保 额为93.91亿元，占公司最近一期经审计净资产的63.23%。请广大投资者充分关 注担保风险。 本次担保涉及金额及合同签署时间在第六届董事会第十六次会议 ...

赛轮轮胎（601058.SH）系列点评一 业绩历史新高 全球化+液体黄金共振 2024 年 09 月 07 日 [Table_Author] 分析师：崔琰 分析师：刘海荣 执业证号：S0100523110002 执业证号：S0100522050001 邮箱：cuiyan@mszq.com 邮箱：liuhairong@mszq.com | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------| | | | | | | 推荐 当前价格： | 维持评级 12.91 元 | | | 相关研究 1. 赛轮轮胎（ 601058.SH）2024H1 公告点评：业绩保持高速增长，领先优势进一 步保持 -2024/07/10 ...

证券代码： 601058 证券简称：赛轮轮胎 公告编号：临 2024-083 赛轮集团股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 本次被担保人名称：赛轮销售 本次担保金额及已实际为其提供担保的余额：公司本次为赛轮销售提供 4,950万元连带责任担保，包含本次担保在内，公司已实际为赛轮销售提供49.29 亿元连带责任担保。 特别风险提示：公司及控股子公司预计年度对外担保总额为228亿元，截 至本公告披露日实际发生担保额为180.54亿元，分别占公司最近一期经审计净资 产的153.50%、121.55%；公司对资产负债率超过70%的全资子公司实际发生担保 额为97.62亿元，占公司最近一期经审计净资产的65.72%。请广大投资者充分关 注担保风险。 一、担保情况概述 2023 年 12 月 13 日，赛轮集团股份有限公司（以下简称"公司"或"赛轮 集团"）召开第六届董事会第十次会议，审议通过了《关于 2024 年度预计对外 担保的议案》，同意公司为控股子公司提供总额不超过 ...