Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 31.802 billion yuan in 2024, representing a year-on-year growth of 22.4%, and a net profit attributable to the parent company of 4.063 billion yuan, up 31.4% year-on-year [7] - In Q1 2025, the company achieved a revenue of 8.411 billion yuan, reflecting a year-on-year increase of 15.3%, and a net profit of 1.039 billion yuan, which is a slight increase of 0.5% year-on-year [7] - The company’s tire production and sales are expected to steadily increase in 2024, driven by the expansion of overseas bases and deeper penetration into domestic channels [7] - The company has established approximately 22 new tire sales companies in 2024, leading to an increase in inventory and accounts receivable [7] Financial Data and Profit Forecast - Total revenue (million yuan): 31,802 in 2024, 38,713 in 2025E, 43,210 in 2026E, 45,109 in 2027E [3] - Net profit attributable to the parent company (million yuan): 4,063 in 2024, 4,540 in 2025E, 5,290 in 2026E, 5,706 in 2027E [3] - Earnings per share (yuan/share): 1.26 in 2024, 1.38 in 2025E, 1.61 in 2026E, 1.74 in 2027E [3] - Gross margin (%): 27.6 in 2024, 26.5 in 2025E, 26.6 in 2026E, 26.6 in 2027E [3] - Return on equity (ROE, %): 20.8 in 2024, 19.5 in 2025E, 18.5 in 2026E, 16.7 in 2027E [3] Market Data - Closing price (yuan) as of April 30, 2025: 12.22 [4] - Market capitalization (million yuan): 40,181 [4] - Dividend yield (%): 2.62 [4] - Price-to-earnings ratio (PE): 10 in 2024, projected to decrease to 7 by 2027 [3][4]

Investment Rating - The report maintains a "Recommended" rating for Sailun Tire (601058.SH) [1] Core Views - The company demonstrated robust performance with a global expansion strategy, achieving record tire production and sales in 2024, with revenue of 31.802 billion yuan and a net profit of 4.063 billion yuan, reflecting year-on-year growth of 22.42% and 31.42% respectively [3][4] - In Q1 2025, the company reported revenue of 8.411 billion yuan and a net profit of 1.039 billion yuan, with year-on-year growth of 15.29% and 0.47% respectively [3] - The company’s tire production and sales reached historical highs in 2024, with production and sales volumes of 74.8111 million and 72.1558 million tires, marking increases of 27.59% and 29.34% year-on-year [3] - The average selling price of tires decreased by 4.19% to 422.78 yuan per tire, while the gross profit margin remained stable at 27.58% [3] - The report highlights the ongoing global capacity expansion, with production bases established in various countries, including Vietnam and Cambodia, and new projects in Mexico and Indonesia expected to commence by 2025 [3][4] Financial Summary - The projected revenue for 2025-2027 is 36.637 billion, 41.238 billion, and 45.063 billion yuan, with corresponding net profits of 4.237 billion, 5.209 billion, and 5.891 billion yuan, indicating growth rates of 4.28%, 22.95%, and 13.10% respectively [4][6] - The earnings per share (EPS) are forecasted to be 1.29, 1.58, and 1.79 yuan for the years 2025, 2026, and 2027, with price-to-earnings (P/E) ratios of 9.51, 7.73, and 6.84 [4][6] - The company’s gross profit margin is expected to slightly decline to 25.28% in 2025, while the net profit margin is projected to be 11.56% [6]

Core Insights - The company reported significant revenue growth for 2024 and Q1 2025, with revenues of 31.802 billion and 8.411 billion yuan, representing year-on-year increases of 22.42% and 15.29% respectively [1] - The company achieved record tire production and sales in 2024, with production and sales volumes of 74.8111 million and 72.1558 million tires, reflecting year-on-year growth of 27.59% and 29.34% [1] - The company is actively pursuing a global expansion strategy, with ongoing investments in production facilities in various countries, which is expected to enhance its brand value and operational flexibility [4] Financial Performance - For 2024, the company reported a net profit attributable to shareholders of 4.063 billion yuan, a year-on-year increase of 31.42% [1] - In Q1 2025, the net profit attributable to shareholders was 1.039 billion yuan, showing a modest year-on-year growth of 0.47% [1] - The sales gross margin for 2024 was 27.58%, remaining stable compared to the previous year [1] Production and Sales - In Q1 2025, the company produced and sold 19.8833 million and 19.3739 million tires, respectively, with year-on-year growth of 15.25% and 16.84% [2] - The average selling price per tire in Q1 2025 was 4,175.6 yuan, a slight decrease of 0.40% year-on-year, attributed to changes in product mix [2] - The company faced increased raw material costs in Q1 2025, with a 4.51% rise in the prices of key materials [2] Market Trends - The prices of key raw materials have significantly decreased since the beginning of the year, which is expected to alleviate cost pressures in the second quarter [3] - The market share of domestic tire brands is increasing, while the combined market share of major international brands has declined by 2.2 percentage points [3] - The company is leveraging its cost advantages and technological advancements to enhance its competitive position in the global market [3] Strategic Initiatives - The company is expanding its global production capacity with facilities in China, Vietnam, Cambodia, Mexico, and Indonesia, which will support its growth strategy [4] - The company has been actively enhancing its brand value through media partnerships and innovative marketing activities, achieving double-digit growth in brand value for seven consecutive years [4] - Future revenue projections for 2025-2027 are optimistic, with expected revenues of 36.637 billion, 41.238 billion, and 45.063 billion yuan, and net profits of 4.237 billion, 5.209 billion, and 5.891 billion yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][17][53] Core Views - The company has achieved record production and sales volumes in 2024, with a significant increase in revenue and net profit, indicating strong growth potential [7][17] - The company is enhancing its global influence through strategic international expansions and partnerships, particularly in high-end tire segments [13][14][17] - The company is well-positioned to manage tariff impacts and maintain pricing power in the North American market [12][17] Financial Performance Summary - In 2024, the company reported revenue of 31.802 billion yuan, a year-on-year increase of 22.42%, and a net profit of 4.063 billion yuan, up 31.42% [5][7][19] - For Q4 2024, revenue was 8.174 billion yuan, a year-on-year increase of 17.33%, while net profit decreased by 23.18% year-on-year [6][9] - In Q1 2025, revenue reached 8.411 billion yuan, a year-on-year increase of 15.29%, with net profit slightly up by 0.47% [10][19] Production and Sales - The company achieved a tire production volume of 74.8111 million units in 2024, a year-on-year increase of 27.59%, and sales volume of 72.1558 million units, up 29.34% [7][11] - In Q1 2025, the company reported a 16.84% year-on-year increase in self-produced tire sales [10] Strategic Initiatives - The company is actively expanding its production capabilities in overseas markets, including Mexico and Indonesia, to enhance its global footprint [11][17] - Collaborations with high-profile brands, such as Xiaomi, to develop high-performance tires for electric vehicles, are part of the company's strategy to penetrate premium segments [13][14] Future Outlook - The company forecasts revenue growth to 37.810 billion yuan in 2025, with net profit expected to reach 4.612 billion yuan, reflecting continued growth momentum [16][19] - The report anticipates a stable return on equity (ROE) around 20% for the next few years, indicating strong profitability [19]

证券研究报告 | 公司点评 | 汽车零部件 赛轮轮胎(601058) 报告日期：2025 年 04 月 30 日 产销稳健增长，盈利能力彰显韧性 ——赛轮轮胎 24 年及 25Q1 点评 报告导读 公司发布 2024 年报，实现营收 318.0 亿元，同比增 22.42%，实现归母净利润 40.6 亿 元，同比增 31.42%。其中 24Q4 营收 81.7亿元，同比增 17.33%，环比降 3.54%；归母 净利润 8.2 亿元，同比降 23.18%，环比降 25.00%。 公司发布 2025 一季报，实现营收 84.1 亿元，同比增 15.29%，环比增 2.90%；实现归 母净利润 10.4 亿元，同比增 0.47%，环比增 26.79%。 投资要点 ❑ 25Q1 销量同环比增长，盈利能力强劲 24 年公司轮胎产量 7481 万条，同比增 27.59%，其中半钢、全钢、非公路产量同 比分别增 31%、14%、9%。24 年公司轮胎销量 7216 万条，同比增 29.34%。原材 料方面，24年公司主要原材料天然胶、合成胶、钢帘线、炭黑采购价格同比分别 变动+28.23%、+11.57%、-7.42%、- ...

汽车/汽车零部件 赛轮轮胎（601058.SH） 2024 年业绩再创新高，看好公司长期成长空间 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 12.25 | | 一年最高最低(元) | 17.60/11.37 | | 总市值(亿元) | 402.79 | | 流通市值(亿元) | 402.79 | | 总股本(亿股) | 32.88 | | 流通股本(亿股) | 32.88 | | 近 3 个月换手率(%) | 74.01 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 赛轮轮胎 沪深300 数据来源：聚源 相关研究报告 《Q3 业绩符合预期，全球化布局稳步 推 进 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《配套及替换市场双线发力，Q2 业绩 实现同环比增长—公司信息更新报 告》-2024.8.26 《墨西哥项目奠基仪式顺利举行，全 球化布局持续推进—公司信息更新报 告》-2024.5.21 | —— ...

四季度原材料成本承压，毛利率略有下滑。2024 年四季度公司天然橡胶、合成橡胶、炭黑、钢丝帘线 四项主要原材料的综合采购价格同比/环比分别+21.7%/+7.6%，由于原材料成本上涨导致四季度毛利率 略有下滑，24Q4公司毛利率25.3%，同环比分别-8.3/-2.4pct。同时，由于25 年一季度轮胎销售均价有所 下滑，公司毛利率录得24.7%，环比-0.5pct，其中自产自销轮胎均价环比-2.4%，四项主要原材料综合采 购价格环比-7.9%。 事件：公司发布2024 年年报，2024 年公司实现营业收入318.02 亿元，同比+22.4%；实现归母净利润 40.6 亿元，同比+31.4%；实现扣非后归母净利润39.9 亿元，同比+26.9%。其中，单季度来看，Q4 实现 营业收入81.7亿元，同比/环比+17.3%/-3.5%；实现归母净利润8.2 亿元，同比/环比-23.2%/-25.0%。同时 公司发布2025 年一季报，25Q1 实现营业收入84.1 亿元，同比/环比+15.3%/+2.9%；实现归母净利润10.4 亿元，同比/环比+0.5%/+26.9%。 全球轮胎需求小幅增长，公司产销规模创历史 ...

赛轮轮胎 20250429 摘要 • 赛轮轮胎 2024 年总销量达 7,216 万条，同比增长 29.3%，其中半钢胎增 长 32%，非公路轮胎数量增长 49%。2025 年一季度总销量 1,937 万条， 同比增长 16.8%，受春节影响产量环比略降，但仍保持高位。 • 2024 年公司收入 318 亿元，同比增长 22.4%，归母净利润 40.63 亿元， 同比增长 31.4%。2025 年一季度收入 84.1 亿元，同比增长 15.3%，归 母净利润 10.39 亿元，同比略增，环比增 26.8%。毛利率受原材料价格 上涨影响有所下降。 • 公司 2024 年现金流 22.9 亿，2025 年一季度为负 4 亿，同比减少，主要 因规模扩大及工资奖金支付增加。年度分红计划每股两毛三，加上前三季 度共计每股三毛八，总分红约 12 亿，占全年利润比例 30.76%。 • 公司持续进行产能扩张和全球布局，包括国内外多个工厂投入运营，并有 两个新建工厂预计于今年 5 月、6 月首台下线。同时，注重技术研发，高 附加值产品如巨型轮胎、液体黄金等逐渐形成规模化运营。 • 美国关税政策对轮胎行业产生影响，对乘用车和轻 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 19.20 CNY, compared to the current price of 12.07 CNY [4][9]. Core Insights - The company has demonstrated stable operating performance, focusing on product competitiveness and global capacity layout. The revenue for 2024 reached 31,802 million CNY, a year-on-year increase of 22.42%, while the net profit attributable to shareholders was 4,063 million CNY, up 31.42% year-on-year [9][10]. - The company plans to distribute a cash dividend of 0.23 CNY per share for 2024, amounting to a total of 1,249 million CNY, which represents 30.76% of the annual net profit [9]. - The company has seen a steady increase in tire production and sales, with 2024 figures showing production of 74.81 million tires and sales of 72.16 million tires, reflecting year-on-year growth of 27.6% and 29.3%, respectively [9][10]. Financial Performance - For Q1 2025, the company reported revenue of 8,411 million CNY, a year-on-year increase of 15.29%, and a net profit of 1,039 million CNY, which is a slight increase of 0.47% year-on-year [9]. - The average selling price of tire products in Q1 2025 was 417.6 CNY per tire, showing a decrease of 0.4% year-on-year [9]. - The company’s gross margin for Q1 2025 was 24.74%, down 2.94 percentage points year-on-year, influenced by rising raw material costs [9]. Market and Production Insights - The company achieved revenues of 23,810 million CNY from overseas markets and 7,550 million CNY from domestic markets in 2024, with respective year-on-year growth rates of 23.6% and 19.9% [9]. - The overseas subsidiaries in Vietnam and Cambodia reported revenues of 8,644 million CNY and 4,039 million CNY, respectively, with significant growth in Cambodia [9]. - The company has a robust capacity planning, with a total planned annual production capacity of 27.65 million full-steel tires and 106 million semi-steel tires, indicating strong growth potential [9]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 4,193 million CNY and 5,019 million CNY, respectively, with a new forecast for 2027 at 5,829 million CNY [9][10]. - The projected price-to-earnings (P/E) ratios for the upcoming years are 10x for 2024, 9x for 2025, and 8x for 2026, indicating a favorable valuation compared to historical averages [10].

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...