2025年4月25日，玲珑轮胎(601966.SH)发布2025年第一季报。截至2025年4月30日，共有58个机构投资 者披露持有玲珑轮胎A股股份，合计持股量达9.17亿股，占玲珑轮胎总股本的62.63%。其中，前十大机 构投资者包括玲珑集团有限公司、英诚贸易有限公司、香港中央结算有限公司、全国社保基金一零二组 合、全国社保基金四一三组合、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、 中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、平安银行股份有限公司-博时成长领航 灵活配置混合型证券投资基金、基本养老保险基金八零八组合、中国农业银行股份有限公司-工银瑞信 创新动力股票型证券投资基金，前十大机构投资者合计持股比例达60.27%。相较于上一季度，前十大 机构持股比例合计上涨了0.08个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计11个，主要包括南方中证500量化增强股票发起 A、工银创新动力股票、国投瑞银中证500指数量化增强A、交银安享稳健养老一年A、创金合信中证 500增强A等，持股增加占比达0.11%。本期较上一季度持股减少的公募基金共计13个， ...

近年来，玲珑轮胎积极响应国家《乡村振兴促进法》，凝聚各方力量共同打造天然橡胶产业的绿色未 来。接下来，玲珑轮胎将与GPSNR及本地合作伙伴密切协作，持续跟进项目进展、总结经验，探索更 多可复制、可推广的路径，让绿色成果惠及更多地区。 在该项目中，玲珑轮胎携手Preferred by Nature，协助西双版纳当地小农群体推进FSC认证，帮助他们打 通进入高端市场的绿色通道。这不仅提升了橡胶种植的可持续性，更为小农户在责任化、可追溯供应链 中实现稳定且长期的发展奠定了基础。 在西双版纳热带植物研究院和亚太森林恢复与可持续管理网络(APFNet)等本地伙伴的支持下，玲珑轮胎 通过开展生态意识宣传与社区主导的培训活动，推广农林复合经营与土地修复实践，让退化的生态系统 重获新生，保护这片拥有亚洲象、热带森林及逾5000种植物的珍贵生物多样性地区。 据悉，近年来，随着橡胶种植的快速扩张，西双版纳生态系统承受了不小压力：森林面积减少、生物多 样性锐减，生态失衡问题逐渐凸显。同时，当地农村社区也面临严峻挑战，对单一作物高度依赖、人口 外流严重、基础设施不足，以及经济结构单一等。为此，玲珑轮胎项目着眼于长期可持续的改变与社会 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 22.06 billion yuan in 2024, a year-on-year increase of 9.39%, and a net profit attributable to shareholders of 1.75 billion yuan, up 26.01% year-on-year [1] - The tire sales volume for 2024 reached 85.45 million units, a year-on-year increase of 9.57%, primarily driven by the growth in semi-steel tires [2] - The company plans to invest 8.7 billion yuan in Brazil to build a project with an annual production capacity of 14.7 million high-performance tires, further deepening its global presence [4] Financial Summary - In 2024, the company reported a gross margin of 22.06%, an increase of 1.05 percentage points year-on-year, and a net profit margin of 7.94%, up 1.04 percentage points year-on-year [2] - The forecast for net profit attributable to shareholders is adjusted to 1.97 billion yuan for 2025 and 2.27 billion yuan for 2026, with an expected PE ratio of 10.6 for 2025 [5][7] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 9.39% from 2024 to 2027 [7]

Group 1 - The core viewpoint of the article is that Linglong Tire is advancing its "7+5" global strategy and plans to list H-shares in Hong Kong, which is expected to enhance its financing channels and support its international business development [1][9] - Linglong Tire's main products include passenger and light truck tires, truck and bus tires, and off-road tires, with a market presence in 173 countries. The company has shown stable revenue growth, with year-on-year increases of 18.6%, 9.4%, and 12.92% for the years 2022, 2023, and Q1 2025 respectively [2][5] - The company has experienced fluctuations in profit, with net profits of 1.391 billion, 1.752 billion, and 341 million yuan for the same periods, attributed to product and market structure adjustments, leading to a decline in gross margin to 15% [2][4] Group 2 - Linglong Tire is enhancing its product competitiveness through innovation and a diversified brand matrix, with new products launched in 2024 and 2025 achieving high market recognition [4][5] - The company is implementing its "7+5" global strategy, establishing seven production bases in China and five overseas, including a factory in Serbia that is expected to reach a design capacity of 12 million semi-steel tires and 2.4 million all-steel tires by 2025 [4][5] - The company is also investing 1.19 billion USD (approximately 8.71 billion yuan) in a new factory in Brazil, which is projected to further enhance its production capacity and growth expectations for 2026 [5][6] Group 3 - The global tire industry has been steadily growing since 2020, with a market size reaching 1.784 billion units in 2023, primarily driven by replacement market demand [6][7] - Linglong Tire is positioned well within the industry, with 36 Chinese companies, including Linglong, ranking among the top 75 global tire manufacturers, reflecting the increasing competitiveness of domestic brands [7][8] - The company has been actively expanding its presence in the high-end market, securing partnerships with major automotive brands and enhancing its reputation as a quality supplier [8][9] Group 4 - Linglong Tire has a stable dividend policy, distributing a total of 0.367 yuan per share in 2024, with a planned dividend of 0.07 yuan per share in Q1 2025, maintaining a payout ratio of 30% [8][9] - The company's market capitalization has significantly increased, with a premium of over 90% for investors holding shares since the beginning of the year, leading to a total shareholder return exceeding 100% [8][9]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has faced pressure on performance due to rising raw material prices, with a notable decline in earnings in Q4 2024 and Q1 2025. However, the "7+5" strategic layout is progressing steadily, with the Serbia project successfully commencing production [1][6][7] - The company reported a revenue of 22.1 billion yuan in 2024, a year-on-year increase of 9%, and a net profit of 1.75 billion yuan, up 26% year-on-year. In Q1 2025, revenue was 5.7 billion yuan, a 13% increase year-on-year, but net profit decreased by 23% [5][9] Summary by Sections Financial Performance - In Q4 2024, the company sold 24.11 million tires, a 6.6% increase year-on-year, but faced a 91% drop in net profit compared to the same quarter last year. The average price of tire products increased by 2.5% year-on-year [6] - The company’s raw material costs rose significantly, with a 14.8% year-on-year increase in the cost of key materials [6] Strategic Initiatives - The "7+5" global strategy aims to establish 7 production bases in China and 5 overseas, enhancing the company's competitiveness in international markets. The Serbia plant is the first tire factory built by a Chinese company in Europe and is expected to drive growth in sales and profits [7][9] Market Position and Sales - The company has established a strong marketing presence, supplying tires to over 200 production bases of more than 60 major automotive manufacturers globally. It has maintained a leading position in tire supply for domestic manufacturers and has made significant inroads into the electric vehicle market [8] Profit Forecast and Valuation - The report has adjusted profit forecasts for 2025-2026, expecting net profits of 2.08 billion yuan and 2.41 billion yuan, respectively. The EPS estimates for 2025-2027 are projected at 1.42, 1.64, and 1.90 yuan [9][11]

Investment Rating - The report maintains a "Strong Buy" rating for Linglong Tire (601966) with a target price of 20.85 CNY, while the current price is 14.77 CNY [1][3]. Core Insights - Linglong Tire is expanding its global footprint by investing 1.19 billion USD (approximately 8.71 billion CNY) in a new production base in Brazil, which is expected to enhance its competitiveness and market share in the Americas [7][8]. - The company reported a revenue of 22.06 billion CNY in 2024, representing a year-on-year increase of 9.39%, and a net profit of 1.75 billion CNY, up 26.01% year-on-year [7][8]. - The report highlights a significant drop in net profit for Q4 2024, which was 0.41 billion CNY, down 90.6% year-on-year, indicating challenges in the latter part of the year [7][8]. Financial Performance Summary - In 2024, Linglong Tire produced and sold 89.12 million and 85.45 million tires, respectively, marking increases of 12.65% and 9.57% year-on-year [7]. - The average selling price of tires in 2024 was 255.3 CNY per tire, a slight increase of 0.2% from 2023 [7]. - The gross profit margin for 2024 was 22.06%, reflecting a year-on-year increase of 1.05 percentage points, although the margin decreased in Q4 2024 and Q1 2025 due to rising raw material costs [7][8]. Future Projections - The report projects revenues of 27.7 billion CNY in 2025, with a year-on-year growth rate of 25.6%, and a net profit of 2.04 billion CNY, reflecting a growth rate of 16.4% [8]. - For 2026 and 2027, the expected revenues are 31.28 billion CNY and 34.03 billion CNY, with corresponding net profits of 2.72 billion CNY and 3.39 billion CNY [8].

Core Viewpoint - Linglong Tire plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its capital strength, competitiveness, and international brand image, while supporting its global business development and strategy implementation [1][3]. Group 1: Financial Performance - In 2024, Linglong Tire achieved a revenue of 22.058 billion yuan, representing a year-on-year growth of 9.39% [3]. - The net profit attributable to shareholders was 1.752 billion yuan, showing a significant year-on-year increase of 26.01% [3]. Group 2: Global Strategy - Linglong Tire has established a "7+5" global layout strategy, with production bases in China and overseas locations in Thailand and Serbia, indicating steady progress in its globalization efforts [3]. - The company aims to complete the H-share issuance within the validity period of the shareholders' resolution, subject to necessary approvals from regulatory bodies [4]. Group 3: Technological Innovation - Linglong Tire is committed to technological innovation, with a global R&D system established across multiple locations, including China, the US, and Germany [6]. - The company has developed a range of high-performance products, integrating proprietary technologies and focusing on high quality and added value [6]. - Advanced technologies such as industrial internet, big data, and AI are utilized to enhance product quality and ensure efficient production processes [6]. Group 4: Sustainability and Industry Leadership - The European Linglong factory incorporates cutting-edge technologies and has achieved full automation and digital management, significantly improving product quality and production efficiency [5]. - The factory promotes a new model of "green, clean, civilized, and lean" manufacturing, leading the industry towards more environmentally friendly and efficient practices [5]. - In 2023, the European factory received a high score of 94 in a sustainability audit conducted by a third-party organization, highlighting its commitment to social responsibility [5].

山东玲珑轮胎股份有限公司董事会 2025 年 4 月 24 日 山东玲珑轮胎股份有限公司董事会 关于独立董事独立性自查情况的专项报告 根据《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号--规范运作》等要求，山东玲珑轮胎股份有限公司（以下简称 "公司"）董事会就公司 2024 年度第五届董事会现任独立董事刘惠荣女士、温德成先生、潘 爱玲女士独立性情况进行评估并出具如下专项意见： 经核查独立董事刘惠荣女士、温德成先生、潘爱玲女士的任职经历及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进行独立客观判断的关 系，因此，公司独立董事符合《上市公司独立董事管理办法》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 1 号--规范运作》中对独立董事独立性的相 关要求。 1 ...

关于 2025 年第一季度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号—— 化工》等要求，山东玲珑轮胎股份有限公司（以下简称"公司"）现 将 2025 年第一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 | 轮胎产量(万条) | 轮胎销量(万条) | 营业总收入(万元) | 其中：轮胎产品 | | --- | --- | --- | --- | | | | | 收入(万元) | | 2,302.86 | 2,140.96 | 569,683.73 | 565,327.37 | 证券代码：601966 证券简称：玲珑轮胎 公告编号：2025-022 山东玲珑轮胎股份有限公司 2、主要原材料的价格变动情况 受天然胶、合成胶等主要原材料价格波动等影响，公司第一季度 天然橡胶、合成胶、炭黑、钢丝帘线四项主要原材料综合采购成本环 比 2024 年第四季度降低 0.40%，同比 2024 年第一季度提升 13.95%。 三、需要说明的其 ...