Core Viewpoint - The company, Qingdao Senqilin Tire Co., Ltd., is proposing to increase shareholder returns through a cash dividend for the first half of 2025, reflecting confidence in its future growth and financial health [2][3]. Group 1: Background and Purpose of the Proposal - The company's global production capacity is strategically located in China, Thailand, and Morocco, providing a strong foundation for competing internationally [3]. - The upcoming large-scale production from the Moroccan smart factory and ongoing partnerships with leading international automotive companies are expected to enhance the company's brand value and operational performance [3]. - The proposal aims to protect shareholder interests and address the undervaluation of the company's stock in the secondary market, thereby enhancing investor satisfaction [3]. Group 2: Details of the 2025 Mid-Year Dividend Proposal - The proposal suggests a cash dividend of RMB 3.00 per 10 shares (tax included) to all shareholders, with no stock bonuses or capital reserve transfers [4]. - The total dividend amount will be adjusted based on any changes in the company's total share capital before the distribution [4]. Group 3: Additional Notes - The company will analyze the proposal in conjunction with its operational plans and profitability, considering it reasonable and feasible [6]. - The proposal is currently a personal opinion of the chairman and requires approval from the board and shareholders before implementation, indicating some uncertainty [6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][17]. Core Views - The company experienced a decline in gross profit in the first quarter due to rising raw material costs, but the Moroccan factory is expected to ramp up production soon, which could enhance profitability [1]. - The company's revenue for 2024 is projected at 85.11 billion, with a year-on-year growth of 8.5%, while the net profit attributable to shareholders is expected to be 21.86 billion, reflecting a significant increase of 59.7% year-on-year [6]. - The report highlights the company's ongoing global expansion, particularly through the new Moroccan factory, which is anticipated to contribute positively to profits in the medium to long term [6]. Financial Summary - **Revenue Projections**: - 2024: 85.11 billion - 2025: 108.83 billion (27.9% growth) - 2026: 119.84 billion (10.1% growth) - 2027: 129.56 billion (8.1% growth) [2] - **Net Profit Projections**: - 2024: 21.86 billion - 2025: 19.92 billion (-8.9% decline) - 2026: 23.68 billion (18.9% growth) - 2027: 26.59 billion (12.3% growth) [2] - **Earnings Per Share (EPS)**: - 2024: 2.11 - 2025: 1.92 - 2026: 2.29 - 2027: 2.57 [2] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 10x, with a target price of 26.88 yuan based on a 14x P/E multiple [6]. - **Market Performance**: The company's stock price has fluctuated between 18.90 and 28.60 over the past 12 months, with a current market capitalization of 195.70 billion [3].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a record high performance in 2024, with revenue of 8.51 billion yuan, a year-on-year increase of 8.53%, and a net profit of 2.19 billion yuan, up 59.74% year-on-year [2] - The first quarter of 2025 saw a decline in performance due to cost pressures, with revenue of 2.06 billion yuan, down 2.79% year-on-year, and a net profit of 361 million yuan, down 28.29% year-on-year [3] - The Moroccan project is expected to ramp up significantly in 2025, potentially producing 6-8 million tires, enhancing the company's global competitive position [4] Summary by Sections Financial Performance - In 2024, the company sold 30.49 million semi-steel tires, a 7.12% increase year-on-year, and 916,400 full-steel tires, a 15.52% increase year-on-year [2] - The average selling price in 2024 was 270.7 yuan per tire, a 1.1% increase year-on-year, contributing to a gross margin of 32.84%, up 7.63 percentage points year-on-year [2] - For Q1 2025, semi-steel tire sales were 7.16 million, down 1.6% year-on-year, and full-steel tire sales were 213,700, down 34.6% year-on-year [3] Cost and Margin Analysis - The cost of raw materials increased in Q1 2025, with synthetic rubber and natural rubber prices rising by 10.9% and 27.4% respectively [3] - The gross margin for Q1 2025 was 22.75%, down 8.57 percentage points year-on-year, and the net margin was 17.57%, down 6.25 percentage points year-on-year [3] Future Outlook - The Moroccan project is anticipated to enhance the company's production capacity and global presence, creating a "golden triangle" layout with operations in China, Thailand, and Morocco [4] - The company is focusing on high-end product development, having already gained recognition in the U.S. and European markets [4] - Profit forecasts for 2025 and 2026 have been adjusted to 1.93 billion yuan and 2.29 billion yuan respectively, with a projected net profit of 2.54 billion yuan in 2027 [5]

Core Insights - The company reported a revenue of 8.51 billion yuan for 2024, representing a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 2.19 billion yuan, up 59.7% year-on-year [1] - In Q4 2024, the company achieved a revenue of 2.17 billion yuan, with a year-on-year increase of 3.4% but a quarter-on-quarter decrease of 2.6%, and a net profit of 460 million yuan, showing a year-on-year increase of 22.7% but a quarter-on-quarter decrease of 29.0% [1] - The gross margin for Q4 2024 was 25.2%, down 14.3 percentage points from the previous quarter, primarily due to rising raw material costs and a high base effect from tax rebates [1] Production and Sales Performance - In 2024, the company produced 32.23 million tires, a year-on-year increase of 10.2%, with semi-steel tires and all-steel tires producing 31.30 million and 0.9223 million units respectively, both showing increases [2] - Tire sales reached 31.41 million units in 2024, up 7.3% year-on-year, with semi-steel and all-steel tire sales at 30.49 million and 0.9164 million units respectively, the latter showing a significant increase of 15.5% [2] - In Q1 2025, tire sales faced slight pressure, totaling 7.38 million units, down 3.0% year-on-year, with semi-steel and all-steel tire sales declining by 1.6% and 34.6% respectively [2] Raw Material Costs and Profitability - The increase in raw material costs, particularly natural rubber, negatively impacted Q4 2024 profit margins, with the average price of domestic natural rubber reaching 17,016 yuan per ton, up 14.9% quarter-on-quarter [3] - The average procurement price of rubber for the company in the second half of 2024 was 13.23 yuan per kilogram, reflecting a 16.8% increase from the first half [3] - In 2025, the prices of key raw materials in the tire industry showed a decline, which is expected to support profit recovery for the company [3] Future Outlook - The construction of the Morocco factory is progressing steadily, with a construction progress of 89% as of the end of 2024, and the company expects to achieve production ramp-up within the year [3] - Profit forecasts for 2025-2027 estimate net profits attributable to shareholders at 2.07 billion, 2.63 billion, and 2.95 billion yuan respectively, with year-on-year changes of -5.4%, +27.1%, and +12.1% [3] - The corresponding price-to-earnings ratios for these years are projected to be 10, 7, and 7 times, maintaining a strong buy recommendation [3]

Group 1 - The company, Senmikirin (002984), announced a proposal for a cash dividend of RMB 3 per 10 shares (tax included) for the mid-term of 2025 [1] - The proposal was made by the actual controller and chairman, Mr. Qin Long, based on a comprehensive consideration of the company's long-term development confidence, financial outlook, and shareholder interests [1] - The company aims to share the results of its operational development with all shareholders and effectively protect the interests of a wide range of investors [1]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 | 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 关于公司实际控制人、董事长提议持续提高股东回报 暨2025年中期现金分红的公告 特别提示： 森麒麟的中国、泰国、摩洛哥全球产能"黄金三角"布局为公司参与全球化竞争 提供了坚强的后盾。2025 年度，伴随公司摩洛哥智能工厂的大规模放量、持续发力国 际一线车企高端配套，公司将继续充分发挥全球化智能工厂的布局优势，进一步精细 化经营管理，多措并举持续提升品牌价值，努力向国际一线品牌价值不断靠近，在未 来通过品牌价值的提升持续提高产品售价，创造更高的经营价值。 青岛森麒麟轮胎股份有限公司（以下简称"公司"或"森麒麟"）董事会于 2025 年 4 月 24 日收到公司实际控制人、董事长秦龙先生出具的《关于提议持续提高股东 回报暨 2025 年中期现金分红的函》。伴随 2025 年度摩洛哥智能工厂的大规模放量、 持 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant increases in revenue and net profit, driven by high demand for its tire products in both domestic and international markets [1][2]. Financial Performance - The company achieved an operating revenue of 8.511 billion yuan, an increase of 8.53% year-on-year [1] - The net profit attributable to shareholders reached 2.186 billion yuan, up 59.74% from the previous year [1] - The net profit after deducting non-recurring gains and losses was 2.126 billion yuan, reflecting a growth of 62.96% year-on-year [1] - A cash dividend of 2.9 yuan per 10 shares (including tax) is proposed to reward shareholders [1] Production and Sales - The total tire production reached 32.2261 million units, a growth of 10.22% compared to the previous year [2] - The production of semi-steel tires was 31.3038 million units, increasing by 10.24% year-on-year [2] - The sales volume of tires was 31.4087 million units, up 7.34% from the previous year [2] - The sales of semi-steel tires were 30.4923 million units, reflecting a growth of 7.12% [2] - The sales of all-steel tires increased by 15.52%, totaling 916,400 units [2] Global Expansion - The company's global strategy is a key driver of its performance, with significant progress in the Morocco project aimed at producing 12 million high-performance tires annually [2][3] - The Morocco factory is recognized as a benchmark for intelligent manufacturing in the tire industry, enhancing the company's global competitiveness [3] - The company is focusing on expanding its production capacity to meet growing global demand [2][3] Innovation and R&D - The company has enhanced its R&D capabilities, successfully developing various advanced tire technologies, including low rolling resistance tires and specialized tires for electric vehicles [4] - A total of 200 new patents were added, including 5 invention patents [4] - The company is committed to high-end market development, having begun supplying winter tires to Volkswagen for the Tiguan model [4] Marketing and Sales Strategy - The company is expanding its presence in both international and domestic markets, with a focus on digital upgrades to traditional sales models [3] - It aims to build a dual-circulation development pattern, enhancing its market reach [3] - The company is also deepening partnerships in the aviation tire sector, laying the groundwork for future collaborations with airlines [5]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 26.91 RMB [7][8]. Core Views - The company reported a revenue of 8.5 billion RMB in 2024, a year-on-year increase of 9%, and a net profit of 2.2 billion RMB, reflecting a significant growth of 60% year-on-year [1]. - Despite short-term performance pressures and uncertainties due to tariffs, the company is expected to enhance its global competitiveness in the long run through new capacity ramp-up and cost advantages [1][3]. - The company has a strong order demand for its high-quality semi-steel tires in overseas markets, with a 12% increase in overseas revenue to 7.6 billion RMB in 2024 [2]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.1 billion RMB, a decrease of 3% quarter-on-quarter, and a net profit of 360 million RMB, down 28% quarter-on-quarter [1][3]. - The sales volume for semi-steel tires in Q1 2025 was 7.16 million units, a decrease of 2% quarter-on-quarter, while the sales volume for all-steel tires was 210,000 units, down 35% quarter-on-quarter [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been adjusted downwards due to tariff impacts, with expected net profits of 2.1 billion RMB, 2.6 billion RMB, and 2.8 billion RMB respectively [4]. - The estimated EPS for 2025 is 2.07 RMB, with a projected P/E ratio of 13x for 2025, leading to a target price of 26.91 RMB [4]. Market Position and Competitive Advantage - The company is expected to leverage its cost advantages and competitive pricing to expand its market share in the U.S. despite tariff challenges [1][3]. - The company’s new factory in Morocco is projected to contribute significantly to capacity expansion by 2025 [3].

| 证券代码：002984 | 证券简称：森麒麟 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：127050 | 债券简称：麒麟转债 | | 青岛森麒麟轮胎股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准青岛森 麒麟轮胎股份有限公司首次公开发行股票的批复》（证监许可[2020]1383号）核 准，公司向社会公开发行人民币普通股票（A股）6,900.00万股，每股发行价格 为18.96元，募集资金总额为1,308,240,000.00元,扣除各项发行费用人民币 99,113,005.20元（不含税），实际募集资金净额为人民币1,209,126,994.80元。 2020年9月8日，上述募集资金到位情况业经信永中和会计师事务所（特殊普通合 伙）验证，并出具XYZH/2020JNA50287号《验资报告》。公司对募集资金采取了 专户存储制度，并与专户开户银行、保荐机构签订了募集资金三方监管协议。 二、募集资金使用情况 截至2024年12月31日，公司首次公开发行股票募集资金具体使用情况如下： | 序 | 项目名称 | 募集资金承诺投 | 募集资金 ...

青岛森麒麟轮胎股份有限公司 董事会审计委员会对会计师事务所2024年度履职情况评估及 履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上市公司自律监 管指引第1号——主板上市公司规范运作》和《公司章程》等规定和要求，青岛森麒麟 轮胎股份有限公司（以下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽 职守，认真履职。现将审计委员会对公司2024年度年审会计师事务所2024年度履职评 估及履行监督职责的情况汇报如下： 一、2024年度会计师事务所基本情况 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012年3月2日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街8号富华大厦A座8层 首席合伙人：谭小青先生 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）2023年度业务 收入为40.46亿元，其中，审计业务收入为30.15亿元，证券业务收入为9.96亿元。2023 年度，信永中和上市公司年报审计项目364家，收费总额4.56亿元，涉及的主要行业包 括制造业， ...