从国际领先胎企视角展望玲珑轮胎长期成长性

Investment Rating - The report maintains a "Buy" rating for Linglong Tire (601966.SH) [5][24][28] Core Views - Linglong Tire is positioned as a leading domestic tire manufacturer with significant growth potential, supported by its "7+5" global strategy and increasing market share in both domestic and international markets [22][24][28] - The tire industry is characterized by growth and anti-cyclical properties, with a large market space and a low share of domestic brands, indicating potential for market share gains for companies like Linglong [22][23][24] - The company reported a revenue of 20.2 billion yuan in 2023, a year-on-year increase of 19%, and a net profit of 1.39 billion yuan, up 375% year-on-year, highlighting its strong financial performance [29] Summary by Sections Company Overview - Linglong Tire, established in 1995, has evolved into a major player in the tire industry, with a focus on both domestic and international markets [29][31] - The company has a diversified product range, including passenger and light truck tires, and has established partnerships with over 60 major automotive manufacturers globally [31][32] Industry Analysis - The global tire market reached approximately 1.8 trillion yuan in 2022, with China accounting for about 50% of global tire production [22][23] - The domestic tire market is expected to grow at a compound annual growth rate (CAGR) of around 7% from 2022 to 2027, indicating a positive outlook for the industry [22] Financial Projections - The report projects net profits for 2023, 2024, and 2025 to be 1.39 billion, 2.21 billion, and 2.89 billion yuan respectively, with corresponding earnings per share (EPS) of 0.94, 1.50, and 1.96 yuan [3][5][28] - The company is expected to benefit from the operational efficiency of its new factories in Serbia and Thailand, enhancing its competitive position in overseas markets [24][28] Strategic Initiatives - Linglong's "7+5" strategy involves establishing seven domestic and five overseas production facilities, aimed at optimizing supply chain efficiency and enhancing market reach [24][28] - The company is focusing on high-end product offerings and expanding its retail channels, including the development of new retail formats [24][28]