在轮胎行业上市公司中，玲珑轮胎配套业务占比较高。业内人士对财联社记者表示，由于下游整车厂较为强势，轮胎配套业务盈利非常困难。①Domestic business product upgrades, rapid release of overseas production capacity, Linglong Tyre is expected to see a year-on-year net profit growth of 52%-82% in the first half of this year. ② The company expects its all-steel tire production capacity at the Serbian factory to reach the designed capacity by the end of this year, with a semi-steel tire production capacity of 12 million sets by the end of June next year.
On July 8th, Caixin reported that Shandong Linglong Tire (601966.SH), which has a relatively high proportion of supporting businesses, is expected to achieve a year-on-year performance increase of 52%-82% in the first half of this year, driven by strong overseas market demand and upgrade of the company's domestic product structure.
In the first half of 2024, the company is expected to achieve a net profit attributable to shareholders of listed companies of 850 million to 1.02 billion yuan, a year-on-year increase of 52% to 82%. During the reporting period, the company's product sales both achieved growth, with sales in the first half of the year increasing by about 11% year-on-year, and overall sales in the overseas market increased by about 20% year-on-year. The sales of high-gross-margin passenger vehicle tires increased by about 12% year-on-year.
Among the listed companies in the tire industry, Linglong Tire has a relatively high proportion of supporting businesses. Industry insiders told Caixin that due to the strong downstream OEMs, tire supporting businesses are very difficult to be profitable.
Financial data shows that Linglong Tire's domestic supporting business revenue accounted for 28% of the company's total revenue and is the largest business sector of the company. Chairman Wang Feng said that the gross profit margin of the company's domestic supporting business sector is currently the lowest among the four business sectors, but the company has been continuously repairing the gross margin through active implementation of the "three structural adjustments". In addition, the company has started price negotiations with OEMs since the end of 2023 and has achieved certain results.
Regarding overseas production capacity, on June 28th, the company stated on the investor interaction platform that the semi-steel project at the Serbian factory is currently in a fast production capacity ramp-up phase. The company attaches great importance to the construction progress of the Serbian factory and expects its all-steel tire production capacity to reach the designed capacity by the end of this year, with a semi-steel tire production capacity of 12 million sets by the end of June next year.
It is reported that starting from January 2024, Linglong Tire's Serbian factory has successively passed audits by Volkswagen, MAN, Nissan, Hyundai, Ford, Audi (logistics) and Stellantis. The company stated that the gross margin of the Serbian factory supporting end will also maintain a relatively high level in the future.
