25年轮胎销量同比增长4.7%，构建全球化新格局

25年轮胎销量同比增长4.7%，构建全球化新格局2025Tyre sales+4.7%YoY &Establishing a new global pattern 最新动态 ➢25年盈利承压。2025年，公司实现营业收入为118.07亿元，同比增长7.6%。实现归母净利润10.88亿元，同比下降17.1%。2025年，公司销售全钢子午线轮胎收入同比增长约6.3%，主要是源于产品结构优化推动销量增长5.3%及平均销售单价小幅上升的共同推动；半钢子午线轮胎收入同比增长约9.8%，主要是得益于产品平均售价上涨4.7%及销量增长4.9%的共同推动；销售斜交胎的收入同比下降约0.5%，主要是源于产品销售结构变化导致平均售价小幅上升，但销量轻微下降；销售原材料及其他，产生了约5.1百万元的收入。 ➢铺路拓界，构建全球化新格局。纵深推进全球化战略，2025年马来西亚轮胎生产基地全面启动建设，与成熟运营的泰国轮胎生产基地形成海外产能“双子星”布局，搭建起更具韧性、抗风险能力更强的供应链体系；山东非公路胎项目高效推进、首条巨胎于2026年1月成功下线，产品矩阵日臻完善，向轮胎全能选手迈进；同步完成北美、欧洲本地仓储布局，大幅提升全球交付能力与服务响应效率，有效对冲贸易壁垒、地缘政治等不确定性风险，实现“本土化供应、全球化协同”的经营格局。 动向解读 ➢马来西亚基地预计26年四季度试生产。集团正在马来西亚北部经济走廊的吉打橡胶城(NCER)建设海外第二生产基地。产能规划为半钢子午线轮胎600万条╱年、全钢子午线轮胎60万条╱年，总投资2.99亿美元，将由本集团内部资源及外部融资拨资。马来西亚轮胎生产基地于2025年第三季度启动，已完成土地勘察、前期报建、建筑设计，目前正在建设施工过程，预计2026年第四季度试产，2027年至2028年陆续释放产能，达产后年产值约2.7亿美元。 ➢山东OTR项目预计2029年达成设计产能。OTR项目选址在山东省荣成市绿色轮胎智能制造产业园内，位于现有山东轮胎生产基地的北侧，占地面积10.4万平方米，产能规划为高性能工程子午胎产能8.4万条╱年、巨型工程子午胎产能1万条╱年。OTR项目预计总投资人民币11.1亿元，2025年第二季度开始建设，预计2029年达成设计产能OTR5万吨╱年，年产值约人民币10亿元。OTR项目将填补国产高端工程胎的空白，实现结构升级。OTR项目于2025年第四季度进行试生产，于2026年1月19日首条非公路巨胎30.00R51成功下线。 策略建议 ➢盈利预测。我们预测公司2026-2028年归母净利润分别为11.58亿元、12.75亿元、14.07亿元，参考同行业公司，考虑到A-H股估值差异，给予公司2026年4.2倍PE，按港币兑人民币汇率为0.88计算，对应目标价8.61港元，给予“收集”评级。 风险提示 ➢关税和双反保证金的风险、原材料价格波动的风险、海外投资风险、外汇风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or re