1. Industry overview
The global tire market continued to recover in 2021, and the demand for major products has recovered or even exceeded the pre-epidemic level in 2019. Driven by this, the production and sales volume of the domestic tire industry has continued to increase. According to data released by National Bureau of Statistics , the domestic rubber tire production in 2021 was 899.108 million, an increase of 10.8% over the previous year. Compared with the output in 2020, the output was 818.477 million, an increase of 1.7% over 2019. Tire production grew rapidly in 2021, far exceeding the pre-epidemic level in 2019. In terms of overseas markets, tire exports have also increased significantly. According to statistics from the General Administration of Customs of China, China exported a total of 7.3 million tons of tires in 2021, an increase of 16.2% year-on-year; the total amount of tires exported was 113.27 billion yuan, an increase of 17.4% year-on-year.
However, while the production and sales data are improving, the tire industry is also facing many adverse factors in the upstream and downstream aspects, resulting in more complex business situation. Upstream, the prices of raw materials such as rubber, carbon black , additives, cords, etc. continued to rise to varying amplitudes in 2021, and the prices of energy such as coal have also increased. In the downstream, heavy trucks and construction machinery industries experienced historic rapid development in 2020. In addition, the "chip shortage" in 2021 has led to a decline in growth rate and even sales of commercial vehicles and construction machinery; due to the epidemic Influence, the efficiency of maritime logistics transportation has decreased. In the face of strong demand in overseas tire markets, the situation of "hard to find a cabinet" continued to appear in 2021, resulting in a sharp increase in sea freight costs and an increase in export costs, hindering domestic tire exports. Under the influence of multiple adverse factors, the profit margin of the tire industry has been greatly compressed.
Faced with the increasingly complex market and business situation, domestic tire companies have taken various measures to actively respond, such as adjusting the factory prices to different extents, accelerating the pace of overseas factory building layout, accelerating product structure adjustment, and accelerating the realization of intelligence and Digital transformation , etc.
With the in-depth implementation of the dual-carbon strategy, high-end and green will become the unchanging development direction of the tire industry. At the same time, with the rapid integration of new generation information technology and manufacturing technology, the domestic tire industry will usher in a wave of intelligent and automated transformation and upgrading. I believe that under the promotion of intelligent manufacturing, the product structure of domestic tire companies will be further optimized, and the cost control capabilities and market competitiveness will be further enhanced.
Tire industry also has the characteristics of capital intensive, technology intensive, labor intensive and relatively obvious economies of scale. With years of development, my country has become the largest tire producer, and the tire industry has built a complete industrial system with various specifications, series and products. After rapid development and fierce market competition, the domestic tire industry has been in a relatively mature development stage. Overall, the domestic tire industry has the following characteristics: (1) The industrial scale has grown rapidly and the industry concentration has been continuously improved; (2) The competitiveness in the international tire market has been continuously enhanced; (3) The production capacity is structurally overcapacity, medium and low The competition for end products is fierce; (4) There is still a certain gap between technological progress, brand building and business philosophy innovation and international tire giants.
2. Enterprise analysis
Guizhou Tire is mainly engaged in the research and development, production and sales of commercial tires. The main products include "Forward", "Highlight", "Duolitong", "Jinhu", "Kinggang" and other brands of bus tires such as "Qingjin". , construction machinery tires, agricultural machinery tires, industrial vehicle (including solid) tires and special tires (such as heavy-duty off-road tires, light rail travel tires, desert transportation tires, etc.), are one of the tire manufacturers with relatively complete specifications and varieties of commercial tires in China. The market mainly includes replacement markets, supporting markets and group customer , etc., and has agency (or distribution) institutions in various provinces and cities in China and more than 130 countries and regions abroad, and has established supporting relationships with many well-known domestic and foreign companies. Guizhou Tire's main business revenue ranks 9th in the "Tire category of the top 100 enterprises of China Rubber Industry Association of released in April 2021. According to the revenue and profits of 34 tire companies in 2020, the British magazine "Tyrepress" released the top 34 tire companies in the world in 2021, and Guizhou Tire ranked 28th.
The continued rebound of the epidemic in 2021 has brought serious impacts and severe challenges to economic and social development. The tire industry is affected by factors such as the continuous high operation of raw material prices, and its operating costs remain high. The sea freight costs have increased exponentially, and domestic market competition has further intensified. The impact of rising raw material prices cannot be transmitted to the downstream in a timely and completely, profit margins are squeezed, profit levels are limited, and corporate operating performance is affected.
In 2021, Guizhou Tires completed 7.1756 million tire production, an increase of 9.06% over the previous year; completed 6.9816 million tire sales, an increase of 5.05% over the previous year; net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 263.3401 million yuan, an increase of 263.3401 million yuan attributable to shareholders of listed companies after deducting non-recurring gains and losses . RMB , down 55.91% from the previous year.
3. Enterprise development strategy
Taking the construction of new industrialization as the direction, it continues to promote the digital and intelligent upgrading and transformation of Guizhou tires, and creates a leading 5G fully connected factory and "black light" workshop in China; continues to carry out research and development of various series of flagship products, and strives to Yu has become a leader in high-end commercial tires in the world; adhere to green development, and achieve synergistic efficiency of reducing pollution and carbon reduction by optimizing green product design and deepening the entire process of green manufacturing ; deepening the lean production of , continuously optimizing resource allocation, Improve on-site production efficiency and effectively reduce production costs; steadily promote the implementation of the "14th Five-Year Plan" project, actively lay out the "Zazzo Phase 4", " Vietnam Phase 2" and carbon black projects, and accelerate the advantages of off-highway tires Products fill in and fill in the project construction progress, consolidate the three competitiveness of Guizhou's tire products, costs and services, and promote the high-quality development of Guizhou's tires to a new level.
plans to complete tire production of 8.5 million pieces, an increase of 18.46% over the previous year; it plans to complete tire sales of 8.5 million pieces, an increase of 21.75% over the previous year.
The above business plan and business goals do not represent Guizhou Tire's profit forecast for 2022. Whether it can be realized depends on market development and changes, the degree of efforts of the management team, and there is great uncertainty. Investors are particularly requested to be especially good at 2022. Notice.
