Zhitong Finance and Economics learned that Guojin ** released a research report saying that domestic tire companies need to grasp important consumer markets such as Europe and the United States by going overseas, and at the same time avoid the risks caused by policy fluctuationsThe operation of enterprises with overseas multi-base layout is more stable. It is recommended to pay attention to: Sailun tires (601058.)SH): As a leading tire company in China, it has two overseas bases in Vietnam and Cambodia, and plans to add a new base in Mexico in the future to continue to promote the global layoutMori Kirin (002984SZ): It has a base in Thailand, and the construction of production capacity in Morocco and Spain is progressing steadilyGeneral Motors (601500.)SH): It has realized the dual-base layout in Thailand and Cambodia, and has entered a period of rapid growth with the performance of production capacity in the next two yearsLinglong Tire (601966.)SH): As a leading tire company in China, it has achieved a bottom reversal in its performance, and has two overseas bases in Thailand and Serbia.
The main points of IFC ** are as follows:
The global tire consumption market is more than one trillion yuan, and Europe and the United States are still the core consumer markets.
In the past two years, with the recovery of the global automotive industry chain and the recovery of travel activities, the total global tire sales volume in 2022 will remain at 17500 million pieces, sales increased by 5 percent year-on-year3% to $186.8 billion. In the long run, benefiting from the steady expansion of the global car ownership scale and the rigid replacement consumption brought by travel, the demand of the tire industry will still be strongly supported.
From the perspective of the global tire consumption structure, the demand of the replacement market still dominates, and the overall sales volume of semi-steel tires in 2022 will be 15400 million pieces, and the sales volume of the replacement market accounted for 75%;All-steel tire sales were 2100 million pieces, and the replacement market sales accounted for 80%. From the perspective of the global tire consumption market, the European and American markets are still the core consumption areas, with tire consumption in Europe and North America accounting for 28% and 24% respectively in 2022, accounting for more than 50% in total, and semi-steel tires in Europe and North America accounting for 55%.
There is still uncertainty about the change of global ** policy, and risks can be better avoided by going overseas.
As a major tire producer, China has a relatively high dependence on the export market, and China's tire output in 2022 will be 7300 million pieces, and the export volume remained at 5500 million, accounting for 75% of China's total tire production. From the perspective of China's tire export structure, since 2015, the United States has imposed a high "double anti" tax on some Chinese tires, and the number of tires exported to the United States has declined significantly, and the proportion of tires exported to the United States has decreased from 20% in 2014 to 7 in 20226%。
From the perspective of the changes in the main importers of American tires, it can be found that as China's tire companies have gone overseas to build factories, Southeast Asia has gradually replaced China and become the core of the American tire market.
In order to better ensure the stability of operation, the global layout of some tire companies has been further optimized.
In response to the changes in the "double anti" and other policies, in the past, domestic tire companies through the establishment of overseas factories in Southeast Asia to avoid risks, the first to go to sea enterprises can timely seize the opportunity to quickly seize Europe and the United States and other markets with a better competitive pattern, to Sailun tires, Linglong tires and Sen Kirin as a typical representative of the earliest tire companies to go to sea have achieved a significant increase in global market share and rapid growth in performance, Sailun tires, Linglong tires and Sen Kirin's global market share respectively2% to 20225%;
Comparing the revenue and profitability of domestic tire companies, it can be seen that most of China's listed tire companies account for more than 50% of their overseas revenue, and the gross profit margin of overseas markets is higher than that of domestic ones, so the overall profitability and performance of enterprises with overseas production capacity are relatively better.
With the expansion of the scope of the "double anti-dumping" policy in the United States, the leading tire companies have also begun to continue to improve their global layout, such as: Linglong Tire's Serbian base, Sailun Tire's Mexico base, and Sen Kirin's Morocco and Spanish bases. Under the current general trend of domestic tires going overseas, tire companies that take the lead in realizing the global layout are expected to achieve simultaneous improvement in performance and market share in the future.
Risk Warning
Sharp fluctuations in raw materials, international frictions, large fluctuations in sea freight, exchange rate fluctuations, and overseas construction of domestic enterprises have led to intensified competition.