Tire industry research framework and investment perspective

The company's existing production capacity is mainly concentrated in the domestic and Southeast Asia, the domestic side has Qingdao, Dongying, Shenyang, Weifang four bases; Overseas, there are two bases in Vietnam and Cambodia. It is estimated that the company has a production capacity of 58 million semi-steel tires, 13.75 million full-steel tires and 160,000 tons of off-highway tires. The projects under construction mainly include 6 million semi-steel tires in Weifang (partly built), 9 million semi-steel tires in Cambodia (partly built) and 1.65 million all-steel tires, and the third phase project in Vietnam (3 million semi-steel tires, 1 million all-steel tires and 50,000 tons of off-highway tires). The company's production capacity has a leading advantage in China, and off-highway tires are also one of the highlights of the company, and the profit level is relatively higher.