China Rubber Industry Association Tire Branch recently released statistics on the first half of 46 major tire companies. From January to June, the profits of the tire industry increased by 23.5%. However, tire production increased by 6.7%, sales revenue decreased by 1.6%, export delivery value decreased by 2.1%, and inventory increased by 6.8%, which was at a high inventory level. According to industry sources, after the tire industry in China entered the era of “micro-growth†in 2012, the production and sales situation in the first half of 2013 was still worried.
High profit is the highlight
Good economic returns are the biggest highlights of the tire industry in the first half of the year. The total profit of 46 tire companies increased by 23.5% year-on-year, and profits and taxes increased by 19.3% year-on-year. According to analysts in the industry, the price of rubber in the first half of this year decreased by about 25% compared with the same period of last year. In addition, since the import tariff of natural rubber decreased by 800 yuan/ton from 2012, the price reduction of tires was about 10%, so the profitability of tire companies Promote. However, China's tire companies have weak bargaining power, tire prices have shown a downward trend, sales revenue has fallen sharply, and profits and profits and taxes have declined significantly compared with previous years.
The total sales revenue of 46 tire companies was 99.98 billion yuan, of which 29 were sales companies with a decrease in sales revenue, accounting for 63% of the total. Seven companies in the top ten were down. Only 8 companies had a growth rate of more than 10%. The total output of tires was 174 million sets, of which 154 million sets were radial tires, and the radialization rate was 88.7%, which was a year-on-year increase of 1.2 percentage points. China's tire radialization rate continued to record high.
Domestic and foreign-funded enterprises showed large differences in the increase in tire production and sales revenue. All indicators of domestic-funded enterprises are positive, but foreign-funded enterprises have all other major indicators down except that the output of tires is basically flat. The negative growth in sales revenue and export foreign exchange earned by the tire industry in China has been significantly affected by foreign-funded enterprises.
In the first half of this year, the total output of all-steel truck tires totaled 42.16 million sets, an increase of 5.8%. Based on the annual capacity of 130 million sets of steel bearing tires in China, the operating rate of all-steel tires in China in the first half of the year is around 85%. Semi-steel passenger and light truck tires produced a total of 113 million sets, an increase of 9.1%, and the development is relatively good. However, due to the large number of new projects, the degree of concentration of the semi-steel tire industry has declined. The total output of the top ten is 78.43 million sets, accounting for only 69.3% of the total output. The industry concentration has dropped by nearly 6 percentage points from last year.
Increase in export volume
Tire exports continued to grow, with an increase of 4.7%. Among them, radial tires increased by 7.8% year-on-year, but export delivery values ​​fell by about 2% year-on-year, a rare phenomenon in recent years. According to industry sources, the export volume and export delivery value are not in synch, mainly because the price of China's tire exports has fallen by a large margin, and the estimated price has dropped by about 10%. China's tire industry should pay more attention to this and prevent foreign anti-dumping risks. The export situation of domestic-funded enterprises was significantly better than that of foreign-funded enterprises. The export volume of tires from 33 domestic-funded enterprises increased by 10.4%, and the export volume of 13 foreign-funded enterprises decreased by 4.6%, indicating that while tire companies in China are striving to expand exports, foreign-funded enterprises are increasing their tire sales. Market development.
The contribution rate of tire exports to China's tire sales revenue was 34.2%, of which 12 companies accounted for more than 50% of the sales revenue, and more than 90% of the tires of 3 companies relied on exports. These indicate that China's tire industry has a relatively low degree of foreign dependence. Gao, the degree of prosperity of the tire industry in China is highly correlated with the world economy.
Inventory is high
The total inventory of 46 tire companies was as high as 18 billion units, a year-on-year increase of 6.8%. There are 26 companies with an increase in inventory, accounting for 57% of the total, of which 6 companies have increased their inventories by more than 50%. The inventory of domestic-funded enterprises was significantly higher than that of foreign-funded enterprises. Tire inventories of 33 domestic-funded enterprises increased by 9.6%, and 13 foreign-funded enterprises decreased by 1.3%. The increase in tire inventory is due to the lack of demand in the downstream market. Second, rubber prices are currently at relatively low levels. Some tire companies have adopted strategies to increase output and increase inventory, especially for domestic-funded enterprises. The industry-wide inventories accounted for 18.6% of the total sales revenue. There were 5 companies that had inventory in excess of 50% of sales revenue, and the operating risks were relatively high. This put pressure on tire sales in the second half of the year. According to the product points, the engineering tires, especially the engineering giant tires, have relatively large inventories, and the sales situation of the engineering tires is not ideal.
According to statistics, there was a significant increase in tire investment in the first half of the year. According to preliminary estimates, an annual capacity of more than 20 million sets of steel-loaded tires will be formed, and the annual production capacity of semi-steel radial passenger tires will be more than 100 million sets. This wave of tire investment shows a large-scale, rapid investment decision-making, new factories, regional concentration, short project cycle, most of the positioning of high-grade, fast funds and other characteristics.
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