In the first half of 2011, the impact of China’s macroeconomic adjustments showed that the growth rate of the production and sales of the automotive industry declined, and the demand for the tire matching market declined. Both Tire A (000589.SZ) and Qingdao Double Star (000599.SZ) tire production had both Different degrees of decline. On August 19, the two companies also announced the interim financial report. In the first half of the year, Tire A produced 2,608,300 tires, a year-on-year decrease of 5.84; Qingdao Doublestar sold 3.21 million sets of radial tires in the first half of the year, including 1.51 million sets of all-steel radial tires. The number of semi-steel radial tires was 1.7 million, which was 17.93% and 6.59% lower than the same period of last year. In the first half of the year, the price of natural rubber has been oscillating at a high level. Affected by this, the performance of tire companies is also unstable. In the first half of the year, Qingdao Doublestar achieved an operating income of 3.03 billion yuan, a year-on-year increase of 7%, and a net profit of 34.79 million yuan, a year-on-year increase of 217%. In the first half of the year, Tire A achieved a business income of 3.59 billion yuan, a year-on-year increase of 28%, and a net profit of 41.68 million yuan, a year-on-year decrease of 45%. Regarding the decline in profits, Nguyen Tire A explained in the semi-annual report that due to the fact that the prices of major raw materials represented by natural rubber and synthetic rubber have been operating at a high level, the company’s cost has remained high, the company’s cost transferability has weakened, and its profitability space has been squeezed. . However, the performance of the two companies in the second quarter is just the opposite. In the second half of the year, Tire A, whose profit declined, achieved a net profit of 21.96 million yuan, an increase of 11% from the previous quarter. In the second half of the year, Qingdao Double Star achieved a net profit of 15.54 million yuan, a decrease of 19% from the previous quarter. According to the statistics of valuetool platform, the operating income of Tire A in the second quarter hit a new high in three years, and net profit continued to rise for three consecutive quarters. The Qingdao Double Star's net profit has continued to decline for three consecutive quarters. At present, the price of natural rubber is still high, the high cost of the tire industry, and competition is fierce. The profitability of tire companies is still not optimistic. The closing price of Tire A on August 18 was 5.6 yuan, which was 2.68% lower than the previous trading day. The corresponding price-earnings ratio (ttm) is 30.2 times, and the market price (ttm) is 1.3 times. Qingdao Double Star's closing price on August 18 was 5.23 yuan, down 2.49% from the previous trading day. The corresponding price-earnings ratio (ttm) is 45.6 times, and the market price (ttm) is 1.8 times.
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