Shandong Linglong Tyre (601966) Q4 2024 earnings summary

Executive summary

• Revenue reached ¥22.06 billion in 2024, up 9.39% year-over-year; net profit attributable to shareholders was ¥1.75 billion, up 26.01% year-over-year.

• Operating cash flow increased 61.62% year-over-year to ¥1.94 billion.

• Gross margin improved to 21.88%, up 1.90 percentage points year-over-year.

• Significant one-time gain: ¥401.5 million anti-dumping tax refund from the US, classified as non-recurring income.

• Major product and market innovation, global expansion, and digital transformation initiatives advanced.

Financial highlights

• Revenue: ¥22.06 billion (+9.39% YoY); net profit: ¥1.75 billion (+26.01% YoY).

• Basic and diluted EPS: ¥1.20 (+26.32% YoY); ROE: 8.23% (+1.3pp YoY).

• Gross margin: 21.88% (+1.90pp YoY); operating cash flow: ¥1.94 billion (+61.62% YoY).

• Export and overseas sales grew 14.19% YoY, with overseas gross margin at 29.39%.

• Non-recurring profit: ¥348.1 million, mainly from anti-dumping refund.

Outlook and guidance

• 2025 sales volume target: +18% YoY; continued focus on global expansion and digital transformation.

• Strategic focus on R&D, green manufacturing, and intelligent supply chain.

• Ongoing investment in new energy vehicle tire solutions and global OEM partnerships.