Recently, the tire industry, which has been sluggish for a long time, has picked up due to demand. In May, the price of raw materials for all-steel tires fluctuated and went down, especially the price of auxiliary materials such as carbon black. .
In the past few days, listed companies such as Sailun Tire, Sentury, General Motors, and Triangle Tire have expressed on investment interaction platforms that orders in the domestic market are sufficient, some companies have orders far exceeding existing production capacity, and some companies have semi-steel products overseas. Tire orders have returned to the level of the first half of last year, and there are obvious signs of market recovery. According to the analysis of many institutions, the price of raw materials has fallen and the operating rate has increased, and the profit margin of tire companies is expected to be restored, and the profit margin of enterprises is expected to gradually open up.
Cost reduction, profit margin to be repaired
Rubber accounts for nearly half of the raw materials required for the production of tires, followed by carbon black, steel cords, additives and other materials. Recently, due to the price drop of the main raw materials of tires, its cost has also been reduced, bringing high expectations for the industry's profit recovery.
Guo Juan, a tire industry analyst at Zhuo Chuang Information, said that the prices of main raw materials for tires have declined in varying degrees recently, which has effectively eased the pressure on tire production costs. Among them, in terms of raw materials, the average price of natural rubber in April was 11,524 yuan (ton price, the same below), a year-on-year decrease of 10.72%; the average price of styrene-butadiene rubber was 11,605 yuan, a year-on-year decrease of 6.06%; the average price of rebar was 4,085 yuan, a year-on-year decrease of 20.25% ; The average price of carbon black was 9,227 yuan, a year-on-year decrease of 7.03%. In May, the average spot price of China's carbon black market was 7,281 yuan, a month-on-month decrease of 17.06%, and a year-on-year decrease of 30%. , fell 4% month-on-month and nearly 12% year-on-year.
At the same time, the cost of sea freight is also favorable. As the congestion at ports around the world continues to ease and port capacity continues to increase, shipping prices are expected to stabilize within a reasonable range, which is good for tire exports.
The industry believes that with the decline in raw material and transportation costs, the profitability of tire companies is expected to gradually recover.
The demand is picking up and the industry is booming
While raw material prices are falling and cost pressures are easing, the April production and sales bulletins disclosed by various tire listed companies recently show that the production and sales of the tire industry have also continued their high-growth trend.
Linglong Tire said that in April this year, the company sold 5.8153 million tires, a year-on-year increase of 31.63%; the company sold 22.5457 million tires in the first four months, an increase of 11.99% year-on-year. The production and sales of Triangle tires have also performed well. Since April, the company's production capacity has been close to full production. Currently, the market sales are stable and foreign trade orders are sufficient.
Industry analysts pointed out that since the beginning of this year, with the recovery of exports and the recovery of domestic demand, the sales of tire companies have been good, and the operating rate of various factories has remained at a relatively high level. Among them, the export volume of tires has recovered significantly.
In 2023, the unfavorable factors restricting the development of the tire industry will gradually improve, the impact of the epidemic will be eliminated, the overall economic situation will improve, the transportation industry will gradually recover, and the operating rate of tire companies will continue to operate at a high level.
According to Jinlianchuang data, in April, the overall operating rate of tire companies was around 65.67%, of which the operating rate of all-steel tires was 69%, the operating rate of semi-steel tires was 79%, and the operating rate of bias tires was 49%. . Tire exports also maintained high growth. According to data from the General Administration of Customs, from January to April this year, the cumulative export volume of rubber tires in China was 2.71 million tons, an increase of 11.8% year-on-year; the export value was 47.461 billion yuan, an increase of 20.4%.
"At present, the operating rate of the domestic tire industry remains high, and the output has increased significantly compared with the same period last year. This also confirms from the side that the current downstream demand for tires has gradually recovered compared with last year, and the prosperity of the tire industry has gradually entered the upward channel." Debon Securities. analysts said.
Response to "double reverse" and enhance the global layout of production capacity
Despite the recovery of the tire market, the "double reverse" tax rate in Europe and the United States still puts the tire industry under pressure. Domestic tire companies have chosen to build factories overseas, and increasing production capacity for global deployment has become the main path for the development of domestic tire companies.
According to statistics, by the end of 2023, a total of 13 domestic tire manufacturers have established 16 production bases overseas. Among them, the overseas factories of Sailun Tire, Sentury Tire and other companies have become an important source of profit for the company.
Industry insiders said that in the first half of this year, tire companies showed a good recovery momentum, especially the recovery momentum of all-steel tires. Ongoing fixes. (Luo Iowa)
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