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Prinx Chengshan (1809.HK): The overseas production capacity layout is taking shape, and the quality of earnings is steadily improving.
Earnings forecast and investment rating: We expect prinx chengshan's net income attributable to the parent company to be 1.252 billion yuan and 16.01 billion yuan in 2024 and 2025, respectively. Based on comparable company valuations in the industry, considering the Hong Kong stock market.
Prinx Chengshan (01809.HK): The US Department of Commerce has confirmed that the final dumping rate of its Thai subsidiary is 12.33%.
Prinx Chengshan (01809.HK) announced that it has recently learned that the U.S. Department of Commerce has finally determined that the final dumping rate applicable to its wholly-owned subsidiary Prinx Chengshan Tire (Thailand) Co., Ltd. is 12.33%. Prinx Chengshan stated that although the final affirmative determination by the U.S. International Trade Commission is expected to be made on the 25th of this month and an order issued on December 2 this year, the U.S. International Trade Commission has ruled that an industry in the United States has suffered significant damage from truck and bus tires imported from Thailand, these tires were being imported to the United States by the U.S. Department of Commerce.
Sealand: High-end transformation is the key factor of the next wave of tire opportunities.
After experiencing the first differentiation achieved through overseas base layout, domestic tire companies are very likely to usher in the second differentiation marked by high-end transformation.
PRINX CHENGSHAN: INTERIM REPORT 2024
Minsheng Securities: With the advantage of intelligent manufacturing, China's tire globalization is accelerating.
Chinese tire companies have significant advantages in terms of labor costs and intelligent manufacturing. In the short term, they have achieved rapid expansion through the demographic dividend. In the medium term, they are accelerating the global process through the advantages of intelligent manufacturing. In the long term, they are expected to obtain brand premium through technological strength.
Prinx Chengshan (1809.HK): Revenue and profit in 24H1 increased significantly, with steady progress in expansion projects.
Event: On August 23, the company released its 2024 interim report. In 24H1, it achieved revenue of 5.381 billion yuan, a year-on-year growth of +23.74%. It also achieved a net income attributable to shareholders of 0.811 billion yuan (about 1 billion USD returned by the U.S. Customs and Border Protection).
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