中国轮胎企业出海战略分析：全球化布局与市场机遇
随着国内轮胎市场竞争加剧，中国轮胎龙头企业正加速海外布局。 根据最新券商研究报告显示，玲珑轮胎、赛轮轮胎等头部企业通过海外建厂策略，正在全球市场实现快速增长。
Major Chinese tire companies are accelerating overseas expansion amid intensifying domestic competition. Leading players like Linglong Tire and Sailun Tire are achieving rapid growth in global markets through overseas production bases, according to latest securities research reports.
国内轮胎龙头企业海外布局概况
Overview of Overseas Layout by Leading Chinese Tire Companies
玲珑轮胎(601966)：国内第二大轮胎企业，总产能约9600万条。泰国基地现有半钢胎1500万条、全钢胎220万条产能；塞尔维亚基地全钢胎120万条产能，2024年将达160万条设计产能。中邮证券预计2024-26年净利润22.73/26.72/30.95亿元，首次覆盖给予"买入"评级。
Linglong Tire(601966): China's second largest tire manufacturer with total capacity of about 96 million tires. Its Thailand base currently has 15 million PCR and 2.2 million TBR tire capacity. The Serbia base has 1.2 million TBR capacity, expected to reach designed capacity of 1.6 million in 2024. China Post Securities forecasts 2024-26 net profit at 2.27/2.67/3.10 billion yuan, initiating coverage with "Buy" rating.
赛轮轮胎(601058)：国内第三大轮胎企业，总产能约7200万条。已在越南、柬埔寨、墨西哥等地建立生产基地，海外现有产能2790万条，另有1800万条规划产能。中邮证券预计2024-26年净利润41.41/50.12/57.90亿元，首次覆盖给予"买入"评级。
Sailun Tire(601058): China's third largest tire company with total capacity of about 72 million tires. It has established production bases in Vietnam, Cambodia, Mexico etc., with current overseas capacity of 27.9 million tires and additional planned capacity of 18 million. China Post Securities forecasts 2024-26 net profit at 4.14/5.01/5.79 billion yuan, initiating coverage with "Buy" rating.
全球轮胎市场格局分析
Analysis of Global Tire Market Structure
2022年全球轮胎市场规模达1868亿美元，总销量17.5亿条。欧美市场占比超过50%，其中替换市场占主导地位(半钢胎75%，全钢胎80%)。中国轮胎企业全球市占率仍较低，2022年34家中国企业销售额仅占全球18.93%，而米其林一家就占16.1%。
The global tire market reached $186.8 billion in 2022, with total sales of 1.75 billion units. Europe and America account for over 50% share, with replacement market being dominant (75% for PCR, 80% for TBR). Chinese tire companies still have low global market share - 34 Chinese companies accounted for only 18.93% of global sales in 2022, while Michelin alone held 16.1%.
2023年中国轮胎出口增长显著，出口量约4.3亿条，同比增长19.8%。海运价格回落和人民币贬值利好出口，叠加中国轮胎的高性价比优势。国内轮胎产量75%依赖出口，美国市场占比从2014年20%降至2022年7.6%。
China's tire exports grew significantly in 2023, reaching about 430 million units, up 19.8% year-on-year. Lower shipping costs and RMB depreciation boosted exports, along with Chinese tires' cost-performance advantage. 75% of domestic production relies on exports, with US market share dropping from 20% in 2014 to 7.6% in 2022.
出海战略与未来趋势
Overseas Expansion Strategy and Future Trends
东南亚成为中国轮胎企业出海首选，截至2023年中国轮胎企业在东南亚产能已超1亿条。泰国、越南、柬埔寨等地具备"一带一路"政策支持、税收优惠、低成本及丰富橡胶资源等优势。
Southeast Asia has become the preferred destination for Chinese tire companies' overseas expansion. By 2023, Chinese tire companies' capacity in Southeast Asia exceeded 100 million units. Thailand, Vietnam, Cambodia offer advantages including Belt & Road policy support, tax incentives, low costs and abundant rubber resources.
全球化布局提升企业竞争力，赛轮、玲珑、森麒麟等最早出海的企业全球市占率显著提升。海外业务毛利率普遍高于国内，森麒麟海外收入占比高达88%。头部企业正进一步完善全球化布局，如玲珑的塞尔维亚基地、赛轮的墨西哥基地等。
Global layout enhances competitiveness. Early movers like Sailun, Linglong and Sentury have significantly increased global market share. Overseas business generally has higher gross margins than domestic, with Sentury's overseas revenue reaching 88%. Leading companies are further improving global layout, such as Linglong's Serbia base and Sailun's Mexico base.
新能源汽车发展带来新机遇，中国轮胎企业有望通过新能源车产业链国产化实现"弯道超车"。2023年BrandFinance全球最具价值轮胎品牌15强中，赛轮和玲珑两家中国企业上榜。
NEV development brings new opportunities. Chinese tire companies may achieve "overtaking on curves" through localization of NEV supply chain. In BrandFinance's 2023 Top 15 Most Valuable Tire Brands, two Chinese companies - Sailun and Linglong - made the list.