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Not long ago, Longxing Chemical Co., Ltd., a listed tire company, disclosed its third-quarter results report this year. The report shows that the company achieved operating income of 936.6 million yuan in the first three quarters, an increase of 32.85% year-on-year, and a net profit of 50,313.46 million yuan, an increase of 8.31% year-on-year. The increase in net profit was much lower than the increase in operating income, and the gross profit margin dropped significantly. On October 24, Guizhou Tyre Co., Ltd. released its performance report. The report shows that in the third quarter of this year, the company achieved operating income of 1.68 billion yuan, an increase of 29.47%; net profit of 34.9356 million yuan, a year-on-year decrease of 63.61%.
The performance forecast announced by the other three companies seems to reflect the situation facing the tire industry even more. Qingdao Huanghai Rubber Co., Ltd. issued an announcement on October 25. According to preliminary calculations by the company's Finance Department, the company's 2010 annual performance is expected to have a loss of about 95 million yuan; Qingdao Shuangxing Co., Ltd. expects the net profit for the first three quarters to be about 5 million yuan. The year-on-year decline was 50% or more, including a loss of 5.98 million yuan in the third quarter. Jiangxi Black Cat Black Co., Ltd. expects its net profit in the first three quarters to fall by 30% from the same period last year to 38 million to 40 million yuan.
It is understood that the major reason for the decline in the gross profit margin of these companies is the increase in the price of natural rubber, the main raw material for production. In 2008, the price of natural rubber was only around 10,000 yuan/ton in the low position, and it has now risen to around 30,000 yuan/ton. Due to the fierce competition in the tire industry, the rate of product price lags behind the price increase of natural rubber, and the price increase rate is also smaller than the price increase rate.
A researcher from Shanxi Securities Co., Ltd. said: “All tire listed companies reported an average gross profit margin of 11.55% in one quarter and 11.1% in the first half of the year, compared with 17.2% in the middle of last year and 20.37% in the whole year. The main reason is the increase in natural rubber prices."
Analysts believe that in order to change the status quo in which natural rubber produced by tire companies is controlled by humans, companies must accelerate the pace of going out and set up tire subsidiaries or natural rubber production bases at overseas raw material sites to reduce the external dependence of natural rubber.
Tire listed companies' latest performance is poor
Recently, the chain effect of high-priced natural rubber has gradually emerged in the tire company's financial statements. The latest disclosure of performance reports and notices by domestic tire listed companies shows that the tire industry's profit margin has dropped to a historical low.