After experiencing rapid growth for nearly 20 years in the Chinese tire industry, the growth of major economic indicators in the industry slowed down significantly in 2012. Output, sales revenue, and foreign exchange earned through exports increased in single digits. The Chinese tire industry passed a “slight increase†year. This is a conclusion drawn from the statistics of 43 major tire companies in the Tire Division of the China Rubber Industry Association.
According to statistics, in 2012, the tire production of 43 major tire companies increased by 2%, sales revenue rose by 0.3%, and foreign exchange earnings rose by 0.1%. The growth rate of major economic indicators has reached a new low in the new century. However, what is gratifying is that due to the substantial drop in the price of natural rubber, Chinese tire companies have relatively good returns and inventory levels are at a reasonable level.
The sales revenue of 43 tire companies reached 205.6 billion yuan, which was basically the same as the previous year. The total output of tires was 325.5 million, of which 287700 were radial tires, and the radialization rate was 88.2%, an increase of one percentage point from the previous year and a record high. With regard to the increase in tire production and sales revenue, the performance of domestic and foreign-funded enterprises is quite different. Tire production and sales income of 31 domestic companies increased by 6.3% and 2.4% respectively, but tire production and sales revenue of the 12 foreign-funded enterprises decreased by 3.8% and 4.7% respectively.
The number of companies with sales revenue growth and decline was generally the same. The five companies with larger growth rates were Guilin Tire, Tianjin Zhenxin, Xinjiang Kunlun, Sichuan Haida, and Guangzhou Pearl River. None of the large tire companies entered the top five. Guilin Tire ranked first with an increase of 53%, which was mainly due to the relatively hot weather of engineering tyres in 2012 and the relatively low sales in the previous year.
The top ten tire sales revenue rankings are: Hangzhou Zhongce, China Jiatong, Triangle Group, China Zhengxin, Shandong Linglong , Shuangqin Group, Xingyuan Tire, Fengshen Tire, Qingdao Double Star and Cooper Platinum. Among the ten companies, only Shuangqin Group and Xingyuan Tire increased by more than 10%.
According to the tire production rankings, the top ten are: China Jiatong, Hangzhou Zhongce, China Zhengxin, Shandong Linglong, Triangle Group, Jinyu Group, Cooper Chengshan, Guangzhou South China, Sailing Company and Qingdao Double Star. China Qingdao Double Star and Jinyu Group have a large increase in output.
Total output of steel-loaded tires totaled 78.88 million, an increase of 1.7%, the lowest in recent years. According to the rank of all steel tires, the top ten were: Hangzhou Zhongce, Shuangqin Group, Triangle Group, China Jiatong, Xingyuan Tyre, Fengshen Tire, Cooper Chengshan, Shandong Linglong, Qingdao Double Star and Guizhou Tire. The output of all 10 steel enterprises reached 53.12 million, which accounted for 67.3% of the total output, which was an increase of 1.5 percentage points from the previous year, indicating that the concentration of all steel tires was relatively increased. Hangzhou Zhongce has exceeded 10 million mark and is the first enterprise in China to exceed 10 million tires.
The tire export growth rate hit a record low in recent years. In the whole year, the export delivery value reached 71.8 billion yuan, an increase of 0.1% over the previous year, and the export delivery volume was 139 million, an increase of only 0.7% over the previous year. Exports of domestic-funded enterprises were better than those of foreign investment. The export value of tires from 31 domestic-funded enterprises increased by 2%, and the export delivery value of 12 foreign-funded enterprises decreased by 4.3%, reflecting that Chinese tire companies are making efforts to export while foreign-funded enterprises increase their tire sales to China. Market development efforts.
The contribution rate of exports to China’s tire sales revenue was 34.9%. Among them, 15 companies’ export delivery value accounted for more than 50% of sales revenue, and 3 companies accounted for more than 80% of tire exports, indicating that the external dependence of the Chinese tire industry was still relatively high. The degree of prosperity has a great correlation with the world economy.
According to the export delivery value, the top ten are: China Jiatong, Triangle Group, Hangzhou Zhongce, Shandong Linglong, Cooper Chengshan, Xingyuan Tire, Fengshen Tire, Double Money Group, Race Wheels, and Jinyu Group. Geographically, Shandong, Jiangsu, etc. lead, Shandong Inspection and Quarantine Bureau data show that tire exports in Shandong accounted for more than 50% of Chinese tire exports. According to the export variety, the increase in export of engineering tires ranked first, of which the increase of 186% in Guilin Tire was due to the contribution of the all-steel engineering Meridian.
Underemployment is the main tone for the production of tires in 2012. The average operating rate of tire enterprises is about 85%, of which all steel giant tires are in short supply and production is at full capacity. Tire enterprise production is mostly based on sales, relatively rational. The unsatisfactory domestic and foreign demand has caused tire companies to rely on the balance of production. The total inventory of 43 companies was 15.1 billion yuan, a decrease of 6.8% from the previous year, of which foreign-funded enterprises had a 23.9% decline in inventories, and the industry-wide inventory accounted for 8.4% of total sales revenue, which was at a reasonable level. The ten companies with the lowest inventory rates are: Jiangsu Feichi, Bridgestone Tianjin, Tianjin Zhenxin, Hebei Xingmao, Xingyuan Tire, Jiangsu General Motors, Shandong Wanda, Triangle Group, China Zhengxin and Jiangsu Hantai. Home business stocks are below 5%.
With respect to the rationality of production, investment in the tire industry is less rational. According to preliminary statistics, in 2012 China's semi-steel tires will have an annual production capacity of about 50 million new, and all-steel tires will have an additional annual production capacity of about 10 million. If the tire demand cannot be enlarged by more than 10% in 2013, the operating rate of Chinese tires will be lower than in 2012. In addition, a batch of new tire/expansion projects have been completed in 2013. The structural surplus in the Chinese tire industry is even more pronounced. This requires careful consideration of the industry, especially tire investment.
The improvement of economic returns is the biggest highlight of the tire industry in 2012. The total profit of 41 tire companies increased by 62.8% over the previous year. There were 3 loss-making enterprises and a loss of 7.3%, which was the best level in recent years. In 2012, natural rubber prices remained below 25,000 yuan/ton most of the time, significantly increasing the profitability of tire companies. Large-scale tire companies such as Hangzhou Zhongce were driven by factors such as large scale and strong bargaining power, and their gross profit levels hit a new high in recent years. In 2013, the price of rubber was still low, and since January 1, 2013, the import tariff of natural rubber in China has been reduced by 800 yuan/ton compared with 2012. It is predicted that the profit of Chinese tire enterprises in 2013 will still be better.
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