()()S0350521080004 S()2023 01 16 2 300 1M 3M 12M 1.3%3.5%-12.9%300 3.1%3.1%-14.5%300537*2023-01-13 600309 POE MDI*2023-01-13 002258 2022+69%*2023-01-11 BDO*2023-01-08 2023 160 0.67%*2023-01-083 2023/01/13 EPS PE 2021 2022E 2023E 2021 2022E 2023E601966.SH 21.35 0.58 0.33 1.47 63.02 65.50 14.49 601058.SH 9.74 0.45 0.51 0.78 32.87 18.95 12.48 002984.SZ 28.05 1.16 1.40 2.69 30.66 19.98 10.42 601500.SH 3.69 0.01 0.04 0.20 534.00 83.03 18.63 000589.SZ 4.79 0.40 15.38 Wind 4 2021 2.62 1.06 40.54%0.65 24.73%0.91 34.73%2025 1.42 2.62 2021 7300 2201 30.2%2483 34.0%2616 35.83%2025 3400 7300 MTD 100 50 20 2022 4080-12.09%1547-8.34%2022Q3 5 2022Q3 6 ITC ITC 2020 2021 7 2021 1/4-1/3 2021 2021 34.02%8.41%7.59%5.43%4.05%3.18%2021 40.54%24.73%11.71%4.86%4.36%3.13%1.29%8/1300 140 5 2015 1500 180 0 2014 2019 850 210 0 2015 1200 0 0 2015 0 150 5 2017 0 265 0 2019 300 50 0 2019 400 80 0 2020 0 200 0 300 120 0 0 200 0 2021 0 120 0 2021 600 100 0 2021 500 140 0 2021 600 200 0 2022 0 0 5 2022 900 165 0 2022 0 72 0 2022 8450 2392 15 300 100 0 2023 1200 160 0 2023 600 50 0 2023 1200 0 0 2025 300 100 0 2023 750 150 0 500 200 0 850 80 0 2023 0 168 0 5700 1008 0+14150 3400 152021 26220 730092022 2022 10 2021=/2021 11 4=/4 2022 2017-2021 2022-2025 12 2019 2022 2019 2019 2021 2019-4.88%2022 10 30 2022 2019 1.75%2022 202113 2023 202314 2022 2020 2021 2022 1-11 42.4 2022 2021 0.25%15 12 6 12 6=/*12+*6 2019,2022 162022 2019 2021 2019+9.62%2022 10 30 2022 2019+7.73%2022 202117 2022 2021 2022 2023 18 2022Q3 19,2021 81 6673 78 70 5816 5927:2017-2021 2021:2017-2021 2021:2017-2021 20 100 MTD 2022 7 100 MTD 2022 7 100 MTD 2022 7 100 MTD 2022 7 10021 MTD 2022 7 1Mavis Tire Express Services Corp1146BFGoodrich,Bridgestone,Continental,Cooper,Dunlop,Firestone,Fuzion,General,Goodyear,Hankook,Kelly,Michelin,Pirelli,Uniroyal,Yokohama2 Renault-Thomas Corp 1122Arizonian,Atturo,Barum,BFGoodrich,Bridgestone,Carlisle,Coker,Continental,Cooper,Corsa,Dunlop,Falken,Firestone,GBC Motorsports,General,Gladiator,Goodyear,GT Radial,Hankook,Interco,Journey,Kanati,Kumho,Laufenn,Maxxis,Michelin,Mickey Thompson,Milestar,Mohave,Nankang,Nexen,Nitto,Nokian,Ohtsu,Pathfinder,Phantom,Pirelli,Pitbull,ProComp,Rage,Road Hugger,Rocky Mountain,Sentry,Taskmaster,Toyo,Uniroyal,Vision,Vogue,Westlake,Yokohama3 Monro Inc.865Achilles,BFGoodrich,Cooper,Dick Cepek,Dunlop,General,Goodyear,Falken,Hankook,Kelly,Kumho,Laufenn,Michelin,Mickey Thompson,Nokian,Ohtsu,Pantera,Paragon,Yokohama4 TBC Corp 613BFGoodrich,Bridgestone,Cooper,Crosswind,Dunlop,Firestone,General,Goodyear,Hankook,Kumho,Michelin,National,Nexen,Nitto,Ohtsu,Pirelli,Sumitomo,Toyo,Uniroyal5 Les Schwab Tire Centers Inc.460Bridgestone,Caldera,Continental,Cooper,Dean,Double Coin,Falken,Federal,Firestone,Hankook,Mastercraft,Mazama,Michelin,Pirelli,Sailun,Toyo,Vredestein6 Sun Auto Tire&Service Inc.363Achilles,BFGoodrich,Blacklion,Bridgestone,Continental,Cooper,Dunlop,Falken,Firestone Freedom Hauler,Fuzion,General,Goodyear,GT Radial,Hankook,Ironman,Kelly,Kumho,Lemans,Michelin,Milestar,Nankang,Nexen,Nitto,Nokian,Ohtsu,Pirelli,Sumitomo,Toyo,Uniroyal,Westlake,Yokohama7 Tire Discounters Inc 173BFGoodrich,Bridgestone,Calvary,Continental Cooper,General,Goodyear,GT Radial,Kenda,Mastercraft,Michelin,Milestar,Nankang,Nexen,Pirelli,Thunderer,Toyo,Uniroyal,Venezia,Westlake,Yokohama8Percheron Capital170Achilles,BFGoodrich,Bridgestone,Continental,Cooper,Dunlop,Falken,Hankook,Michelin,Nexen,Nokian,Pantera,Pirelli,Summit,Toyo,Uniroyal9 Southern Tire Mart LLC 158API,Bridgestone,Camso,Continental,Double Coin Firestone,General Gladiator,GT Radial,Michelin Mohawk,Tokyo,Yokohama10 Pomps Tire Service Inc.140BFGoodrich,Bridgestone,Continental,Double Coin,Firestone,Fuzion,General,Gladiator,Goodyear,Hankook,kelly,Michelin,Uniroyal,Yokohma 1022 2021 2021 1%22.6%18.7%14.5%2013-2021:2013-2021 2021:2021 0%5%10%15%20%25%30%2013 2014 2015 2016 2017 2018 2019 2020 2021 22.6%18.7%14.5%13.3%7.5%3.7%3.8%3.4%2.4%2.3%0.3%23 2021 1%Multi-Mile Big O 11%9%7%2013-2021 0%1.5%0%1.5%2013-2021:2013-2021 2021:2021 0%2%4%6%8%10%12%14%2013 2014 2015 2016 2017 2018 2019 2020 2021 11.0%9.0%7.0%7.0%5.0%4.5%4.0%4.0%3.5%3.0%*42.0%24 2021 1%Multi-Mile Big O 9.5%7.5%6.5%2018 2021 1.5%-2%2013-2021:2013-2021 2021:2021 25 2021 1%Gladiator 13.5%13%9.0%2020 2021 5.5%2.5%1%2013 5.5%2020 8%2021 9%2013-2021:2013-2021 2021:2021 26/Simpletire 2022/11/22/Simpletire 2022/11/22/Simpletire 2022/11/22/Simpletire 2022/11/22 27 2022Q3 28 wind 2022 4080 12.09%1547 8.34%29 wind wind 30 wind wind 31 ITC ITC 2019 2019 32 ITC 2022Q3 ITC 2022 332022Q3(ETRMA)2022 2022 3 9%6353 8.7%325.5 28.2%19.1/5.6%205.5 2022 342022Q3(ETRMA)2022 9%5802.9 2022 35 2022Q3 3636 2022 2022Q1 2022Q2 2022 2021 3737 2022 2022 2021 2022Q1 2022 10 1-10 3838 2022 2022Q1 2022 3939 2022 2022Q1 6 2022 2021 402022H1 Bloomberg Bloomberg Bloomberg Bloomberg 41 Bloomberg 2022H1 2022H1 132.89 18.7%36.38 7.47%27.4%2.9pct 10.35 7.8%67.59 45.1%2022H1 4901 14.0%4982 30.7%2019H1 2020H1 2021H1 2022H1 2022H1 4352 3382 4298 4901 14.0%1036 768 980 1184 20.8%4296 3214 3813 4982 30.7%3133 2961 3131 3406 8.8%11781 9357 11192 13289 18.7%422022H1 2022H1 2022H1 2022H1 2021H1 2022H1 18.70%13.9%5.2%2.2%H12022H1202111192H12022 12709106-251 99 580 156313289+18.7%:43 Bloomberg Bloomberg Bloomberg Bloomberg 44 Bloomberg 2022 Q3 10906 35.1%9.6%422.8 25.6%8.9%38.8%2.9pct 0.3pct 1009 36.1%54.7%9.3%0.1pct 2.7pct 9430 51.5%11%2022 139.4%42.4%4.5pct 5pct 2019H1 2020H1 2021H1 2022H1 2022H1同比营收 334.54 409.1 455.8 400-12.2%营业利润 46.96 19.7 36.7 52.27 42.4%营业利润率 14.04%4.82%8.05%13.07%5.0%营收 826.27 526.3 669.8 884.12 32.0%营业利润 85.18 27.2 95 112.35 18.3%营业利润率 10.31%5.17%14.18%12.71%-1.5%营收 318.17 241.3 330.7 415.77 25.7%营业利润 8.97-14.2 16.3 39.03 139.4%营业利润率 2.82%-5.88%4.93%9.39%4.5%营收 204.68 147.5 185.1 179.02-3.3%营业利润 21.07 8.5 22.9 17.72-22.6%营业利润率 10.29%5.76%12.37%9.90%-2.5%单位：十亿日元日本美洲欧洲、俄、中东、印、非中国、亚太45 2022H1 Bloomberg 2022 2022H1 2021H1 46 Bloomberg Bloomberg Bloomberg Bloomberg 47 2022Q3 53.11 7.6%1.9%10.06 3.3%3.3%18.9%2.1pct 1.0pct 1.16 29.0%4.7%2.2%1.1pct 0.2pct 48.61 41.2%10.8%区域 2019H1 2020H1 2021H1 2022H1 2022H1 同比美洲销量（百 万条）33.8 23 34.5 45.5 31.9%营收（百 万美元）3847 2807 4043 6062 49.9%营业利润（百万 美 元）223-287 347 509 46.7%营业 利润 率 5.80%-10.22%8.58%8.40%-0.2%欧洲、中 东、非洲销量（百 万条）27.7 18.9 24.7 29 17.4%营收（百 万美元）2362 1671 2461 2923 18.8%营业利润（百万 美 元）98-163 117 111-5.1%营业利润 率 4.15%-9.75%4.75%3.80%-1.0%亚太销量（百 万条）13.9 9.8 13.3 16.1 21.1%营收（百 万美元）1021 722 986 1135 15.1%营业利润（百万 美 元）88-28 61 8.2-86.6%营业利润 率 8.62%-3.88%6.19%0.72%-5.5%48/Bloomberg Bloomberg 2022H1 9060 25.0%2013 68.9%2022 78.42%49 2022Q2 2022H1 2022H1 561 419 022021SOI022022SOI$299$43$18$561($419)($111)($151)($13)$3$92$42$134:US$2021 6950 Bloomberg Bloomberg Bloomberg Bloomberg 51 2022H1 2022H1 2022H1 2022H1 2021H1:2021H12022H130.1(37.4)+32.0(21.7)+20.5 5.4+0.1(2.5)1.4(0.1)14.2 15.8 15.9 52 Bloomberg Bloomberg Bloomberg Bloomberg 53 Bloomberg 2022H1 Bloomberg 2022H1 27.7%&12.2%2022Q3 单位：十 亿韩币 2019H1 2020H1 2021H1 2022H1 2022H1 同比北美 943.1 705.6 914.8 1168.2 27.7%中美&南美 130.6 102.5 144.8 162.5 12.2%亚洲 654.5 566.3 647.0 705.8 9.1%欧洲 1221.7 1027.3 1314.9 1426.8 8.5%韩国 433.0 398.4 401.6 367.5-8.5%54 Bloomberg Bloomberg Bloomberg 2022Q3 18.36 29.8%9.8%1.29 22.4%5.2%7.0%0.4pct 0.3pct 14.64 50.4%4.8%55 2022H1 2022H1 2022H1 2022H1 2021H1 3197 2021 632 523 25 72%72%523(25)1352021H12022H1 25653197:56 2022Q3 Bloomberg Bloomberg Bloomberg Bloomberg 57 2022H1 2022Q3 2242.80 43.2%99.6 48.2%25%4.4%0.1pct 2.0pct 2022H1 607 45.4%979 5.3%单位：十 亿日元2019H1 2020H1 2021H1 2022H12022H1 同比日本 124.2 101.6 123.3 134.5 21.3%北美 85 66.3 69.8 97.9 5.3%亚洲 44.8 32.0 46.5 60.7 45.4%其他 57.1 43.2 64.3 98.3 48.8%58 2022H1 2022H1 16.7 1.2%56%55%2022H1 2021H1 83 218 4 173:2021H12022H126.3-17.3-0.4+21.8YOHT+4.9-1.1-3.6-0.527.7+1.4-16.1+8.3+5.459 2022Q3 60 61 2022Q3 62 63,300 300 300 300 20%300 10%20%300-10%10%300 10%7 7 2 4 5 2 364 R3/28F 518041 0755-83706353 8 7F 200010 021-60338252 168 25F 100044 010-88576597 65