Targeting tens of billions of Chinese tire companies

March 22,2024

As of now, there are dozens of domestic tire companies worth tens of billions. Today, with the rapid development of the industry, more tire manufacturers are growing in strength with each passing day. They are full of confidence in the future and are accelerating towards the goal of 10 billion.

These manufacturers have put forward a clear slogan, which is to enter the tens of billions of enterprises, and formulated specific implementation plans. Let's take a look at which players are sprinting on this track.

Guizhou Tire: The 10 billion target is within easy reach

Guizhou Tire has achieved continuous growth in its main operating income for many years in a row. In the first three quarters of 2023, its main operating income and net profit both hit record highs.

In the first three quarters of 2023, Guizhou Tire achieved revenue of 7.037 billion yuan, a year-on-year increase of 12.57%; the net profit attributable to the parent company was 628 million yuan, a year-on-year increase of 145.88%. Among them, revenue of 2.596 billion yuan was achieved in the third quarter. It can be said that the goal of 10 billion yuan is within reach.

On March 6, 2024, Guizhou Tire announced that it will implement an intelligent manufacturing project with an annual output of 6 million semi-steel radial tires in its Vietnam factory. The total investment of the project is US$227.7632 million, and it is expected to achieve an average annual new sales revenue of US$189.9869 million.

It is believed that with the smooth implementation of overseas bases and the market launch of semi-steel tire business, Guizhou Tire will enter a broader development space in the future, and the 10 billion target is just a new starting point.

Sentury: The 10 billion target is just around the corner!

According to the latest annual report released by Sentury, in 2023, the company's operating income will be approximately 7.842 billion yuan, a year-on-year increase of 24.63%; the net profit attributable to shareholders of listed companies was approximately 1.369 billion yuan, a year-on-year increase of 70.88%.

Sentury said that in 2024, it will continue to promote international production capacity layout. The company's Thailand factory second phase project "Sentury Tire (Thailand) Co., Ltd.'s annual production capacity of 6 million high-performance semi-steel radial tires and 2 million high-performance all-steel radial tire expansion projects" has been put into operation on a large scale; At the same time, the company is accelerating the construction of the African intelligent manufacturing base "Sentury (Morocco) annual production of 12 million high-performance cars and light truck radial tires project", and is steadily promoting the construction of the European intelligent manufacturing base "Spain's annual production of 12 million high-performance cars and light truck radial tires project".

Sentury's rapid development is eye-catching in the domestic tire industry. With the smooth implementation of projects in Morocco and Spain, I believe that Sentury's goal of reaching tens of billions is just around the corner!

Haohua Tire: Targeting the top five domestic tires

Shandong Haohua Tire Co., Ltd. currently has a production capacity of 20 million sets of semi-steel radial tires in the first and second phases of the project, 2 million sets of all-steel radial tires in the third phase, 3 million sets of all-steel radial tires in the fifth phase, and a logistics park project in the fourth phase.

In January 2023, Haohua plans to build a Vietnam factory for overseas projects, with a total investment of 3.5 billion yuan, a designed production capacity of 12 million sets of semi-steel and 2.4 million sets of all-steel, and a total of more than 5,000 employees.

According to the latest media reports, Shandong Haohua Tire sales revenue has exceeded 7 billion yuan in 2023. Chairman Wang Keqiang said that in the future, Haohua Tire will continue to accelerate the conversion of old and new driving forces and strive to become the top five domestic tires and the top 20 global tires by 2026. 

Wanli Tire: The “10 billion dream” accelerates realization

In the past three years, Wanli has achieved double-digit growth of more than 20 to 30% in both domestic and foreign markets. In 2023, Wanli Tire sales revenue exceeded 6 billion for the first time, with sales of semi-steel tires reaching 23 million, all-steel tires 2.66 million, and motorcycle tires 3.09 million, totaling 28.75 million; all of the above set the best record in Wanli's history score.

But "10 billion dreams" is the real theme. According to the set goals, Wanli must achieve a sales revenue target of 10 billion during the "14th Five-Year Plan" period. Starting from the current 6 billion, it is equivalent to continuous growth of about 20% in the next three years to achieve this goal.

The first step is the third phase project of Conghua Base, which has already started construction. The overall planned annual production capacity of the third phase of the project is 12 million pieces, with the first phase producing 6 million pieces. It is expected to achieve trial production in January 2025.

In accordance with the semi-steel production capacity target of 36 million, in addition to the domestic base, overseas projects will show their talents. In November 2023, Cambodia's first deputy prime minister led a team to Wanli Tire, and Wanli finally decided to land in Cambodia. It plans to invest US$500 million to build 10 million semi-steel and 1.2 million all-steel production lines. It is planned to start construction in September 2025, and after 18 months of hard work, it will be put into production in June 2026.

According to Wanli's long-term production capacity plan, that is, 46 million semi-steel tires, 6 million all-steel tires, and 5 million motorcycle tires, it will achieve operating income of 8.6 billion for semi-steel, 4.2 billion for all-steel, and 500 million for motorcycle tires, the annual revenue will actually exceed 13 billion.

General Science: Make every effort to promote the "Double 10 billion" goal

In 2023, GS's China-Thailand-Cambodia base continued to make great efforts, with sales and profits hitting record highs, and its performance forecast increasing by more than 1,094%. The impressive results fully proved GS's strong development potential.

In 2024, GS has had a good start in the Year of the Dragon. In January, the shipment of semi-steel tires from the Thailand base exceeded 500,000, and the shipment of semi-steel tires from the Cambodia base exceeded 300,000; In February, Thailand's semi-steel production exceeded 20,000 units per day, a record high.

Gu Cui, chairman of GS, said in his speech at the meeting: "In 2024, we will focus on promoting the construction and commissioning of the four major projects of Thailand Phase II, Cambodia Phase II, domestic semi-steel and OTR, strengthen performance and increase market value. With the spirit of "dare to challenge and dare to surpass", we will continue to accumulate new momentum for development and promote the accelerated achievement of the  'double 10 billion' goal of 10 billion sales and 10 billion market value."

Haida Rubber: Firm pace of "10 billion Haida"

According to relevant reports, Haida Group's main business revenue and profits have increased significantly, and the "two funds" have been significantly reduced.

At present, the company is accelerating the promotion of three technical transformation projects including the annual production of 2 million new energy vehicle semi-steel radial tires, striving to put them into production as soon as possible and achieve the goal of expanding capacity and increasing efficiency as soon as possible.

According to the Group's goals, by the end of the "14th Five-Year Plan", Haida Group is expected to achieve sales revenue of 10 billion yuan, with a production capacity of 20 million sets/year of semi-steel radial tires, 3 million sets/year of all-steel radial tires, and 200,000 sets/year of special engineering tires.

In 2024, Haida Group stated that it will closely focus on the high-quality development goal of "moderate scale and distinctive features" to ensure the completion of the annual goals and tasks, and take more solid steps on the road to "10 billion Haida".

Zaokuang Rubber: Omni-channel advantages gradually emerge

In 2023, with the help of global channels, Zaokuang Rubber’s sales of commercial vehicle tires and passenger vehicle tires increased by 13.75% and 21.3% respectively, and foreign exchange earnings from exports increased by 20% year-on-year, creating a good situation for the entire industry to be profitable, with the annual output value exceeding 4.5 billion yuan.

Specifically, in 2023, the company's commercial vehicle tire sales are expected to complete 2.3 million units, a year-on-year increase of 12% in 2022 and a year-on-year increase of 10.48% in 2021; Passenger car tire sales are expected to complete 9.18 million units, a year-on-year increase of 29.8% in 2022 and a year-on-year increase of 21.59% in 2021; Off-highway tire sales are expected to reach 10,600 tons, a year-on-year increase of more than 16.2% in 2022.

Looking forward to 2024, Zaokuang Rubber stated that it will speed up the chain replenishment, strengthening and extension of the Zaokuang Rubber industry through technological transformation and capacity expansion, capital operations, asset mergers and acquisitions, etc., maintain an average annual revenue growth of 15%, and strive to be among the top ten in the industry in 3 to 5 years, with revenue exceeding 10 billion.


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