"** case" impact of micro-tire stocks rose collectively

After about a year and a half of refereeing, the Sino-U.S. tyre special protection case finally ended with the US victory. However, in the A-share market yesterday, the relevant tire stocks rose collectively to respond to this ruling.

Relevant sources said that through the past two years, Chinese tire companies have absorbed the negative impact of the “special protection case.” At present, the transformation process of most companies has been completed, and the above negative impact will be further weakened in the future.

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Negative effects gradually decrease

As of yesterday's close, Shuangqian (600623) and Yantai A (000589) had a daily limit, while Qingdao Double Star (000599), S Gallant (600182) and Aeolus (600469) also gained more than 3%.

A person in charge of the Aeolus Securities Department stated to the reporter of the “Financial Investment News” that at the beginning of 2009, the US Steel Workers Union sued the US International Trade Commission for China’s tire dumping on the US market. In June of that year, the US International Trade Commission made recommendations. Passenger vehicle and light truck tires that were exported to the United States of America were levied 55%, 45%, and 35% of special ad valorem tariffs for three consecutive years. In September, the proposal was approved by President Obama. The final punitive tariff rate is 35% in the first year, 30% in the second year, and 25% in the third year. "Through September next year, this special tariff will expire. I think the impact on domestic tire manufacturers has actually been gradually reduced."

Liu Feng, an analyst at Southwest Securities Automotive and Component Industry, told reporters that the “special security case” has played a certain role in promoting the growth of Chinese tire companies. “Many companies have adopted joint ventures or joint ventures to set up factories abroad to conduct industries. The transfer of the layout. The purpose of doing so can prevent EU countries from mimicking US practices and continue to impose tariff penalties on China's export tires."

In addition, the above-mentioned Aeolus shareholders also stated: “Although Fengshen’s share of products exported to foreign countries in mid-2011 reached 32.46%, it mainly focused on construction machinery tires and did not involve passenger cars and light trucks punished by tariffs. Tire."

Enterprises accelerate industrial adjustment

In fact, the observation of the initial effect after the implementation of the “Special Safeguard Case” cannot be underestimated.

For example, in the two months after the implementation of the “Special Protection Case”, that is, in October and November 2009, China’s exports of tires to the United States fell by 37.5% and 35.5% respectively year-on-year. In 2010, the total volume of commercial tires exported to the United States from mainland China fell by 27.6% compared with 2009. In terms of business performance, the total income of tire products from 43 member companies of the China Rubber Industry Association Tire Branch in 2010 was RMB 165.9 billion, an increase of 24.37% year-on-year; seven loss-making enterprises were at a loss of RMB 200 million, compared with only two companies in 2009. Losses: Among the 33 domestic-funded enterprises, the total income of tire products was 1233.1 billion yuan, a year-on-year increase of 22.61%, and there were 6 loss-making enterprises with a total loss of 185 million yuan.

According to Liu Feng, since 2001, Australia, Brazil, Peru, Egypt, Argentina, Turkey, South Africa, Mexico, India and other countries as well as European Union countries have launched anti-dumping investigations on China's tire exports, or have raised barriers to entry. Limit the export of our tires.

Under the severe market environment, the entire tire industry in China, the entire vehicle industry, took the lead in aggressively changing the growth mode and adjusting the industrial structure. Through the measures of expanding the domestic demand market, adjusting product mix, selling the market, and increasing the technical content of tire products, the total tire production in China for the whole year of 2009 still rose by 18% over the same period of the previous year to 655 million. In 2010, the number of tires made of rubber tires totaled 776 million, an increase of 19.8% year-on-year, and 370 million tires were exported, a year-on-year increase of 22.3%, and continued to maintain rapid growth.

As for the performance of tire companies in the A-share market in recent years, the total operating income of the tire segment in 2010 increased by 35.67% year-on-year, and the net profit attributable to shareholders of listed companies dropped by 51.86%. Liu Feng said that in the middle of 2011, these two indicators increased by 26.22% and decreased by 18.48%. The data shows that in the face of persistently high raw material prices such as natural rubber and steel and the unfavorable circumstances of the “special protection case”, the operating income growth and net profit reduction of the tire segment have narrowed.