“公司海外基地当中，泰国二期和柬埔寨二期均在三季度实现了投产，目前产能处于快速爬坡过程中。”通用股份相关负责人对财联社记者表示，目前，公司半钢胎订单持续饱满，产品供不应求。1. Overseas new production capacity is gradually put into operation, semi-steel tire orders are full, jiangsu general science technology's revenue scale continues to expand; 2. The company's relevant person in charge stated that in Q3 of this year, the company faced issues such as rising raw material costs, marine freight rates, and high cost amortization. As we enter the fourth quarter, the cost pressure has already eased.
Financial Association News on October 28th (Reporter: Xiao Lianghua), overseas new production capacity is gradually put into operation, semi-steel tire orders remain full, jiangsu general science technology (601500.SH) revenue scale continues to expand.
Tonight, jiangsu general science technology announced that in the first three quarters of this year, the company achieved revenue of 4.988 billion yuan, a year-on-year increase of 35.56%; net income attributable to the shareholders of the listed company was 0.38 billion yuan, a year-on-year increase of 139.49%; non-recurring net profit was 0.364 billion yuan, a year-on-year increase of 162.53%. Tire production and sales volume have achieved growth for three consecutive quarters.
"Among the company's overseas bases, both the second phases in Thailand and Cambodia have been put into operation in the third quarter, and currently, the production capacity is in a rapid ramp-up process." The relevant person in charge of jiangsu general science technology told the Financial Association News reporter that currently, the company's semi-steel tire orders remain full, with product demand outstripping supply.
However, since 2024, jiangsu general science technology has had substantial capital expenditures, high amortization costs for new production capacity, coupled with the significant increase in natural rubber, synthetic rubber, and other raw material costs in the third quarter, as well as a large increase in marine freight rates. At the same time, the demand for all-steel tires in domestic and foreign markets is relatively weak, putting pressure on the company's profit margin. In the third quarter of this year, the company achieved revenue of approximately 1.92 billion yuan, an increase of 33.45% year-on-year; net profit attributable to equity holders was 93.33 million yuan, a decrease of 7.16% year-on-year.
The aforementioned company representative stated that this is the 'growing pains' that the company must experience in order to rapidly increase production capacity and market share. Currently, the company's projects, including the second phases in Thailand and Cambodia, and domestic semi-steel technical upgrades and engineering tire technical improvements, have been successively put into operation within the year, striving to achieve full production by 2025. According to the company's calculations, after the full production of the projects, the company will generate approximately 5.72 billion yuan in additional revenue and 0.83 billion yuan in net profit annually.
Regarding costs, recently there has been a noticeable decline in both marine freight rates and major raw material prices. In particular, after the Shanghai Containerized Freight Index (SCFI) hit a yearly high of 3733.8 points on July 5th, the index dropped significantly, down to 2185.3 points on October 25th, a 41.5% decrease from the high point of 3733.8 points. As for raw materials, on October 28th, the benchmark price of natural rubber was 16942.00 yuan/ton, a 5.57% decrease compared to the beginning of the month at 17942.00 yuan/ton.
"In the third quarter, the company provided more subsidies for sea freight to customers, this expense will be reduced in October and completely canceled in November." The company's representative stated.
