2023 GM, revenue and net profit will hit new highs, global layout will take off again

In the context of the vigorous development of overseas industrial chains and the continued prosperity of the industry, China's tire industry has successfully opened global substitution by virtue of its outstanding cost-effective advantages, and orders continue to maintain sufficient momentum. At the same time, with the stabilization of raw material prices and the decline in shipping costs, the profitability of the tire industry has been maintained at a high level, showing a strong momentum of development. As one of the excellent national brand enterprises in the tire industry, General Motors (601500) continues to promote the upgrading of digital, intelligent, green and international industries, the brand strength continues to improve, the channel structure is accelerated and optimized, and the global layout is vigorously promoted.

, the company sold 11.86 million tires, an increase of 39 percent over the same period last year, operating income of 5.064 billion billion yuan, an increase of 22.91 percent over the same period last year, and net profit belonging to the parent company of 0.216 billion billion yuan, an increase of 1175.49 percent over the same period last year. In the first quarter of this year, the company's overseas double-base continued to exert strength, net profit reached a new high. Among them, operating income was 1.443 billion yuan, up 37.58 percent year-on-year, and net profit attributable to the parent company increased 1270.57 percent to 0.153 billion yuan.

Overseas factory orders in short supply: double base is expected to continue to release more profits

In addition to its production base in China, the company continues its efforts in Thailand and Cambodia.

, the company will seize the "domestic and international double cycle" development opportunities. The annual production capacity of all-steel tires in Thailand will increase by 300,000% on the basis of the original production, and the Cambodia factory will officially open on May 22, 2023. The company's Thai factory to maintain production and sales of two prosperous, orders in short supply. The production capacity of the Cambodian plant continues to accelerate, striving to reach full production in 2024, creating new profit growth points for the company.

, the company's overseas orders continued to be strong, sales increased to 3.75 million pieces year-on-year, and net profit margin increased by 6.32 percentage points to 10.59 in the first quarter. With the construction of new projects such as GM Thailand Phase II and Cambodia Phase II, GM will accelerate the expansion of its advantageous production capacity in the second half of this year and further consolidate its leading edge in the international layout. At the same time, the company will timely promote the location and construction of new overseas bases to inject new impetus into the internationalization process. Relying on the continuous decline of consumption in overseas markets, GM will rely on the linkage advantages of the three major bases at home and abroad to further highlight the cost-effectiveness of products and service competitiveness, and help the company expand its international market share.

Deepening Product Technology Innovation: Multi-brand Integration Technology Reaches International Advanced Level

High performance, green energy saving, safety and intelligence are important directions for the development of tire technology. General Motors looks forward to the development trend of pulse industry technology, deepens the construction of scientific research institutes, and vigorously develops "five new" new materials, new technologies, new equipment, new processes and new products. Research and development and application, according to the user pain points to carry out technical research, improve quality and efficiency. As of the reporting period, the company has obtained 423 authorized patents, including 83 invention patents, ranking in the forefront of China's tire industry.

pioneered the development of short-distance industrial and mining tires in the industry and held a leading position in the market segment. Facing the development opportunities of new energy vehicles, in 2023, the company will launch a new all-steel tire ET series to effectively solve the problems of new energy heavy trucks, high fuel consumption, wear resistance, etc., and passenger car tires Maxima GA8 and CHP8 urban SUV tires provide excellent Wet handling and grip while ensuring comfort.

In addition, the company attaches great importance to brand building and steadily improves brand strength. 2023, the company has successfully developed a number of large importers and traders in Europe, America, Southeast Asia and other places, and the coverage of the marketing network has been further enhanced. Maxima brand was once again selected as the most valuable 500 brand in China and the top ten most influential tire brands in China. 2024, the company will increase the construction of overseas offices for top customers in the global market.

as a whole, the company's profitability improved significantly, benefiting from economies of scale and lower costs, with gross and net margins increasing by 5.2pct and 3.9pct to 15.7 percent and 4.3 percent, respectively, in 2023. At the same time, General Motors continues to promote the internationalization, intelligence and green upgrading of the industry, the all-steel tire intelligent factory accelerates the improvement of industrial quality and efficiency, and the vulcanization "black light workshop" realizes 24-hour uninterrupted production. It has greatly improved "human efficiency, energy efficiency and quality efficiency of enterprises". In the future, the company will continue to provide safer, greener and more cost-effective products and services for global users, accelerate the realization of the strategic goal of "10 billion universal", and build a national tire enterprise with international influence.

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