On August 30, Qingdao Sentury disclosed its 2024 semi-annual report. In the first half of 2024, the company achieved operating income of 4.11 billion yuan, a year-on-year increase of 16.21%; net profit attributable to the parent company was 1.077 billion yuan, a year-on-year increase of 77.71%; non-net profit was 1.059 billion yuan, a year-on-year increase of 81.56%.
From January to June 2024, Sentury continued to reengineer its internal processes to maximize the organic combination of personnel, equipment, and software, continuously improve the management level to adapt to the company's intelligent manufacturing model, maximize the effects of intelligent manufacturing, continuously achieve cost reduction and efficiency improvement, improve per capita benefits, production efficiency, and product quality, and the refined management model that matches the company's intelligent manufacturing has further enhanced the company's profitability.
At the same time, Sentury Thailand obtained the final ruling of the first annual administrative review of the U.S. Department of Commerce's anti-dumping investigation on Thai passenger car and light truck tires, with a separate minimum tax rate of 1.24%, indicating that the company's operational management compliance and ability to participate in international competition are at the global leading level.
In overseas markets, Sentury's high-quality, high-performance semi-steel tire products continue to be in short supply in terms of order demand in the European and American tire markets. At the same time, the company continues to steadily develop the domestic market with high growth potential. The current insufficient production capacity has become an important factor restricting the company's further development. The company urgently needs to expand its existing production capacity and enhance its competitiveness.
At present, the company's Morocco factory is progressing steadily as planned, striving to be put into production in the fourth quarter of 2024. The stronger comprehensive advantages will make the order demand of the Morocco factory more vigorous. With the subsequent increase in production capacity of the Moroccan factory, the needs of the company's high-quality customers can be better met.
From January to June 2024, Sentury completed tire production of 16.0866 million tires, an increase of 18.90% over the same period last year; Among them, the output of semi-steel tires was 15.5955 million, an increase of 17.90% over the same period last year; the output of full-steel tires was 491,100, an increase of 62.78% over the same period last year. The company completed sales of 15.0971 million tires, up 10.35% year-on-year; Among them, the sales volume of semi-steel tires was 14,612,100 units, an increase of 9.06% over the same period last year; the sales volume of full-steel tires was 484,900 units, an increase of 71.28% over the same period last year.
At present, Sentury's operating conditions and development trends are good. Especially with the smooth progress of the Morocco project, the focus on promoting high-end research and development, and the continuous improvement of intelligent manufacturing level, the company's future development is promising and it is steadily moving towards the vision of "creating a world-class tire brand and becoming a world-class tire company."
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