Qingdao Sentury Tire Co., Ltd. (002984.SZ) Bundle
Curious how Qingdao Sentury Tire Co., Ltd.'s numbers stack up for investors? Q3 2025 revenue reached CNY 2.318 billion (up 3.94% YoY) with TTM revenue of CNY 8.608 billion, while 2024 annual revenue was CNY 8.51 billion (up 8.53% YoY); profitability shows Q3 net profit of CNY 343 million (down 47.03% YoY) and a TTM net profit margin of 11.5% alongside ROE of 11.08% and EPS (TTM) of CNY 1.22; the balance sheet signals conservative leverage with a debt-to-equity ratio of 19.6%, EBITDA of CNY 2.72 billion, and a market capitalization of CNY 20.71 billion (stock price CNY 19.99 on Nov 21, 2025), while valuation metrics include a P/S of 2.41, a projected 2025 P/E of 10x (target price CNY 26.88 at 14x), dividend CNY 2.90 per 10 shares (yield 2.64%) and a five-year dividend growth of 37.83%; operational context adds revenue per employee of CNY 2.70 million across 3,192 staff and a 12-month share range of CNY 18.90-28.60-read on for the detailed breakdown, risks and growth levers that matter to investors
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Revenue Analysis
Qingdao Sentury Tire Co., Ltd. shows modest top-line growth with mixed short-term and trailing metrics. Key figures and context:
- Q3 2025 revenue: CNY 2.318 billion (up 3.94% YoY).
- TTM revenue as of 30-Sep-2025: CNY 8.608 billion (up 2.00% YoY).
- Full-year 2024 revenue: CNY 8.51 billion (up 8.53% YoY).
- Revenue per employee: ≈ CNY 2.70 million with 3,192 employees.
- Price-to-Sales (P/S) ratio: 2.41.
- Market capitalization: CNY 20.71 billion (stock price CNY 19.99 as of 21-Nov-2025).
| Period | Revenue (CNY) | YoY Growth | Notes |
|---|---|---|---|
| Q3 2025 (quarter) | 2,318,000,000 | +3.94% | Quarterly top line |
| TTM as of 30-Sep-2025 | 8,608,000,000 | +2.00% | Trailing twelve months |
| Full year 2024 | 8,510,000,000 | +8.53% | Reported annual revenue |
| Employees (total) | 3,192 | - | Used to calculate revenue/employee |
| Revenue per employee | 2,700,000 | - | Approximate |
| Market cap (21-Nov-2025) | 20,710,000,000 | - | Stock price CNY 19.99 |
| Price-to-Sales (P/S) | 2.41 | - | Market valuation metric |
Points investors often weigh when assessing these revenue figures:
- Growth pace: 2024 showed stronger annual growth (8.53%) versus the TTM (2.00%), indicating deceleration into 2025 despite a positive Q3 quarter.
- Scale and productivity: revenue per employee (~CNY 2.70M) signals operational productivity relative to workforce size.
- Valuation context: P/S of 2.41 and market cap CNY 20.71B versus TTM revenue CNY 8.608B imply the market prices ~2.4x annual sales.
- Timing and momentum: compare quarter-level improvements to TTM and full-year trends to judge sustainability.
For background on corporate strategy and ownership that may affect revenue trajectory, see: Qingdao Sentury Tire Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Profitability Metrics
Key profitability metrics for Qingdao Sentury Tire Co., Ltd. highlight recent pressure on earnings alongside still-meaningful operating efficiency and shareholder returns.
- Q3 2025 net profit: CNY 343 million (down 47.03% year‑over‑year vs. Q3 2024)
- Trailing twelve months (TTM) net profit margin: ~11.5% (net profit / revenue)
- Q3 2025 operating margin: 17.15%
- Return on equity (ROE): 11.08%
- TTM earnings per share (EPS): CNY 1.22
- 2024 cash dividend: CNY 2.90 per 10 shares (CNY 0.29 per share), payable 30 June 2025
| Metric | Value | Period / Note |
|---|---|---|
| Net profit (Q3) | CNY 343 million | Q3 2025; -47.03% YoY |
| Net profit margin (TTM) | ~11.5% | TTM: Net profit ÷ Revenue |
| Operating margin | 17.15% | Q3 2025 |
| Return on equity (ROE) | 11.08% | Latest reported |
| Earnings per share (EPS) | CNY 1.22 | TTM |
| Dividend | CNY 2.90 / 10 shares (CNY 0.29 per share) | Declared for 2024; payable 30 Jun 2025 |
- Significance: the steep Q3 profit decline points to near‑term earnings volatility despite a solid operating margin (17.15%)-indicating core operations still generate healthy gross operating returns.
- Shareholder return: declared cash dividend (CNY 0.29/share) signals continued capital distribution even amid profit compression.
- Profitability profile: ROE of 11.08% and TTM EPS of CNY 1.22 provide benchmarks for valuation and peer comparison.
Further investor context and shareholding dynamics can be found here: Exploring Qingdao Sentury Tire Co., Ltd. Investor Profile: Who's Buying and Why?
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Debt vs. Equity Structure
Key capital structure and shareholder-return metrics for Qingdao Sentury Tire Co., Ltd. (002984.SZ) highlight a conservative use of leverage combined with stable profitability and growing dividend commitment.
- Debt-to-Equity Ratio: 19.6% - a low leverage profile relative to equity.
- Return on Equity (ROE): 11.08% - indicates mid-teens profitability on shareholders' capital.
- EBITDA: CNY 2.72 billion - demonstrates operational cash-generation capacity.
- Dividend Yield: 2.64% - provides regular income to shareholders.
- Payout Ratio: 1.22% - implies a highly conservative distribution of earnings.
- 5-Year Dividend Growth Rate: 37.83% - strong multi-year growth in dividend per share.
| Metric | Value | Unit / Note |
|---|---|---|
| Debt-to-Equity Ratio | 19.6% | Leverage (total debt / equity) |
| Return on Equity (ROE) | 11.08% | Net income / shareholders' equity |
| EBITDA | CNY 2.72 billion | Operational earnings before non-cash and financing items |
| Dividend Yield | 2.64% | Annual dividend / share price |
| Payout Ratio | 1.22% | Dividends / net income (conservative) |
| 5-Year Dividend Growth | 37.83% | Compound annual growth in dividends per share |
- Low D/E (19.6%) combined with EBITDA of CNY 2.72bn suggests ample coverage for interest and flexibility for capital allocation.
- ROE of 11.08% signals reasonable shareholder profitability while the very low payout ratio (1.22%) indicates retained earnings are being prioritized for reinvestment or balance-sheet strengthening.
- Strong historical dividend growth (37.83% over five years) paired with a 2.64% current yield points to a management intent to grow shareholder cash returns over time, though current cash distribution is modest relative to earnings.
For broader context on the company's background and business model, see: Qingdao Sentury Tire Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Liquidity and Solvency
- Current ratio: Not provided in available data
- Quick ratio: Not provided in available data
- Interest coverage ratio: Not provided in available data
- Cash flow from operations (TTM): Not specified
- Net working capital: Not provided
- Solvency ratio: Not available
| Metric | Value / Status | Notes |
|---|---|---|
| Current Ratio | Not provided | No short-term asset / liability breakdown available |
| Quick Ratio | Not provided | Inventory-excluded liquidity not disclosed |
| Interest Coverage Ratio | Not provided | Interest expense and EBIT figures unavailable |
| Cash Flow from Operations (TTM) | Not specified | Operating cash flow data not supplied |
| Net Working Capital | Not provided | Current assets minus current liabilities not disclosed |
| Solvency Ratio | Not available | Long-term obligation coverage metric missing |
- Data limitation implications: key liquidity and solvency ratios are absent, so investors should seek the latest audited financial statements or management disclosures for exact figures.
- Actionable next steps: obtain balance sheet, cash flow statement, and income statement for the most recent fiscal period; calculate the ratios locally if unavailable from public summaries.
Qingdao Sentury Tire Co., Ltd. (002984.SZ) Valuation Analysis
Qingdao Sentury Tire Co., Ltd. (002984.SZ) currently trades at CNY 19.99 (as of 21 Nov 2025) implying a market capitalization of CNY 20.71 billion. Key market multiples and shareholder-return metrics provide a snapshot of how the market prices the business today and where upside could lie based on earnings-driven valuation.| Metric | Value | Notes |
|---|---|---|
| Share price (21 Nov 2025) | CNY 19.99 | Closing price used for market cap |
| Market capitalization | CNY 20.71 billion | Derived from share count × price |
| Price-to-Sales (P/S) | 2.41x | Market values each CNY 1 of sales at 2.41 |
| Trailing twelve months EPS | CNY 1.22 | Based on reported net income / shares outstanding |
| Projected P/E (2025) | 10x | Analyst projection for FY2025 |
| Target price (14x P/E) | CNY 26.88 | 14 × projected EPS (consensus-based) |
| 5-year dividend growth rate | 37.83% | Compound annual growth in declared dividends |
| 12-month price range | CNY 18.90 - CNY 28.60 | Recent volatility band |
- P/E context: At the current price (CNY 19.99) and trailing EPS (CNY 1.22), the trailing P/E is ~16.4x, while the 2025 projected P/E of 10x implies earnings expansion or re-rating is expected.
- Target vs. current: A 14x P/E target yields CNY 26.88 - ~34% upside from CNY 19.99 if consensus EPS holds.
- P/S interpretation: 2.41x indicates the market assigns a moderate premium to Sentury's revenue base relative to peers; assess against tire industry comps for context.
- Dividend signal: A 37.83% five-year dividend CAGR signals strong shareholder-return emphasis, which can support valuation multiple expansion if sustainable.
| Assumed P/E | Implied Price (EPS CNY 1.22) | Upside / Downside vs. CNY 19.99 |
|---|---|---|
| 8x | CNY 9.76 | -51.2% |
| 10x | CNY 12.20 | -39.0% |
| 14x | CNY 17.08 | -14.6% |
| 16x | CNY 19.52 | -2.4% |
| 20x | CNY 24.40 | +22.1% |
- Interpretation: The company needs either higher EPS or a multiple re-rating to reach the CNY 26.88 target; each 1x change in P/E moves implied price by CNY 1.22.
- Volatility note: The CNY 18.90-28.60 12-month range shows the stock has experienced notable swings; investors should model scenario outcomes and stress-test dividend sustainability.
- Further reading on the company's background, ownership and business model can inform revenue and margin assumptions: Qingdao Sentury Tire Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Risk Factors
- Fluctuations in raw material prices: rubber, carbon black, steel cord and synthetic materials form a large portion of COGS. A sharp rise in these inputs compresses gross margins and operating cash flow.
- International trade policies and tariffs: export-oriented volumes and cross-border supply of components are exposed to tariff shifts and anti-dumping measures in major markets (EU, US, Southeast Asia).
- Currency exchange rate fluctuations: RMB moves versus USD, EUR and BRL affect export revenue translation and imported input costs; currency swings can materially alter reported profitability.
- Economic downturns in key markets: cyclical auto demand and replacement tyre markets can decline rapidly during recessions, lowering volume and utilization rates at production facilities.
- Intensifying competition: domestic and global tire manufacturers press pricing, product development and channel access, potentially reducing market share and pressuring margins.
- Regulatory and environmental changes: tightening emissions, VOCs and waste-management standards could require incremental CAPEX and higher ongoing compliance costs.
| Risk Driver | Primary Exposure | Example 12‑month Shock | Estimated P&L Impact (Illustrative) |
|---|---|---|---|
| Raw material price spike | COGS (natural/synthetic rubber, carbon black) | +10% raw-material prices | Gross margin down ~2-4 ppt; operating profit down ~8-15% |
| Tariffs / trade barriers | Export volumes, margins on overseas sales | 10% ad‑valorem tariffs on key exports | Export EBITDA margin down 3-7 ppt; potential 5-12% revenue loss in affected markets |
| FX depreciation (RMB) | Translation of foreign revenue; imported inputs | RMB depreciation 5% vs USD/EUR | Net impact depends on hedge position; earnings volatility up to ±5-10% |
| Demand contraction | Sales volumes, capacity utilization | Market volume decline 10% | Revenue decline ~8-12%; fixed-cost absorption raises unit costs-operating profit down ~15-25% |
| Competitive pressure | Pricing, ASPs, market share | Price competition lowers ASPs by 5% | Revenue down ~5%; EBITDA margin compression 2-6 ppt |
| Environmental/regulatory compliance | CAPEX and OPEX (waste, emissions) | New standards require factory upgrades | One‑time CAPEX as % of annual revenue: 1-4%; recurring OPEX increased 0.5-1.5% of revenue |
- Operational mitigation levers: hedging strategies for commodity and FX exposures, diversified supplier base, flexible production allocation and forward contracts for export shipments can reduce volatility.
- Financial resilience metrics to monitor: gross margin trends, operating cash flow, net leverage (net debt / EBITDA), interest coverage and working-capital days. Deterioration in any of these flags heightened risk from the listed drivers.
- Investor actions: review quarterly disclosures for commodity hedges and sensitivity tables, monitor export mix and geographic sales breakdown, and check stated CAPEX plans for environmental compliance.
Qingdao Sentury Tire Co., Ltd. (002984.SZ) - Growth Opportunities
Qingdao Sentury Tire Co., Ltd. (002984.SZ) sits at an inflection point where geographic expansion, product specialization, and manufacturing modernization can materially alter its revenue and margin trajectory. Key strategic avenues below are quantified with industry context and company-relevant metrics to help investors evaluate upside potential.- International expansion - Spain factory: establishing or scaling the European manufacturing footprint can shorten supply chains, reduce tariffs, and increase access to premium OE and aftermarket contracts. A typical greenfield EU tire plant with annual capacity ~2-4 million units can add EUR 120-240 million in annual revenue at EUR 60 per tire ASP (approx.).
- EV / high-performance tire development: targeting electric vehicle-specific tires (lower rolling resistance, noise, higher load ratings) can capture higher ASPs. EV tire ASPs today are commonly 15-30% above ICE equivalents; capturing even 2-3% share of regional EV replacement markets can translate into incremental revenues of RMB hundreds of millions annually.
- R&D enhancement: increasing R&D intensity from a baseline of ~1-2% of sales to 3-4% could accelerate product cycles and enable premium positioning. For a company with ~RMB 3-5 billion revenue, raising R&D by 1% of sales implies RMB 30-50 million incremental annual spend targeted at compound material, silica treads, and EV-specific designs.
- Brand and partnership-driven share gains: strategic OE partnerships and marketing investments in Europe/North America can lift ASPs and utilization. Converting two mid-sized OE contracts (0.5-1.0 million tires each annually) would add ~RMB 200-500 million revenue depending on product mix.
- Automation & smart manufacturing: capex in Industry 4.0 can reduce variable costs and improve yields. Typical productivity gains from targeted automation can reduce unit manufacturing cost by 5-12%, improving gross margin by several percentage points. A RMB 150-300 million capex program could meaningfully raise utilization and lower per-unit costs over 2-4 years.
- Product line diversification: expanding into SUV, light truck, and specialty industrial tires increases addressable market. Adding two new product families with combined annual sales of 0.5-1.5 million units could add RMB 100-300 million revenue within 2-3 years if distribution is scaled.
| Metric / Opportunity | Near-term Target (1-2 yrs) | Medium-term Target (3-5 yrs) |
|---|---|---|
| European factory capacity (Spain) | 2 million tires/year | 4 million tires/year |
| Estimated incremental revenue from Spain plant | ~RMB 800-1,600 million (EUR 120-240m equivalent) | ~RMB 1,600-3,200 million |
| R&D spend (% of sales) | Current ~1-2% | Target 3-4% |
| Automation capex | RMB 150 million | RMB 300 million |
| Unit cost reduction from automation | ~3-6% | ~6-12% |
| EV tire ASP premium vs ICE | ~15% higher | ~20-30% higher as features proliferate |
| Potential added annual revenue from EV segment | RMB 200-500 million | RMB 800-1,500 million |
- Operational KPIs to monitor: factory utilization (%), ASP by product line (RMB/unit), gross margin improvement from automation (pp), R&D as % of revenue, OEM contract wins (units/year), and export share of sales.
- Execution risks: capex overruns, integration delays in Spain, raw material price volatility (rubber, oil-based inputs), and competitive pressure on ASPs-each can materially affect ROI timelines.
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