森麒麟：不靠规模、不靠杠杆，高利润究竟靠什么维持？｜EP29

from 投研随身听 · host 慢研播客

2025年，森麒麟净利率为13.06%，处于国内主要轮胎公司中的最高一档，ROE却只有8.24%。这期从单条轮胎的经济性出发，拆解森麒麟如何把聚焦的半钢产品、高性能市场与海外原产地组合起来；也解释2024年25.69%的净利率为什么不能直接当成常态。主故事发生在2023年：公司把原计划落在西班牙的1200万条产能改到摩洛哥。同样的产品和产能，换掉的是原产地。节目最后用“盈利一座工厂，建设一座工厂”的扩张原则，理解它不依靠庞大规模和高杠杆的经营方式。信息截止：2026-08-21。本节目不构成投资建议。

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森麒麟：不靠规模、不靠杠杆，高利润究竟靠什么维持？｜EP29

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