LUYUAN GP HLDG(02451)

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绿源集团控股:电动两轮车行业元老品牌,全场景轻出行方案引领者-20250530
Winrich Securities· 2025-05-30 00:23
证券研究报告 | 公司研究报告 可选消费 | 汽车 | | | 投资评级(推荐) 绿源集团控股(2451.HK) 2025 年05 月29 日 电动两轮车行业元老品牌,全场景轻出行方案引领者 ❑ 核心摘要 | 证券分析师 | | --- | Head of TMT Research Chan Kwok Keung SFC 持牌号:BUL892 winson.chan@usmarthk.com 盈利预测 | 财务摘要 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 50.72 | 60.2 | 73.2 | 88.5 | | YoY | -0.22% | 18.69% | 21.59% | 20.90% | | 归母净利润(亿元) | 1.16 | 1.75 | 3.23 | 4.58 | | YoY | -20.29% | 50.86% | 84.57% | 41.80% | | EPS (元/股) | 0.29 | 0.41 | 0.76 | 1.07 | | PE | 25.72 | 17.49 ...
绿源集团控股(02451):电动两轮车行业元老品牌,全场景轻出行方案引领者
Winrich Securities· 2025-05-29 12:56
证券研究报告 | 公司研究报告 可选消费 | 汽车 ❑ 核心摘要 | 证券分析师 | | --- | Head of TMT Research Chan Kwok Keung SFC 持牌号:BUL892 winson.chan@usmarthk.com 盈利预测 | 财务摘要 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 50.72 | 60.2 | 73.2 | 88.5 | | YoY | -0.22% | 18.69% | 21.59% | 20.90% | | 归母净利润(亿元) | 1.16 | 1.75 | 3.23 | 4.58 | | YoY | -20.29% | 50.86% | 84.57% | 41.80% | | EPS (元/股) | 0.29 | 0.41 | 0.76 | 1.07 | | PE | 25.72 | 17.49 | 9.48 | 6.68 | 资料来源:公司数据、盈立证券预测 1 | | | 投资评级(推荐) 绿源集团控股(2451.HK) 2025 ...
绿源集团控股(02451.HK)中置电机技术荣获科技进步奖 eBike第二增长曲线加速成长
Zhong Jin Zai Xian· 2025-05-23 01:50
继此次获奖,绿源已五次荣获中国轻工业联合会颁发的科学技术奖,充分印证了绿源研发驱动的成长逻 辑。当行业其他企业纷纷聚焦产品外观迭代时,绿源始终将资源聚焦于核心技术研发。例如,液冷电 机、数字化电池养护技术等创新均源于对底层技术难题的攻克,而非表面设计优化。这种战略选择使其 在行业同质化竞争中形成了显著的差异化优势。 创立近三十年来,公司不仅见证了中国电动两轮车行业的崛起,还为这种常见出行工具赋予了深厚的科 技内涵。在耐用性方面,公司全球首创液冷电机,显著减少电机动力衰减,质保十年。除了液冷电机 外,公司还创新性推出数字化电池养护技术,打破低温续航梏,提高安全性。在智能化方面,公司通过 安全驾驶系统和智能互联系统,为电动两轮车增加防侧滑、陡坡缓降控制、全场景智能骑行、智能车锁 与定位等功能,大幅提升人机交互体验。 本次获奖的"基于中置动力系统的运动健身电动自行车" ,正是一种应用于电助力自行车的核心零部 件。中置电机技术存在诸多问题,如电机高温性能衰减、寿命短、损耗大、噪音高,以及国外专利垄断 的 "卡脖子" 状况,导致产品价格高企,可靠性和用户体验有待提升。针对传统中置电机采用风冷散 热,散热效率低且高温下易 ...
智通港股52周新高、新低统计|5月22日
智通财经网· 2025-05-22 08:46
智通财经APP获悉,截止5月22日收盘,有88只股票创52周新高,其中名仕快相(08483)、茂盛控股 (00022)、帝王实业控股(01950)创高率位于前3位,分别为67.60%、46.55%、45.71%。 | 南方东英越南30 | 6.690 | 6.690 | 0.22% | | --- | --- | --- | --- | | (03004) | | | | | 诺诚健华(09969) | 10.960 | 11.320 | 0.18% | | 港灯-SS(02638) | 5.680 | 5.680 | 0.18% | | ESR(01821) | 12.860 | 12.860 | 0.16% | | 招商局港口(00144) | 14.320 | 14.460 | 0.14% | | 紫金矿业(02899) | 18.580 | 18.980 | 0.12% | | A博时人民币-R | 1,059.000 | 1,059 | 0.05% | | (83192) | | | | | 工银南方国债(03199) | 115.400 | 115.400 | 0.04% | | A博时港元(03 ...
智通港股52周新高、新低统计|5月21日
智通财经网· 2025-05-21 08:43
| 健倍苗苗(02161) | 2.380 | 2.380 | 0.42% | | --- | --- | --- | --- | | 中视金桥(00623) | 2.710 | 2.750 | 0.36% | | 古茗(01364) | 26.600 | 27.550 | 0.36% | | TCL电子(01070) | 11.000 | 11.220 | 0.36% | | 建设银行(00939) | 6.970 | 7.000 | 0.29% | | 中国移动(00941) | 88.100 | 88.450 | 0.23% | | GX日本全球领导 | 70.160 | 70.160 | 0.20% | | (03150) | | | | | GX03月债(03440) | 55.360 | 55.360 | 0.18% | | 港灯-SS(02638) | 5.650 | 5.670 | 0.18% | | 安硕亚洲除日(03010) | 59.880 | 60.100 | 0.17% | | ESR(01821) | 12.840 | 12.840 | 0.16% | | GXAI基础设施 | 5 ...
绿源集团控股:电动两轮车稳健增长,积极布局新成长曲线
Xinda Securities· 2025-04-27 00:23
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 绿源集团控股(2451.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号:S1500524120004 邮 箱: jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号:S1500525020001 邮 箱: luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号:S1500525010002 邮 箱: dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编:100031 [Table_Title] 绿源集团控股:电动两轮车稳健增长,积极布 局新成长曲线 [Table_ReportDate] 2025 年 4 月 26 日 [Table_S 事件:公司发布 ummary] 2024 年年报。24 年公司实现收入 50.72 亿元(-0.2%), 归母净利润 1.17 亿 ...
绿源集团控股(02451):电动两轮车稳健增长,积极布局新成长曲线
Xinda Securities· 2025-04-26 07:35
证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 绿源集团控股(2451.HK) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号:S1500524120004 邮 箱: jiangwenqiang@cindasc.com 骆峥 轻工制造行业分析师 执业编号:S1500525020001 邮 箱: luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号:S1500525010002 邮 箱: dengjianquan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编:100031 [Table_Title] 绿源集团控股:电动两轮车稳健增长,积极布 局新成长曲线 [Table_ReportDate] 2025 年 4 月 26 日 [Table_S 事件:公司发布 ummary] 2024 年年报。24 年公司实现收入 50.72 亿元(-0.2%), 归母净利润 1.17 亿 ...
绿源集团控股(02451) - 2024 - 年度财报
2025-04-23 12:38
Technological Innovation and R&D - Luyuan Group Holding has over 700 patents as of December 31, 2024, indicating a strong focus on technological advancement in the electric two-wheeler industry[6]. - R&D expenses increased significantly, focusing on smart technology, digital technology, and health-related technologies, indicating strategic investments for future growth[20]. - The company's R&D expenses increased by approximately 22.1% from RMB 189.4 million in 2023 to RMB 231.2 million in 2024, with a focus on enhancing vehicle durability, safety, battery life, and smart features[37]. - The company is focusing on three growth curves: durable technology, battery and endurance innovations, and smart technology, with 80% of its product line now incorporating smart technology[24]. - The R&D focus includes the development of a digital battery maintenance system that significantly improves product reliability and user satisfaction under low-temperature conditions[23]. - The company is committed to enhancing its core technology capabilities, focusing on improving thermal management and low-temperature performance of its digital battery management system[46]. - The company is actively expanding its market presence through strategic appointments and a focus on technological advancements in its product offerings[121]. Production Capacity and Manufacturing - The annual production capacity of Luyuan Group's electric two-wheelers exceeds 5 million units, with plans to increase capacity to 2 million units per year by 2026 at the new factory in Chongqing[6]. - The construction of a new production facility in Chongqing is progressing steadily, which is expected to boost production capacity significantly by 2026[6]. - The Chongqing smart manufacturing plant began trial operations in November 2024, expected to have an annual production capacity of 2 million units once fully operational[39]. - The Chongqing manufacturing base, featuring the highest level of intelligence, was completed and put into operation, enhancing production capacity and product quality[22]. - Capital expenditures increased by approximately 113.2% from RMB 203.3 million in 2023 to RMB 433.4 million in 2024, primarily aimed at expanding production capacity[83]. Financial Performance - In 2024, the company's revenue was approximately RMB 5,072 million, a slight decrease of about 0.2% from RMB 5,083 million in 2023, demonstrating resilience in a challenging market environment[20]. - The net profit for 2024 was RMB 116.1 million, down approximately 20.3% from RMB 145.6 million in 2023, primarily due to increased share-based payment and R&D expenses[20]. - The company's gross profit for 2024 was RMB 665 million, a decrease of about 2.4% from RMB 681.2 million in 2023, with a gross margin of 13.1%, reflecting strong cost control and pricing capabilities[20]. - The total assets of the company reached RMB 4,324 million in 2024, up from RMB 3,862 million in 2023, indicating growth in overall financial health[17]. - The group's revenue for 2024 was RMB 5,072.0 million, a slight decrease of approximately 0.2% compared to RMB 5,083.0 million in 2023[53]. - The group's gross profit decreased by approximately 2.4% from RMB 681.2 million in 2023 to RMB 665.0 million in 2024[58]. - The group's gross margin remained relatively stable at 13.4% in 2023 and 13.1% in 2024[59]. Market Presence and Distribution - The company has established a distribution network with over 1,400 distributors covering 328 cities across 31 provincial-level administrative regions, and has more than 12,800 offline retail stores[6]. - The company maintained its market leadership and brand influence, with a record number of dealers and retail outlets in 2024[22]. - The company is strategically expanding into international markets, particularly Southeast Asia and Europe, to diversify revenue sources and enhance brand influence[26]. - The company expanded its international business by adding 66 new international clients and entering 7 new countries during the reporting period[42]. - The electric bicycle market is projected to grow from USD 35 billion in 2024 to USD 62 billion by 2030, with a compound annual growth rate of nearly 10%[49]. Corporate Governance and Management - The company has a strong management team with extensive industry experience and qualifications[112]. - The board consists of four executive directors and four independent non-executive directors, ensuring compliance with corporate governance standards[135]. - The company has fully complied with the corporate governance code during the reporting period, maintaining high standards of governance[129]. - The board has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Strategic and Investment Committee to oversee specific aspects of governance[132]. - The company has implemented strict internal management measures to uphold ethical standards, transparency, accountability, and integrity[129]. - The company has established a talent management and training program aimed at providing career development opportunities for female employees[142]. Strategic Initiatives and Future Plans - The company aims to transform from an electric vehicle manufacturer to a provider of comprehensive light mobility solutions, emphasizing product and business model innovation[29]. - The company plans to prioritize the development of high-end electric bicycles and expand into electric mobility ecosystem services by 2025[45]. - The company aims to enhance its core technology capabilities, focusing on improving thermal management and low-temperature performance of its digital battery management system[46]. - The company is undergoing a strategic transformation towards smart manufacturing, implementing automation and digital twin technology to improve quality consistency and reduce production costs[47]. - The company has committed to a 10-year warranty on its products, ensuring 100% coverage of durable technology from entry-level to high-end flagship products[23]. Employee and Gender Diversity - Employee headcount rose to 3,085 as of December 31, 2024, compared to 2,906 a year earlier, with total employee expenses increasing by approximately 4.0% to RMB 497.4 million[85]. - As of December 31, 2024, the gender ratio among employees is approximately 35% female and 65% male, indicating a commitment to gender diversity[142]. - The board has established measurable goals to enhance gender diversity, including actively seeking qualified female candidates for board positions[140]. - The company has implemented appropriate recruitment and selection procedures to promote diversity among job applicants[142]. Awards and Recognition - The company has received multiple industry awards, including first-class awards for technological inventions in electric vehicle technology[103]. - The company is recognized as a pioneer in new productive forces by financial media in 2024[105].
绿源集团控股(2451.HK)"全场景轻出行"战略升维:一场打破内卷桎梏的产业突围战
Ge Long Hui· 2025-04-01 05:32
最近,中国两轮电动车江湖风云再起——绿源在天津展首日公布了以"全场景轻出行"为着力方向的全新 战略,这意味着这位深耕行业28载的"开拓者",正式开启一场品牌战略升维的跨越。 在行业深陷内卷、新国标"靴子"落地在即、洗牌预期加剧等复杂的背景之下,如何在适应新秩序的同 时,摆脱内卷、谋求增量,找到下一个"新大陆"?成为中国两轮电动车品牌生存发展不得不思考的问 题。 如今看来,绿源已有自己的答案。 一、战略升维:从"产品"到"生态"的范式革命 1、从"制造商"向"生态服务商"跃迁 按照官方给出的解释,绿源所提出的"全场景轻出行方案"是以用户为中心,围绕用户生活的各个场景, 通过场景化的产品矩阵和生态化的服务体系,为用户打造的一套全方位、一体化的出行解决方案。 对此,从场景化的产品矩阵到生态化的服务体系再到背后的关键技术支撑,绿源进行了全面布局。这也 标志着中国电动两轮车行业将从单纯的"卖车"模式向提供"硬件+软件+服务"一体化解决方案的生态服务 商转变。 2、构建金字塔式盈利模型,打开增长天花板+价值重估可期 ( 来源:公开资料 ) "在过去的28年里,我们多次提及战略转型,但这一次,我认为是真正的战略转型"。绿源 ...
绿源集团控股多轮驱动开启成长新篇章
Zheng Quan Ri Bao· 2025-03-30 08:45
为迎接新国标,公司已经做好了符合新国标的新车型、新材料、新工艺储备,根据"8+3"过渡期的设 置,提前安排好了产品切换的节奏。在产能方面,2024年,公司浙江、广西、山东三大智造基地均入选 工信部"白名单",重庆新基地(规划产能200万台/年)已于2025年初投产,为市占率提升提供保障。 面对传统两轮电动车市场增量放缓的行业态势,公司以技术创新驱动产品迭代升级,于2024年底正式推 出高端智能出行品牌LYVA,战略进军以电助力车为代表的两轮车高端市场。依托28年深耕两轮电动车 领域的技术沉淀,公司自主研发的液冷中置电机性能达到国际一流水平,配合全碳纤维车架与符合人体 工学的时尚设计,成功打造了集智能动力、轻量化结构与美学设计于一体的标杆旗舰产品。 业内人士分析,2025年将是两轮电动车行业的分水岭,新国标和全产业链整治推动行业快步走向规范 化,以旧换新、"8+3"过渡期政策刺激需求释放,经营规范的头部厂商将享受份额扩张和需求增长的双 重红利。公司在主业份额扩张的同时,高端电助力车将开辟第二成长曲线。电动车生态进一步打开发展 空间,多轮驱动公司走上高速增长之路。 (文章来源:证券日报) 本报讯 (记者矫月) 2 ...