[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------|----------------------------------------| | 股票数据 | | | 09 [ Table_StockInfo 月 27 日收盘价 ] | 6.30 港元 | | 52 周股价波动 | 5.18~8.05 港元 | | 总股本 / 流通 H 股 | 4.27 亿 /4.27 亿 | | 总市值 / 流通市值 | 27 亿港元 /27 亿港元 | | 相关研究 | | | [Ta ble_ReportInfo] | 《定位液冷电动车，积极扩产迎发展东风》 | | 2024.03.06 | | 市场表现 [Table_QuoteInfo] -30% 绿源集团控股 恒生指数 -25% -20% -15% -10% -5% 0% 5% 2024-05-31 2024-06-30 2024-07-31 2024-08-31 | ...

LUYUAN Luyuan Group Holding (Cayman) Limited 綠源集團控股 綠源集團控股（開曼）有限公司＊ Luyuan Group Holding (Cayman) Limited Stock code : 2451 (Incorporated in the Cayman Islands with limited liability) （開曼）有限公司 INTERIM REPORT 中期報告 2024 ＊ 2024 INTERIM REPORT 绿源 綠源集團控股（開曼）有限公司＊ Luyuan Group Holding (Cayman) Limited 股份代號 : 2451 (於開曼群島註冊成立的有限公司) 中期報告 2024 ＊ 僅供識別 目錄 | --- | --- | |------------------------------|-------| | | | | 公司資料 | 2 | | 釋義 | 4 | | 財務概要 | 7 | | 管理層討論及分析 | 8 | | 其他資料 | 25 | | 未經審核簡明綜合收益表 | 39 | | 未經審核簡明綜合全面收益表 ...

交银国际研究 | --- | --- | --- | --- | --- | |----------|--------------------------------------------|----------------------|----------------|-----------------------------| | 公司更新 | | | | | | | | | | | | 汽车 | 收盘价 港元 6.50 | 目标价 港元 6.24 | 潜在涨幅 -4.0% | 2024 年 9 月 3 日 | | 绿源集团 | (2451 HK) | | | | | | 企业和机构客户拓展顺利，上半年收入逆势增长 | | | | 上半年收入逆势增长，盈利能力稳定。2024 上半年公司收入 25.3 亿元（ 人民币，下同），同比增 3.2%，其中电动自行车收入同比增 25.1%至 15.5 亿元，ASP 和销量分别同比-5.4%/+32.2%。公司严控费用，上半年营 销费用率/管理费用率/研发费用率分别为 6.0%/2.1%/3.6%，整体费用率同 比降 0.4 个百分点至 11.6%。净利润同比增 9. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Luyuan Group Holding (Cayman) Limited 綠源集團控股（開曼）有限公司 * （於開曼群島註冊成立的有限公司） （股份代號：2451） 截至2024年6月30日止六個月之 未經審核中期業績公告； 及所得款項用途變更 Luyuan Group Holding (Cayman) Limited（「本公司」或「綠源」）董事（「董事」）會（「董事 會」）欣然宣佈，本公司及其附屬公司（統稱「本集團」）截至2024年6月30日止六個月（「報 告期間」）之未經審核綜合中期業績，連同截至2023年6月30日止六個月的比較數字載列 如下： | --- | --- | |-----------------------------------------------------|-------| | | | | 財務摘要 | | | 於報告期間： | | | • 收入約人民幣 2,533.9 ...

港股公司报告 | 首次覆盖报告 绿源集团控股（02451） 证券研究报告 2024年06月 06日 投资评级 市场多点扩容+格局持续优化，电动两轮车业务有望迎发展提速！ 行业 非必需性消费/汽车 6个月评级 买入（首次评级） 当前价格 6.6港元 绿源集团：电动两轮车创始品牌，智能化开启二次增长 目标价格 港元 绿源集团控股（开曼）有限公司起家于 2009 年，是中国电动两轮车行业 基本数据 的领军企业。公司致力于引领电动车核心技术发展，产品覆盖电动自行车、 港股总股本(百万股) 426.67 电动轻便摩托车、电动摩托车三大品类；其中，公司的液冷电动车系列搭 载独有液冷电机，拥有九大核心技术加持，续航逾百公里，品质保10 年， 港股总市值(百万港元) 2,816.00 推动电动两轮车向耐用品方向发展。基于广覆盖、高效率的销售网络，公 每股净资产(港元) 3.95 资产负债率(%) 60.45 司产品成功销往泰国、印尼、菲律宾等37 个国家。2023 年，公司实现营 业收入50.83亿元，同比+6.27%，实现净利润1.46亿元，同比+23.36%。 一 年内最高/最低(港元) 8.05/6.20 市场扩容+格 ...

港股公司报告 | 首次覆盖报告 绿源集团控股（02451） 证券研究报告 2024年06月 06日 投资评级 市场多点扩容+格局持续优化，电动两轮车业务有望迎发展提速！ 行业 非必需性消费/汽车 6个月评级 买入（首次评级） 当前价格 6.6港元 绿源集团：电动两轮车创始品牌，智能化开启二次增长 目标价格 港元 绿源集团控股（开曼）有限公司起家于 2009 年，是中国电动两轮车行业 基本数据 的领军企业。公司致力于引领电动车核心技术发展，产品覆盖电动自行车、 港股总股本(百万股) 426.67 电动轻便摩托车、电动摩托车三大品类；其中，公司的液冷电动车系列搭 载独有液冷电机，拥有九大核心技术加持，续航逾百公里，品质保10 年， 港股总市值(百万港元) 2,816.00 推动电动两轮车向耐用品方向发展。基于广覆盖、高效率的销售网络，公 每股净资产(港元) 3.95 资产负债率(%) 60.45 司产品成功销往泰国、印尼、菲律宾等37 个国家。2023 年，公司实现营 业收入50.83亿元，同比+6.27%，实现净利润1.46亿元，同比+23.36%。 一 年内最高/最低(港元) 8.05/6.20 市场扩容+格 ...

LUYUAN 绿源 綠源集團控股(開曼)有限公司* Luyuan Group Holding (Cayman) Limited (於開曼群島註冊成立的有限公司) 股份代號：2451 年 報 2 0 2 3 *僅供識別 目錄 | --- | --- | |----------------------|-------| | | | | 公司概覽 | 2 | | 公司資料 | 3 | | 釋義 | 5 | | 四年財務概要 | 9 | | 主席報告書 | 10 | | 管理層討論及分析 | 13 | | 董事及高級管理層 | 26 | | 企業管治報告 | 33 | | 環境、社會及管治報告 | 57 | | 董事會報告 | 116 | | 獨立核數師報告 | 140 | | 綜合收益表 | 145 | | 綜合全面收益表 | 146 | | 綜合資產負債表 | 147 | | 綜合權益變動表 | 149 | | 綜合現金流量表 | 151 | | 綜合財務報表附註 | 153 | 綠源集團控股（開曼）有限公司 公司概覽 「綠源」品牌已有近27年的歷史，並已在競爭激烈且集中的電動兩輪車市場中佔據了顯著地位。以「綠源 ...

Revenue and Profit Growth - Revenue for the reporting period was RMB 5,083.0 million, a year-on-year increase of approximately 6.3%[3] - Revenue from goods sales in 2023 was RMB 5,017,533 thousand, an increase from RMB 4,727,769 thousand in 2022[14] - Revenue from services in 2023 was RMB 65,449 thousand, up from RMB 55,254 thousand in 2022[14] - Total revenue in 2023 was RMB 5,082,982 thousand, compared to RMB 4,783,023 thousand in 2022[14] - Revenue increased by 6.3% from RMB 4,783.0 million in 2022 to RMB 5,083.0 million in 2023, driven by significant sales growth[38] - The company recorded revenue of RMB 5,083.0 million in 2023, a 6.3% increase from RMB 4,783.0 million in 2022, driven by increased sales of electric two-wheelers and batteries[42] - Gross profit was RMB 681.2 million, a year-on-year increase of approximately 21.4%[3] - Gross profit grew by 21.4% from RMB 561.3 million in 2022 to RMB 681.2 million in 2023, due to increased sales of high-end models and economies of scale[38] - Gross profit increased by 21.4% to RMB 681.2 million in 2023, with gross margin improving from 11.7% to 13.4%[45] - Net profit for the year was RMB 145.6 million, a year-on-year increase of approximately 23.4%[3] - Net profit attributable to equity holders of the company grew to RMB 145,607,000 in 2023 from RMB 118,030,000 in 2022[21] - Net profit for the year grew by 23.4% from RMB 118.0 million in 2022 to RMB 145.6 million in 2023[52] R&D and Innovation - R&D costs increased to RMB 189.4 million, up from RMB 150.5 million in the previous year[4] - R&D costs rose by 25.8% from RMB 150.5 million in 2022 to RMB 189.4 million in 2023, primarily due to increased employee benefits and mold depreciation and design fees[47] - The company holds 489 patents, leading the industry in invention patents, and launched the S-series electric two-wheelers featuring 2.0 liquid-cooled motors and upgraded solid-state controllers[39] - The company will enhance R&D capabilities, focusing on liquid-cooling technology, digital battery maintenance, and expanding product categories such as high-speed electric motorcycles and foldable bikes[40] - The net proceeds from the IPO amounted to HKD 706.4 million, with 30% allocated to enhancing R&D capabilities and maintaining technological advantages[67] - As of December 31, 2023, the company had utilized HKD 27.8 million out of the HKD 211.9 million allocated for R&D capability enhancement, with the remaining HKD 184.1 million to be used by the end of 2025[68] Financial Position and Assets - Total assets increased to RMB 3,862.5 million, up from RMB 3,184.0 million in the previous year[6] - Cash and cash equivalents significantly increased to RMB 994.97 million, up from RMB 395.04 million in the previous year[6] - Total equity attributable to the company's shareholders increased to RMB 1,527.6 million, up from RMB 679.8 million in the previous year[7] - Non-current liabilities increased to RMB 505.8 million, up from RMB 389.0 million in the previous year[7] - Current liabilities decreased to RMB 1,829.1 million, down from RMB 2,115.1 million in the previous year[7] - Inventory recognized as cost of sales was RMB 4,068,630,000 in 2023, up from RMB 3,919,913,000 in 2022[24] - Trade receivables and notes increased to RMB 199,565,000 in 2023 from RMB 189,664,000 in 2022[25] - Total income tax expenses rose to RMB 5,533,000 in 2023 from RMB 4,218,000 in 2022[18] - Financial income net of costs improved to RMB 10,677,000 in 2023 from a loss of RMB 3,735,000 in 2022[17] - Inventory decreased by 43.0% from RMB 445.7 million as of December 31, 2022, to RMB 254.0 million as of December 31, 2023, reflecting improved asset management efficiency[53] - Property, plant, and equipment increased by 13.6% from RMB 844.1 million as of December 31, 2022, to RMB 958.6 million as of December 31, 2023, due to production expansion and equipment upgrades[56] - Total assets grew by 21.3% from RMB 3,184.0 million as of December 31, 2022, to RMB 3,862.5 million as of December 31, 2023, while total liabilities decreased by 6.8% to RMB 2,334.9 million[59] - Cash and cash equivalents surged by 151.9% from RMB 395.0 million as of December 31, 2022, to RMB 995.0 million as of December 31, 2023, driven by net proceeds from global offering and operating cash flow[60] - Leverage ratio decreased significantly from 97.3% as of December 31, 2022, to 42.6% as of December 31, 2023, due to increased equity from the global offering[60] - Capital expenditures decreased by 13.0% from RMB 233.7 million in 2022 to RMB 203.3 million in 2023, primarily used for expanding production capacity[62] - The company has pledged assets with a net book value of RMB 495.6 million for property, plant, and equipment, and RMB 88.4 million for right-of-use assets as collateral for borrowings[65] Sales and Marketing - Sales and marketing costs increased by 21.8% from RMB 259.6 million in 2022 to RMB 316.2 million in 2023, driven by higher advertising, employee benefits, and e-commerce system expenses[46] - Advertising expenses increased to RMB 110,287,000 in 2023 compared to RMB 79,521,000 in 2022[17] - The company plans to improve brand awareness through targeted marketing campaigns and strategic collaborations with other well-known brands[40] - The company allocated HKD 211.9 million for strengthening sales and distribution channels, with HKD 68.9 million utilized as of December 31, 2023, and the remaining HKD 143.1 million to be used by the end of 2024[68] - The company plans to use HKD 26.5 million for brand and marketing activities, HKD 8.6 million for strengthening online channels, and HKD 10.6 million for expanding international market sales, all expected to be fully utilized by the end of 2024[70] Production and Capacity Expansion - The company plans to increase production capacity to approximately 2 million units annually by 2026 with the construction of the Chongqing factory[40] - The company established Chongqing Luyuan Electric Vehicle Co., Ltd. with a registered capital of RMB 200 million to support strategic development in Southwest China[66] - 30% of the net proceeds (HKD 211.9 million) are allocated to strengthen the company's production capacity, with HKD 6.3 million already utilized and HKD 205.7 million remaining, expected to be fully utilized by the end of 2024[69] - 12% of the net proceeds (HKD 84.8 million) are designated for acquiring land use rights and constructing production infrastructure in a city in Southwest China, with the entire amount remaining unused and expected to be utilized by the end of 2024[69] - 9% of the net proceeds (HKD 63.6 million) are allocated for capacity expansion at the company's Shandong plant, with HKD 3.7 million already utilized and HKD 59.9 million remaining, expected to be fully utilized by the end of 2024[69] - 9% of the net proceeds (HKD 63.6 million) are allocated for capacity expansion at the company's Guangxi plant, with HKD 2.6 million already utilized and HKD 61.0 million remaining, expected to be fully utilized by the end of 2024[69] - The company has acquired land use rights in Chongqing for the construction of a production facility, with construction already commenced[74] International Expansion - The company aims to expand its international market presence, focusing on Southeast Asia, Europe, and the United States[41] - The company plans to use HKD 10.6 million for expanding international market sales, expected to be fully utilized by the end of 2024[70] Employee and Shareholder Information - Employee benefits expenses rose to RMB 330,078,000 in 2023, up from RMB 293,055,000 in 2022[17] - The company has 2,906 employees as of December 31, 2023, an increase from 2,470 employees in 2022, with total employee expenses rising by 14.5% to RMB 472.2 million[64] - The company granted 16,736,000 share options under the Pre-IPO Share Option Plan, representing approximately 3.92% of the total issued shares as of December 31, 2023[65] - The company has established a trust for a share purchase plan, with a total cost not exceeding HKD 100 million, to be executed between April 12, 2024, and April 11, 2025[73] - The board of directors as of the announcement date consists of executive directors Ni Jie, Hu Jihong, and Chen Guosheng, and independent non-executive directors Wu Xiaoya, Peng Haitao, Liu Bobin, and Chen Zhifeng[83] Dividends and Financial Reporting - The company decided not to distribute the remaining profits generated by its Chinese subsidiaries as of December 31, 2023[19] - The company did not declare or pay any dividends for the years ended December 31, 2022, and 2023[33] - The company has decided not to recommend a final dividend for the year ended December 31, 2023[78] - The consolidated income statement, comprehensive income statement, consolidated balance sheet, and related notes for the reporting period have been confirmed by PricewaterhouseCoopers to be consistent with the amounts in the company's annual consolidated financial statements[81] - The annual report containing all information required by the listing rules will be sent to shareholders and made available on the Hong Kong Stock Exchange website and the company's website[82] Other Financial Information - Other income in 2023 was RMB 62,720 thousand, a significant increase from RMB 37,750 thousand in 2022[15] - Government subsidies in 2023 amounted to RMB 45,318 thousand, more than double the RMB 20,549 thousand in 2022[15] - Exchange gains in 2023 were RMB 815 thousand, down from RMB 1,121 thousand in 2022[16] - Fair value changes of financial assets at fair value through profit or loss in 2023 were RMB 15,585 thousand, compared to RMB 19,588 thousand in 2022[16] - Net other gains in 2023 were RMB 8,728 thousand, a decrease from RMB 33,567 thousand in 2022[16] - Other income surged by 66.1% from RMB 37.8 million in 2022 to RMB 62.7 million in 2023, mainly due to increased government subsidies[48] - Trade receivables within one year amounted to RMB 4,669 thousand as of December 31, 2023[31] - Construction and equipment prepayments decreased from RMB 29,459 thousand in 2022 to RMB 20,977 thousand in 2023[32] - Trade payables decreased from RMB 588,356 thousand in 2022 to RMB 445,558 thousand in 2023[34] - Total borrowings decreased from RMB 656,586 thousand in 2022 to RMB 643,346 thousand in 2023[37] - The company has no significant contingent liabilities as of December 31, 2023[65] - The company has not hedged its foreign exchange risk but manages it through regular reviews of its net foreign exchange exposure and may enter into forward contracts if necessary[63] - 10% of the net proceeds (HKD 70.6 million) are allocated for working capital and general corporate purposes, with HKD 45.4 million already utilized and HKD 25.2 million remaining, expected to be fully utilized by the end of March 2024[69] - The company will suspend share transfer registration from June 21, 2024, to June 26, 2024, for the Annual General Meeting[79] Market and Customer Information - No single customer accounted for more than 10% of the company's revenue in 2022 or 2023[13] - Over 90% of the company's revenue and operating profit comes from electric vehicle sales in China[13] - Electric bicycle sales revenue increased by 21.0% to RMB 2,699.9 million in 2023, with sales volume rising by 26.4%[44] - Electric scooter sales revenue decreased by 15.7% to RMB 1,021.4 million in 2023, primarily due to a 78.2% drop in sales of electric light motorcycles[44] - Battery sales revenue increased by 3.9% to RMB 1,093.6 million in 2023, with sales volume rising by 7.3%[44] - The company expanded its offline distribution network to 324 cities across 30 provinces in China as of December 31, 2023[38] - The company plans to expand and optimize its retail stores in mainland China, with HKD 127.2 million allocated, of which HKD 29.8 million has been utilized as of December 31, 2023[68]

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |-------------------------------------------------------|-----------| | 股票数据 | | | [ Table_StockInfo ] 03 月 05 日收盘价格（港元） | 7.33 | | 52 周股价波动（港元） | 6.93-8.23 | | 总股本 / 流通 A 股（百万股） | 43/12 | | 总市值 / 流通市值（百万港元） | 3110/3110 | 市场表现 [Table_QuoteInfo] -18.00% -16.00% -14.00% -12.00% -10.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 2023-10 2023-11 2023-11 2023-12 2024-01 2024-01 2024-02 | --- | --- | --- | --- | |--------------------- ...