证券研究报告 | 首次覆盖报告 gszqdatemark 2026 02 02 年 月 日 大行科工（02543.HK） 如何展望大行的增长持续性？ 公司拆解：全球折叠自行车龙头，业绩持续高增 大行科工是全球折叠自行车领域龙头，凭借超过 40 年的技术积淀与全价 格带产品矩阵，2024 年在全球及中国内地市场份额（6.2%/26.3%）均位 列第一。近年来，公司"品类+渠道"双轮驱动战略成效显著：品类端， 自行车主业持续高增（2025H1 收入同比增速+43.0%），同时"共享 360" 专利授权业务成为增长新引擎；渠道端，国内市场持续深化（2025M1-M4 收入占比 94.4%），其中线上直销亮眼（同比增速+84.81%），2025H1 收入/净利润高速增长（同比增速+42.57%/+52.32%）。 如何看待主业增长可持续性？ 行业端β：低渗透率下的小而美赛道，多元场景需求驱动成长。全球折叠 自行车市场目前仅占自行车总规模的 5.3%，仍处于低渗透阶段，未来提 升空间广阔。行业在规模有限的同时，呈现产品高端化趋势，均价稳步上 行。增长动力主要来自多元场景需求的释放：一方面，产品兼具休闲属性 与专业性能， ...

截至月份: 2026年1月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02543 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,041,000 | RMB | | 1 RMB | | | 9,041,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 9,041,000 | RMB | | 1 RMB | | | 9,041,000 | | 2. 股份分類 | 普通 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02543 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ( ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大行科工（深圳）股份有限公司（「本公司」） 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02543 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 9,041,000 | RMB | | 1 RMB | | 9,041,000 | FF301 第 2 頁 共 11 頁 v 1.1.1 | 2. ...

Summary of Dahon's Conference Call Company Overview - Dahon is a leading player in the domestic folding bicycle market, with an estimated revenue of approximately 450 million yuan in 2024 and a compound annual growth rate (CAGR) of 33% from 2022 to 2024. The company holds a significant market share, with retail sales accounting for 36% and a sales volume share of 26% in the domestic market. However, 90% of its revenue is derived from the domestic market, indicating substantial potential for expansion in overseas markets [2][3]. Industry Insights - The global folding bicycle market is projected to exceed 40 billion yuan by 2029, with an annual growth rate of about 15%. The main trends driving this growth include electrification and lightweight materials, particularly in the European market where the penetration rate of electric bicycles has reached 50%. Chinese brands are rapidly emerging in the global market [2][4][5][6]. Key Competitive Advantages - Dahon's core competitive advantage lies in its research and development capabilities, with founder Han Bo recognized as the "Father of Folding Bicycles." The company has a 40-year history and has successfully created popular products through a cost-performance strategy, continuously investing in R&D, branding, and channel development [2][7][12]. Market Demand Catalysts - The demand for folding bicycles globally is driven by changes in urban transportation and leisure activities. New materials and technological advancements have improved product performance, facilitating market penetration, especially in Europe where folding bicycles are becoming ideal for commuting and weekend outings [2][8][9]. Trends in the Folding Bicycle Industry - The industry is characterized by two major trends: electrification and the use of lightweight materials. The electrification trend, particularly in Europe, enhances riding comfort and meets the needs of an aging society. Government subsidies for electric bicycles further support this trend, although the technology barriers, especially in motor technology, remain high [6][10]. Core Technologies - Key technologies in the folding bicycle industry include folding technology, hinge technology, and performance stability. Dahon has developed advanced designs that enhance both aesthetics and performance, ensuring safety and efficiency during rides [11]. R&D and Product Development - Dahon has a strong R&D foundation, with a consistent investment of around 4% of revenue in R&D. The company has launched several successful products, such as the P8 model, which contributes significantly to its revenue [12]. Channel Strategies - Dahon employs a multi-channel strategy, including flagship stores, shop-in-shop models, and dealerships. The number of flagship stores is expected to double from 2023 to 2024, while online sales have increased significantly, accounting for over 20% of total revenue [13]. Overseas Market Expansion - Dahon is focusing on expanding into developed markets in Europe and the U.S., as well as Southeast Asia. The company has re-entered the European market through joint ventures and aims to leverage its supply chain advantages to reduce costs [14][15]. Future Outlook - Dahon anticipates a compound growth rate of over 40% in its distribution channels over the next three years, with online channels expected to grow at a rate of over 60%. The establishment of a joint venture factory is projected to boost overseas revenue significantly by 2026. Overall, the company expects a revenue CAGR of 50% and a faster profit growth rate, although it must navigate risks related to market competition, product development, and tariffs [16].

Key Points - As of December 19, 38 stocks reached their 52-week highs, with Li Gao Health Life (02370), Ginkgo Education (01851), and Kangqiao Yuelife (02205) leading the high rate at 36.36%, 18.72%, and 8.70% respectively [1] - The top three stocks that achieved new highs are as follows: - Li Gao Health Life (02370) closed at 0.670, with a peak of 0.750, marking a 36.36% increase - Ginkgo Education (01851) closed at 2.430, with a peak of 2.600, marking an 18.72% increase - Kangqiao Yuelife (02205) closed at 1.200, with a peak of 1.250, marking an 8.70% increase [1] - Other notable stocks that reached new highs include Liangqing Holdings (1,000) at 7.14%, Jinxing International Holdings (02307) at 7.04%, and Wuxi Life (08148) at 6.21% [1] 52-Week Low Summary - The 52-week low rankings show that Haowen Holdings (08019) had the largest decline at -16.13%, closing at 0.130 [2] - Other significant declines include NIU Holdings (08619) at -11.86%, closing at 0.156, and Hashkey HLDGS (03887) at -9.59%, with a low of 5.090 [2] - Additional stocks with notable declines include Songdu Service (09608) at -9.09%, closing at 0.068, and Ruike Bio-B (02179) at -5.41%, closing at 5.070 [2]

Group 1 - The folding bicycle industry is characterized as a small yet high-growth new consumer sector, driven by its lightweight, portable, and urban lifestyle adaptability [1] - Global demand for folding bicycles is expected to grow significantly, with a retail sales compound annual growth rate (CAGR) of 20.7% and a retail volume CAGR of 13.1% from 2019 to 2024, despite a low global penetration rate of only 2.1% [1] - In China, the retail sales of folding bicycles are projected to increase from 400 million to 1.8 billion, with a CAGR of 35.1% from 2019 to 2024, indicating a strong demand driven by lifestyle and social attributes [1] Group 2 - The Chinese folding bicycle market is highly concentrated, with the top five companies holding a combined market share of 73.7% by retail sales in 2024, led by Dahon with a retail volume share of 26.3% and a retail sales share of 36.5% [2] - The competitive landscape includes Brompton as a high-end market leader with a retail sales share of 25.7%, while Decathlon and traditional brands like Phoenix and Forever dominate the mid-range and mass markets [2] - The industry is experiencing a transformation from a mere sports tool to a lifestyle carrier, driven by portability, diverse usage scenarios, and an expanding consumer base that includes younger and female demographics [2] Group 3 - The global folding bicycle market is relatively fragmented, with the top five companies accounting for 19.4% of retail volume and 12.0% of retail sales, with Dahon leading in volume and Brompton in sales [3] - The U.S. online bicycle market shows a different category structure, with electric bicycles being the largest segment, while folding bicycles hold a smaller share [3] - The trend in overseas markets indicates a growing interest in electric bicycles, with the gap in brand popularity between Dahon and Brompton narrowing [3]

Core Viewpoint - The report from China Merchants Securities International initiates coverage on Great Wall Motor (02543) with a target price of HKD 56 and a rating of "Buy," forecasting a compound annual growth rate (CAGR) of 50% in sales from 2024 to 2027, driven by new product launches and improved profit margins [1] Group 1: Sales and Profitability - The expected CAGR for sales from 2024 to 2027 is 50% [1] - Gross margin is projected to improve by approximately 100 basis points annually [1] - The introduction of new products, including three-fold and electric assist models, is anticipated to drive an increase in average selling price (ASP) [1] Group 2: Online and International Expansion - The share of online sales is expected to rise to about 35% by 2026, with a gross margin of around 50%, significantly higher than the 27-28% margin from offline sales [1] - Revenue growth is expected to accelerate in the second half of 2025, with a projected 50% increase in Q3 and over 85% year-on-year growth in October [1] - The overseas business aims for revenue of RMB 150 million by 2026 and RMB 300 million by 2027, benefiting from higher profit margins in the European and American markets, where electric assist penetration is 20-30%, compared to less than 5% in China [1] Group 3: Catalysts for Growth - Four major catalysts are expected to be released in 2026: 1) The high-end product line has been officially launched, with three-fold models priced between RMB 5,000 and 7,000, set to debut in Q4 2025 [1] 2) Self-production is projected to enhance gross margins by 200-300 basis points [1] 3) The online transformation is expected to maintain over 50% growth, with a gross margin of about 50% [1] 4) Further expansion into international markets is planned [1]

该行表示，四大催化剂将在2026年集中释放：1)高端产品线已正式落实：三折车型定价5000-7000元人 民币，已于2025年第四季正式推出。2)自主生产提升200-300个基点毛利率，3)线上转型：此渠道维持 50%以上的增长，毛利率约50%，而线下仅27-28%。预计线上收入将在2026年达到35%(相比2024年的约 25%)。4)再进军国际市场。 该行预计2025年下半年营收增长加速，第三季增长约50%，10月线上年增超85%;海外业务目标2026年营 收1.5亿元人民币(下同)，2027年达3亿元，地域结构有利于利润率提升，因欧美市场电助力渗透率达20- 30%，中国仍不足5%。 招商证券国际发布研报称，首予大行科工(02543)目标价56港元，评级"增持"。该行预计2024-2027年销 售额复合年增长率达50%，毛利率每年提升约100个基点，主要驱动因素包括：三折叠及电助力新品推 出带动ASP上升、自主生产修复200-300个基点利润率，以及线上渠道占比在2026年提升至约35%，其毛 利率约50%，其显著高于线下的27-28%。 ...

Core Insights - DAHON, the largest manufacturer of folding bicycles globally, has successfully launched its subsidiary DAHON Tech on the Hong Kong Stock Exchange, achieving a subscription rate of 7,558, marking it as the most oversubscribed listing in Hong Kong history [1] - The successful IPO will provide DAHON with increased capital to further its mission in green mobility innovations, including a strategic alliance with Golden Wheel Group to establish Dagold Technology in Tianjin, China [1] Company Growth Strategy - DAHON aims to optimize stakeholder value through three main growth trajectories: 1. Establishing a global elite team by engaging top international consulting firms to enhance brand presence and digital marketing strategies [3] 2. Improving technology and R&D culture by strengthening partnerships with universities to develop high-level professionals in bicycle manufacturing [3] 3. Expanding the DELTECH technology ecosystem, which significantly enhances bicycle frame rigidity, providing a competitive edge in speed and performance [3] Market Position and Performance - DAHON ranked first in global sales of folding bicycles in 2024 and holds the largest number of folding bicycle patents in China, demonstrating its market leadership [3] - The company has shown resilience with strong performance even in challenging markets, indicating robust operational capabilities [3] - The successful listing in Hong Kong was supported by a solid roster of leading investors and substantial cash flow, confirming the company's capital strength [3]