深 度 研 究 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-09-06 | | 收盘价（元） | 132.89 | | 总股本（百万股） | 151.43 | | 流通股本（百万股） | 151.43 | | 净资产（百万元） | 5438.32 | | 总资产（百万元） | 12339.9 | | 每股净资产 ( 元 ) | 35.91 | ＃相关报告 relatedReport＃ 《【兴证汽车】春风动力 24H1 业 绩点评：24Q2 业绩超预期，两 轮车表现靓丽》2024-08-16 《【兴证汽车】春风动力 2023 年 报及 2024 一季报点评：公司经 营边际改善，24Q1 业绩超预期》 2024-04-17 《【兴证汽车 戴畅团队】春风动 力 2023 年三季报点评：2023Q3 盈利能力改善，产品持续升级》 2023-11-04 ＃分析师： emailAuthor＃ 董晓彬 dongxiaobin@xyzq.com.cn S0190520080001 ...

| 账户名称 | 募集资金存储 | 账号 | 期末余额 | 账户性质 | | --- | --- | --- | --- | --- | | | 银行名称 | | （元） | | | 浙江春风动力 | 中国银行杭州 | 355880100176 | 17,335,477.49 | 活期存款 | | 股份有限公司 | 市余杭支行 | | | | | 浙江春风动力 | 中国银行杭州 | 398780091108 | 2.62 | 活期存款 | | 股份有限公司 | 市余杭支行 | | | | | 浙江春风动力 | 兴业银行杭州 | 357950100100359157 | 7,290,743.62 | 活期存款 | | 股份有限公司 | 临平支行 | | | | | 合 | 计 | - | 24,626,223.73 | - | 证券代码：603129 证券简称：春风动力 公告编号：2024-056 浙江春风动力股份有限公司 关于注销 2021 年非公开发行股票募集资金专户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 132.89 yuan per share as of September 6, 2024 [1][3] Core Views - The company is positioned to become a global leader in the Powersport industry, driven by its dual focus on motorcycles and all-terrain vehicles (ATVs) [1] - The company's revenue and net profit have shown strong growth, with a CAGR of 27.4% and 37.1% respectively from 2013 to 2023 [1] - The domestic market for large-displacement motorcycles (>250cc) is expected to grow significantly, with penetration rates projected to increase from 8.6% in 2024H1 to 20% by 2030 [1] - The company's export strategy for large-displacement motorcycles is accelerating, with overseas sales expected to reach 60,000 units by 2030, representing a CAGR of 29.5% from 2023 [1] - The company is focusing on high-end ATV products in the North American market, with sales expected to grow from 190,000 units in 2025 to 273,000 units by 2030 [1] Motorcycle Market Analysis Domestic Market - The domestic market for large-displacement motorcycles (>250cc) is expected to grow, with penetration rates projected to increase from 8.6% in 2024H1 to 20% by 2030 [1] - The company's domestic market share for large-displacement motorcycles is expected to increase from 25% in 2025 to 30% by 2030, with sales reaching 300,000 units [1] - The company's electric motorcycle brand, ZEEHO, is expected to contribute significantly to growth, with sales increasing by 300.4% in 2024H1 [1] Export Market - The overseas market for large-displacement motorcycles (>250cc) is estimated to be 525,000 units in 2023, more than 10 times the domestic market [1] - The company's export sales of motorcycles reached 98,000 units in 2023 and 86,000 units in 2024H1, with a projected CAGR of 29.5% from 2023 to 2030 [1] - The company's competitive advantage in the export market lies in its product quality, cost-effectiveness, and extensive product lineup [1] All-Terrain Vehicle (ATV) Market Analysis - The global ATV market is estimated at 960,000 units in 2023, with high-end UTV products gaining market share [1] - The company is focusing on the North American market, with high-value products contributing to steady growth [1] - The company plans to launch high-performance ATV models in 2024H2, targeting the North American market [1] - ATV sales are expected to grow from 190,000 units in 2025 to 273,000 units by 2030, with a CAGR of 9.3% [1] Financial Projections - The company's revenue is projected to grow from 15.2 billion yuan in 2024 to 23.7 billion yuan in 2026, with a CAGR of 25.5% [1][2] - Net profit attributable to shareholders is expected to increase from 1.32 billion yuan in 2024 to 2.23 billion yuan in 2026, with a CAGR of 31.3% [1][2] - Earnings per share (EPS) are projected to grow from 8.74 yuan in 2024 to 14.75 yuan in 2026 [1][2] Industry Trends - The global motorcycle market is stable, with annual sales of around 50 million units, dominated by road motorcycles and scooters [54] - The Americas and Europe are key markets for motorcycles, with steady growth in demand [57] - Emerging markets like Turkey and Mexico are showing rapid growth in motorcycle sales, driven by economic factors and increased supply from Chinese manufacturers [58][60]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q2 2024 performance showed steady improvement with revenue reaching 4,468 million yuan, up 23.2% YoY and 45.96% QoQ, driven by strong demand for two-wheel motorcycles both domestically and internationally [2] - Net profit attributable to shareholders in Q2 2024 was 431 million yuan, up 26.35% YoY and 55.40% QoQ, with a gross margin of 30.82% [2] - The company's all-terrain vehicle (ATV) business remains stable, maintaining a leading position in exports with a 71.75% market share in the industry [3] - The two-wheel motorcycle business saw significant growth, with revenue reaching 3,248 million yuan in H1 2024, up 41.95% YoY, driven by the company's focus on user-centric product development and strong performance in the domestic large-displacement motorcycle market [3] - The company's electric two-wheelers entered the high-end market with a 300% YoY revenue increase [3] Financial Projections - Revenue is projected to grow from 14,500 million yuan in 2024E to 20,322 million yuan in 2026E, with a CAGR of 19.7% from 2024E to 2026E [1][3] - Net profit attributable to shareholders is expected to increase from 1,270 million yuan in 2024E to 1,942 million yuan in 2026E, with a CAGR of 23.4% [1][3] - EPS is forecasted to grow from 8.39 yuan in 2024E to 12.82 yuan in 2026E [1][3] - ROE is expected to remain stable at around 19% from 2024E to 2026E [1] Business Segments - The ATV business generated 3,532 million yuan in revenue in H1 2024, down 1.55% YoY, but maintained a strong export market share, particularly in the US and Europe [3] - The two-wheel motorcycle business achieved 3,248 million yuan in revenue in H1 2024, up 41.95% YoY, with the company leading the domestic market for motorcycles over 250cc [3] Valuation Metrics - The company's P/E ratio is expected to decline from 16.2x in 2024E to 10.6x in 2026E, indicating potential undervaluation [1] - The P/B ratio is projected to decrease from 3.2x in 2024E to 2.1x in 2026E [1] Financial Ratios - The company's gross margin is expected to remain stable at around 33% from 2024E to 2026E [5] - Net margin is forecasted to improve from 9.1% in 2024E to 10.0% in 2026E [5] - ROIC is projected to increase from 12.4% in 2024E to 13.7% in 2026E [5] Cash Flow and Balance Sheet - Operating cash flow is expected to grow from 1,743 million yuan in 2024E to 2,491 million yuan in 2026E [6] - The company's total assets are projected to increase from 13,366 million yuan in 2024E to 18,448 million yuan in 2026E [5] - The debt-to-equity ratio is expected to decline from 61.9% in 2024E to 59.4% in 2026E [6]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company is a leader in both two-wheel and four-wheel vehicles, benefiting from changes in domestic and international consumption structures [2] - The company has been deepening its global market layout, with revenue and profit growing at a CAGR of +36.61% and +52.98% respectively from 2018 to 2023 [2] - The company's product portfolio is continuously improving, with high-value U/Z series products accounting for 65% of sales in 2023, up from 10.4% in 2016 [2] - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] Business Overview - The company is a domestic leader in all-terrain vehicles (ATVs) and medium-to-large displacement motorcycles, with ATVs accounting for 54% of revenue and motorcycles for 37% in 2023 [2] - The company has a well-established product portfolio, including ATVs, UTVs, and SSVs, catering to various market demands [19] - The company has been expanding its global presence, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] Market Performance - In 2023, the company achieved revenue of 12.11 billion yuan, a year-on-year increase of 6.44%, with a CAGR of 36.61% from 2018 to 2023 [23] - Net profit in 2023 reached 1.008 billion yuan, a year-on-year increase of 43.65%, with a CAGR of 52.98% from 2018 to 2023 [23] - The company's gross profit margin for ATVs and motorcycles reached 39.52% and 24.64% respectively in 2023, showing significant improvement [25] Product Development - The company has been optimizing its product structure, with high-value U/Z series products accounting for 65% of ATV sales in 2023, up from 10.4% in 2016 [2] - The company has been launching new products, such as the CFORCE 1000T and ZFORCE 950 Sport 4, which offer competitive advantages in terms of performance and pricing [48][49] - The company has been expanding its product line, with new models like the UFORCE U10 PRO and ZFORCE Z10, which are expected to drive future growth [46] Global Expansion - The company has been deepening its global market layout, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] - The company has established manufacturing bases in Thailand and Mexico, which have helped reduce tariff pressures and improve competitiveness [21] - The company has over 4,000 global retail and dealer outlets, with more than 1,700 overseas channels for motorcycles [3] Financial Projections - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] - The company's revenue is projected to grow to 15.085 billion, 18.158 billion, and 21.558 billion yuan in 2024-2026, with year-on-year growth rates of 24.56%, 20.37%, and 18.72% respectively [3] Industry Trends - The global ATV market is expected to reach 19.32 billion USD by 2030, with a CAGR of 9.14% from 2020 to 2030 [34] - The global motorcycle market is projected to reach 172.8 billion USD by 2029, with a CAGR of 3.5% from 2014 to 2029 [52] - The Chinese motorcycle market has been recovering post-pandemic, with sales reaching 19.13 million units in 2022, a recent high [53]

杨东来先生在担任公司副总经理期间恪尽职守、勤勉尽责，公司及董事会对 杨东来先生在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 浙江春风动力股份有限公司 证券代码：603129 证券简称：春风动力 公告编号：2024-055 浙江春风动力股份有限公司 关于公司副总经理辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江春风动力股份有限公司（以下简称"公司"）董事会近日收到公司副总经 理杨东来先生递交的书面辞职报告，杨东来先生由于个人原因，向董事会申请辞 去公司副总经理职务，辞职后杨东来先生将不在公司担任其他职务。 截至本公告披露日，杨东来先生未直接或间接持有公司股份。根据《中华人 民共和国公司法》《上海证券交易所股票上市规则》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》《浙江春风动力股份有限公司章程》等规定， 杨东来先生的辞职报告自送达公司董事会之日起生效。杨东来先生的辞职不会对 公司正常生产经营活动产生影响，其负责的相关工作将由公司副总经理陈志勇先 生负责。 董事会 2024 年 9 月 ...

国浩律师（杭州）事务所 关 于 浙江春风动力股份有限公司 2024 年第一次临时股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 国浩律师（杭州）事务所 关 于 浙江春风动力股份有限公司 2024 年第一次临时股东大会 法律意见书 致：浙江春风动力股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江春风动力股份有限 公司（以下简称"公司"）委托，指派律师出席公司 2024 年第一次临时股东大会 （以下简称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-053 浙江春风动力股份有限公司 2024 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 9 月 2 日 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例（%） | 票数 比例（%） | | | A 股 | 100,497,155 | 97.7729 | 2,287,594 | 2.2255 | 1,500 | 0.0016 | | 1、出席会议的股东和代理人人数 | 154 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 102,809,849 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | ...

浙江春风动力股份有限公司 2024 年股票期权激励计划 证券简称：春风动力 证券代码：603129 浙江春风动力股份有限公司 2024 年股票期权激励计划 二〇二四年九月 浙江春风动力股份有限公司 2024 年股票期权激励计划 声明 本公司及全体董事、监事保证本激励计划及其摘要不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 浙江春风动力股份有限公司 2024 年股票期权激励计划 特别提示 一、《浙江春风动力股份有限公司 2024 年股票期权激励计划》由浙江春风动 力股份有限公司（以下简称"春风动力""公司"或"本公司"）依据《中华人民 共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》和其他 有关法律、行政法规、规范性文件，以及《公司章程》等有关规定制订。 二、春风动力 2024 年股票期权激励计划（以下简称"本激励计划"）采取的 激励形式为股票期权。股票来源为公司向激励对象定向发行的本公司人民币 A 股 普通股股票。 三、本激励计划拟授予激励对象的股票期权数量为 355.00 万份，约占本激 励计划草案公布日公司股本总额 15,143.18 ...

2024 年 8 月 6 日，公司召开第五届董事会第十六次会议和第五届监事会第 十七次会议，审议通过了《关于<浙江春风动力股份有限公司 2024 年股票期权激 励计划（草案）>及其摘要的议案》等议案，并于 2024 年 8 月 7 日在《中国证券 报》《上海证券报》及上海证券交易所网站（www.sse.com.cn）披露了相关公告。 根据《上市公司股权激励管理办法》的有关规定，公司对本激励计划内幕信 息知情人在本激励计划草案公告前 6 个月内买卖公司股票的情况进行了自查，具 体情况如下： 一、核查的范围及程序 证券代码：603129 证券简称：春风动力 公告编号：2024-054 浙江春风动力股份有限公司 关于 2024 年股票期权激励计划 内幕信息知情人买卖公司股票情况的自查报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江春风动力股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 2 号——信息披露事务管理》《上市公司股权激励管理办 法》等规范性文件要求，遵循公司《信息披露管理制度》《重大 ...