浙江春风动力股份有限公司 2025 年至 2026 年员工持股计划 二〇二四年九月 声明 本公司及董事会全体成员保证本员工持股计划不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 2 风险提示 （三）股票价格受公司经营业绩、宏观经济周期、国内外政治经济形势 及投资者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活 动，投资者对此应有充分准备； （四）敬请广大投资者谨慎决策，注意投资风险。 3 特别提示 本部分内容中的词语简称与"释义"部分保持一致。 1、《浙江春风动力股份有限公司 2025 年至 2026 年员工持股计划》（以下 简称"员工持股计划"）系依据《中华人民共和国公司法》《中华人民共和国证 券法》《关于上市公司实施员工持股计划试点的指导意见》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等有关法律、行政法规、规章、规范 性文件和《公司章程》的规定成立。 2、本员工持股计划遵循依法合规、自愿参与、风险自担的原则，不存在摊 派、强行分配等强制员工参加本员工持股计划的情形。 3、本员工持股计划由公司自行管理。公司成立员工持股计划管理委员会， 代表 ...

证券研究报告 公司点评 春风动力(603129.SH) 汽车｜ 摩托车及其他 两轮快速成长，盈利能力改善 2024 年 08 月 23 日 评级 买入 | --- | --- | --- | |---------------------------|----------|---------------| | 交易数据 \n当前价格（元） | 评级变动 | 首次 \n126.00 | | 52 周价格区间（元） | | 81.10-176.80 | | 总市值（百万） | | 19080.50 | | 流通市值（百万） | | 19080.50 | | 总股本（万股） | | 15143.20 | | 流通股（万股） | | 15143.20 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|--------------|---------| | | | | | | 36% | 春风动力 | 摩托车及其他 | | | 16% -4% | | | | | -24% | | | | | -44% 2023-0 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 128.19 yuan [2] Core Views - The company's two-wheeled vehicle business is experiencing strong growth both domestically and internationally, with significant contributions from overseas markets [1] - The company has achieved a milestone by winning the MotoGP championship in Qatar, marking the first time a Chinese manufacturer has won in the 75-year history of the series [2] - The company's all-terrain vehicle exports account for 71.75% of the domestic market share, solidifying its leading position in the industry [2] - The domestic market for large-displacement motorcycles is growing, driven by increasing consumer interest and technological advancements, with the company leading in the >250cc segment [2] - The company has implemented an employee stock ownership plan, with income targets set at 140 billion yuan for 2024, 305 billion yuan cumulative for 2024-2025, and 505 billion yuan cumulative for 2024-2026, demonstrating confidence in future growth [2] Financial Performance - In H1 2024, the company achieved revenue of 7.529 billion yuan, a YoY increase of 15.73%, and net profit attributable to the parent company of 709 million yuan, a YoY increase of 28.49% [1] - The gross margin for H1 2024 was 31.51%, a slight decrease of 1.07 percentage points YoY, while the net profit margin increased by 0.94 percentage points to 9.41% [1] - In Q2 2024, revenue reached 4.468 billion yuan, a YoY increase of 23.2%, and net profit attributable to the parent company was 431 million yuan, a YoY increase of 26.35% [1] - The company's two-wheeled vehicle sales in H1 2024 were 153,900 units, a YoY increase of 56%, with domestic sales of 68,000 units (+42% YoY) and overseas sales of 86,000 units (+69% YoY) [1] Product Performance - All-terrain vehicle sales in H1 2024 were 81,400 units, generating revenue of 3.532 billion yuan, a slight decrease of 1.55% YoY [1] - Two-wheeled vehicle revenue in H1 2024 was 3.248 billion yuan, a YoY increase of 41.95%, with domestic revenue of 1.446 billion yuan (+38% YoY) and overseas revenue of 1.802 billion yuan (+45% YoY) [1] Future Projections - The company's revenue is projected to grow from 14.569 billion yuan in 2024E to 21.874 billion yuan in 2026E, with a CAGR of 20.31% to 21.67% [3] - Net profit attributable to the parent company is expected to increase from 1.318 billion yuan in 2024E to 2.078 billion yuan in 2026E, with a CAGR of 30.82% to 25.08% [3] - The company's PE ratio is forecasted to decrease from 14.73x in 2024E to 9.34x in 2026E, indicating potential undervaluation [3] Industry Trends - The domestic motorcycle industry is undergoing a transformation towards high-end, intelligent, and green manufacturing, with large-displacement motorcycles driving growth [2] - The company is well-positioned in the domestic market for large-displacement motorcycles, with a rapidly improving product portfolio and leading market share in the >250cc segment [2]

Summary of Conference Call Notes Company and Industry Overview - The company operates in the motorcycle and all-terrain vehicle (ATV) industry, with a focus on both domestic and international markets, particularly in Europe, North America, and developing countries [1][4][11]. Key Points and Arguments 1. **Geopolitical Risks and Tariffs** The company believes that the likelihood of increased tariffs on the Mexican region is low due to fair competition in the market. The company plans to respond to any potential tariffs by establishing overseas production facilities and diversifying market presence [1]. 2. **Export Sales Fluctuations** The company noted a month-over-month decline in motorcycle export sales in July 2024, attributed to normal fluctuations in international orders, changes in European emission standards, and delays in customs clearance. An improvement is expected in the second half of the year [2]. 3. **Compliance with Emission Standards** The company is actively working on meeting the Euro 5+ emission standards through product upgrades and close collaboration with certification bodies. The progress is on track according to the company's plans [3]. 4. **Export Markets and Growth Areas** Europe and North America are the primary markets for the company's two-wheeled vehicles, with developing countries identified as key areas for future growth. The company plans to introduce models tailored to these markets [4]. 5. **Southeast Asia Market Potential** While the Southeast Asian market is currently not a primary focus due to strong competition from Japanese brands, it is viewed as a future opportunity. The company is exploring both fuel and electric vehicle options in this region [5]. 6. **Global Sales Channels for Extreme Core Brand** The company has established sales in over 30 countries and regions, focusing on coastal developed areas in the domestic market. Future plans include exploring additional potential markets based on local demand and regulatory environments [6]. 7. **Production Capacity in Mexico** The Mexican factory began trial operations in August 2023 and is expected to reach full production capacity by 2025. This facility is seen as crucial for enhancing competitiveness in the North American market [7]. 8. **Characteristics of the European Market** The European market is characterized by strong competition from Chinese manufacturers, necessitating a rapid expansion of the product line to meet diverse local demands [8]. 9. **Domestic Sales Strategy** Domestic demand for two-wheeled vehicles has exceeded expectations, with plans to expand distribution channels and introduce more products in the mid-range and scooter segments [9]. 10. **Outlook for High-Displacement Motorcycles** The company is optimistic about the long-term potential for high-displacement motorcycles, viewing them as leisure products that will benefit from increased consumer interest in recreational activities [10]. 11. **US ATV Market Trends** The ATV market has shown stability post-pandemic, with demand expected to remain strong due to rising outdoor activities and consumer preferences for high-quality leisure products [11]. 12. **Sales Expense Trends** Sales expenses have shown volatility but are expected to stabilize as the company manages inventory levels and promotional activities in response to market conditions [12]. 13. **Future of 250 and 450 Platforms** The company plans to continue innovating and expanding its mature 250 and 450 product platforms, focusing on market dynamics and consumer needs [13]. 14. **Highlights of New U10pro Model** The U10pro model features enhancements such as air conditioning and CarPlay, with strong performance in terms of smoothness and comfort [14]. 15. **Focus on Product Quality and User Experience** The company aims to prioritize product quality and user experience while expanding its product range to cater to diverse consumer needs [15]. 16. **Investment in Extreme Core Brand** The company has sufficient resources to develop the Extreme Core brand, aiming to establish it as a third growth curve for the business [16]. 17. **Equity Incentive Plan** The new equity incentive plan includes performance targets that are expected to increase annually, reflecting confidence in the growth of the ATV, motorcycle, and Extreme Core segments over the next three years [16].

证券代码：603129 证券简称：春风动力 公告编号：2024-052 浙江春风动力股份有限公司 关于接待投资者调研活动的公告 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"）于 2024 年 8 月 20 日在公司 会议室接待了机构调研，现将情况公告如下： 一、调研情况 调研时间：2024 年 8 月 20 日 9:30—11:00 调研形式：公司现场接待 调研单位及人员：民生证券、富国基金、汇添富基金、嘉实基金、博时基金 等共 50 名投资者 公司接待人员：公司总经理赖民杰、财务总监司维、董事会秘书周雄秀 二、交流的主要问题及公司回复概要 1、近期地缘形势相对复杂，公司的想法如何，如何有效降低关税等潜在风 险？ 答：海外产能未来逐步稳定，关税层面，鉴于竞争对手也在墨西哥设有产能， 并大量从中国采购零部件，公司认为市场竞争环境公平，对墨西哥地区加征关税 的可能性不大。若真有相关针对性政策出台，公司将通过在海外建厂、多元化市 场布局等多渠道快速应对，不排除在美国建厂的可能性，但需谨慎 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-051 浙江春风动力股份有限公司 监事会关于公司 2024 年股票期权激励计划首次授予 激励对象名单的公示情况说明及核查意见 本公司监事会及全体监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"）2024 年 8 月 6 日召开了第 五届董事会第十六次会议、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》 《关于<浙江春风动力股份有限公司 2024 年股票期权激励计划实施考核管理办 法>的议案》《关于提请股东大会授权董事会办理公司股权激励计划相关事项的 议案》等议案，并于 2024 年 8 月 7 日在上海证券交易所网站（www.sse.com.cn） 及公司指定媒体披露了相关公告。 公司监事会核查了本激励计划首次授予激励对象的名单、身份证件，与公司 签订的劳动合同和聘用合同，在公司担任的职务及其任职文件等情况。 根据《中华人民共和国公司法》（以下简称"《公司法》" ...

浙江春风动力股份有限公司 2024 年第一次临时股东大会 会议材料 一、本次大会期间，全体参会人员应以维护股东的合法权益，确保大会的 正常秩序和议事效率为原则，自觉履行法定义务。 （召开时间：2024 年 9 月 2 日） 1 浙江春风动力股份有限公司 2024 年第一次临时股东大会会议须知 二、请按股东大会通知公告要求，按时办理股东登记手续，确认与会资格。 三、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理 人、董事、监事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依 法拒绝其他人员入场。 四、股东请尽量提前 30 分钟到达会场，进行会议签到，13:20 为会议报到 的终止时间。股东签到时，应出示以下证件和文件。 1、法人股东应由法定代表人或其委托的代理人出席会议。由法定代表人出 席会议的，应持营业执照复印件（加盖公司公章）、本人身份证和法人股东账户 卡到公司办理登记；由法定代表人委托代理人出席会议的，代理人应持营业执照 复印件（加盖公司公章）、本人身份证、法定代表人依法出具的授权委托书和法 人股东账户卡到公司登记。 2、个人股东亲自出席会议的需持本人身份证、股票账户卡和持股凭证办理 ...

证券研究报告·公司点评报告·摩托车及其他 春风动力（603129） 2024 半年报点评：业绩符合预期，两轮表现 强劲 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11378 | 12110 | 14741 | 18125 | 22310 | | 同比（ % ） | 44.73 | 6.44 | 21.72 | 22.95 | 23.09 | | 归母净利润（百万元） | 701.37 | 1,007.52 | 1,193.39 | 1,540.07 | 1,926.88 | | 同比（ % ） | 70.43 | 43.65 | 18.45 | 29.05 | 25.12 | | EPS- 最新摊薄（元 ...

证 券 研 究 报 告 春风动力（603129）2024 年中报点评 推荐（维持） 两轮表现亮眼，极核加速成长 目标价：160 元 事项： 公司发布 2024 年中报，公司实现营收 75.3 亿元，同比+15.7%；实现归母净利 润 7.1 亿元，同比+28.5%；拆分单季度来看，公司 24Q2 单季营收 44.7 亿元， 同比+23.2%；归母净利润 4.3 亿元，同比+26.4%。 评论： 24H1 四轮车经营稳健，两轮表现亮眼。公司 24H1 实现营收 75.3 亿元，同比 +15.7%。24H1 营收拆分品类来看，四轮、两轮分别实现营收 35.3、32.5 亿， 同比分别-1.6%、+42%。24H1 四轮车行业整体呈现下行趋势，公司 24H1 四轮 累计销售 8.1 万，同比+3%；出口额占全国全地形车出口额的 71.8%，美国市 场经销网点持续拓展。两轮车方面，24H1 公司出口两轮车 8.6 万台、实现营 收 18 亿元，同比大幅增长 45.1%，累计经销网络 1500 余家，渠道拓展及新品 迭代下，公司海外市场持续拓展；国内市场销量 6.8 万、营收 14.5 亿，同比 +38.3%，250c ...

股 票 研 究 ——春风动力 2024 年中报点评 | --- | --- | |-------------------|---------------------| | | | | 吴晓飞 ( 分析师 ) | [table_Authors] | | | | | 0755-23976003 | | | | wuxiaofei@gtjas.com | | S0880517080003 | 登记编号 | | --- | |------------------------| | | | 管正月 ( 分析师 ) | | 021-38032026 | | guanzhengyue@gtjas.com | | S0880521030003 | 本报告导读： 公司 2024 年中报收入、业绩快速增长，主要是公司新产品不断放量，产品结构持续 优化，实现量利质齐升。 投资要点： 公 司 更 新 报 告 证 券 研 究 报 告 [Table_Summary] 维持目标价 189.13 元，维持增持评级。公司产品升级不断兑现，上 调公司 2024-2026 年 EPS 预测为 9.03（+0.74）/11.19（+0.78）/13 ...