浙江春风动力股份有限公司 2024 年年度股东大会 会议材料 （召开时间：2025 年 5 月 7 日） 1 / 42 浙江春风动力股份有限公司 2024 年年度股东大会会议须知 根据中国证券监督管理委员会《上市公司股东会规则》和《公司章程》的有 关规定，为便于各位股东及其授权代理人出席会议并确保会议顺利进行，以下事 项敬请注意： 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。 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，13:50 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。 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 登记；委托代理人出席会议的，代理人须持授权代理人身份证、授权委托书、委 托人证券账户卡、委托人持股凭证、委托人身份证办理登记手续，异地股东可采 用信函或邮件 ...

Summary of the Conference Call for Chunfeng Power Company Overview - Chunfeng Power is involved in the all-terrain vehicle (ATV) and motorcycle industry, with a focus on both fuel and electric two-wheelers. The company is experiencing various market dynamics that influence its stock price and overall performance. Key Points and Arguments Stock Price Volatility and Investment Outlook - The stock price of Chunfeng Power in 2024 is influenced by multiple factors including export chain speculation, motorcycle sales fluctuations, uncertainties surrounding the U.S. elections, and new product sales performance. However, the market has largely absorbed tariff concerns, indicating a high level of earnings certainty, making it suitable for long-term investors [1][3][5] Sales Performance and Growth Projections - In 2024, ATV sales are expected to grow by over 10%, primarily driven by the CFMOTO brand, although the average selling price (ASP) has slightly declined. Fuel motorcycle sales, both domestic and international, are showing significant growth, but the ASP has also decreased. Electric two-wheeler sales reached 106,000 units, resulting in a slight annual loss, but excluding this segment, the net profit margin exceeds 11%, indicating improved profitability [1][6] Future Sales Expectations - For 2025, ATV sales are projected to achieve double-digit growth, with the high-end model U10 Pro expected to enhance the ASP and achieve around 20% revenue growth. The company is implementing measures such as early shipments and production adjustments to mitigate the impact of U.S. tariffs, which will also improve product structure and profitability [1][7] Fuel Motorcycle Business Outlook - The export sales growth for fuel motorcycles is anticipated to exceed 40%, while domestic sales growth is expected to be below 20%. The company is upgrading its product displacement, which will enhance profitability and gross margins. In the first three months of 2025, domestic sales of large-displacement motorcycles are expected to exceed the industry average growth rate [1][9] Electric Two-Wheeler Business Projections - Electric two-wheeler sales are expected to reach 500,000 to 600,000 units in 2025, with revenue projected to exceed 1.8 billion yuan. However, the net profit margin may not turn positive, leading to an estimated annual profit of 1.7 to 1.8 billion yuan. If the ATV segment is affected by tariffs for two quarters, the annual net profit could be around 1.6 billion yuan, corresponding to a price-to-earnings ratio of approximately 13-14 times, indicating a strong margin of safety [1][10][12] Market Capitalization Potential - The company has a planned production capacity of 3 million electric two-wheelers. If profitability is achieved, it could contribute 700 to 800 million yuan in net profit, significantly enhancing market capitalization. Considering the main business and potential tariff impacts, the annual net profit could exceed 2 billion yuan, leading to an estimated market capitalization of around 40 billion yuan [1][11][12] Tariff Impact Assessment - The second quarter is not expected to be affected by tariffs, making the current position suitable for long-term investment strategies [1][13] Additional Important Insights - The company’s stock price has shown resilience despite external pressures, with significant fluctuations observed throughout 2024 due to various market factors. The overall sentiment indicates that the stock is currently undervalued, providing a favorable entry point for long-term investors [1][5][4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 15.04 billion yuan for 2024, a year-on-year increase of 24%, and a net profit attributable to shareholders of 1.47 billion yuan, up 46% year-on-year [1] - The company achieved a significant increase in operating cash flow, reaching 2.97 billion yuan, which is a 115% year-on-year growth [1] - The company plans to distribute a dividend of 590 million yuan, maintaining a payout ratio of 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.25 billion yuan, representing a 39% year-on-year increase, and a net profit of 420 million yuan, up 36% year-on-year [1] - The gross profit margins for four-wheeled and two-wheeled vehicles were 36.5% and 21.7% respectively, with a slight decline attributed to accounting policy changes [1] - The sales net profit margin for 2024 was 9.9%, an increase of 1.2 percentage points year-on-year, and the weighted average ROE was 26.3%, up 4.6 percentage points year-on-year [1] Product Matrix and Globalization - The company has optimized its product matrix with the launch of new models such as U10 PRO and X10, achieving a sales volume of 169,100 units for all-terrain vehicles in 2024, with a revenue of 7.21 billion yuan, an 11% increase year-on-year [2] - In the motorcycle segment, the company sold 286,500 units, generating a revenue of 6.04 billion yuan, a 37% year-on-year increase, with a strong performance in both domestic and overseas markets [3] - The electric vehicle segment saw a remarkable growth of 414% in revenue, reaching 400 million yuan, with significant expansion in both domestic and international markets [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 18.8 billion yuan, 22.9 billion yuan, and 27 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25%, 21%, and 18% [5] - The net profit attributable to shareholders is expected to be 1.8 billion yuan, 2.2 billion yuan, and 2.6 billion yuan for the same years, with growth rates of 24%, 22%, and 16% respectively [5] - The corresponding P/E ratios for the next three years are projected to be 13, 11, and 9 times [5]

Summary of Chuanfeng Power's Conference Call Company Overview - Chuanfeng Power reported a net profit of 1.472 billion yuan for 2024, representing a year-on-year increase of 46.08% [1] - The company achieved a weighted average return on equity of 26.25%, up 4.58 percentage points from the previous year [1] - Basic earnings per share reached 9.74 yuan, a 45.37% increase year-on-year [1] - The company maintained a high cash dividend payout ratio of 39.91%, totaling 587 million yuan, marking a historical high and maintaining over 30% for eight consecutive years [1][3] Business Performance Two-Wheeler Segment - Total sales of two-wheelers reached 286,500 units, a 50.37% increase year-on-year, with revenue of 6.037 billion yuan, up 37.14% [1][4] - The domestic market for motorcycles over 200cc holds the largest market share, while overseas markets focus on key regions, achieving both sales and revenue growth [1][5] All-Terrain Vehicle Segment - Sales of all-terrain vehicles totaled 160,000 units, with revenue of 7.2 billion yuan, reflecting a 10% year-on-year growth [1][6] - The company leads domestic exports, with 71% of the export value in this category, and has strengthened its position in the European market through the acquisition of the Ghost brand [1][6] Electric Mobility Segment - The electric mobility sector saw significant growth, with sales surpassing 100,000 units and revenue reaching 300 million yuan, a staggering 414% increase year-on-year [1][7] - The company has successfully entered over 30 countries and regions, laying a solid foundation for future growth [1][7] Research and Development - Chuanfeng Power invested 1 billion yuan in R&D, accounting for 6% of total revenue, which is an 11% increase year-on-year [1][8] - The company has participated in the formulation of 54 national industry standards, with 25 officially published, and holds 1,659 valid patents [1][8] Q1 2025 Performance - In Q1 2025, Chuanfeng Power achieved total revenue of 4.2 billion yuan, a 38% year-on-year increase, and a net profit of 400 million yuan, up 49% [2][9] - The weighted average return on equity for Q1 was 6%, an increase of 1 percentage point from the previous year [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive growth in revenue and profit, with 2024 revenue reaching 15.04 billion yuan (up 24.18% year-on-year) and net profit attributable to shareholders at 1.472 billion yuan (up 46.08%) [7][10] - In Q1 2025, the company continued its strong performance with revenue of 4.25 billion yuan (up 38.9%) and net profit of 420 million yuan (up 49.6%) [7][10] - The company is expected to benefit from the high-end market trend in the all-terrain vehicle sector and has a rich product matrix in motorcycles, with both domestic and international sales anticipated to grow significantly [7][8] - Profit forecasts for 2025-2027 have been raised, with expected net profits of 1.796 billion yuan, 2.203 billion yuan, and 2.703 billion yuan respectively [7][10] Financial Performance - In 2024, the company sold 169,100 all-terrain vehicles, generating revenue of 7.21 billion yuan (up 10.85%) [8] - Motorcycle sales reached 286,500 units, with revenue of 6.04 billion yuan (up 37.14%), including domestic sales of 143,200 units and international sales of 143,300 units [8] - The electric vehicle segment saw significant growth, with sales of 106,000 units and revenue of 397 million yuan (up 414.15%) [8] - The company's gross margin for 2024 was 30.1%, a decrease of 3.4 percentage points, attributed to the introduction of lower-margin new businesses [9][10] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected at 11.77 yuan, with a price-to-earnings (P/E) ratio of 12.8 times [7][10] - The projected P/E ratios for 2026 and 2027 are 10.4 and 8.5 times respectively, indicating strong future earnings potential [10] - The company’s return on equity (ROE) is expected to be 22.6% in 2025, slightly decreasing to 21.6% by 2027 [10][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive growth in revenue and profit for 2024 and Q1 2025, with a revenue of 15.04 billion yuan in 2024 (up 24.18% year-on-year) and a net profit of 1.472 billion yuan (up 46.08%) [7][8] - For Q1 2025, the company reported a revenue of 4.25 billion yuan (up 38.9%) and a net profit of 420 million yuan (up 49.6%) [7][8] - The company is expected to benefit from the high-end market trend in the all-terrain vehicle sector and has a diverse and high-performing motorcycle product matrix, with significant growth anticipated in both domestic and international markets [7][8] Financial Performance Summary - In 2024, the company sold 169,100 all-terrain vehicles, generating a revenue of 7.21 billion yuan (up 10.85%) [8] - Motorcycle sales reached 286,500 units in 2024, with a revenue of 6.04 billion yuan (up 37.14%), including 1.43 billion yuan from domestic sales (up 44.44%) and 2.94 billion yuan from exports (up 30.22%) [8] - The electric vehicle segment saw a remarkable growth of 414.15% in revenue, reaching 397 million yuan with a sales volume of 106,000 units [8] Profitability and Valuation Metrics - The company's gross margin for 2024 was 30.1%, a decrease of 3.4 percentage points, attributed to the introduction of lower-margin new businesses [9] - The net profit margin for 2024 was 9.9%, an increase of 1.2 percentage points [9] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 11.77 yuan, 14.44 yuan, and 17.71 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.8, 10.4, and 8.5 [7][10]

Investment Rating - The report maintains a positive investment rating for Chunchun Power (603129.SH) with expectations of continued high growth in revenue and profit [2]. Core Viewpoints - Chunchun Power achieved a revenue of 15.04 billion yuan in 2024, representing a year-on-year increase of 24.2%, and a net profit of 1.47 billion yuan, up 46.1% year-on-year. For Q1 2025, the company reported a revenue of 4.25 billion yuan, a 38.9% increase year-on-year, and a net profit of 420 million yuan, up 49.6% year-on-year [2]. - The company is accelerating the high-end development of its four-wheeled vehicles, with a significant increase in the penetration rate of the European GOES brand. In 2024, the all-terrain vehicle sales reached 169,000 units, generating a revenue of 7.21 billion yuan, a 10.9% increase year-on-year, with exports accounting for 71.9% of domestic sales [2]. - The motorcycle segment is also experiencing high-end and global growth, with total sales of 287,000 units in 2024, generating a revenue of 6.04 billion yuan, a 37.1% increase year-on-year. The company plans to launch new models to strengthen its domestic market position and expand into Southeast Asia and Europe [2]. - The electric motorcycle segment, Jike Electric, showed strong growth potential, with sales of 106,000 units in 2024, generating a revenue of 400 million yuan, a staggering 414.2% increase year-on-year [2]. - The company is investing 3.5 billion yuan in a new production base in Tongxiang, Zhejiang, to meet the growing demand for electric two-wheelers and enhance market competitiveness [2]. Financial Summary - The total revenue for Chunchun Power is projected to reach 18.8 billion yuan in 2025, with a net profit of 1.8 billion yuan, corresponding to a P/E ratio of 13 times. The revenue is expected to grow to 22.7 billion yuan in 2026 and 26.5 billion yuan in 2027, with net profits of 2.3 billion yuan and 2.7 billion yuan respectively [3][4]. - The gross margin is expected to stabilize around 30.1% to 30.5% from 2025 to 2027, while the return on equity (ROE) is projected to be around 23.8% to 25.8% during the same period [4]. - Earnings per share (EPS) are forecasted to increase from 11.52 yuan in 2025 to 17.94 yuan in 2027, indicating a strong growth trajectory [4].

Investment Rating - The report maintains a positive outlook on Chuncheng Power (603129.SH) with a strong growth trajectory anticipated for 2025 and beyond [2]. Core Insights - In 2024, Chuncheng Power achieved a total revenue of 15.04 billion yuan, representing a year-on-year increase of 24.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 46.1% [2]. - For Q1 2025, the company reported revenue of 4.25 billion yuan, a 38.9% increase year-on-year, and a net profit of 420 million yuan, reflecting a 49.6% growth [2]. - The company is focusing on high-end and global market expansion, with significant growth in both four-wheeled and two-wheeled vehicle segments [2][3]. Summary by Sections Four-Wheeled Vehicle Segment - The company has accelerated the high-end development of its four-wheeled vehicles, achieving a sales volume of 169,000 units and revenue of 7.21 billion yuan in 2024, a 10.9% increase year-on-year [2]. - The acquisition of the "GOES" brand in Europe has enhanced market penetration, with domestic factory shipments reaching 14,000 units in February 2025, a 69.0% increase year-on-year [2]. Two-Wheeled Vehicle Segment - In 2024, Chuncheng Power sold 287,000 two-wheeled vehicles, generating revenue of 6.04 billion yuan, a 37.1% increase year-on-year [2]. - The company plans to launch new models in 2025 to strengthen its domestic market position and expand into Southeast Asia and Europe [2]. Electric Vehicle Development - The electric vehicle segment, branded as "Jikong," showed remarkable growth with sales of 106,000 units and revenue of 400 million yuan in 2024, a staggering 414.2% increase year-on-year [2]. - The company is expanding its production capacity to meet the rising demand for electric two-wheeled vehicles, with a planned investment of 3.5 billion yuan for a new production base [2]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 18.8 billion yuan, 22.7 billion yuan, and 26.5 billion yuan respectively, with net profits expected to reach 1.8 billion yuan, 2.3 billion yuan, and 2.7 billion yuan [3][4]. - The report anticipates a consistent growth rate in revenue and net profit, with corresponding P/E ratios decreasing from 13 to 8 over the forecast period [3][4].

春风动力系列 车中旭霞 深度研究报告： 《 春风动力（603129.SH）-中国全地形车及中大排摩托车龙头，出海、高端化引领新成长 》——2024-09-24 跟踪点评报告： 《春风动力系列二：三季度净利率同比提升， 出海、高端化引领新成长 》 ——2024-10-19 《春风动力系列三： 2025年一季度利润高增长，全地形车、极核等多元业务持续突破 》 ——2025-04-19 核心观点 摩托车及全地形车持续成长，2025Q1收入同比增长39% 春风动力2024年实现营收150.4亿元，同比增长24.2%，归母净利润14.7亿元，同比增长46.1%；2025Q1实现营收42.5亿 元，同比增长38.9%，环比增长18.5%，归母净利润4.2亿元，同比增长49.6%，环比增长6.3%。2024年公司全地形车销 售16.91万台，销售收入72.10亿元，同比增长10.85%；两轮摩托内销14.32万台，营业收入30.94亿元，同比增长 44.44%，两轮摩托外销14.33万台，营业收入29.43亿元，同比增长30.22%。2024年极核销售10.60万辆，销售收入3.97 亿元，同比增长414.15%。 四轮车 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's Q1 performance exceeded expectations, with new products expected to continue gaining traction. The net profit forecasts for 2025 and 2026 remain unchanged at 1.68 billion and 1.95 billion respectively, with a forecast of 2.395 billion for 2027. The corresponding P/E ratios for 2025-2027 are 13.7, 11.8, and 9.6 times. The motorcycle business successfully captures the domestic consumption upgrade trend due to strong product and brand power, while the all-terrain vehicle segment is steadily increasing its global market share through a three-pronged approach of R&D, products, and channels. The "Buy" rating is upheld [3] Financial Forecasts - Total revenue for 2023 is projected at 12.11 billion, with a year-on-year growth of 6.44%. For 2024, revenue is expected to reach 15.038 billion, reflecting a 24.18% increase. The net profit attributable to the parent company is forecasted at 1.008 billion for 2023, with a significant year-on-year growth of 43.65%. The EPS for 2024 is estimated at 9.65 yuan per share, with a P/E ratio of 15.63 times [1][3] Revenue Breakdown - In H2 2024, the company sold 87,700 all-terrain vehicles, marking a year-on-year increase of 30.5%. The average revenue per all-terrain vehicle is 41,900 yuan, showing a slight decline. In Q1 2025, the company sold 44,000 four-wheeled vehicles. For motorcycles, H2 2024 sales reached 132,600 units, with exports accounting for 57,500 units, a year-on-year increase of 22.6% [8][9] Profitability Metrics - The company's gross margin for 2024 is projected at 30.06%, a decrease of 2.7 percentage points year-on-year, primarily due to a decline in revenue from the U.S. and increased competition in the domestic motorcycle market. The gross margin for Q1 2025 is estimated at 29.73%, down 1.79 percentage points year-on-year [8][9] Expense Ratios - The company's selling, general, and administrative expense ratios for 2024 are projected at 6.8%, 4.7%, and 6.8% respectively, showing slight improvements compared to the previous year. For Q1 2025, these ratios are expected to be 5.29%, 4.78%, and 5.83% [8][9]