Investment Rating - The report maintains an "Outperform the Market" rating for the company [8][35]. Core Insights - The company has experienced significant growth in revenue and profit, with a 39% year-on-year increase in Q1 2025 revenue and a 49.6% increase in net profit [2][11]. - The introduction of new products, particularly in the four-wheeler segment, is expected to drive high elastic growth in business [4][23]. - The electric two-wheeler segment, represented by the brand "Jike," is emerging as a new growth curve for the company, with a 414.15% increase in sales revenue in 2024 [5][32]. Financial Performance - In 2024, the company achieved a revenue of 150.4 billion yuan, a 24.2% increase year-on-year, and a net profit of 14.7 billion yuan, up 46.1% year-on-year [2][11]. - For Q1 2025, the company reported revenue of 42.5 billion yuan, a 38.9% increase year-on-year, and a net profit of 4.2 billion yuan, a 49.6% increase year-on-year [2][11]. - The company's gross margin for 2024 was 30.1%, with a net margin of 9.9%, showing a slight decline in gross margin but an improvement in net margin due to cost reduction efforts [3][18]. Product Development - The company is launching several new products in 2024, including the U10 PRO and U10 XL PRO, which are expected to enhance competitiveness in the UTV market [4][23]. - The motorcycle segment is also seeing frequent new product launches, with models like the 700MT and 675NK expected to boost sales and market share [26][27]. - The electric two-wheeler brand "Jike" is expanding its product matrix, targeting various consumer segments with new offerings [32][33]. Market Expansion - The company is actively expanding its motorcycle export business, aiming to balance domestic and international markets [28][30]. - The overseas motorcycle business is expected to become a significant long-term growth driver, with a focus on high cost-performance advantages in international markets [29][30]. Profit Forecast and Valuation - The profit forecast for the company has been raised, with expected net profits of 17.15 billion yuan, 22.59 billion yuan, and 27.32 billion yuan for 2025, 2026, and 2027 respectively [35]. - The expected earnings per share for the same years are projected to be 11.24 yuan, 14.80 yuan, and 17.90 yuan [35].

01 事件概述 据中国摩托车商会数据，2025年3月250cc（不含）以上摩托车销量8.8万辆，同比+68.4%，环比+52.7%。1-3月累计销量20.5万辆，同比+77.4%。 02 分析判断 行业： 旺季临近 中大排月度销量创历史新高 1）125cc（不含）以上： 3月销量71.1万辆，同比+25.6%，环比+54.0%，主要增量来自于125-150cc及500-800cc，春风动力、隆鑫通用等头部企业均贡献明显增量； 2）250cc（不含）以上： 3月销量8.8万辆，同比+68.4%，环比+52.7%，创历史新高。1-3月累计销量20.5万辆，同比+77.4%。其中： 出口：250cc+摩托车3月出口4.2万辆 ，同比+101.2%，环比+13.5%，同比增长原因为头部企业在500-800cc排量段出口持续增长， 1-3月累计出口11.9万辆，同比 +113.7%。 内销：250cc+摩托车3月内销4.6万辆 ，同比+46.2%，环比+124.9%。 1-3月累计内销8.6万辆，同比+43.5%。 结构：500cc+排量车型增长强劲 自主高端化提速 1） 250cc<排量≤400cc ：3月销售4.1 ...

Core Viewpoint - Chuanfeng Power (603129.SH) demonstrates strong growth momentum and improving profitability, achieving record high performance in 2024 with continuous revenue and net profit growth for nine consecutive years [2][3][4]. Financial Performance - In 2024, Chuanfeng Power reported revenue of 15.038 billion yuan, a year-on-year increase of 24.18%, and a net profit of 1.472 billion yuan, up 46.08% [2][3]. - The company's net profit excluding non-recurring items reached 1.442 billion yuan, reflecting a growth of 48.54% [2][3]. - For Q1 2025, the company achieved revenue of 4.25 billion yuan, a 38.86% increase, and a net profit of 415 million yuan, up 49.6% [4]. Product Segmentation - In 2024, revenue from two-wheeled vehicles was 6.435 billion yuan, growing 43.65%, while four-wheeled vehicles generated 7.21 billion yuan, a 10.85% increase [4]. - The parts and other business segment reported revenue of 1.035 billion yuan, up 30.50% [4]. Market Distribution - Domestic revenue reached 3.874 billion yuan, a 49.94% increase, while revenue from Europe, Oceania, and Africa grew by 58.47%, 14.43%, and 46.03%, respectively [4]. - North American revenue declined by 4.60%, totaling 4.535 billion yuan [4]. Investment and Expansion - Chuanfeng Power plans to invest 3.5 billion yuan to establish a production base for 3 million sets of motorcycles, electric vehicles, and core components [6][7]. - The investment will be funded through the company's own or self-raised funds, and is expected to enhance production capacity and market competitiveness [6][7]. R&D and Innovation - The company invested 1.026 billion yuan in R&D in 2024, accounting for 6.82% of revenue, marking an 11.00% increase from the previous year [7]. - As of the end of 2024, Chuanfeng Power held 1,659 valid patents, including 141 invention patents [7].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 4.25 billion yuan, a year-on-year increase of 38.9%, and a net profit of 420 million yuan, up 49.6% year-on-year [1][2]. - The motorcycle and all-terrain vehicle (ATV) segments are experiencing upward momentum, driven by both domestic and international sales [2][3]. - The company is expanding its product matrix with new high-end models, which is expected to enhance market share and growth potential [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 15.04 billion yuan, a year-on-year growth of 24.2%, with a net profit of 1.47 billion yuan, up 46.1% [1][5]. - For Q1 2025, the company reported a revenue of 4.25 billion yuan and a net profit of 420 million yuan, reflecting significant growth compared to the previous year [1][2]. Business Segments - The motorcycle business saw a strong performance with domestic sales of 7,000 units and exports of 10,000 units in early 2025, marking increases of 18.7% and 42.4% respectively [2]. - The ATV segment also performed well, with sales of 25,000 units in early 2025, a year-on-year increase of 29% [2][3]. Product Development - The company launched several new models in the motorcycle segment, contributing to a total of 287,000 units sold in 2024, generating revenue of 6.04 billion yuan [3]. - The ATV segment's revenue reached 7.21 billion yuan in 2024, with a focus on high-end products driving growth [3][4]. Future Outlook - The company plans to invest 3.5 billion yuan in a new production base in Zhejiang, aiming for an annual capacity of 3 million units, which will support its growth strategy [4]. - Revenue projections for 2025-2027 are estimated at 19.11 billion yuan, 23.19 billion yuan, and 27.91 billion yuan respectively, with net profits expected to reach 1.74 billion yuan, 2.16 billion yuan, and 2.63 billion yuan [4][5].

➢ 事件概述：公司披露 2024 年年报及 2025 年第一季度报告，公司 2024 年 全年实现营业收入 150.4 亿元，同比+24.2%；毛利率为 30.1%，同比-3.5pcts， 实现归母净利润 14.7 亿元，同比+46.1%，基本位于此前预计预告中枢。公司 2025Q1 实现营业收入 42.5 亿元，同比+38.9%，环比+18.5%，毛利率为 29.7%， 同比-2.8pcts，环比+4.4pcts，归母净利润 4.2 亿元，同比+49.6%，环比+6.4%。 ➢ 2025Q1 业绩同比高增 摩托车与全地形车共振向上。公司 2025Q1 归母净 利润为 4.2 亿元，同比+49.6%，环比+6.4%。主要原因为：1）摩托车业务：内 外销共振向上，2025 年 1-2 月中大排摩托车（＞250cc）内销 0.7 万辆，同比 +18.7%，出口 1.0 万辆，同比+42.4%，产品结构持续优化；2）全地形车：高 端化新品于 2024 年 8 月发布，产品矩阵扩充带动公司 2025 年 1-2 月销量 2.5 万辆，同比+29.0%，贡献业绩增量；3）费用端：公司 2025Q1 销售/管理/研 发 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 220 CNY per share [6]. Core Insights - The company reported strong Q1 2025 performance with revenue of 4.25 billion CNY, up 38.86% year-on-year, and a net profit of 423 million CNY, up 45.20% year-on-year [1][3]. - The motorcycle business showed excellent performance, with domestic sales revenue of 3.09 billion CNY, up 44.44% year-on-year, and sales volume of 143,200 units, also up 44.21% year-on-year [1][3]. - The company is focusing on high-end and international markets, with significant growth in the electric two-wheeler segment, where the brand "Jike" has become a leader in its niche [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.038 billion CNY, a year-on-year increase of 24.18%, and a net profit of 1.472 billion CNY, up 46.08% year-on-year [1][2]. - The comprehensive gross margin for 2024 was 30.06%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in revenue share from the North American market [2]. Business Segments - The four-wheeled vehicle sales revenue was 7.21 billion CNY, up 10.85% year-on-year, with a sales volume of 169,100 units, up 15.47% year-on-year [1]. - The electric two-wheeler segment saw a revenue increase of 414.15% year-on-year, with sales of 106,000 units, driven by the popularity of new products and rapid channel expansion [1][3]. Growth Drivers - The company is enhancing its product structure in the all-terrain vehicle (ATV) market, aiming to increase market share in higher-value UTV and SSV products [4]. - The domestic mid-to-large displacement motorcycle market is entering a new product cycle, with significant sales growth and market share increase [10]. - The company is also expanding its international presence in the mid-to-large displacement motorcycle segment, with exports increasing by 63.8% year-on-year [10].

春风动力 20250415 摘要 • 春风动力 2025 年第一季度营收 42.5 亿元，同比增长 38.86%，环比增长 18.46%；归母净利润 4.15 亿元，同比增长 49.6%，环比增长 6.33%， 显示公司业务稳健增长。 • 公司 2024 年研发投入 10.26 亿元，占营收的 6.82%，同比增长 11%， 表明公司高度重视技术创新，为产品迭代升级提供支撑。 • 公司通过协同杭州、重庆、墨西哥、泰国等制造基地，构建全球产业链协 同体系，增强抗风险能力。 • 2025 年第一季度，两轮摩托车销量约 6.2 万台，四轮摩托车销量约 4.4 万台，整体出货量显著提升，国际市场两轮摩托车占比高于国内，非美地 区四轮摩托车数量超过美国。 • 优视 Pro 在美国市场逐步获得认可，已完成货物储备和发运，表现平稳， 非美地区表现更优秀；墨西哥工厂开始生产爬坡，安排 CKD 件发运。 • 公司积极应对 KTM 无法承接欧洲五国代理权问题，已基本确定新的代理商， 将欧洲五国拆分为三块区域进行管理，提升整车销售及售后服务质量。 • 受输美产品关税上调影响，公司下半年毛利率面临较大压力，将通过提升 客户认可度、降 ...

资金面上看，该股今日主力资金净流入1280.04万元，近5日主力资金净流入8293.40万元。 两融数据显示，该股最新融资余额为1.66亿元，近5日增加3244.52万元，增幅为24.25%。 按申万行业统计，春风动力所属的汽车行业共有73家公司公布了2024年度分配方案，派现金额最多的是 比亚迪，派现金额为120.77亿元，其次是福耀玻璃、长城汽车，派现金额分别为46.98亿元、38.53亿 元。（数据宝） 2024年度汽车行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | 4月15日春风动力发布2024年度分配预案，拟10派38.5元（含税），预计派现金额合计为5.87亿元。派现 额占净利润比例为39.91%，以该股2024年度成交均价计算，股息率为2.80%。这是公司上市以来，累计 第8次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） ...

在业绩稳步上涨的同时，春风动力筹划进一步提升产能。据当日公告，该公司拟在浙江省桐乡市崇福镇 投资建设"年产300万台套摩托车、电动车及核心部件研产配套生产基地项目"。 4月15日晚，春风动力（603129）发布了2024年年报及今年一季度报告，同时公司还披露，将投资35亿 元建设年产300万台套摩托车、电动车及核心部件研产配套生产基地项目。 据公告，2024年春风动力实现营业收入150.4亿元，同比增长24.2%；净利润为14.7亿元，同比增长 46.1%；扣非净利润14.4亿元，同比增长48.5%。 春风动力表示，去年全地形车和摩托车的市场表现良好。全地形车业务方面，公司通过优化产品结构和 营销服务方案，销售收入达72.1亿元，同比增长10.85%。 在高端市场方面，核心产品矩阵焕新，推动了销量的提升。摩托车业务也表现出色，全年销售两轮车29 万辆，实现销售收入60.37亿元，同比增长37.14%。公司在国内市场实施了"保价格、稳市场"策略，确 保了市场份额的稳定。 此外，极核电动业务实现了指数级增长，全年销量突破十万大关，销售收入达3.97亿元，同比增长 414.15%。在市场拓展上，极核电动聚焦国内核心 ...

证券代码：603129 证券简称：春风动力 公告编号：2025-027 浙江春风动力股份有限公司 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 2025 年 4 月 15 日召开第 六届董事会第四次会议和第六届监事会第四次会议，审议通过了《关于 2024 年 度计提资产减值准备的议案》。现将具体情况公告如下： 一、本次计提资产减值准备情况概述 根据《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，为客 观、准确地反映公司的资产和财务状况，公司对截至 2024 年 12 月 31 日合并报 表范围内可能发生的各类应收款项和存货等资产进行了分析和测算，对可能发生 信用和资产减值损失的资产计提减值准备。本次计提减值准备已经立信会计师事 务所（特殊普通合伙）审计并确认。具体情况如下： 1、公司于 2025 年 4 月 14 日召开第六届董事会审计委员会第三次会议，与 会委员认为，公司本次计提资产减值准备符合《企业会计准则》和公司相关会计 政策的规定，符合公司资产实际状况，能够客 ...