Investment Rating - The report maintains a "Buy" rating for the company with a target price reflecting a potential upside of over 20% within the next six months [4]. Core Views - The company achieved revenue of 11.45 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 21.98%, and a net profit attributable to shareholders of 1.081 billion yuan, up 34.87% year-on-year [1][4]. - The company is experiencing strong growth in both domestic and international markets, particularly in the mid-to-large displacement motorcycle segment, which is expected to continue driving revenue growth [3][4]. - The company has launched an employee stock ownership plan, indicating confidence in future growth, with revenue targets set at a minimum of 30.5 billion yuan over three years [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 3.921 billion yuan, a year-on-year increase of 36.1%, and a net profit of 373 million yuan, up 48.95% year-on-year [2]. - The gross profit margin for Q3 2024 was 31.57%, a decrease of 2.1 percentage points year-on-year, while the net profit margin improved by 0.82 percentage points to 9.5% [2]. - The company’s total revenue for 2024 is projected to reach 14.944 billion yuan, with a net profit forecast of 1.355 billion yuan, reflecting a growth rate of 34.52% [6][9]. Market Position and Growth Drivers - The company has established a strong presence in the global market, with significant export volumes in all-terrain vehicles and a growing dealer network of over 1,500 in the domestic motorcycle market [3]. - The domestic market for mid-to-large displacement motorcycles is expanding, driven by increasing consumer interest and technological advancements in the motorcycle manufacturing industry [3]. - The company is positioned as a leader in the domestic market for motorcycles over 250cc, with sales leading the industry [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [11]. Core Insights - The company reported a Q3 2024 revenue of 3.92 billion, reflecting a year-on-year increase of 36.1% and a quarter-on-quarter decrease of 12.2%. The net profit attributable to the parent company was 373 million, up 49.0% year-on-year but down 13.6% quarter-on-quarter [1][2]. - The company has established itself as a leader in the motorcycle industry, actively participating in international competitions, which has enhanced its brand recognition. It became the first Chinese manufacturer to compete in the MotoGP Moto3 250CC category and secured its first championship in 2024 [1][2]. - The company is projected to achieve revenues of 14.5 billion, 17.4 billion, and 20.3 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 20%, 20%, and 17% [2][6]. Summary by Sections Financial Performance - Q3 2024 revenue was 3.92 billion, with a gross margin of 31.57%, showing a quarter-on-quarter increase of 0.75 percentage points [1]. - The company’s net profit for Q3 2024 was 373 million, with a year-on-year growth of 49.0% [1][2]. Market Position - The company has maintained its position as the top exporter of all-terrain vehicles among domestic brands, with a 71.75% share of the domestic export market for similar products in the first half of 2024 [1]. - The company focuses on mid-to-large displacement motorcycles (over 250CC), where it ranks among the industry leaders in sales [1]. Profit Forecast - The forecast for net profit attributable to the parent company for 2024, 2025, and 2026 has been adjusted to 1.38 billion, 1.66 billion, and 1.94 billion, respectively, with growth rates of 37%, 20%, and 17% [2][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 204 CNY, indicating an expected performance exceeding the benchmark index by 10%-20% over the next six months [3][5]. Core Insights - The company reported a significant revenue growth of 36.1% year-on-year in Q3 2024, reaching 3.92 billion CNY, and a net profit of 370 million CNY, which is a 48.95% increase year-on-year, surpassing market expectations [1][2]. - The growth in revenue is attributed to strong performance in the two-wheeler segment during the peak season, with domestic sales showing a remarkable increase of 156% year-on-year [2]. - The gross margin improved to 31.6%, up by 0.8 percentage points from the previous quarter, driven by a higher proportion of four-wheeler sales [2]. - The company is expected to continue benefiting from new product launches in the four-wheeler segment, which are anticipated to enhance market share in the mid-to-high-end market [2][3]. Financial Summary - For the fiscal years 2024 to 2026, the company’s projected net profits are adjusted to 1.30 billion CNY, 1.68 billion CNY, and 2.27 billion CNY respectively, with corresponding price-to-earnings ratios of 19, 15, and 11 times [3][4]. - The total revenue is forecasted to grow from 12.11 billion CNY in 2023 to 23.69 billion CNY by 2026, reflecting a compound annual growth rate of approximately 25.4% [4][7]. - The company’s return on equity (ROE) is expected to increase from 20.0% in 2023 to 25.1% by 2026, indicating improving profitability [4][7].

鉴于浙江春风动力股份有限公司（以下简称"公司"）第五届监事会任期即 将届满，为保证监事会的正常运行，顺利完成监事会换届选举，根据《中华人民 共和国公司法》及《公司章程》等有关规定，公司于 2024 年 10 月 25 日召开了 职工代表大会。经与会职工代表表决，同意选举贾方亮同志（简历详见附件）为 公司第六届监事会职工代表监事。 2024 年 10 月 26 日 职工代表监事将与公司后续换届选举的股东大会所选举产生的股东代表监 事共同组成公司第六届监事会，其任期与公司第六届监事会任期一致。为确保监 事会的正常运作，在股东大会选举产生新一届监事会之前，公司第五届监事会监 事将继续履行职责。 特此公告。 浙江春风动力股份有限公司 监事会 证券代码：603129 证券简称：春风动力 公告编号：2024-066 浙江春风动力股份有限公司 关于职工代表监事换届选举的公告 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。 附件：贾方亮简历 贾方亮先生与持有公司百分之五以上股份的股东、实际控制人、公司其他董 事、监事、高级管理人员不存在关联关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance exceeded expectations, driven by strong sales of new four-wheeled products and growth in two-wheeled domestic and international sales [2] - The gross margin for Q3 was 31.57%, showing a slight decrease year-on-year but an improvement from the previous quarter, primarily due to contributions from the four-wheeled business [2] - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 1.36 billion, 1.68 billion, and 1.95 billion yuan respectively, reflecting confidence in the ongoing demand for new products and successful market strategies [2] Financial Performance Summary - Q3 total revenue reached 3.921 billion yuan, with a year-on-year increase of 36.1% [2] - Q3 net profit attributable to shareholders was 373 million yuan, up 48.9% year-on-year [2] - The company’s sales, management, and R&D expense ratios improved significantly, with sales expense ratio decreasing by 2.7 percentage points year-on-year [2] - The projected total revenue for 2024 is 15.794 billion yuan, representing a year-on-year growth of 30.41% [1][2] - The projected net profit for 2024 is 1.356 billion yuan, indicating a year-on-year growth of 34.65% [1][2]

华福证券 春风动力（603129.SH） 24Q3 点评：Q3 业绩再超预期，期待新品催化 事件：公司发布 24Q3 业绩，前三季度实现营收 114.50 亿元，同比+21.98%； 归母净利润为 10.81 亿元，同比+34.87%；扣非归母净利润 10.50 亿元，同 比+36.74%。单季度来看，24Q3 营收 39.21 亿元，同比+36.11%；归母净利 润为 3.73 亿元，同比+48.95%；扣非归母净利润 3.63 亿元，同比+46.62%。 四轮车：低基数下实现明显修复，看好新品持续贡献增量 根据摩托车协会数据，7-8 月公司四轮沙滩车出货量 2.98 万台， 同比+28%，8 月公司发布重磅 U/Z 系列全地形车新品，产品配置升级、 产品力大幅提升，有望带动四轮车产品结构优化、盈利能力改善。 燃油两轮：内销旺季保持高景气，出口增速略有放缓 根据摩托车协会数据，7-8 月公司燃油摩托车销量 4.18 万台，同 比+55%，>250cc 销量 2.5 万台，同比+58%。出口方面，7-8 月公司摩 托车出口量 1.38 万台，同比+12%，Q3 摩托车出口增速放缓，预计主 要受欧洲产品标准切换 ...

Investment Rating - The report maintains an "Outperform" rating for Chuanfeng Power (603129.SH) [3][18] Core Views - Chuanfeng Power's revenue for Q3 2024 reached 3.92 billion yuan, a year-on-year increase of 36.1%, while net profit attributable to shareholders was 370 million yuan, up 48.9% year-on-year [1][5] - The company is experiencing rapid growth in its motorcycle business and steady performance in the all-terrain vehicle (ATV) segment, with a focus on high-end products and international expansion [1][10] - The introduction of new high-end products is expected to enhance competitiveness in the ATV market and drive growth in motorcycle exports [1][10][16] Financial Performance - For H1 2024, Chuanfeng Power sold 81,400 ATVs, generating revenue of 3.532 billion yuan, a slight decline of 1.55% year-on-year [1][5] - Domestic motorcycle sales reached 68,000 units with revenue of 1.446 billion yuan, a year-on-year increase of 38.25% [1][5] - The company achieved overseas motorcycle sales of 85,800 units, with revenue of 1.802 billion yuan, marking a 45.07% increase year-on-year [1][5] Profitability and Cost Management - The company's gross margin for Q3 2024 was 31.6%, with a net profit margin of 9.7% [1][8] - Cost management strategies, including inventory reduction and expense control, have contributed to improved profitability [1][8] Product Development and Market Strategy - Chuanfeng Power is entering a new product cycle with several high-performance ATV models launched in 2024, enhancing its product matrix [10][11] - The company plans to continue releasing popular motorcycle models, leveraging its strong sales network and brand recognition [15][16] - The expansion into overseas markets, particularly in North America and Europe, is expected to provide long-term growth opportunities [16][18] Earnings Forecast and Valuation - The report has adjusted the profit forecast for 2024, 2025, and 2026, expecting net profits of 1.371 billion, 1.699 billion, and 2.102 billion yuan respectively [18] - The projected earnings per share for the same years are 9.06, 11.22, and 13.88 yuan, with corresponding price-to-earnings ratios of 17, 13, and 11 times [18]

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's revenue and net profit showed significant growth in the first three quarters of 2024, with revenue reaching 11.45 billion yuan, a 22.0% year-on-year increase, and net profit attributable to shareholders reaching 1.081 billion yuan, a 34.9% year-on-year increase [3] - The large-displacement motorcycle market and export market remain highly prosperous, with sales of motorcycles above 250cc increasing by 39.82% year-on-year and motorcycle exports growing by 27.19% year-on-year [3] - The company's expense ratios decreased, with sales/management/R&D expense ratios dropping by 2.9/0.3/0.3 percentage points respectively, totaling a 3.5 percentage point reduction [3] - The company released a stock option incentive plan and an employee stock ownership plan, with performance targets set for 2024-2026 [3] Financial Performance - Revenue for 2024-2026E is forecasted to be 14.485/17.169/20.458 billion yuan, with year-on-year growth rates of 19.61%/18.53%/19.16% [3] - Net profit attributable to shareholders for 2024-2026E is projected to be 1.344/1.683/2.069 billion yuan, with year-on-year growth rates of 33.41%/25.21%/22.94% [3] - EPS for 2024-2026E is expected to be 8.88/11.11/13.66 yuan, with corresponding P/E ratios of 17.50/13.98/11.37X [3] Industry Analysis - The motorcycle industry saw a 11.31% year-on-year increase in sales of fuel motorcycles, with 12.2711 million units sold in the first nine months of 2024 [3] - The export market for motorcycles remained strong, with 8.115 million units exported in the first nine months of 2024, a 27.19% year-on-year increase [3] Company Valuation - The company's current price is 155.38 yuan, with a 52-week price range of 78.47-180.14 yuan [3] - The company's market capitalization is 23.52948 billion yuan, with a total share capital of 151.4319 million shares [3] - The company's ROE is expected to be 20%/23%/24%/24% for 2023A/2024E/2025E/2026E [6] - The company's P/E ratios are forecasted to be 15.26/17.50/13.98/11.37X for 2023A/2024E/2025E/2026E [6]

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 11.45 billion yuan, up 21.98% YoY, and net profit of 1.081 billion yuan, up 34.87% YoY [2] - Sales net profit margin remains at a historically high level, with a gross margin of 31.57% and net margin of 9.74% in Q3 2024 [2] - Order backlog remains strong, with contract liabilities of 243 million yuan, up 56.20% YoY [2] - Optimized product structure in the all-terrain vehicle segment, with high-value U/Z series products increasing from 59% in 2018 to 65% in 2023 [3] - The company is expected to benefit from the cyclical recovery in the North American market and accelerated overseas capacity expansion [3] Financial Performance - Revenue is expected to grow from 15.085 billion yuan in 2024E to 21.558 billion yuan in 2026E, with a CAGR of 18.72% [4] - Net profit is forecasted to increase from 1.362 billion yuan in 2024E to 2.113 billion yuan in 2026E, with a CAGR of 24.50% [4] - EPS is projected to rise from 8.99 yuan in 2024E to 13.95 yuan in 2026E [4] - ROE is expected to improve from 17.06% in 2024E to 22.94% in 2026E [4] Valuation Metrics - PE ratio is forecasted to decline from 17.28x in 2024E to 11.14x in 2026E [4] - PB ratio is expected to decrease from 2.95x in 2024E to 2.55x in 2026E [4] - EV/EBITDA is projected to drop from 10.6x in 2024E to 5.7x in 2026E [5] Industry Outlook - The global all-terrain vehicle market reached 955,000 units in 2023, with North America accounting for 84.3% of sales [3] - The company has successfully broken into the historically oligopolistic market, with the top 5 players previously controlling over 80% of the market [3] - The company is well-positioned to capitalize on the cyclical recovery in the North American market and accelerate market penetration [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 190.6 CNY per share, maintaining the rating [4][5]. Core Views - The company reported a revenue of 11.45 billion CNY for Q3 2024, representing a year-on-year increase of 21.98%, and a net profit of 1.08 billion CNY, up 34.87% year-on-year [2][4]. - The company continues to experience high growth driven by four core growth logic factors: improvement in product structure for all-terrain vehicles, a new product cycle for mid-to-large displacement motorcycles, accelerated overseas expansion of mid-to-large displacement motorcycles, and gradual development of the electric two-wheeler business [5][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 3.92 billion CNY, a year-on-year increase of 36.11%, while the gross margin was 31.57%, a decrease of 2.10 percentage points year-on-year [4][3]. - The net profit attributable to shareholders for Q3 2024 was 373 million CNY, reflecting a year-on-year increase of 48.95% [4][3]. Growth Drivers - The company has become the market leader in the European ATV sector and is expanding into higher-value UTV and SSV products, with four new models launched in August 2024 [5][4]. - The domestic market for mid-to-large displacement motorcycles is entering a new product cycle, with several potential blockbuster models expected to enhance market share [5][4]. - The company has seen significant growth in overseas sales, with 85,800 units exported in H1 2024, a year-on-year increase of 45.07% [5][4]. - The electric two-wheeler segment is also gaining traction, with new high-end models launched and a significant increase in domestic and international channel expansion [5][4]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are 1.43 billion CNY, 1.80 billion CNY, and 2.41 billion CNY, respectively, with corresponding PE ratios of 15.7, 12.5, and 9.3 [7][8]. - The company’s revenue is expected to grow from 15.39 billion CNY in 2024 to 23.17 billion CNY in 2026, indicating a strong growth trajectory [7][8].