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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 202.90 [5][8]. Core Insights - The company reported a net profit of RMB 3.7 billion in Q3, exceeding expectations with a year-on-year growth of 49% [1][3]. - The total revenue for the first three quarters reached RMB 11.45 billion, reflecting a year-on-year increase of 22% [1]. - The company is optimistic about the growth potential in both domestic and export markets for two-wheeled and four-wheeled vehicles [1][2]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of RMB 39.2 billion, a year-on-year increase of 36.1%, but a quarter-on-quarter decline of 12.2% due to seasonal fluctuations and changes in European emission standards [2]. - The gross margin improved by 0.8 percentage points to 31.6% in Q3, attributed to product mix adjustments [3]. - The company’s Q3 net profit reached RMB 3.7 billion, a year-on-year increase of 48.9% [3]. Sales and Market Outlook - The company sold 55,000 motorcycles in July and August, marking a 93% year-on-year increase, with 25,000 units being high-displacement motorcycles [2]. - The company anticipates improved performance in Q4 for two-wheeled exports as it completes Euro 5+ certification [2]. Employee Incentives - The company announced a new stock option incentive plan for 2024, aiming to grant 3.55 million options to 1,310 core management and technical personnel, with revenue targets set for 2024 and beyond [4]. Valuation and Forecast - The report projects net profits for 2024, 2025, and 2026 to be RMB 1.36 billion, RMB 1.70 billion, and RMB 2.09 billion respectively, with a PE ratio of 18.1 for 2025 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][9]. Core Views - The company's performance has exceeded expectations, driven by increased sales scale and a significant reduction in sales and management expense ratios [4]. - The company is expected to benefit from the strong potential of several new vehicle models, which are anticipated to drive sales growth in 2024 and 2025 [5]. Summary by Relevant Sections Financial Performance - In Q3 2024, the company achieved revenue of 39.21 billion RMB, a year-on-year increase of 36.11%, and a net profit of 3.73 billion RMB, up 48.95% year-on-year [4]. - For the first three quarters of 2024, revenue reached 114.5 billion RMB, growing by 21.98%, with a net profit of 10.81 billion RMB, reflecting a 34.87% increase [4]. - The gross profit margin for Q3 2024 was 31.57%, slightly down from the previous year, while the net profit margin improved to 9.74% [4]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are 153.36 billion RMB, 187.60 billion RMB, and 217.38 billion RMB, respectively [5]. - The forecasted net profits for the same years are 13.51 billion RMB, 17.48 billion RMB, and 21.39 billion RMB, respectively [5]. - The company’s diluted earnings per share are expected to rise from 8.919 RMB in 2024 to 14.127 RMB in 2026 [3]. Key Financial Ratios - The company’s return on equity (ROE) is projected to increase from 20.00% in 2023 to 22.93% in 2026 [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 15.27 in 2023 to 10.59 in 2026, indicating potential undervaluation [3]. Market Position and Growth Drivers - The company has seen significant growth in both domestic and international sales, with two-wheeler sales increasing by 74% and 115% in July and August 2024, respectively [4]. - New models such as 675SR, Z10, and U10PRO are expected to contribute significantly to sales growth towards the end of 2024 and into 2025 [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [5] - The target price is set at 189.13 CNY, unchanged from the previous forecast [5] Core Insights - The company's Q3 2024 performance is strong, driven by new product cycles in both two-wheeled and four-wheeled segments, with sales growth supported by both domestic and export markets [3][10] - Revenue for the first nine months of 2024 reached 11.45 billion CNY, a year-on-year increase of 21.98%, while net profit attributable to shareholders was 1.081 billion CNY, up 34.87% [10] - The company reported a Q3 2024 revenue of 3.92 billion CNY, reflecting a 36.11% year-on-year increase, although it decreased by 12.23% quarter-on-quarter [10] Financial Performance Summary - Q3 2024 gross margin was 31.57%, a decrease of 2.1 percentage points year-on-year but an increase of 0.75 percentage points quarter-on-quarter [10] - The net profit margin for Q3 2024 was 9.74%, an increase of 0.64 percentage points year-on-year [10] - The company’s operating expenses have improved, with sales, management, and R&D expense ratios at 8.53%, 3.27%, and 6.95% respectively, showing year-on-year reductions [10] Product and Market Dynamics - The company continues to enhance its product structure, with the 450 series products performing exceptionally well and new platforms set to launch in 2024-2025 [10] - The four-wheeled market is stabilizing, and the company is benefiting from an upgraded product structure, which lays a solid foundation for revenue and performance [10] - The company is expanding its product range in the new energy sector and strengthening its channel development, gradually entering a harvest period [10] Financial Forecast - The company’s EPS forecasts for 2024-2026 are 9.03 CNY, 11.19 CNY, and 13.67 CNY respectively, with a corresponding PE ratio of 21 times for 2024 [10][11] - Revenue projections for 2024, 2025, and 2026 are 14.67 billion CNY, 17.60 billion CNY, and 20.77 billion CNY, reflecting growth rates of 21.1%, 20.0%, and 18.0% respectively [11]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 149.62 CNY per share on October 17, 2024, corresponding to a PE ratio of 16/12/10 for the years 2024-2026 [3]. Core Insights - The company reported a strong performance in Q3 2024, with revenue of 3.92 billion CNY, a year-on-year increase of 36.1%, and a net profit of 370 million CNY, up 48.9% year-on-year, exceeding market expectations [1]. - The growth in revenue is attributed to the upward trend in both domestic and international sales of mid-to-large displacement motorcycles and a recovery in demand for all-terrain vehicles [1]. - The company is experiencing a significant increase in market share in the mid-to-large displacement motorcycle segment, achieving a sales volume of 100,000 units from January to August 2024, a year-on-year increase of 86.0% [1]. - The introduction of new high-performance all-terrain vehicle models in the North American market is expected to further enhance market share and growth potential [1]. - A stock option incentive plan has been introduced to attract and retain key talent, with performance targets set for revenue growth over the next few years [1]. Financial Summary - The company forecasts revenues of 15.28 billion CNY, 19.59 billion CNY, and 23.97 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.4 billion CNY, 1.84 billion CNY, and 2.3 billion CNY [2][5]. - The projected EPS for the same years is 9.26 CNY, 12.14 CNY, and 15.16 CNY, indicating a strong growth trajectory [2][5]. - The financial metrics show a consistent improvement in profitability, with net profit margins expected to rise from 8.32% in 2023 to 9.58% in 2026 [5].

Revenue and Profit Growth - Revenue for the third quarter reached RMB 3,921,198,075.24, a year-on-year increase of 36.11%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 372,503,714.11, up 48.95% year-on-year[2] - The increase in revenue and net profit was mainly driven by sales growth and a decrease in the expense ratio[6] - Total operating revenue for the first three quarters of 2024 reached RMB 11.45 billion, a 22% increase compared to RMB 9.39 billion in the same period of 2023[13] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was RMB 1.08 billion, up 34.9% year-on-year from RMB 801.72 million[14] - The company's operating profit for the first three quarters of 2024 was RMB 1.22 billion, a 35% increase from RMB 907.29 million in the same period of 2023[13] Asset and Equity Growth - Total assets as of the end of the reporting period increased by 31.02% compared to the end of the previous year, reaching RMB 13,513,308,169.71[3] - Total equity attributable to shareholders of the listed company increased by 14.97% compared to the end of the previous year, reaching RMB 5,792,971,600.30[3] - Total assets increased to 13,513,308,169.71 RMB as of September 30, 2024, compared to 10,313,748,347.15 RMB at the end of 2023[10] - The company's total assets reached RMB 13.51 billion by the end of Q3 2024, a 31% increase from RMB 10.31 billion at the end of Q3 2023[12] - Total equity attributable to the parent company's shareholders reached RMB 5.79 billion by the end of Q3 2024, a 15% increase from RMB 5.04 billion at the end of Q3 2023[11] Cash Flow and Liquidity - Operating cash flow for the first three quarters of 2024 was RMB 2,246,204,215.40, a 68.00% increase year-on-year[2] - Current assets rose to 10,795,146,394.42 RMB, up from 7,708,853,964.23 RMB at the end of 2023[10] - Cash and cash equivalents grew to 6,425,623,210.44 RMB, a significant increase from 4,506,412,538.81 RMB at the end of 2023[10] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was RMB 11,052,967,496.67, a 20.6% increase compared to RMB 9,164,696,501.61 in the same period of 2023[16] - Total cash inflow from operating activities for the first three quarters of 2024 was RMB 11,822,834,422.31, up 20.1% from RMB 9,847,108,110.56 in the same period of 2023[16] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 2,246,204,215.40, a 68% increase compared to RMB 1,337,034,459.80 in the same period of 2023[16] - The net increase in cash and cash equivalents for the first three quarters of 2024 was RMB 1,732,964,071.19, a 237.4% increase from RMB 513,537,227.65 in the same period of 2023[17] - The ending balance of cash and cash equivalents as of September 2024 was RMB 6,145,194,154.64, a 36.1% increase from RMB 4,514,113,310.72 in September 2023[17] Earnings and Shareholder Metrics - Basic earnings per share for the third quarter were RMB 2.46, up 47.31% year-on-year[2] - Weighted average return on equity (ROE) for the third quarter was 6.64%, an increase of 1.45 percentage points[2] - Basic earnings per share for the first three quarters of 2024 was RMB 7.16, up 34.1% from RMB 5.34 in the same period of 2023[14] - The company's comprehensive income for the first three quarters of 2024 was RMB 979.12 million, a 15.2% increase from RMB 850.10 million in the same period of 2023[14] Liabilities and Expenses - Total liabilities as of Q3 2024 stood at RMB 7.55 billion, a 46.7% increase from RMB 5.14 billion at the end of Q3 2023[11] - Current liabilities increased, with accounts payable reaching 3,231,422,350.41 RMB, up from 2,244,939,376.37 RMB at the end of 2023[10] - Notes payable grew to 3,196,570,000.00 RMB, compared to 1,928,100,000.00 RMB at the end of 2023[10] - Contract liabilities increased to 243,395,166.48 RMB, up from 159,231,067.95 RMB at the end of 2023[10] - R&D expenses increased by 17.5% to RMB 730.56 million in the first three quarters of 2024, compared to RMB 621.98 million in the same period of 2023[13] - Sales expenses decreased by 7.2% to RMB 1.06 billion in the first three quarters of 2024, compared to RMB 1.15 billion in the same period of 2023[13] Non-Recurring Items and Shareholder Information - Non-recurring gains and losses for the third quarter amounted to RMB 9,817,561.15, primarily due to government subsidies and asset disposal gains[4][5] - The top shareholder, Chunfeng Holding Group Co., Ltd., holds 45,000,808 shares, representing a significant portion of the company's equity[8] - The second-largest shareholder, Chongqing Chunfeng Investment Co., Ltd., holds 12,661,734 shares[8] Investment and Financing Activities - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 290,858,650.89, an improvement from negative RMB 666,571,250.47 in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 226,004,329.99, compared to negative RMB 195,725,595.28 in the same period of 2023[17] Employee Compensation - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 1,167,124,996.25, a 29.7% increase from RMB 899,813,256.58 in the same period of 2023[16]

证券代码：603129 证券简称：春风动力 公告编号：2024-063 浙江春风动力股份有限公司 第五届董事会第十九次会议决议公告 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。 表决结果为：9 票同意，0 票反对，0 票弃权，0 票回避，符合《公司法》和 《公司章程》的规定，予以通过。 特此公告。 浙江春风动力股份有限公司 董事会 二、董事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《浙江春风动力股份有限公司 2024 年第三季度报告》 公司 2024 年第三季度报告真实、准确、完整地反映了公司财务状况和经营 成果。公司 2024 年第三季度报告所载资料不存在任何虚假记载、误导性陈述或 重大遗漏，董事会对其内容的真实性、准确性和完整性承担法律责任。本议案已 经公司第五届董事会审计委员会审议，并提出明确同意的意见。具体内容详见公 司于同日在上海证券交易所网站 www.sse.com.cn 及指定信息披露媒体披露的《春 风动力 2024 年第三季度报告》。 一、董事会会议召开情况 浙江春风动力股份有限 ...

浙江春风动力股份有限公司 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。 第五届监事会第二十次会议决议公告 一、监事会会议召开情况 浙江春风动力股份有限公司（以下简称"公司"）第五届监事会第二十次会议 的会议通知已于 2024 年 10 月 12 日以通讯方式发出，并于 2024 年 10 月 17 日以 现场结合通讯会议方式召开（现场会议地址：浙江春风动力股份有限公司四楼 416 会议室，现场会议时间：2024 年 10 月 17 日 13:00 时）。会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席钱朱熙女士主持。会议的通知、召集、 召开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《公 司章程》等有关法律、法规的规定。 二、监事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《浙江春风动力股份有限公司 2024 年第三季度报告》 证券代码：603129 证券简称：春风动力 公告编号：2024-064 2、2024 年第三季度报告的内容和格式符合中国证监会和上海证券 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-062 浙江春风动力股份有限公司 关于 2024 年股票期权激励计划首次授予登记完成的公告 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。 重要内容提示： 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股权激 励管理办法》、上海证券交易所、中国证券登记结算有限责任公司上海分公司及 《浙江春风动力股份有限公司 2024 年股票期权激励计划》的有关规定，并经中 国证券登记结算有限责任公司上海分公司审核确认，浙江春风动力股份有限公司 （以下简称"公司"或"春风动力"）完成了 2024 年股票期权激励计划（以下简称"本 激励计划"）首次授予登记工作，现将有关情况公告如下： 一、公司 2024 年股票期权激励计划已经履行的决策程序和信息披露情况 1、2024 年 8 月 6 日，公司召开第五届董事会薪酬与考核委员会第十次会议， 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 ...

隐证券 汽车/摩托车及其他 全地形车及中大排量摩托国牌领军者，产品势能向上 春风动力（603129.SH） 2024 年 10 月 17 日 海外突围正当时 ——公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/16 | | 当前股价 ( 元 ) | 146.83 | | 一年最高最低 ( 元 ) | 180.14/78.47 | | 总市值 ( 亿元 ) | 222.35 | | 流通市值 ( 亿元 ) | 222.35 | | 总股本 ( 亿股 ) | 1.51 | | 流通股本 ( 亿股 ) | 1.51 | | 近 3 个月换手率 (%) | 60.33 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 春风动力 沪深300 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 | --- | --- | --- | |-------------------------------- ...