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） ...

Summary of Conference Call on Motorcycle Industry Company and Industry Involved - The conference call focused on the motorcycle industry, specifically discussing the company Chunfeng (春风). Core Points and Arguments 1. **Market Valuation and Growth Potential** Chunfeng's target market valuation for 2025 is projected to reach 39 billion, indicating a potential growth of 35% [1] 2. **High Growth Segments** - The first high growth segment is motorcycle exports, with a target of 500,000 units for the current year [2] - The second high growth segment is the company's two-wheeled electric vehicle business, which has significant long-term potential [2] 3. **Valuation Methodology** A distributed valuation method was employed, considering various segments including four-wheeled vehicles in the US, motorcycle exports, domestic sales, and electric vehicles. The estimated valuation floor is 26 billion, indicating a strong safety margin [3] 4. **Market Demand Analysis** The overseas market for motorcycles is substantial, with Europe accounting for 1.12 million units and Asia (including Southeast Asia and India) contributing approximately 1.3 million units [4] - The North American market is estimated to have around 550,000 units, while South America adds another 600,000 units [4] 5. **Export Market Characteristics** The overseas market is characterized as a pure non-US export market, with a focus on Europe and Latin America. Current market share for domestic brands in overseas markets is less than 5% [5] 6. **Product Segmentation** The overseas market for motorcycles shows that 250cc to 500cc models account for 20% of demand, while 500cc to 1000cc models represent over 50% of total demand [6] - Chunfeng's current exports primarily consist of 450cc models, which only capture 20% of the overseas market [6] 7. **Upcoming Industry Data** Industry data is expected to be released on April 15, which is anticipated to be a significant catalyst for the market [7] 8. **Electric Vehicle Business Growth** The electric vehicle segment is prioritized by the company, with a target of 500,000 units and a projected 400% year-on-year growth for 2025 [7] - Expected revenue for this segment is around 1.5 billion, translating to a market valuation of 7.5 billion [8] 9. **Impact of Tariffs** Concerns regarding tariffs on four-wheeled vehicles have been noted, but the company plans to shift production to Thailand to mitigate potential impacts [9] - The Thai facility is expected to have an annual capacity of 50,000 units and currently operates under a zero-tariff status [9] 10. **Profit Projections** For 2025, profit estimates are around 1.8 billion, with a target market valuation of 36 billion. The US four-wheeled vehicle segment is projected to contribute approximately 580 million in profit [11] 11. **Long-term Market Trends** The large displacement motorcycle market has shown consistent growth, maintaining an annual growth rate of over 30% for the past five years [14] - Current domestic demand is significantly lower than in Japan, indicating room for growth [14] 12. **Valuation Safety Margin** The safety margin for the company is considered robust, with a valuation floor of 26 billion even when excluding key segments [15] 13. **Successful Brand Expansion** The company's brand Uji has successfully penetrated the overseas market, particularly in the 800cc and above segment, capturing a significant share [16] 14. **Valuation Metrics** The overall valuation metrics indicate that the company is undervalued, with a projected market cap of 94 billion, including 6 billion in cash [17] Other Important but Overlooked Content - The discussion highlighted the competitive landscape, noting that competitors like Polaris and Bombardier also face pressure from potential tariff increases [10] - The company is expected to maintain a growth trajectory in the high displacement motorcycle segment, which is still expanding [14] - The strategic shift to Thailand for production is seen as a proactive measure to ensure continued growth despite external pressures [9]

Summary of Conference Call Notes Industry and Company Involved - The discussion primarily revolves around the **robotics sector** and **export chain** companies, with specific mentions of **Chunfeng Power**, **Juxing Technology**, and **Honghua Shuke**. Core Points and Arguments 1. **Export Chain Adjustment**: The export chain has experienced a price adjustment since February 11, attributed to two main factors: - Trump's additional 10% tariffs on China, which the market has reacted to - Potential further tariffs from other countries on China, causing market concern [1] 2. **Company Performance**: - **Chunfeng Power** is projected to achieve a net profit of approximately **1.8 billion** in 2025, with a PE ratio of around **15 times**, indicating a safe investment opportunity [2] - **Juxing Technology** is expected to reach a net profit of about **3 billion** in 2025, with a PE ratio slightly above **11 times**, also considered a strong investment [2] 3. **Market Sentiment**: The overall sentiment in the export sector is influenced by domestic demand and capital flow from other sectors, leading to significant adjustments in stock prices [1] 4. **Honghua Shuke's Position**: Despite market skepticism regarding the digital printing industry's penetration rate, it is believed that the industry is still in a growth phase, with strong order and sales performance [4] 5. **Robotics Sector Rotation**: The robotics sector is experiencing rapid rotation, moving from initial focus areas to broader industry chains, with notable interest in **Zhiyuan Chain** and **Xiaomi Chain** [5] 6. **Upcoming Catalysts**: Anticipated product launches from **Zhiyuan** and **Xiaomi** are expected to drive market interest, with specific companies like **Hanwei Technology** and **Hengli Pressure** highlighted as potential beneficiaries [6] Other Important but Overlooked Content - The discussion emphasizes the importance of tracking monthly order situations for various companies within the export chain, indicating a proactive approach to monitoring market dynamics [6] - The mention of **Anhui Heli** and **Hangcha** as companies with some exposure to robotics, suggesting a broader interest in the sector beyond the main highlighted companies [4]

Core Insights - Chunjun Power (春风动力) reported a revenue of 15.04 billion yuan for 2024, marking a year-on-year increase of 24.2% and a net profit of 1.47 billion yuan, up 46.1% [1][2] - The company plans to invest 3.5 billion yuan to establish a production base with an annual capacity of 3 million sets of motorcycles, electric vehicles, and core components [1][3] Financial Performance - In 2024, Chunjun Power achieved a net profit of 1.47 billion yuan, with a non-recurring net profit of 1.44 billion yuan, reflecting increases of 46.1% and 48.5% respectively [1] - For Q1 2024, the company reported revenues of 4.25 billion yuan, a year-on-year growth of 38.86%, and a net profit of 415 million yuan, up 49.6% [2] Business Segments - The all-terrain vehicle (ATV) segment generated sales revenue of 7.21 billion yuan, an increase of 10.85% year-on-year, driven by optimized product structure and marketing strategies [1] - Motorcycle sales reached 290,000 units, generating revenue of 6.037 billion yuan, reflecting a year-on-year growth of 37.14% [1] Electric Vehicle Growth - The electric vehicle segment, under the brand Jikong, saw exponential growth with sales surpassing 100,000 units and revenue reaching 397 million yuan, a staggering increase of 414.15% [2] - Jikong's market expansion included a 1489% increase in channel numbers, covering over 30 countries and regions, enhancing brand recognition [2] Industry Trends - The motorcycle industry in China is experiencing significant growth, with total exports reaching 11.0163 million units in 2024, a year-on-year increase of 26.72% [3] - The electric two-wheeler market is projected to grow at a compound annual growth rate (CAGR) of 7% from 2023 to 2028, with expected sales reaching 84 million units by 2028 [4]

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 ...