➢ 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 ...

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 日召开了 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 2025 年度向银行申请授信额度的议案》。现将相关事项公告如下： 鉴于公司及子公司经营规模进一步扩大，为满足公司及子公司生产经营和业 务发展的需求，简化审批手续，提高经营效率，根据公司业务发展状况，2025 年公司及子公司拟向各家银行申请总额不超过人民币 80 亿元的综合授信额度， 包括但不限于流动资金贷款、固定资产贷款、项目贷款、承兑汇票、保函、信用 证、票据贴现、资产池、金融衍生品等综合业务。上述向银行申请综合授信额度 的有效期为自公司 2024 年年度股东大会审议通过之日起至次年年度股东大会就 此事项做出新的决议为止。具体合作的金融机构及最终融资金额、形式后续将与 有关银行等金融机构进一步协商确定，并以正式签署的协议为准。 证券代码：603129 证券简称：春风动力 公告编号：2025-025 浙江春风动力股份有限公司 关于 ...

浙江春风动力股份有限公司 董事会审计委员会 2024 年度履职情况报告 根据《公司法》《上市公司治理准则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等相关法律法规，以及浙江春风动力股份有限公司（以 下简称"公司"）《公司章程》《董事会审计委员会实施细则》等相关规章制度的要 求，公司董事会审计委员会 2024 年度勤勉尽责，认真履行了相关职责。 现就审计委员会 2024 年度的履职情况汇报如下： 一、审计委员会基本情况 报告期内公司董事会进行了换届，换届前公司第五届董事会审计委员会由独 立董事任家华先生、唐国华先生以及董事邓高亮先生组成，召集人由会计专业独 立董事任家华先生担任。换届后公司第六届董事会审计委员会由独立董事任家华 先生、唐国华先生以及董事赖国贵先生组成，召集人由会计专业独立董事任家华 先生担任。 报告期内，上述审计委员会委员凭借丰富的行业经验及专业审计、财会知识， 在监督及评估外部审计机构工作、监督及评估内部审计工作、审阅公司财务报告 等方面向董事会提出了专业意见，在公司审计与风险管理等方面发挥了重要作用。 各审计委员会委员情况如下： 任家华：男，1971 年生，中国国籍，无境 ...