浙江春风动力股份有限公司 第五条 公司董事会秘书和证券事务代表均应遵守本细则的规定。 第二章 任职资格 第六条 担任公司董事会秘书，应当具有以下条件： （一）具有良好的职业道德和个人品质； （二）具备履行职责所必需的财务、管理、法律等专业知识； （三）具备履行职责所必需的工作经验； 董事会秘书工作细则 第一章 总则 第一条 为规范公司行为，明确董事会秘书的职责权限，根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司治理准则》《上海证券交易所股票上市规则》（以下简称"《上 市规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法 律法规和其他规范性文件及《浙江春风动力股份有限公司章程》（以下简称"《公 司章程》"）的规定，特制定本细则。 第二条 公司设董事会秘书一名，董事会秘书为公司的高级管理人员，对董 事会负责。法律、法规及《公司章程》对公司高级管理人员的有关规定，适用于 董事会秘书。 第三条 公司董事会在聘任董事会秘书的同时，应当聘任证券事务代表，协 助董事会秘书履行职责。 第四条 公司董事会秘书是公司与上海证券交易所之 ...

浙江春风动力股份有限公司 独立董事提名人声明与承诺 提名人浙江春风动力股份有限公司董事会,现提名张杰为浙江春 风动力股份有限公司第六届董事会独立董事候选人,并已充分了解被 提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失 信等不良记录等情况。被提名人已同意出任浙江春风动力股份有限公 司第六届董事会独立董事候选人(参见该独立董事候选人声明)。提 名人认为,被提名人具备独立董事任职资格,与浙江春风动力股份有 限公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有5年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定 (如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件 ...

Investment Rating - The report indicates a strong investment rating for Chuanfeng Power (603129.SH), highlighting its leadership in the all-terrain vehicle (ATV) market and significant growth in motorcycle sales [1][6]. Core Insights - Chuanfeng Power has demonstrated impressive financial performance, with a revenue increase of 22% year-on-year and a net profit growth of 36.7% in the third quarter [1][2]. - The company has a robust return on equity (ROE) exceeding 20%, significantly outperforming its peers [1][27]. - The report emphasizes the company's dual-driven strategy of research and development alongside sales, which has contributed to its market leadership [1][18]. Financial Performance Summary - **Revenue**: The company's revenue for the reporting period reached approximately 3.92 billion yuan, reflecting a year-on-year increase of 36.11%. Year-to-date revenue was about 11.45 billion yuan, up 21.98% from the previous year [2]. - **Net Profit**: The net profit attributable to shareholders was approximately 372.5 million yuan, a 48.95% increase year-on-year. The net profit after excluding non-recurring items was about 362.7 million yuan, up 46.62% [2]. - **Growth Trends**: From 2018 to 2023, the company's revenue grew from 2.55 billion yuan to 12.11 billion yuan, achieving a compound annual growth rate (CAGR) of 36.6% [3][4]. Business Segment Performance - **ATV Segment**: The ATV revenue was approximately 35.3 billion yuan, showing a slight year-on-year decline, while motorcycle revenue reached 32.5 billion yuan, marking a 42% increase [6][10]. - **Market Position**: Chuanfeng Power holds a leading position in the domestic and international ATV markets, with a 15.3% global market share and ranking first in exports among domestic brands [8][9]. - **Motorcycle Segment**: The company has become the top seller of large-displacement motorcycles in China, with significant growth in both domestic and international markets [12][13]. Research and Development - The company has maintained a research and development expense ratio above 5% since 2018, reaching 7.6% in 2023, indicating a strong commitment to innovation [18][20]. - Chuanfeng Power has implemented multiple stock option incentive plans to enhance employee motivation and align interests with company performance [15][16]. Cash Flow and Financial Health - The company has demonstrated strong cash flow management, with cumulative operating cash flow reaching 7.19 billion yuan since 2017 [30][31]. - As of the third quarter of 2024, the company reported cash and cash equivalents of approximately 6.43 billion yuan, representing 47.6% of total assets [32]. Dividend Policy - Chuanfeng Power has maintained a stable dividend payout ratio around 30%, with cumulative dividends of approximately 900 million yuan since its listing [32][33].

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]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [12]. Core Views - The company reported Q3 performance exceeding expectations, with revenue of 11.45 billion yuan for the first three quarters, a year-on-year increase of 21.98%, and a net profit of 1.08 billion yuan, up 34.87% year-on-year [1]. - The introduction of new products, particularly the U/Z series all-terrain vehicles, is anticipated to drive growth and improve profitability in the four-wheeled vehicle segment [2]. - The domestic market for fuel motorcycles remains strong, with sales increasing by 55% year-on-year, while export growth has slowed due to various external factors [3]. - The electric motorcycle segment is also expected to see rapid growth due to new product launches and channel expansion [4]. - A decrease in expense ratios contributed to an improvement in net profit margins, with a Q3 net profit margin of 9.7%, up 0.6 percentage points year-on-year [5]. Financial Summary - The company has adjusted its profit forecasts upwards, projecting net profits of 1.365 billion yuan, 1.734 billion yuan, and 2.084 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 36%, 27%, and 20% [6]. - The projected P/E ratios for 2024, 2025, and 2026 are 17x, 14x, and 11x respectively, indicating a favorable valuation outlook [6]. - Key financial metrics include a revenue growth rate of 27% for 2024 and a net profit growth rate of 36% for the same year [9].

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]