证券代码：603129 证券简称：春风动力 公告编号：2024-059 浙江春风动力股份有限公司 关于调整 2024 年股票期权激励计划 首次授予激励对象名单及权益授予数量的公告 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： 首次授予激励对象人数由 1,310 人调整为 1,308 人。 首次授予股票期权数量由 337.25 万份调整为 330.10 万份，预留授予股票 期权数量由 17.75 万份调整为 24.90 万份，拟授予总量不变。 浙江春风动力股份有限公司（以下简称"公司"）于 2024 年 9 月 11 日召开了 公司第五届董事会第十八次会议和第五届监事会第十九次会议，分别审议通过了 《关于调整 2024 年股票期权激励计划首次授予激励对象名单及权益授予数量的 议案》，具体情况说明如下： 一、公司 2024 年股票期权激励计划已经履行的决策程序 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 ...

会议以记名和书面的方式，审议了如下议案： （一）审议通过《关于调整 2024 年股票期权激励计划首次授予激励对象名 单及权益授予数量的议案》 经审查，监事会认为：公司对《浙江春风动力股份有限公司 2024 年股票期 权激励计划》（以下简称"《激励计划》"、"本次激励计划"）首次授予激励对象 名单及权益授予数量的调整符合《上市公司股权激励管理办法》（以下简称"《管 理办法》"）和本次激励计划的有关规定，调整程序合法合规，不存在损害公司 及全体股东利益的情况。 证券代码：603129 证券简称：春风动力 公告编号：2024-058 浙江春风动力股份有限公司 第五届监事会第十九次会议决议公告 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。 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"）全体监事同意豁免会议通知 时间要求，第五届监事会第十九次会议的会议通知已于 2024 年 9 月 10 日以通讯 方式发出，并于 2024 年 9 月 11 日以现场结合通讯会议方式召开。会议应出席监 事 3 名，实际出席监事 3 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-057 浙江春风动力股份有限公司 第五届董事会第十八次会议决议公告 一、董事会会议召开情况 会议以记名和书面的方式，审议了如下议案： 本次激励计划首次授予的激励对象人数由 1,310 人调整为 1,308 人，本次激 励计划拟首次授予的股票期权数量总额由 337.25 万份调整为 330.10 万份，本次 激励计划拟预留授予的股票期权数量总额由 17.75 万份调整为 24.90 万份，拟授 予总量不变。除上述调整外，公司本次实施的激励计划其他内容与公司 2024 年 第一次临时股东大会审议通过的激励计划一致。本议案已经公司第五届董事会薪 酬与考核委员会审议，并提出明确同意的意见。具体内容请详见公司于同日在上 海证券交易所官网上披露的相关公告。 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。 浙江春风动力股份有限公司（以下简称"公司"）全体董事同意豁免会议通知 时间要求，第五届董事会第十八次会议的会议通知已于 2024 年 9 月 10 日以通讯 方式发出，并于 2024 年 9 月 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-060 浙江春风动力股份有限公司 关于向 2024 年股票期权激励计划 激励对象首次授予股票期权的公告 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： 一、公司 2024 年股票期权激励计划授予股票期权情况 （一）公司 2024 年股票期权激励计划已经履行的决策程序 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司 2024 年股票期权 激励计划实施考核管理办法>的议案》、《关于核查公司 2024 年股票期权激励计 划首次授予激励对象名单的议案》等相关议案，与会委员一致同意将上述议案提 交董事会审议。 同日，公司召开第五届董事会第十六次会议和第五届监事会第十七次会议， 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 ...

上海君澜律师事务所 关于 浙江春风动力股份有限公司 调整 2024 年股票期权激励计划 及向激励对象首次授予股票期权 之 法律意见书 二〇二四年九月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于浙江春风动力股份有限公司 调整 2024 年股票期权激励计划 及向激励对象首次授予股票期权之 司本次调整及授予所涉及的标的股权价值、考核标准等方面的合理性以及会计、 审计等专业事项发表意见，本所及经办律师不具备对该等专业事项进行核查和 作出判断的合法资格。本所及经办律师在本法律意见书中对与该等专业事项有 关的报表、数据或对会计报告、审计报告等专业报告内容的引用，不意味着本 所及经办律师对这些引用内容的真实性、有效性做出任何明示或默示的保证。 法律意见书 致：浙江春风动力股份有限公司 上海君澜律师事务所（以下简称"本所"）接受浙江春风动力股份有限公 司（以下简称"公司"或"春风动力"）的委托，根据《上市公司股权激励管 理办法》（以下简称"《管理办法》"）及《浙江春风动力股份有限公司 2024 年股票期权激励计划》（以下简称"《激励计划》"或"本次激励计划"）的 规定，就春风动力调整本次激励计划及向激励对象首次 ...

深 度 研 究 报 告 ＃assAuthor＃ 公 司 研 究 | --- | --- | |--------------------|------------| | | | | 市场数据日期 | 2024-09-06 | | 收盘价（元） | 132.89 | | 总股本（百万股） | 151.43 | | 流通股本（百万股） | 151.43 | | 净资产（百万元） | 5438.32 | | 总资产（百万元） | 12339.9 | | 每股净资产 ( 元 ) | 35.91 | ＃相关报告 relatedReport＃ 《【兴证汽车】春风动力 24H1 业 绩点评：24Q2 业绩超预期，两 轮车表现靓丽》2024-08-16 《【兴证汽车】春风动力 2023 年 报及 2024 一季报点评：公司经 营边际改善，24Q1 业绩超预期》 2024-04-17 《【兴证汽车 戴畅团队】春风动 力 2023 年三季报点评：2023Q3 盈利能力改善，产品持续升级》 2023-11-04 ＃分析师： emailAuthor＃ 董晓彬 dongxiaobin@xyzq.com.cn S0190520080001 ...

| 账户名称 | 募集资金存储 | 账号 | 期末余额 | 账户性质 | | --- | --- | --- | --- | --- | | | 银行名称 | | （元） | | | 浙江春风动力 | 中国银行杭州 | 355880100176 | 17,335,477.49 | 活期存款 | | 股份有限公司 | 市余杭支行 | | | | | 浙江春风动力 | 中国银行杭州 | 398780091108 | 2.62 | 活期存款 | | 股份有限公司 | 市余杭支行 | | | | | 浙江春风动力 | 兴业银行杭州 | 357950100100359157 | 7,290,743.62 | 活期存款 | | 股份有限公司 | 临平支行 | | | | | 合 | 计 | - | 24,626,223.73 | - | 证券代码：603129 证券简称：春风动力 公告编号：2024-056 浙江春风动力股份有限公司 关于注销 2021 年非公开发行股票募集资金专户的公告 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。 一 ...

Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 132.89 yuan per share as of September 6, 2024 [1][3] Core Views - The company is positioned to become a global leader in the Powersport industry, driven by its dual focus on motorcycles and all-terrain vehicles (ATVs) [1] - The company's revenue and net profit have shown strong growth, with a CAGR of 27.4% and 37.1% respectively from 2013 to 2023 [1] - The domestic market for large-displacement motorcycles (>250cc) is expected to grow significantly, with penetration rates projected to increase from 8.6% in 2024H1 to 20% by 2030 [1] - The company's export strategy for large-displacement motorcycles is accelerating, with overseas sales expected to reach 60,000 units by 2030, representing a CAGR of 29.5% from 2023 [1] - The company is focusing on high-end ATV products in the North American market, with sales expected to grow from 190,000 units in 2025 to 273,000 units by 2030 [1] Motorcycle Market Analysis Domestic Market - The domestic market for large-displacement motorcycles (>250cc) is expected to grow, with penetration rates projected to increase from 8.6% in 2024H1 to 20% by 2030 [1] - The company's domestic market share for large-displacement motorcycles is expected to increase from 25% in 2025 to 30% by 2030, with sales reaching 300,000 units [1] - The company's electric motorcycle brand, ZEEHO, is expected to contribute significantly to growth, with sales increasing by 300.4% in 2024H1 [1] Export Market - The overseas market for large-displacement motorcycles (>250cc) is estimated to be 525,000 units in 2023, more than 10 times the domestic market [1] - The company's export sales of motorcycles reached 98,000 units in 2023 and 86,000 units in 2024H1, with a projected CAGR of 29.5% from 2023 to 2030 [1] - The company's competitive advantage in the export market lies in its product quality, cost-effectiveness, and extensive product lineup [1] All-Terrain Vehicle (ATV) Market Analysis - The global ATV market is estimated at 960,000 units in 2023, with high-end UTV products gaining market share [1] - The company is focusing on the North American market, with high-value products contributing to steady growth [1] - The company plans to launch high-performance ATV models in 2024H2, targeting the North American market [1] - ATV sales are expected to grow from 190,000 units in 2025 to 273,000 units by 2030, with a CAGR of 9.3% [1] Financial Projections - The company's revenue is projected to grow from 15.2 billion yuan in 2024 to 23.7 billion yuan in 2026, with a CAGR of 25.5% [1][2] - Net profit attributable to shareholders is expected to increase from 1.32 billion yuan in 2024 to 2.23 billion yuan in 2026, with a CAGR of 31.3% [1][2] - Earnings per share (EPS) are projected to grow from 8.74 yuan in 2024 to 14.75 yuan in 2026 [1][2] Industry Trends - The global motorcycle market is stable, with annual sales of around 50 million units, dominated by road motorcycles and scooters [54] - The Americas and Europe are key markets for motorcycles, with steady growth in demand [57] - Emerging markets like Turkey and Mexico are showing rapid growth in motorcycle sales, driven by economic factors and increased supply from Chinese manufacturers [58][60]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q2 2024 performance showed steady improvement with revenue reaching 4,468 million yuan, up 23.2% YoY and 45.96% QoQ, driven by strong demand for two-wheel motorcycles both domestically and internationally [2] - Net profit attributable to shareholders in Q2 2024 was 431 million yuan, up 26.35% YoY and 55.40% QoQ, with a gross margin of 30.82% [2] - The company's all-terrain vehicle (ATV) business remains stable, maintaining a leading position in exports with a 71.75% market share in the industry [3] - The two-wheel motorcycle business saw significant growth, with revenue reaching 3,248 million yuan in H1 2024, up 41.95% YoY, driven by the company's focus on user-centric product development and strong performance in the domestic large-displacement motorcycle market [3] - The company's electric two-wheelers entered the high-end market with a 300% YoY revenue increase [3] Financial Projections - Revenue is projected to grow from 14,500 million yuan in 2024E to 20,322 million yuan in 2026E, with a CAGR of 19.7% from 2024E to 2026E [1][3] - Net profit attributable to shareholders is expected to increase from 1,270 million yuan in 2024E to 1,942 million yuan in 2026E, with a CAGR of 23.4% [1][3] - EPS is forecasted to grow from 8.39 yuan in 2024E to 12.82 yuan in 2026E [1][3] - ROE is expected to remain stable at around 19% from 2024E to 2026E [1] Business Segments - The ATV business generated 3,532 million yuan in revenue in H1 2024, down 1.55% YoY, but maintained a strong export market share, particularly in the US and Europe [3] - The two-wheel motorcycle business achieved 3,248 million yuan in revenue in H1 2024, up 41.95% YoY, with the company leading the domestic market for motorcycles over 250cc [3] Valuation Metrics - The company's P/E ratio is expected to decline from 16.2x in 2024E to 10.6x in 2026E, indicating potential undervaluation [1] - The P/B ratio is projected to decrease from 3.2x in 2024E to 2.1x in 2026E [1] Financial Ratios - The company's gross margin is expected to remain stable at around 33% from 2024E to 2026E [5] - Net margin is forecasted to improve from 9.1% in 2024E to 10.0% in 2026E [5] - ROIC is projected to increase from 12.4% in 2024E to 13.7% in 2026E [5] Cash Flow and Balance Sheet - Operating cash flow is expected to grow from 1,743 million yuan in 2024E to 2,491 million yuan in 2026E [6] - The company's total assets are projected to increase from 13,366 million yuan in 2024E to 18,448 million yuan in 2026E [5] - The debt-to-equity ratio is expected to decline from 61.9% in 2024E to 59.4% in 2026E [6]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company is a leader in both two-wheel and four-wheel vehicles, benefiting from changes in domestic and international consumption structures [2] - The company has been deepening its global market layout, with revenue and profit growing at a CAGR of +36.61% and +52.98% respectively from 2018 to 2023 [2] - The company's product portfolio is continuously improving, with high-value U/Z series products accounting for 65% of sales in 2023, up from 10.4% in 2016 [2] - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] Business Overview - The company is a domestic leader in all-terrain vehicles (ATVs) and medium-to-large displacement motorcycles, with ATVs accounting for 54% of revenue and motorcycles for 37% in 2023 [2] - The company has a well-established product portfolio, including ATVs, UTVs, and SSVs, catering to various market demands [19] - The company has been expanding its global presence, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] Market Performance - In 2023, the company achieved revenue of 12.11 billion yuan, a year-on-year increase of 6.44%, with a CAGR of 36.61% from 2018 to 2023 [23] - Net profit in 2023 reached 1.008 billion yuan, a year-on-year increase of 43.65%, with a CAGR of 52.98% from 2018 to 2023 [23] - The company's gross profit margin for ATVs and motorcycles reached 39.52% and 24.64% respectively in 2023, showing significant improvement [25] Product Development - The company has been optimizing its product structure, with high-value U/Z series products accounting for 65% of ATV sales in 2023, up from 10.4% in 2016 [2] - The company has been launching new products, such as the CFORCE 1000T and ZFORCE 950 Sport 4, which offer competitive advantages in terms of performance and pricing [48][49] - The company has been expanding its product line, with new models like the UFORCE U10 PRO and ZFORCE Z10, which are expected to drive future growth [46] Global Expansion - The company has been deepening its global market layout, with overseas revenue accounting for 60% of total revenue, primarily from North America and Europe [26] - The company has established manufacturing bases in Thailand and Mexico, which have helped reduce tariff pressures and improve competitiveness [21] - The company has over 4,000 global retail and dealer outlets, with more than 1,700 overseas channels for motorcycles [3] Financial Projections - The company is expected to achieve net profits of 1.375 billion, 1.682 billion, and 2.123 billion yuan in 2024-2026, with year-on-year growth rates of 36.44%, 22.35%, and 26.24% respectively [3] - The company's revenue is projected to grow to 15.085 billion, 18.158 billion, and 21.558 billion yuan in 2024-2026, with year-on-year growth rates of 24.56%, 20.37%, and 18.72% respectively [3] Industry Trends - The global ATV market is expected to reach 19.32 billion USD by 2030, with a CAGR of 9.14% from 2020 to 2030 [34] - The global motorcycle market is projected to reach 172.8 billion USD by 2029, with a CAGR of 3.5% from 2014 to 2029 [52] - The Chinese motorcycle market has been recovering post-pandemic, with sales reaching 19.13 million units in 2022, a recent high [53]