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].

春风动力（603129.SH） 摩托车及其他 证券研究报告/公司点评报告 2024 年 11 月 01 日 执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn 相关报告 1、《【中泰汽车】春风动力 24 中报 点评：全地形车业务稳健发展，二轮 摩托车领航破局》2024-09-05 2、《春风动力系列深度：高端全地 形及中大排量二轮摩托车自主龙头， 经营周期拐点&海外拓展助成长提 速》2024-07-14 报告摘要 事件。公司发布 24Q3 季报，24Q3 实现营收 39.2 亿，同环比+36.1%/-12.2%，归母 净 利 润 3.73 亿 ， 同 环 比 +49.0%/-13.6% ， 扣 非 归 母 净 利 润 3.63 亿 ， 同 环 比 +46.6%/-12.6%。 下游需求推动营收稳步增长，促盈利持续超预期。公司发布 24Q3 季报，24Q3 实现 营收 39.2 亿，同环比+ ...

春风动力(603129)2024年三季报点评 24Q3 营收增长加速,利润超预期 事项: � 公司发布 2024年三季报,24Q3 实现营收 39.2 亿元,同比+36.1%;实现归母 净利润 3.7 亿元,同比+48.95%;实现扣非归母净利润 3.6 亿元,同比+46.6%; 利润端超出市场预期。 评论: � 24Q3 营收增速环比继续提升,预计主要系两轮收入高增。公司 24Q1、24Q2 营收增速分别为 6.3%、23.2%,24Q3 营收增速环比继续保持提升趋势,同比 增长 36.1%,我们预计主要系两轮车在 Q3 旺季有亮眼表现。根据摩托车商会 数据,24年7-8月,公司两轮合计出货 5.5万辆、同比高增 94%,其中内销出 货 4.1 万辆、同比高增 156%,出口出货 1.4万辆、同比增长 12%;内销方面, Q3 国内销售旺季及渠道库存基数较低,公司新品表现亮眼,极核电动业务预 计快速放量,拉动内销出货高增;Q3 两轮出口增速略有回落,我们预计主要 系欧 5+法规切换进度影响,后续认证完成后两轮出口增速有望环比回升。四 轮车方面,预计 Q3 收入增速环比 Q2 继续提升,8月底公司在美国推新四 ...

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 ...

证券研究报告·公司点评报告·摩托车及其他 春风动力（603129） 2024 年三季报点评：业绩超预期，费用率同 比改善明显 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11378 | 12110 | 15794 | 19032 | 22871 | | 同比（ % ） | 44.73 | 6.44 | 30.41 | 20.51 | 20.17 | | 归母净利润（百万元） | 701.37 | 1,007.52 | 1,356.62 | 1,680.25 | 1,954.33 | | 同比（ % ） | 70.43 | 43.65 | 34.65 | 23.86 | 16.31 | | EPS- 最新摊薄 ...

华福证券 春风动力（603129.SH） 24Q3 点评：Q3 业绩再超预期，期待新品催化 事件：公司发布 24Q3 业绩，前三季度实现营收 114.50 亿元，同比+21.98%； 归母净利润为 10.81 亿元，同比+34.87%；扣非归母净利润 10.50 亿元，同 比+36.74%。单季度来看，24Q3 营收 39.21 亿元，同比+36.11%；归母净利 润为 3.73 亿元，同比+48.95%；扣非归母净利润 3.63 亿元，同比+46.62%。 四轮车：低基数下实现明显修复，看好新品持续贡献增量 根据摩托车协会数据，7-8 月公司四轮沙滩车出货量 2.98 万台， 同比+28%，8 月公司发布重磅 U/Z 系列全地形车新品，产品配置升级、 产品力大幅提升，有望带动四轮车产品结构优化、盈利能力改善。 燃油两轮：内销旺季保持高景气，出口增速略有放缓 根据摩托车协会数据，7-8 月公司燃油摩托车销量 4.18 万台，同 比+55%，>250cc 销量 2.5 万台，同比+58%。出口方面，7-8 月公司摩 托车出口量 1.38 万台，同比+12%，Q3 摩托车出口增速放缓，预计主 要受欧洲产品标准切换 ...

证券研究报告 | 2024年10月19日 春风动力（603129.SH） 优于大市 三季度净利率同比提升，出海、高端化引领新成长 摩托车业务快速增长，全地形车业务保持稳健，2024Q3 收入同比增长 36%。 春风动力 2024Q3 年实现营收 39.2 亿元，同比增长 36.1%，环比下降 12.2%，归母净利润 3.7 亿元，同比增长 48.9%，环比下降 13.6%。2024H1 公司全地形车累计销售 8.14 万台，实现销售收入 35.32 亿元，同比下 降 1.55%，行业下行背景下公司保持稳健发展。2024H1 公司实现两轮摩 托内销 6.8 万台，营业收入 14.46 亿元，同比增长 38.25%，公司通过精 准的市场定位和有效的营销策略，市场表现优于行业水平；2024H1 公司 实现两轮摩托外销 8.58 万台，营业收入 18.02 亿元，同比增长 45.07%， 公司在海外市场不断开辟新空间。 四轮车库存水平下降，叠加内部降本增效，促进公司 2024Q3 盈利能力提升。 公司盈利能力提升得益于公司的费用率下降，公司从 2023 年开始促销 去库存，四轮车库存水平下降至相对合理位置，销售费用率 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's revenue and net profit showed significant growth in the first three quarters of 2024, with revenue reaching 11.45 billion yuan, a 22.0% year-on-year increase, and net profit attributable to shareholders reaching 1.081 billion yuan, a 34.9% year-on-year increase [3] - The large-displacement motorcycle market and export market remain highly prosperous, with sales of motorcycles above 250cc increasing by 39.82% year-on-year and motorcycle exports growing by 27.19% year-on-year [3] - The company's expense ratios decreased, with sales/management/R&D expense ratios dropping by 2.9/0.3/0.3 percentage points respectively, totaling a 3.5 percentage point reduction [3] - The company released a stock option incentive plan and an employee stock ownership plan, with performance targets set for 2024-2026 [3] Financial Performance - Revenue for 2024-2026E is forecasted to be 14.485/17.169/20.458 billion yuan, with year-on-year growth rates of 19.61%/18.53%/19.16% [3] - Net profit attributable to shareholders for 2024-2026E is projected to be 1.344/1.683/2.069 billion yuan, with year-on-year growth rates of 33.41%/25.21%/22.94% [3] - EPS for 2024-2026E is expected to be 8.88/11.11/13.66 yuan, with corresponding P/E ratios of 17.50/13.98/11.37X [3] Industry Analysis - The motorcycle industry saw a 11.31% year-on-year increase in sales of fuel motorcycles, with 12.2711 million units sold in the first nine months of 2024 [3] - The export market for motorcycles remained strong, with 8.115 million units exported in the first nine months of 2024, a 27.19% year-on-year increase [3] Company Valuation - The company's current price is 155.38 yuan, with a 52-week price range of 78.47-180.14 yuan [3] - The company's market capitalization is 23.52948 billion yuan, with a total share capital of 151.4319 million shares [3] - The company's ROE is expected to be 20%/23%/24%/24% for 2023A/2024E/2025E/2026E [6] - The company's P/E ratios are forecasted to be 15.26/17.50/13.98/11.37X for 2023A/2024E/2025E/2026E [6]

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 11.45 billion yuan, up 21.98% YoY, and net profit of 1.081 billion yuan, up 34.87% YoY [2] - Sales net profit margin remains at a historically high level, with a gross margin of 31.57% and net margin of 9.74% in Q3 2024 [2] - Order backlog remains strong, with contract liabilities of 243 million yuan, up 56.20% YoY [2] - Optimized product structure in the all-terrain vehicle segment, with high-value U/Z series products increasing from 59% in 2018 to 65% in 2023 [3] - The company is expected to benefit from the cyclical recovery in the North American market and accelerated overseas capacity expansion [3] Financial Performance - Revenue is expected to grow from 15.085 billion yuan in 2024E to 21.558 billion yuan in 2026E, with a CAGR of 18.72% [4] - Net profit is forecasted to increase from 1.362 billion yuan in 2024E to 2.113 billion yuan in 2026E, with a CAGR of 24.50% [4] - EPS is projected to rise from 8.99 yuan in 2024E to 13.95 yuan in 2026E [4] - ROE is expected to improve from 17.06% in 2024E to 22.94% in 2026E [4] Valuation Metrics - PE ratio is forecasted to decline from 17.28x in 2024E to 11.14x in 2026E [4] - PB ratio is expected to decrease from 2.95x in 2024E to 2.55x in 2026E [4] - EV/EBITDA is projected to drop from 10.6x in 2024E to 5.7x in 2026E [5] Industry Outlook - The global all-terrain vehicle market reached 955,000 units in 2023, with North America accounting for 84.3% of sales [3] - The company has successfully broken into the historically oligopolistic market, with the top 5 players previously controlling over 80% of the market [3] - The company is well-positioned to capitalize on the cyclical recovery in the North American market and accelerate market penetration [3]

升幅% 1M 3M 12M 相对收益 -15.9 -4.7 10.0 绝对收益 4.0 3.5 14.0 徐慧雄 分析师 相关报告 春风动力：2024H1 业绩优 2024-08-16 异，四大核心逻辑驱动公司 高成长 春风动力：2024Q1 业绩优 2024-04-17 异，高端化、全球化驱动高 成长 春风动力：布局高端，走向 全球 2024-03-25 2024 年 10 月 18 日 春风动力(603129.SH) 事件：10 月 17 日，春风动力发布 2024 年三季报，实现营收 114.50 亿 元，同比+21.98%，实现归母净利润 10.81 亿元，同比+34.87%。 公司三季度营收同比保持高速增长，持续加强费用控制： 公司快报 2024 年 Q3 业绩优秀，四大核心逻辑驱动公司高成长 证券研究报告 摩托车及其他Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 190.6 元 股价 (2024-10-17) 149.62 元 交易数据 总市值(百万元) 22,657.24 流通市值(百万元) 22,657.24 总股本(百万股) 151.43 流通股本(百万股) 151.43 12 个月价格 ...