证券代码：603129 证券简称：春风动力 公告编号：2024-023 本次股票上市流通总数为 977,700 股。 本次股票上市流通日期为 2024 年 5 月 22 日。 一、2021 年股票期权激励计划行权的决策程序及相关信息披露 浙江春风动力股份有限公司 关于 2021 年股票期权激励计划第二个行权期和 2022 年股票期权激励计划第一个行权期行权结果 暨股份上市公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 977,700 股。 1、2021 年 10 月 28 日，公司召开第四届董事会第三十次会议和第四届监事会 第三十次会议，审议通过了《关于<浙江春风动力股份有限公司 2021 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 2021 年 股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会办 理公司股权激励计划相关事项的议案》等相关议案，公司独立董事对相关事项发 表了独立意见 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-022 浙江春风动力股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 163 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 109,648,510 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | | | 股份总数的比例（%） | 72.8783 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议采取现场投票和网络投票相结合的方式召开，公司董事会召集本次 会议，董事长赖国贵先生主持。本次会议的召集、召开和表决方式符合《公司法》 (一) 股东大会召开的时间：2024 年 5 月 8 日 (二) 股东大会召开的地点：浙江春风动力股份有限公司北园区 421 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股 ...

国浩律师（杭州）事务所 关 于 浙江春风动力股份有限公司 2023 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二四年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江春风动力股份有限公司 2023 年年度股东大会 法律意见书 致：浙江春风动力股份有限公司 国浩律师（杭州）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"）委托，指派律师出席公司 2023 年年度股东大会（以 下简称"本次股东大会"），并依据《中华人民 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2]. Core Insights - The company is a leading supplier of all-terrain vehicles (ATVs) and motorcycles, with significant growth potential driven by both four-wheeled and two-wheeled vehicles. In 2023, the revenue from four-wheeled vehicles was 6.504 billion yuan, a year-on-year decrease of 4.88%, while two-wheeled vehicle revenue reached 4.48 billion yuan, an increase of 32.85% [19][20]. - The company has a strong export presence, particularly in North America and Europe, with 72.7% of its revenue coming from overseas markets in 2023. The company is positioned to benefit from the ongoing upgrade of its product offerings, including new models in both the four-wheeled and two-wheeled segments [19][20]. Summary by Sections 1. Company Overview - The company specializes in the production of ATVs and motorcycles, with a focus on high-performance and diverse product offerings. The four-wheeled vehicles are primarily exported, while two-wheeled vehicles are mainly sold domestically [19][20]. 2. Four-Wheeled Vehicles - The four-wheeled vehicle market is characterized by high-income consumers, with North America accounting for over 80% of the market share. The company has seen its market share in North America increase from 2% in 2020 to 8% in 2022 due to competitors' production limitations during the pandemic [19][20][87]. 3. Two-Wheeled Vehicles - The company has experienced significant growth in two-wheeled vehicle exports, with 97,700 units sold in 2023, generating revenue of 2.291 billion yuan, a year-on-year increase of 78.22%. The expansion of export channels and product matrix is expected to sustain high growth rates in the future [19][20][129]. 4. Financial Analysis - The company reported a revenue of 12.11 billion yuan in 2023, a year-on-year increase of 6.44%, with a net profit of 1.01 billion yuan, up 43.65%. The first quarter of 2024 showed continued growth, with revenue of 3.061 billion yuan and a net profit of 278 million yuan [19][21]. 5. Investment Forecast and Valuation - The forecast for the company's revenue is 13.876 billion yuan in 2024, 15.799 billion yuan in 2025, and 18.005 billion yuan in 2026, with net profits projected at 1.254 billion yuan, 1.480 billion yuan, and 1.871 billion yuan respectively. The target price is set at 183.29 yuan based on a 22x PE ratio for 2024 [19][21].

浙江春风动力股份有限公司 2023 年年度股东大会 会议材料 （召开时间：2024 年 5 月 8 日） 浙江春风动力股份有限公司 2023 年年度股东大会会议须知 根据中国证券监督管理委员会《上市公司股东大会规则》和《公司章程》的 有关规定，为便于各位股东及其授权代理人出席会议并确保会议顺利进行，以下 事项敬请注意： 一、本次大会期间，全体参会人员应以维护股东的合法权益，确保大会的 正常秩序和议事效率为原则，自觉履行法定义务。 二、请按股东大会通知公告要求，按时办理股东登记手续，确认与会资格。 三、为保证本次大会的严肃性和正常秩序，除出席会议的股东及股东代理 人、董事、监事、公司高级管理人员、公司聘任律师及中介机构外，公司有权依 法拒绝其他人员入场。 四、股东请尽量提前 30 分钟到达会场，进行会议签到，13:20 为会议报到 的终止时间。股东签到时，应出示以下证件和文件。 1、法人股东应由法定代表人或其委托的代理人出席会议。由法定代表人出 席会议的，应持营业执照复印件（加盖公司公章）、本人身份证和法人股东账户 卡到公司办理登记；由法定代表人委托代理人出席会议的，代理人应持营业执照 复印件（加盖公司公章）、 ...

保荐总结报告书 华泰联合证券有限责任公司 关于浙江春风动力股份有限公司 向特定对象发行股票之保荐总结报告书 保荐机构名称 华泰联合证券有限责任公司 保荐机构编号 Z26774000 经中国证券监督管理委员会证监许可[2021]2340 号《关于核准浙江春风动 力股份有限公司非公开发行股票的批复》核准，公司于 2021 年 9 月 8 日向特定 对象发行人民币普通股（A 股）15,700,074 股，发行价格 110.00 元/股，募集资 金总额为 172,700.81 万元，扣除发行费用人民币 1,795.48 万元（不含税）后， 募集资金净额为人民币 170,905.34 万元，其中注册资本人民币 1,570.01 万元， 溢价人民币 169,335.33 万元计入资本公积。上述资金到位情况已经立信会计师 事务所（特殊普通合伙）验证，并出具信会师报字[2021]第 ZF10878 号验资报告。 截至 2024 年 3 月 31 日，公司募投项目已如期达到预定可使用状态，保荐机构根 据相关法规和规范性文件的要求，出具本保荐总结报告书。由于募集资金尚未使 用完毕，保荐机构就其募集资金使用情况继续履行持续督导责任 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [10]. Core Insights - The company achieved a revenue of 12.11 billion yuan in 2023, representing a year-on-year growth of 6.4%. The net profit attributable to shareholders was 1.01 billion yuan, up 43.7% year-on-year. For Q1 2024, the company reported a revenue of 3.06 billion yuan, a 6.3% increase year-on-year, and a net profit of 280 million yuan, reflecting a 32% year-on-year growth [10][11]. - The company has effectively reduced inventory levels, particularly in the North American four-wheeler market, which has set a solid foundation for retail performance in 2024. The two-wheeler segment saw significant growth, with exports increasing by 78.2% year-on-year [11]. - The report highlights improvements in gross margins and a reduction in promotional expenses, contributing to higher profits in Q1 2024. The gross margin for Q4 2023 was 35.5%, an increase of 4.6 percentage points year-on-year [11]. Financial Summary - The company’s total revenue is projected to grow from 12.11 billion yuan in 2023 to 22.15 billion yuan by 2026, with corresponding year-on-year growth rates of 6.4%, 22.5%, 23.3%, and 21.2% [31]. - The net profit attributable to shareholders is expected to rise from 1.01 billion yuan in 2023 to 1.93 billion yuan in 2026, with growth rates of 43.7%, 23.5%, 25.6%, and 23.6% respectively [31]. - The report provides a target price of 160 yuan for the company's stock, based on a DCF valuation method [10].

Investment Rating - The investment rating for the company is "Buy" [2][14]. Core Views - The report highlights that the company's Q1 2024 performance exceeded expectations, driven by strong sales in both the four-wheeled and two-wheeled segments, as well as effective cost management [12][13]. - The company is successfully leveraging its product strength and brand power to capture new trends in domestic consumption, while also making progress in international markets [14]. Financial Performance Summary - **Revenue Forecasts**: The total revenue for 2023 is projected at 12,110 million yuan, with a year-on-year growth of 6.44%. For 2024, the revenue is expected to reach 15,065 million yuan, reflecting a growth of 24.40% [1]. - **Net Profit**: The net profit attributable to shareholders for 2023 is estimated at 1,007.52 million yuan, a significant increase of 43.65% year-on-year. The forecast for 2024 is 1,108.92 million yuan, with a growth rate of 10.06% [1]. - **Earnings Per Share (EPS)**: The latest diluted EPS for 2023 is 6.70 yuan, with projections of 7.37 yuan for 2024 and 10.13 yuan for 2025 [1]. - **Price-to-Earnings Ratio (P/E)**: The current P/E ratio is 19.79, with expectations of 17.98 for 2024 and 13.08 for 2025 [1]. Market Position and Strategy - The company is focusing on optimizing its product structure, particularly in high-value U/Z series products, and has seen strong sales in the U.S. market while maintaining a leading market share in Europe [13]. - The report indicates that the company is enhancing its global market share in all-terrain vehicles through improved product offerings and channel strategies [14].

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|---------------------------------------------------------------------------------------------------------------|------------------------|--------------------------------|--------------------------------------------------------|----------------------|-----------------------------|----------------------------------------------|--------------------------------|--------------|---------------------| | | [Table_Title] 春风动力 (60 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [6][21]. Core Views - The company achieved a revenue of 12.11 billion yuan in 2023, representing a year-on-year growth of 6.4%. The net profit attributable to shareholders was 1.008 billion yuan, up 43.7% year-on-year [2][7]. - The company is expected to experience high growth driven by multiple factors, including strong technical accumulation in engine and frame areas, accelerated high-end product layout for four-wheel vehicles, and robust performance in the global mid-to-large displacement motorcycle market [17][18]. Summary by Sections Financial Performance - In 2023, the company's revenue was 12.11 billion yuan, with a comprehensive gross margin of 33.5%, an increase of 8.13 percentage points year-on-year. The net profit attributable to shareholders was 1.008 billion yuan [2][7]. - For Q4 2023, the company reported revenue of 2.724 billion yuan, a decrease of 0.9% year-on-year, while the net profit was 206 million yuan, up 57.0% year-on-year [3][7]. - In Q1 2024, the company achieved revenue of 3.061 billion yuan, a year-on-year increase of 6.31%, with a net profit of 278 million yuan, up 32.0% year-on-year [4][9]. Business Segments - The four-wheeler sales revenue was 6.504 billion yuan in 2023, down 4.88% year-on-year, primarily due to delayed new product launches and inventory adjustments [2]. - The two-wheeler domestic sales revenue was 2.189 billion yuan, up 8.63% year-on-year, driven by strong product capabilities [2]. - The two-wheeler export revenue reached 2.291 billion yuan, a significant increase of 78.22% year-on-year, attributed to improved overseas channels and product layout [2]. Future Outlook - The company is expected to launch several competitive new products in 2024, which are anticipated to drive domestic market share growth in the two-wheeler segment [17]. - The report forecasts net profits of 1.16 billion yuan, 1.52 billion yuan, and 1.84 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18X, 14X, and 12X [21].