股票代码：603766 股票简称：隆鑫通用 编码：临 2026-011 公司名称：珠海隆华直升机科技有限公司 统一社会信用代码：91440400315194831F 成立时间：2014 年 11 月 05 日 法定代表人：张伟 住所：珠海市金湾区三灶镇定家湾九路 10 号厂房 A 注册资本：10,000.2385 万元 - 1 - 股票代码：603766 股票简称：隆鑫通用 编码：临 2026-011 隆鑫通用动力股份有限公司 关于对原控股子公司珠海隆华提供财务资助逾期的公告 本公司董事会及全体董事保证本公告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个别及连带责任。 一、财务资助逾期情况 隆鑫通用动力股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日召开 第五届董事会第十次会议，审议通过了《关于转让公司持有珠海隆华股权的议案》， 公司以人民币 1.00 元的价格，将持有的珠海隆华直升机科技有限公司（以下简 称"珠海隆华"）49.9988%的股权，转让给珠海隆华少数股东李亮君。2025 年 11 月，本次交易已完成转让交割手续，公司不再持有珠海隆华的股 ...

股票代码：603766 股票简称：隆鑫通用 编码：临 2026-012 隆鑫通用动力股份有限公司 关于第三期员工持股计划进展暨完成股票购买的公告 本公司董事会及全体董事保证本公告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个别及连带责任。 特此公告。 隆鑫通用动力股份有限公司 根据《关于上市公司实施员工持股计划试点的指导意见》和《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定和要求，现将公司第 三期员工持股计划进展情况公告如下： 截至本公告披露日，公司第三期员工持股计划已通过二级市场以集中竞价交 易方式累计买入公司股票 2,665.65 万股，占公司总股本比例 1.30%，成交总金 额为人民币 40,000.00 万元，成交均价为 15.01 元/股。 根据公司 2026 年第一次临时股东会批准的《隆鑫通用动力股份有限公司第 三期员工持股计划（草案）》，公司已完成相应股票的购买，购买的股票将按照《隆 鑫通用动力股份有限公司第三期员工持股计划（草案）》的规定予以锁定，自本 公告披露之日起满 12 个月、24 个月和 36 个月后分三期解锁，每期解锁 ...

摘要 2026Q1 乘用车行业量利双压，预计批发量同比-8%，新能源车微降， 出口同比+55%成唯一亮点。 成本端受铜、铝、碳酸锂涨价及人民币升值双重挤压，一季度为行业全 年量利低点，多数车企利润同比降幅>20%。 吉利汽车表现亮眼，Q1 利润预期>40 亿元，环比增 10%+，主因吉利 9X 高盈利及出口同比+140%驱动。 重卡行业出口强劲，1-2 月同比+30%，中国重汽 A 股 Q1 利润预增 60%至 5 亿元，非洲及东南亚市场翻倍增长。 智能化板块优于整车，华阳集团受益小米汽车放量及 HUD 等新业务， Q1 业绩预增 20%；金龙汽车出口翻倍，利润预达 1.5 亿元。 零部件板块分化，福耀、星宇等海外拓展领先者压力较小；金固股份受 益铝价上涨带来的钢轮替代效应，Q2 迎拐点。 两轮车大排量出口维持高增，春风动力 Q1 出口同比+60%，但受全地 形车关税影响，整体业绩预计同比持平。 汽车行业 2026 一季度业绩前瞻 20260322 Q&A 对于 2026 年的汽车行业，整体投资策略和主要推荐的主线是什么？ 2026 年汽车行业正处于技术创新与需求周期的切换阶段，板块内部的新闻主 线较为发散， ...

01 事件概述 据中国摩托车 商会数据，2026年2月250cc（不含）以上摩托车销量4.6万辆，同比-20.5%，环比-28.1%。1-2月累计销量11.0万辆，同比-6.0%。 02 分析判断 ► 行业： 受春节假期影响 中大排月度销量阶段性承压 出口表现优于内销 1）125cc（不含）以上 ： 2月销量48.0万辆，同比+3.9%，环比-28.3%，主要增量来自于110-125cc及150-200cc，春风动力、隆鑫通用等头部企业均贡献明显增量； 2）250cc（不含）以上： 2月销量4.6万辆，同比-20.5%，环比-28.1%。1-2月累 计 销量11.0万辆，同比-6.0%。其中： 出口： 250cc+摩托车 2月出口3.4万辆，同比-8.5%，环比-24.0%，1-2月累计出口7.9万辆，同比+3.7%。 内销： 250cc+摩托车 2月内销1.2万辆，同比-42.8%，环比-38.1%，1-2月累计内销3.0万辆，同比-24.5% 。 ► 结构： 500cc+ 排量车型增长强劲 自主高端化提速 2）400cc<排量≤500cc ： 2月销售0.9万辆（其中春风0.5万辆），同比-14.7%，环 ...

Investment Rating - The report suggests a positive investment outlook for the electric low-speed vehicle sector, high displacement motorcycle exports, and structural upgrades in electric two-wheelers [3][8]. Core Insights - The electric low-speed vehicle market is experiencing high demand, with a projected compound annual growth rate (CAGR) of 25% from 2024 to 2029. The all-terrain vehicle (ATV) market is stabilizing, while the motorcycle market is expected to grow at a CAGR of 3.5% from 2014 to 2029. The electric two-wheeler market is entering a phase dominated by replacement demand, with global shipments expected to reach approximately 70 million units in 2024, of which 81.9% will be from China [5][17][27]. Summary by Sections Market Comparison - The all-terrain vehicle market is entering maturity, primarily driven by the North American market and a shift towards UTV & SSV products, which are expected to account for 65% of sales by 2024. The low-speed four-wheeler market is the fastest-growing segment, with a projected market size of $1.4 billion in 2024. The motorcycle market is stabilizing, with a projected global market size of $16.77 billion by 2028. The electric two-wheeler market is expected to see a modest growth of 3.9% in 2024, with a focus on replacement demand [5][17][20][27]. Competitive Landscape - The all-terrain vehicle market is characterized by regional concentration and dominance of American brands, while the low-speed four-wheeler market shows high brand concentration with Club Car, E-Z-GO, and Yamaha holding about 50% market share. The motorcycle market is fragmented, with Japanese brands holding a combined market share of 36.5% in 2023. The electric two-wheeler market in China has formed a duopoly with Yadea and Aima accounting for nearly 50% of the market [5][17][20][27]. Core Competitiveness Analysis - Electric two-wheelers face significant product homogeneity and rely heavily on distribution channels, with consumer preferences focusing on design and smart features. The electric low-speed vehicle market is smaller but has a concentrated brand presence, while the all-terrain vehicle market emphasizes product functionality and price sensitivity. The motorcycle sector is transitioning from a utility to a lifestyle product, with consumers prioritizing engine performance and displacement [7][8][27]. Company Comparisons and Investment Recommendations - The report highlights that the electric low-speed vehicle sector maintains high demand, while high displacement motorcycle exports still have growth potential. The electric two-wheeler industry is advised to focus on structural upgrade opportunities. Recommended companies include Longxin General and Chuanfeng for motorcycles, and Ninebot and Aima for electric two-wheelers, emphasizing their competitive strategies in branding and channel management [8][17][27].

证券代码：603766 证券简称：隆鑫通用 公告编号：临 2026-010 隆鑫通用动力股份有限公司 关于筹划资产置换暨关联交易的进展公告 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、本次交易概述 1．本次交易尚处于筹划阶段，相关事项尚存在不确定性，公司将根据相关 事项的进展情况，及时履行信息披露义务。 2．公司在上海证券交易所网站（http://www.sse.com.cn）和符合中国证监 会规定条件的媒体刊登公司公告和其他需要披露的信息，公司所有信息均以公司 在上述指定网站和媒体刊登的正式公告为准。敬请广大投资者关注公司后续公告， 并注意投资风险。 隆鑫通用动力股份有限公司（以下简称"公司"）拟以持有的通用机械业务 相关资产与负债（以重庆新隆鑫机电有限公司股权为核心）与重庆宗申动力机械 股份有限公司（以下简称"宗申动力"，证券代码：001696）持有的摩托车发动 机业务相关资产与负债（以重庆宗申发动机制造有限公司股权为核心）进行置换， 置换资产交易作价的差额由一方向另一方以现金方式补足（以下简称"本 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [42]. Core Insights - The report highlights a recovery in passenger vehicle demand due to the implementation of subsidy policies, with a positive outlook for the passenger vehicle sector in Q1 2026. It emphasizes the importance of selecting resilient domestic companies and those with strong export capabilities [32][33]. - For heavy trucks, the report anticipates a sales volume of 800,000 to 850,000 units in 2026, reflecting a year-on-year increase of 3%. It recommends leading companies in the heavy truck sector [35]. - The bus sector is expected to see a growth in sales to 40,000 units in 2026, driven by the continuation of subsidy policies and the need for fleet renewal [36]. - The motorcycle market is projected to grow by 14% in total sales, with a significant increase in large-displacement motorcycles, particularly in export markets [33]. Summary by Sections Passenger Vehicles - The report expects a recovery in passenger vehicle demand in Q1 2026 due to subsidy policies, with a focus on high-end electric vehicle manufacturers such as Jianghuai Automobile, Geely, Great Wall, and others [32][33]. - The report suggests prioritizing companies with proven execution capabilities in overseas markets, recommending BYD, Great Wall, and Chery for export [32]. Heavy Trucks - In 2025, the wholesale volume reached 1.144 million units, a year-on-year increase of 26.8%. The report forecasts a sales volume of 800,000 to 850,000 units for 2026, a 3% increase year-on-year [35]. - Recommended companies include China National Heavy Duty Truck Group, Weichai Power, and others [35]. Buses - The report indicates that the bus subsidy policy has exceeded expectations, with a projected sales increase to 40,000 units in 2026, a 40% year-on-year growth [36]. - Key recommendations include Yutong Bus and King Long [36]. Motorcycles - The motorcycle industry is expected to achieve total sales of 19.38 million units in 2026, a 14% increase, with large-displacement motorcycles projected to grow by 31% [33]. - Recommended companies include Chunfeng Power and Longxin General [33].

关于第三期员工持股计划的进展公告 本公司董事会及全体董事保证本公告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个别及连带责任。 股票代码：603766 股票简称：隆鑫通用 编码：临 2026-009 隆鑫通用动力股份有限公司 隆鑫通用动力股份有限公司（以下简称"公司"）分别于 2025 年 12 月 24 日和 2026 年 1 月 9 日召开第五届董事会第十二次会议和 2026 年第一次临时股东 会，审议通过了《关于<公司第三期员工持股计划（草案）>及其摘要的议案》， 同意公司设立第三期员工持股计划，并授权公司董事会办理员工持股计划相关的 事宜。具体内容详见公司于 2025 年 12 月 25 日和 2026 年 1 月 10 日在上海证券 交易所网站（www.sse.com.cn）披露的相关公告及文件。 根据《关于上市公司实施员工持股计划试点的指导意见》和《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等相关规定和要求，现将公司第 三期员工持股计划进展情况公告如下： 公司将持续关注第三期员工持股计划的实施进展情况，并按照相关法律法规 的规定及时履行信息 ...

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨隆鑫通用（603766.SH） [Table_Title] 隆鑫通用2025 年年度业绩预增点评：聚焦主业， 盈利能力持续提升 报告要点 [Table_Summary] 公司于 2026 年 1 月 17 日发布 2025 年业绩预增公告，预计实现归母净利润为 16.50 亿元- 18.00 亿元，同比增长 47.15%-60.53%。实现扣非后归母净利润 16.00 亿元-17.50 亿元，同比 增长 46.03%-59.72%。 分析师及联系人 [Table_Author] 高伊楠 曹海花 张永乾 喻亨一 SAC：S0490517060001 SAC：S0490522030001 SAC：S0490524030002 SAC：S0490525030002 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 隆鑫通用（603766.SH） cjzqdt11111 [Table_Title 隆鑫通用 2025 2] 年年度业绩预增点评： ...

Summary of the Conference Call for Longxin General Company Overview - **Company**: Longxin General - **Core Business Focus**: "Motorcycles + General Machinery" after divesting non-core businesses, with three main segments: motorcycles, all-terrain vehicles, and general machinery [2][3] Key Points and Arguments Strategic Developments - **Business Growth**: Expected revenue CAGR of 12.7% from 2019 to 2024, with all three core business segments projected to grow by 2025 [2][8] - **BMW Partnership**: Collaboration with BMW since 2005 has been pivotal for entering the large-displacement motorcycle engine market, significantly enhancing product performance and market competitiveness [2][4][5] Financial Performance - **Revenue Composition**: By mid-2025, overseas revenue is expected to account for nearly 70% of total revenue, indicating a strong international market presence [2][8] - **Profitability Improvement**: Net profit for 2025 is projected to be between 1.65 billion to 1.8 billion CNY, with a significant increase in net profit margin by 3 percentage points year-on-year [4][9] - **Product Margin**: Continuous improvement in gross and net profit margins due to product structure adjustments, with gross margin at 18.8% and net margin at 10% by Q3 2025 [8] Market Dynamics - **Motorcycle Production and Sales**: Anticipated double-digit growth in both production and sales from 2020 to 2024, with average unit price increasing from 3,000 CNY to nearly 6,000 CNY [2][14] - **Brand Performance**: The "Wujie" brand is expected to see a revenue CAGR of 62.4% from 2019 to 2024, contributing over 30% to motorcycle sales revenue by 2025 [2][15] Competitive Landscape - **Global Motorcycle Market**: The global motorcycle industry is projected to reach a size of 156.59 billion USD by 2024, with a CAGR of approximately 5% from 2020 to 2029 [10] - **Market Share Trends**: Japanese brands, particularly Honda, dominate Southeast Asia and Latin America, while Chinese brands like Chunfeng and Wujie are gradually increasing their market share in these regions [11] Domestic Market Insights - **Sales Dynamics**: Domestic sales are experiencing pressure due to a cooling demand post-pandemic, while exports, particularly to Southeast Asia and Latin America, are robust [12][14] - **Competition in Displacement Segments**: The competition landscape differs between large and small displacement motorcycles, with established players like Chunfeng and Longxin leading in the large displacement segment [13] Future Outlook - **All-Terrain Vehicle Growth**: Revenue from all-terrain vehicles is expected to grow significantly, with a projected increase from 1 billion CNY to 4 billion CNY from 2019 to 2024 [22] - **Garden Machinery Focus**: The garden machinery segment is focusing on core products like lawnmowers and is planning to introduce robotic lawnmowers, which are expected to drive future growth [23] - **Profit Forecasts**: The forecast for net profit in 2026 is approximately 2.3 billion CNY, with a PE ratio of about 13 times [24] Additional Important Insights - **Channel Strategy**: The domestic channel expansion is expected to slow down in 2025-2026, focusing more on product innovation rather than sheer quantity of channels [20][21] - **Market Opportunities in Latin America**: The company aims to expand into Brazil and Mexico, which represent significant opportunities due to their high demand for small displacement motorcycles [18]