证券研究报告·公司深度研究·摩托车及其他 隆鑫通用（603766） 无极品牌加速成长，聚焦主业再度出发 2025 年 06 月 08 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比（%） | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润（百万元） | 583.42 | 1,121.27 | 1,871.23 | 2,287.56 | 2,567.59 | | 同比（%） | 10.65 | 92.19 | 66.88 | 22.25 | 12.24 | | EPS-最新摊薄（元/股） | 0.28 | 0.55 | 0.91 | 1.11 | 1.25 | | P/E（现价&最新摊薄） | 50.05 | 26.04 | 15.61 | 12.77 | 11.37 ...

Core Points - The company announced a cash dividend of 0.40 CNY per share, totaling 821,416,740 CNY for all shareholders based on a total share capital of 2,053,541,850 shares [1][2] - The dividend distribution plan was approved at the annual general meeting held on May 19, 2025 [1] - Key dates for the dividend distribution include the record date on June 4, 2025, the last trading day on June 5, 2025, and the ex-dividend date also on June 5, 2025 [1][2] Dividend Distribution Method - Cash dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the close of trading on the record date [2] - Shareholders who have completed designated transactions can receive cash dividends on the distribution date, while those who have not will have their dividends held until the completion of designated transactions [2] - The company will self-distribute cash dividends to major shareholders, including Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd. and Chongqing Yufu Capital Operation Group Co., Ltd. [3] Taxation on Dividends - For individual shareholders holding unrestricted circulating shares, the tax on dividend income varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [3] - Qualified Foreign Institutional Investors (QFIIs) will have a withholding tax of 10%, resulting in a net cash dividend of 0.36 CNY per share [4] - For investors from Hong Kong Stock Exchange, the same 10% withholding tax applies, leading to a net cash dividend of 0.36 CNY per share [5]

证券代码：603766 证券简称：隆鑫通用 公告编号：2025-031 隆鑫通用动力股份有限公司 2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.40元 相关日期 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。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/4 | － | 2025/6/5 | 2025/6/5 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,053,541,850股为基数，每股派发 现金红利0.40元（含税），共计派发现金红利8 ...

证券代码：603766 证券简称：隆鑫通用 公告编号：2025-030 隆鑫通用动力股份有限公司 2024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 (一) 股东大会召开的时间：2025 年 5 月 19 日 (二) 股东大会召开的地点：公司 C 区（重庆市九龙坡区九龙工业园 C 区聚业 路 116 号）管理平台会议室 审议结果：通过 (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份情况： | 1、出席会议的股东和代理人人数 | 428 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,123,778,797 | | 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（%） | 54.7239 | (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。 本次会议采取现场和网络投票相结合的方式召开，由公司董事会召集，公司 董事长李 ...

关于隆鑫通用动力股份有限公司 2024 年年度股东大会的法律意见书 北京市时代九和律师事务所关于 隆鑫通用动力股份有限公司 2024 年年度股东大会的法律意见书 致：隆鑫通用动力股份有限公司 北京市时代九和律师事务所（以下简称"本所"）根据隆鑫通用动力股份有 限公司（以下简称"公司"、"贵公司"）的委托，指派律师出席贵公司2024 年年度股东大会（以下简称"本次股东大会"）。本所律师依据《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》"）、中国证券监督管理委员会（以下简称"中国证监会"）《上 市公司股东会规则（2025修订）》、其他相关法律、法规、规范性文件以及《隆 鑫通用动力股份有限公司章程》（以下简称"《公司章程》"）的有关规定，出 具本法律意见书。 本所及经办律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意 ...

Group 1 - The core index of the CSI 1000 Consumer Discretionary Index reported a decline of 0.40% on May 16, with a current value of 4558.22 points [1] - The CSI 1000 Consumer Discretionary Index has increased by 4.57% over the past month, decreased by 0.39% over the past three months, and has risen by 3.66% year-to-date [2] - The top ten weighted stocks in the CSI 1000 Consumer Discretionary Index include: Yinlun Holdings (4.19%), Magpow (4.02%), Qianli Technology (3.12%), Fulian Precision (2.81%), Longxin General (2.64%), Weifu High-Tech (2.37%), Huamao Technology (1.93%), Jingu Co. (1.88%), Weixing Co. (1.88%), and Kidswant (1.84%) [2] Group 2 - The CSI 1000 Consumer Discretionary Index is composed of stocks selected for their liquidity and market representation, with adjustments made biannually in June and December [3] - The market share of the CSI 1000 Consumer Discretionary Index is 61.65% from the Shenzhen Stock Exchange and 38.35% from the Shanghai Stock Exchange [2] - The industry composition of the CSI 1000 Consumer Discretionary Index includes: Passenger vehicles and parts (53.44%), Durable goods (20.22%), Retail (12.85%), Textiles, clothing, and jewelry (11.16%), and Consumer services (2.33%) [2]

603766 隆鑫通用 隆鑫通用动力股份有限公司 2024 年年度股东大会 会议资料 证券代码：603766 2025 年 5 月 1 / 31 隆鑫通用动力股份有限公司 2024 年年度股东大会参会须知 为维护投资者的合法权益，保障股东在公司2024年年度股东大会期间依法行使权 利，确保股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》、《隆鑫通 用动力股份有限公司章程》、《隆鑫通用动力股份有限公司股东大会议事规则》的有关 规定，特制定本须知： 一、请按照本次股东大会会议通知（详见2025年4月29日刊登于上海证券交易所网 站（www.sse.com.cn）的《隆鑫通用动力股份有限公司关于召开2024年年度股东大会 的通知》）中规定的时间和登记方法办理现场参加会议手续，证明文件不齐或手续不全 的，谢绝参会。 二、本公司设立股东大会秘书处，具体负责大会有关各项事宜。 | 参会须知 3 | | --- | | 会议议程 4 | | 议案1：《2024年度董事会工作报告》 6 | | 议案2：《2024年度监事会工作报告》 13 | | 议案3：《2024年度报告全文》及摘要 16 | | 议案4：《20 ...

股票代码：603766 股票简称：隆鑫通用 编码：临 2025-029 会议召开方式：上证路演中心网络文字互动 隆鑫通用动力股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 05 月 20 日 （星期二） 11:00-12:00 会议召开地点：上海证券交易所（以下简称"上交所"）上证路演中心 （http://roadshow.sseinfo.com） 问题征集方式：投资者可在 2025 年 5 月 19 日（星期一）16:00 前，将需要 了解的情况和关注问题，登陆上证路演中心网站首页"提问预征集"栏目或通过隆 鑫通用动力股份有限公司（以下简称"公司"）邮箱（security@loncinindustries.com） 提问，公司将在说明会上对投资者普遍关注的问题进行回答。 一、业绩说明会类型 公司已于 2025 年 4 月 29 日在上交所网站（www.sse.com.cn）上披露了公司 2024 年年 ...

Group 1 - The State Intellectual Property Office of China granted a patent to Longxin General Power Co., Ltd. for an "electric drive side stand assembly and motorcycle" [1] - The patent aims to enhance the convenience and comfort of motorcycle riding by allowing the side stand to be driven open or closed without the rider using their foot [1] - Longxin General Power Co., Ltd. was established in 2007 in Chongqing and primarily engages in the automotive manufacturing industry, with a registered capital of 2,053.54 million RMB [1] Group 2 - Chongqing Longxin Motorcycle Co., Ltd., also established in 2007 in Chongqing, focuses on manufacturing transportation equipment including railways, ships, and aerospace, with a registered capital of 500 million RMB [2] - The company has invested in 6 enterprises and participated in 7 bidding projects, holding 2,108 patent records [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's net profit for Q1 2024 exceeded expectations, driven by the accelerated growth of its high-end brand "Wuji" [5][6]. - The company is projected to achieve a revenue of 16.82 billion yuan in 2024, representing a year-on-year growth of 28.74%, and a net profit of 1.12 billion yuan, reflecting a significant increase of 92.19% [6][5]. - The report highlights the strong performance of the "Wuji" brand, which saw a revenue increase of 111.43% in 2024, with domestic sales growing by 114% and international sales by 108% [3][5]. Financial Performance Summary - For the full year 2024, the company is expected to achieve a gross margin of 17.59%, a net profit margin of 6.67%, and a non-GAAP net profit margin of 6.51% [5][6]. - The report indicates a significant improvement in the company's cost management, with a decrease in the expense ratio to 7.28% [5][6]. - The company’s revenue for Q4 2024 was 4.60 billion yuan, a year-on-year increase of 24.35%, but the net profit decreased by 207.36% compared to the previous year [2][5]. Growth Drivers - The "Wuji" brand is positioned as a leading high-end motorcycle brand in China, with plans to deepen its market presence in Europe and expand into Latin America and Southeast Asia [3][5]. - The all-terrain vehicle (ATV) segment is also showing promise, with sales revenue reaching 403 million yuan in 2024, a year-on-year growth of 73.85% [4][5]. - The company has established a robust distribution network, with over 2,000 dealers across more than 90 countries, enhancing its market reach [4][5].