[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts H1 2025 net profit attributable to shareholders to grow by 70.52% to 90.03%, reaching RMB 1.005 billion to RMB 1.120 billion H1 2025 Performance Forecast | Metric | H1 2025 Forecast | YoY Growth | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | RMB 1.005 billion - RMB 1.120 billion | 70.52% - 90.03% | | **Non-recurring Net Profit Attributable to Shareholders** | RMB 965 million - RMB 1.080 billion | 70.35% - 90.65% | - This performance forecast data is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[3](index=3&type=chunk) [Prior Period Operating Performance](index=1&type=section&id=II.%20Prior%20Period%20Operating%20Performance) In H1 2024, the company reported net profit attributable to shareholders of RMB 589.3771 million and basic earnings per share of RMB 0.2870 H1 2024 Operating Performance | Metric | H1 2024 Amount | | :--- | :--- | | **Net Profit Attributable to Shareholders** | RMB 589.3771 million | | **Non-recurring Net Profit Attributable to Shareholders** | RMB 566.4922 million | | **Earnings Per Share** | RMB 0.2870/share | [Main Reasons for Performance Increase](index=2&type=section&id=III.%20Main%20Reasons%20for%20Performance%20Increase) The significant performance growth is primarily driven by the expansion of motorcycle and general machinery businesses and the optimization of the "VOGE" series product line - Performance growth drivers: - Motorcycle business scale growth - General machinery business scale growth - Continuous optimization of 'VOGE' series product structure[6](index=6&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=IV.%20Risk%20Warning) This performance forecast is preliminary and unaudited, with final financial data subject to the official H1 2025 report - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, thus subject to uncertainty[7](index=7&type=chunk) - The final accurate financial data will be based on the company's officially disclosed H1 2025 report, reminding investors to be aware of investment risks[8](index=8&type=chunk)

Core Viewpoint - The company is initiating coverage on Longxin General with a "Buy" rating and a target price of 18.40 yuan, corresponding to a 20x PE for 2025, highlighting its strategic shift from low-end OEM to self-owned mid-to-high-end brands [1] Group 1: Company Strategy and Market Position - Longxin has transformed its business model, with the "Wujie" brand contributing nearly 20% of revenue by 2024, enhancing pricing power and value chain positioning in the motorcycle business [1] - The acquisition of a controlling stake by Zongshen in 2024 is expected to create the largest motorcycle manufacturer in the industry, with a projected market share of 17% [1] - The complementary product lines and platforms of Longxin and Zongshen are anticipated to generate strong synergies, further boosting growth potential [1] Group 2: Market Demand and Product Performance - The demand for large-displacement motorcycles is rising, with domestic sales expected to increase by 20% year-on-year to 396,000 units in 2024, raising the market share of large-displacement motorcycles to 8.6% [2] - Longxin's "Wujie" brand has successfully captured market opportunities, launching competitive products like CU525, which has helped increase its market share to 14% in 2024 [2] - The company is projected to increase its market share to 16.2% within three years, with expected sales growth of 15%/10%/9% from 2025 to 2027 [2] Group 3: Export Growth and Future Prospects - The export business of "Wujie" is thriving, with a compound annual growth rate (CAGR) of 71% over the past four years, driven by partnerships with quality local agents and differentiated product offerings [3] - Europe and Latin America are identified as key growth regions, with expectations to capture 5% market share in Europe by 2027 and 2% in Latin America within three years [3] - The company anticipates maintaining a robust total sales growth rate of nearly 40% from 2025 to 2027 [4] Group 4: Financial Forecast and Valuation - Revenue is projected to grow by 15.3%/17.6%/18.4% from 2025 to 2027, with net profit expected to increase by 69%/24%/21%, reaching 1.90 billion, 2.36 billion, and 2.85 billion yuan respectively [6] - The average PE for comparable companies is estimated at 20x for 2025, leading to a target price of 18.40 yuan for Longxin [6] Group 5: Market Concerns and Growth Potential - Despite market concerns about saturation in the domestic large-displacement motorcycle sector, there remains significant growth potential compared to markets like Italy, Japan, and Brazil [5] - The company plans to expand its product offerings to fill gaps in engine platforms and segmented categories, which could further enhance its domestic market share [5]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

证券代码：603766 证券简称：隆鑫通用 公告编号：2025-032 隆鑫通用动力股份有限公司 董事、高级管理人员集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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。 | 股东名称 | 龚晖 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他： | | | | 持股数量 | 1,429,250股 | | | 重要内容提示： 董事、高级管理人员持股的基本情况 截至本公告披露日，隆鑫通用动力股份有限公司(以下简称"公司")董事兼 总经理龚晖先生持有公司股票 1,429,250 股，占公司总股本的 0.0696%，公司财 务总监王建超先生持有公司股票 408,750 股，占公司总股本的 0.0199%。 一、集中竞价减持主体的基本情况 集中竞价减持计划的主要内容 龚晖先生和王建超先生拟自本减持 ...

Core Viewpoint - The two-wheeler concept sector has shown a significant increase, with a rise of 3.74% as of June 24, ranking it 10th among concept sectors in terms of growth [1] Group 1: Sector Performance - Within the two-wheeler concept sector, 52 stocks experienced an increase, with notable performers including Guoxuan High-Tech and Yong'an Xing, which hit the daily limit, and Boliview, Tianhong Lithium, and Longxin General, which rose by 8.92%, 6.91%, and 6.33% respectively [1] - The two-wheeler concept sector attracted a net inflow of 1.01 billion yuan from main funds today, with 30 stocks receiving net inflows, and 9 stocks seeing inflows exceeding 30 million yuan [2] Group 2: Fund Inflow Analysis - Guoxuan High-Tech led the net inflow with 599.9 million yuan, followed by Zongshen Power, Nandu Power, and Xinwangda, which received net inflows of 89.14 million yuan, 59.56 million yuan, and 59.23 million yuan respectively [2] - The net inflow ratios for Yong'an Xing, Guoxuan High-Tech, and Zongshen Power were 46.14%, 12.06%, and 11.40% respectively, indicating strong investor interest [3] Group 3: Stock Performance - Guoxuan High-Tech saw a daily increase of 10.02% with a turnover rate of 9.92%, while Zongshen Power and Nandu Power increased by 4.13% and 4.17% respectively [3] - Other notable stocks in the two-wheeler sector included Boliview with an increase of 8.92% and Longxin General with a rise of 6.33% [4]

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [6][15]. Core Insights - The motorcycle industry is experiencing significant growth, with 250cc and above motorcycle sales reaching a record high in May 2025, showing a year-on-year increase of 31.1% and a cumulative increase of 50.4% from January to May 2025 [3][4]. - The report highlights the strong performance of major players in the market, with Chuanfeng Power leading in sales and market share, followed by Qianjiang Motorcycle and Longxin General [6][15]. - The export market is also thriving, with a notable increase in shipments of 250cc and above motorcycles, driven by the growth of leading companies in the 500-800cc segment [4][5]. Summary by Sections Sales Performance - In May 2025, sales of motorcycles above 125cc reached 703,000 units, a year-on-year increase of 7.8% [4]. - For 250cc and above motorcycles, May sales were 101,000 units, with a year-on-year increase of 31.1% and a cumulative total of 399,000 units from January to May, reflecting a 50.4% increase [4][5]. Market Structure - The report notes strong growth in the 500cc and above segment, with sales of 500-800cc motorcycles increasing by 96.6% year-on-year in May [5]. - The 250cc to 400cc segment saw sales of 53,000 units in May, up 21.4% year-on-year, while the 400cc to 500cc segment sold 30,000 units, marking a 23.3% increase [5]. Competitive Landscape - The top three companies in the 250cc and above segment in May 2025 were Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 48.4% [6]. - Chuanfeng Power maintained a market share of 21.5% in May, with sales of 22,000 units, reflecting a year-on-year increase of 48.1% [6][8]. Future Outlook - The report anticipates continued growth in the motorcycle market, driven by new model launches and an expanding export market, particularly for Chuanfeng Power and Longxin General [11][15]. - The motorcycle industry is expected to benefit from a cultural shift towards motorcycle usage, with domestic brands poised to capture a larger share of the growing demand [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company, Longxin General (隆鑫通用), is a leading motorcycle manufacturer in China, having ranked first in motorcycle exports for 19 consecutive years from 2006 to 2024. The "Wuji" brand has strengthened its influence, driving growth both domestically and internationally [4][5] - In 2024, revenue from the Wuji series reached 3.154 billion yuan, a year-on-year increase of 111%, with domestic revenue of approximately 1.8 billion yuan (up 114%) and export revenue of about 1.3 billion yuan (up 108%) [5] - The company is expected to achieve revenues of 20.961 billion yuan, 23.985 billion yuan, and 26.991 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.61%, 14.43%, and 12.53% [6][8] Company Overview - Latest closing price: 12.93 yuan - Total shares: 2.054 billion - Total market capitalization: 26.6 billion yuan - 52-week high/low: 14.40/5.76 yuan - Debt-to-asset ratio: 42.2% - Price-to-earnings ratio: 23.51 [3] Financial Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is 1.930 billion yuan, 2.263 billion yuan, and 2.542 billion yuan, respectively, with corresponding growth rates of 72.13%, 17.26%, and 12.31% [6][8] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 13.76, 11.73, and 10.45, respectively [6][8]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle industry [1] Core Insights - The motorcycle export market remains robust, with a year-on-year growth of 27% in the first five months of 2025, indicating a strong demand for motorcycles [10][16] - The overall motorcycle sales from January to May 2025 reached 6.822 million units, reflecting a year-on-year increase of 21% [16] - The report highlights significant growth in the sales of motorcycles with engine displacement greater than 250cc, which saw a 50% increase year-on-year [16] Industry Data Update - **Overall Sales**: In the first five months of 2025, total motorcycle sales (domestic and export) were 6.822 million units, with domestic sales at 1.846 million units (down 1.3% year-on-year) and exports at 4.976 million units (up 27% year-on-year) [16][17] - **Sales by Displacement**: - Motorcycles with displacement between 150cc and 250cc sold 800,000 units (up 17% year-on-year) - Motorcycles with displacement greater than 250cc sold 399,000 units (up 50% year-on-year) [16][17] Company Data Update - **Chunfeng Power**: - Total sales of fuel motorcycles reached 118,200 units (up 23% year-on-year) in the first five months of 2025, with electric motorcycle sales skyrocketing to 93,000 units (up 2000% year-on-year) [26] - **Qianjiang Motorcycle**: - Total sales were 168,000 units (down 6% year-on-year) in the same period, with sales of motorcycles over 250cc increasing by 8% [35] - **Longxin General**: - Total sales reached 649,000 units (up 16% year-on-year), with significant growth in the 150cc to 250cc segment (up 48% year-on-year) [9]

Industry Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - In May, the total sales of two-wheeled fuel motorcycles reached 1.486 million units, a year-on-year increase of 11.3%. Exports were 1.09 million units, up 20.6%, while domestic sales were 396,000 units, down 8.2% [2][8] - For motorcycles above 250cc, sales in May were 101,000 units, reflecting a year-on-year increase of 31.1%. Exports were 50,000 units, up 52.1%, and domestic sales were 51,000 units, up 15.4% [2][8] Summary by Relevant Sections Overall Industry Performance - Total sales of two-wheeled fuel motorcycles in May were 1.486 million units, with exports at 1.09 million units and domestic sales at 396,000 units [2][8] - Year-to-date total sales reached 6.8407 million units, a 17% increase year-on-year [3] Company-Specific Performance Chuanfeng Power - In May, Chuanfeng's fuel motorcycle sales were 28,000 units, a year-on-year increase of 13.4%. Exports were 12,000 units, up 2.5%, and domestic sales were 17,000 units, up 22.7% [2][13] - For motorcycles above 250cc, sales were 22,000 units, a 48.1% increase year-on-year [2][13] - Electric motorcycle sales surged to 35,000 units, a staggering increase of 2092.0% [2][16] Longxin General - Longxin's total sales of two-wheeled motorcycles in May were 123,000 units, down 10.8%. Exports were 113,000 units, down 12.6%, while domestic sales were 10,000 units, up 15.1% [2][19] - Sales of motorcycles above 250cc were 13,000 units, a year-on-year increase of 20.7% [2][19] Qianjiang Motorcycle - Qianjiang's total sales of two-wheeled motorcycles in May were 37,000 units, down 13.3%. Exports were 14,000 units, down 37.6%, while domestic sales were 22,000 units, up 15.7% [2][25] - For motorcycles above 250cc, sales were 14,000 units, a 6.4% increase year-on-year [2][25]

Summary of Longxin General's Conference Call Company Overview - Longxin General reported a revenue of 16.8 billion yuan in 2024, a year-on-year increase of 29%, with a net profit attributable to shareholders of 1.13 billion yuan, up 92% [2][5] - The motorcycle business now accounts for 76% of total revenue, reflecting a strategic focus on core operations and divestment of non-core assets [2][5] - The company completed a share restructuring in December 2024, with Zongshen New Manufacturing becoming the controlling shareholder, potentially enhancing its position in the motorcycle market [2][7] Key Business Segments Motorcycle Business - The self-owned brand "Wujie" saw rapid growth, with sales exceeding 180,000 units in 2024, generating revenue of 3.15 billion yuan, doubling year-on-year and accounting for 18.7% of total revenue [2][10] - The brand's competitive edge has been bolstered by collaboration with BMW, improving product quality and technology [2][9] - The motorcycle segment includes high-end motorcycles, all-terrain vehicles, and electric motorcycles, with a focus on expanding the product matrix and enhancing market presence [3][4] All-Terrain Vehicles - The all-terrain vehicle segment is projected to be a core growth driver for 2025, with revenue reaching 400 million yuan in 2024, a 74% increase [4][18] - Expected sales for 2025 are anticipated to nearly double, supported by a diversified product matrix and competitive strategies [4][18] Financial Performance - Longxin General's financial performance shows a stable gross margin between 15% and 20% over the past five years, with a recovery in net profit margin from 3.6% in 2023 to 6.3% in 2024 [5] - The company has maintained a stable expense ratio between 8% and 10% [5] Strategic Adjustments - Since 2021, Longxin has focused on core businesses, transitioning from industrial to consumer products, and divesting non-core subsidiaries [6] - By the end of 2024, goodwill impairment risks have been eliminated, enhancing financial stability [6] Market Trends Large Displacement Motorcycles - The large displacement motorcycle industry is experiencing rapid export growth, with a compound annual growth rate (CAGR) of 12% from 2020 to 2024 [14] - The penetration rate for large displacement motorcycles in China is only 4.6%, indicating significant growth potential compared to Japan and Europe [14] Future Outlook - Longxin General expects a net profit of 1.87 billion yuan in 2025, a 10.67% increase, with potential for higher performance if export and profit margins exceed expectations [21] - The company has a strong cash position of 5.6 billion yuan and a dividend payout ratio expected to remain high at 73% [22] Additional Insights - The Wujie brand has introduced a wider range of new models, significantly increasing the success rate of popular products [11][15] - The company is also expanding its electric motorcycle segment, which could become a secondary growth driver in the future [20]