01 事件概述 据中国摩托车商会数据，2025年4月250cc（不含）以上摩托车销量9.3万辆，同比+28.0%，环比+5.6%。1-4月累计销量29.8万辆，同比+58.3%。 02 分析判断 1） 250cc<排量≤400cc ：4月销售4.4万辆，同比+14.8%，环比+7.9%；1-4月累计销量15.8万辆，同比+71.3%； 我们认为4月整体中大排量摩托车销量同比继续维持高速增长，内销临近旺季表现强势，出口在欧5+认证显著恢复。展望2025年全年，供给持续丰富，叠加春风动力、 隆鑫通用、钱江摩托等龙头摩企发力出口业务，中大排内外销有望共振向上。 格局： 头部企业份额稳固 春风动力稳居头名 行业： 旺季临近 中大排月度销量创历史新高 4月250cc+销量前三名分别为春风动力、钱江摩托、隆鑫通用，CR3市占率合计为52.9%；1-4月CR3累计市占率合计为49.8%，较2024年全年下降4.4pcts，其中： 1）125cc（不含）以上 ： 4月销量78.6万辆，同比+24.2%，环比+10.5%，主要增量来自于125-150cc及500-800cc，春风动力、隆鑫通用等头部企业均贡献明 显增量； 2） ...

Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies like Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [5][15]. Core Insights - The motorcycle industry is experiencing significant growth, with April 2025 sales of motorcycles over 250cc reaching 93,000 units, a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [3][4]. - The overall market for large-displacement motorcycles is expected to continue expanding, driven by new model launches and increased export activities from leading companies [5][15]. Summary by Sections Sales Performance - In April 2025, sales of motorcycles above 125cc reached 786,000 units, up 24.2% year-on-year and 10.5% month-on-month, with significant contributions from 125-150cc and 500-800cc segments [4]. - For motorcycles over 250cc, April sales were 93,000 units, with a cumulative total of 298,000 units from January to April, reflecting a 58.3% year-on-year increase [4]. Export and Domestic Sales - Exports of motorcycles over 250cc in April were 39,000 units, a year-on-year increase of 23.4%, while domestic sales were 54,000 units, up 31.6% year-on-year [4]. - Cumulative exports from January to April reached 158,000 units, a significant year-on-year increase of 81.1% [4]. Market Structure - The report highlights strong growth in the 500cc+ segment, with April sales of 16,000 units, a year-on-year increase of 106.6% [5]. - The top three companies in the 250cc+ segment are Chuanfeng Power, Qianjiang Motorcycle, and Longxin General, with a combined market share of 52.9% in April [6]. Company Performance - Chuanfeng Power reported a total motorcycle sales of 56,000 units in April, a year-on-year increase of 108.1% [9]. - Longxin General's April sales reached 145,000 units, with a year-on-year increase of 9.6% [14]. - Qianjiang Motorcycle's April sales were 35,000 units, reflecting a year-on-year decrease of 12.4% [12]. Future Outlook - The report anticipates continued strong performance in the motorcycle market, with a focus on new model launches and expanding export capabilities [11][15]. - The motorcycle industry is expected to benefit from a growing demand for large-displacement motorcycles, with domestic brands likely to be the biggest beneficiaries [15].

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].

Investment Rating - The report suggests a positive outlook for the motorcycle industry, particularly for Chinese brands focusing on large-displacement exports, recommending companies such as Chunfeng Power, Longxin General, and Qianjiang Motorcycle [3]. Core Insights - The overseas motorcycle market presents a nearly trillion-yuan opportunity, with projected sales exceeding 40 million units and a market size of 932 billion yuan by 2024, indicating significant growth potential for Chinese brands [2][7]. - The report highlights the differentiation in market demands across regions, with Europe, North America, and Australia leading in recreational motorcycles, while Asia, Africa, and Latin America dominate the utility motorcycle market [2][3]. - The transition from OEM to independent brand exports for Chinese manufacturers is underway, with a notable increase in large-displacement motorcycle exports, which are expected to grow at a CAGR of 67.5% from 2022 to 2024 [3]. Summary by Sections Overseas Overview: A Trillion-Yuan Market - The overseas motorcycle market is projected to reach sales of over 40 million units and a market size of 932 billion yuan by 2024, with significant growth opportunities for Chinese brands [7][16]. - Major markets include Southeast Asia (230 billion yuan), South Asia (270 billion yuan), Europe (160 billion yuan), Latin America (130 billion yuan), and North America (56.2 billion yuan) [2][7]. Market Segmentation: Recreational and Utility Markets - North America is characterized by a high-end market with over 90% penetration of large-displacement motorcycles, while Latin America is a mid-range market with a growing demand for large-displacement models [2][3]. - The European market is expanding, with a focus on high-end motorcycles, while Southeast Asia and South Asia are dominated by low-end utility motorcycles [2][3]. Chinese Brands: Transitioning to Independent Exports - The export of Chinese motorcycles is shifting from small-displacement OEM models to independent large-displacement brands, with significant growth in exports to Europe and Latin America [3]. - Key players in large-displacement exports include Chunfeng, Longxin, and Qianjiang, with Chunfeng showing remarkable growth in export volumes [3].

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 exceeded expectations, driven by the accelerated growth of its high-end brand "Wuji" [5][6]. - The company is expected 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, up 92.19% year-on-year [6][5]. - The report highlights the strong performance of the "Wuji" brand, which saw a revenue increase of 111.43% in 2024, with significant contributions from both domestic and international markets [3][5]. Financial Performance Summary - For 2024, the company is projected to achieve a gross margin of 17.59%, a net profit margin of 6.67%, and a non-recurring net profit margin of 6.51% [5]. - The company reported a single-quarter revenue of 46.04 billion yuan in Q4 2024, a year-on-year increase of 24.35%, but a significant decline in net profit [2]. - The first quarter of 2025 is expected to show a revenue of 46.46 billion yuan, reflecting a year-on-year growth of 40.98% and a net profit of 5.07 billion yuan, up 96.79% year-on-year [2]. Brand and Market Development - The "Wuji" brand has established itself as a leading high-end motorcycle brand in China, with plans to deepen its presence in the European market and expand into Latin America and Southeast Asia [3][4]. - The company has launched new products that have gained significant market traction, including the SR250GT and CU525, which have redefined their respective market segments [3]. - The all-terrain vehicle (ATV) segment is also showing promising growth, with sales revenue reaching 403 million yuan in 2024, a year-on-year increase of 73.85% [4]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 1.80 billion yuan, 2.11 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively [5][6].

► 2025Q1业绩超预期 无极品牌及通路车业务均贡献增量 01 事件概述 公司披露2024年年报及2025第一季度报告，公司2024年全年实现营业收入168.2亿元，同比+28.7%，实现归 母净利11.5亿元，同比+97.1%；2025Q1实现营业收入46.5亿元，同比+41.0%，归母净利润为5.1亿元，同比 +96.8%，位于此前业绩预告中枢偏上位置。 02 分析判断 营收端： 公司2024Q4实现营业收入46.0亿元，同比+24.3%，环比+1.1%，增长主要原因为无极品牌快速放 量；2025Q1实现营业收入46.5亿元，同比+41.0%，环比+0.9%，创历史新高，主要原因为：1）无极品牌及 通路车业务高增：摩托车产品营收27.4亿元，同比+39.4%（其中无极品牌收入8.6亿元，同比增长41.8%）； 2）通用机械业务复苏：销售收入11.26亿元，同比增长65.37%；3）摩托车发动机及全地形成产品增长等。 利润端： 公司2024Q4归母净利润为2.2亿元，同比扭亏，环比-28.0%，环比下降主要原因为资产/信用减值约 2.0亿元；2025Q1业绩同环比高速增长，主要源自无极品牌量利共振+通路车 ...