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].

Event Overview - The company disclosed its 2024 annual report and Q1 2025 report, achieving a total revenue of 16.82 billion yuan in 2024, a year-on-year increase of 28.7%, and a net profit attributable to shareholders of 1.15 billion yuan, a year-on-year increase of 97.1%. For Q1 2025, the company reported a revenue of 4.65 billion yuan, a year-on-year increase of 41.0%, and a net profit of 510 million yuan, a year-on-year increase of 96.8%, exceeding previous performance forecasts [1]. Analysis and Judgment - Q1 2025 performance exceeded expectations, driven by the growth of the Wujie brand and the channel vehicle business. The revenue for Q4 2024 was 4.60 billion yuan, a year-on-year increase of 24.3%, with growth attributed to the rapid expansion of the Wujie brand. The Q1 2025 revenue reached a historical high of 4.65 billion yuan, primarily due to: 1) High growth in Wujie brand and channel vehicle business, with motorcycle product revenue of 2.74 billion yuan, a year-on-year increase of 39.4% (Wujie brand revenue was 860 million yuan, a year-on-year increase of 41.8%); 2) Recovery in general machinery business with sales revenue of 1.126 billion yuan, a year-on-year increase of 65.37%; 3) Growth in motorcycle engines and all-terrain products [1]. - On the profit side, the net profit attributable to shareholders for Q4 2024 was 220 million yuan, turning from loss to profit, but down 28.0% quarter-on-quarter due to asset/credit impairment of approximately 200 million yuan. The Q1 2025 performance showed rapid growth both year-on-year and quarter-on-quarter, mainly due to the synergy of volume and profit from the Wujie brand, high growth in channel vehicle business, and optimization of the expense structure [1]. - The expense structure significantly improved under scale effects, with Q1 2025 sales/management/R&D/financial expenses at 1.0%/2.5%/2.0%/-0.7%, showing year-on-year changes of -0.8/-1.9/-1.2/+0.2 percentage points and quarter-on-quarter changes of +0.0/-0.2/-0.2/+1.0% [1]. Product and Channel Growth - In 2024, the Wujie brand achieved revenue of 3.15 billion yuan, a year-on-year increase of 111.4%. Domestic sales revenue was 1.81 billion yuan, a year-on-year increase of 114.5%, while export sales revenue was 1.35 billion yuan, a year-on-year increase of 107.5%. The European market contributed significantly, with sales revenue of 1.02 billion yuan, a year-on-year increase of 133.4%. By the end of 2024, the company established 990 domestic sales outlets and 1,165 overseas sales outlets, including nearly 900 in Europe, laying a solid foundation for continued sales growth [2]. Global Expansion of Mid-to-Large Displacement Motorcycles - The company's mid-to-large displacement motorcycle sales (over 250cc) were 75,000 and 108,000 units in 2023 and 2024, respectively, representing year-on-year growth of 53.7% and 43.1%. Export sales were 41,000 and 51,000 units, with year-on-year growth of 47.7% and 24.8%, respectively, primarily driven by the Wujie brand. In 2024, the Wujie brand saw rapid sales growth in Spain, with cumulative sales reaching 9,000 units, a year-on-year increase of 128.5%, and market share rising to 4.2%. In Q1 2025, sales reached 2,336 units, a year-on-year increase of 44.6%, ranking fifth in the market. In Italy, the SR16 scooter model sold 1,033 units in Q1 2025, becoming the best-selling domestic model [3]. Investment Recommendations - The company is expected to benefit from the dual expansion of the Wujie brand in both product and channel, accelerating growth through volume and profit synergy. Revenue projections for 2025-2027 are 20.16 billion, 23.71 billion, and 27.64 billion yuan, with net profits of 1.95 billion, 2.41 billion, and 2.88 billion yuan, respectively. The EPS is projected to be 0.95, 1.17, and 1.40 yuan, corresponding to a closing price of 12.45 yuan per share on April 30, 2025, with PE ratios of 13, 11, and 9 times [4].

Group 1 - The company achieved operating revenue of 16.822 billion yuan, a year-on-year increase of 28.74%, and a net profit attributable to shareholders of 1.121 billion yuan, a year-on-year increase of 92.19% [1] - The motorcycle business generated sales revenue of 12.688 billion yuan, a year-on-year increase of 34.01%, with a gross profit margin of 17.94% [1] - The company's "Wujie" series products achieved sales revenue of 3.154 billion yuan, a year-on-year increase of 111.43%, with domestic sales revenue of 1.808 billion yuan, a year-on-year increase of 114.45% [1] Group 2 - The company plans to continue deepening its presence in the European market while expanding into Latin America and Southeast Asia, aiming for a "1+N" market synergy [2] - The general machinery business achieved sales revenue of 3.535 billion yuan, a year-on-year increase of 29.32%, with non-U.S. markets generating 2.444 billion yuan, a year-on-year increase of 33.60% [2] - The company successfully launched new product categories, with sales of fuel-powered riding lawnmowers exceeding 30,000 units, a year-on-year increase of 170% [2] Group 3 - By 2025, the company aims to integrate into national strategies, focusing on high-end, green, intelligent, and global development, while establishing a "smart brain + future factory" in the motorcycle industry [3] - The company plans to launch a new generation of high-end new energy intelligent robotic motorcycles and establish overseas manufacturing plants [3] - The company is committed to becoming a benchmark enterprise in the Chinese motorcycle industry, emphasizing high-quality development [3]

Core Viewpoint - 隆鑫通用动力股份有限公司 reported significant growth in revenue and net profit for the year 2024, driven by strong performance in the motorcycle and general machinery sectors [15][17]. Company Overview - 隆鑫通用 is a leading manufacturer in the motorcycle industry, maintaining the top position in exports for 19 consecutive years, with a total motorcycle sales volume of 16.46 million units in 2024, a year-on-year increase of 12.99% [2][3]. - The company specializes in various products including two-wheeled motorcycles, three-wheeled motorcycles, motorcycle engines, all-terrain vehicles, and general machinery [4][5]. Industry Performance - The motorcycle industry in China saw a total sales volume of 16.46 million units in 2024, with domestic sales declining by 16.56% to 8.91 million units, while exports increased by 26.72% to 11.02 million units [2]. - The market for large-displacement leisure motorcycles (over 250cc) grew significantly, with sales reaching 756,600 units, a year-on-year increase of 42.97% [3]. - The general machinery sector experienced a total sales volume of 47.72 million internal combustion engines, marking a 6.67% increase year-on-year [4]. Financial Highlights - The company achieved a revenue of 4.646 billion yuan in 2024, representing a year-on-year growth of 40.98%, and a net profit of 507 million yuan, up 96.79% [15]. - Motorcycle product sales contributed 2.742 billion yuan, with export revenue reaching 310 million USD, a 55.23% increase [15]. - The company’s all-terrain vehicle sales increased by 74.36%, generating 107 million yuan in revenue [16]. Business Model - 隆鑫通用 operates through a comprehensive business model that includes research and development, procurement, production, and sales [6][10]. - The company has established a robust R&D structure with nearly 1,600 personnel, focusing on market-driven innovations [7]. Legal and Financial Matters - The company is currently involved in legal proceedings regarding receivables, with a balance of 666 million yuan and significant provisions for credit impairment [18]. - The company is also in the process of transferring its stake in the Italian CMD company, with ongoing negotiations and conditions to be met for completion [19][20].

Financial Performance - In 2024, the company achieved operating revenue of 16.822 billion yuan, a year-on-year increase of 28.74% [1] - The net profit attributable to shareholders reached 1.121 billion yuan, with a remarkable year-on-year growth of 92.19% [1] - Basic earnings per share were reported at 0.55 yuan [1] - For Q1 2025, the company reported operating revenue of 4.646 billion yuan, a year-on-year increase of 40.98%, and a net profit of 507 million yuan, up 96.79% [3] Dividend Distribution - The company plans to distribute a cash dividend of 4 yuan per 10 shares (tax included), totaling 821 million yuan, which accounts for 73.26% of the net profit attributable to shareholders for 2024 [1] Motorcycle Business - The motorcycle segment generated sales revenue of 12.688 billion yuan, reflecting a year-on-year growth of 34.01% [1] - The sales revenue from the company's self-owned brands increased by 97.11%, contributing to 21.95% of total operating revenue [1] - The Wujie series products achieved sales revenue of 3.154 billion yuan, with a significant year-on-year growth of 111.43% [1] - Domestic sales for the Wujie series reached 1.808 billion yuan, growing by 114.45%, while exports amounted to 1.346 billion yuan, up 107.50% [1] - In Europe, sales revenue reached 1.021 billion yuan, marking a year-on-year increase of 133.38% [1] Brand Development - The Wujie brand has become a leading high-end motorcycle brand in China, with 990 domestic sales outlets established [2] - The company has created a "cloud warehouse" service supply management system to enhance after-sales service and customer satisfaction [2] - The company has expanded its overseas sales network to 1,165 outlets, focusing on the European market with 876 sales points [2] - New strategic products like CU250 and RR660S have been launched to meet consumer demands and enhance market competitiveness [2] General Machinery Business - The general machinery segment reversed its declining trend, achieving sales revenue of 3.535 billion yuan, a year-on-year increase of 29.32% [2] - Domestic market revenue for general machinery reached 890 million yuan, growing by over 47.20%, while non-U.S. market revenue was 2.444 billion yuan, up 33.60% [2] Innovation and Product Development - The company has introduced several new products, including a riding lawn mower with sales surpassing 30,000 units, a year-on-year increase of 170% [3] - The first lithium battery-powered riding lawn mower has successfully entered mass production, further enriching the product matrix [3] - The company continues to invest in technology research and development to meet diverse market needs [3]

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 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： 证券代码：603766 证券简称：隆鑫通用 公告编号：2025-028 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 召开的日期时间：2025 年 5 月 19 日 14 点 00 分 召开地点：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 平台五楼会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 19 日 至2025 年 5 月 19 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大 会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2025年5月19日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (二) 股东大会召集人：董事会 ...

股票代码：603766 股票简称：隆鑫通用 编码：临 2025-020 （一）以 3 票赞成，0 票反对，0 票弃权，审议通过《2024 年度监事会工作 报告》； 本议案尚需提交公司 2024 年年度股东大会审议。 （二）以 3 票赞成，0 票反对，0 票弃权，审议通过《2024 年度报告全文及 摘要》； 经审议，监事会认为： 隆鑫通用动力股份有限公司 第五届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 隆鑫通用动力股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日以现 场会议的方式召开了公司第五届监事会第四次会议。本次会议通知于 2025 年 4 月 19 日以通讯方式送达各位监事，经全体监事一致同意豁免提前 10 天发出会议 通知。本次会议应参与表决监事 3 名，实际表决监事 3 名。会议由职工代表监事 （代行监事会主席职责）李政先生主持。会议的召集、召开符合《中华人民共和 国公司法》等有关法律、行政法规、部门规章和《公司章程》的相关规定，会议 决议合法 ...

隆鑫通用动力股份有限公司监事会 关于《董事会关于 2024 年度带强调事项段无保留意见的 内部控制审计报告的专项说明》的意见 信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和"）对隆鑫 通用动力股份有限公司（以下简称"公司"或"隆鑫通用"）2024 年度内部控制 的有效性进行审计，并出具了带强调事项段无保留意见的内部控制审计报告 （XYZH/2025CQAA1B0169）。根据《上海证券交易所股票上市规则》等相关规定， 监事会对《董事会关于带强调事项段无保留意见内部控制审计报告的专项说明》 出具如下意见： 一、信永中和出具的带强调事项段无保留意见的内部控制审计报告以及董事 会对相关事项的说明，符合公司的实际情况，真实、准确。监事会对信永中和出 具的带强调事项段无保留意见内部控制审计报告无异议，并同意董事会《关于带 强调事项段无保留意见的内部控制审计报告的专项说明》。 二、针对强调事项，公司已经落实措施完成了相关整改工作。作为公司监事， 我们将积极督促董事会及公司管理层优化内部控制管理机制，强化内部审计工作， 完善内部审计部门的职能，加强内审部门对公司内部控制制度执行情况的监督力 度，进一步提升内部控制 ...

股票代码：603766 股票简称：隆鑫通用 编码：临 2025-019 本次会议经与会董事审议并逐项书面表决，形成决议如下： 隆鑫通用动力股份有限公司 第五届董事会第六次会议决议公告 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、董事会会议召开情况 隆鑫通用动力股份有限公司（以下简称"公司"）第五届董事会第六次会议 于 2025 年 4 月 27 日以现场会议（含视频）的方式召开。本次会议通知于 2025 年 4 月 19 日以通讯方式送达各位董事，经全体董事一致同意豁免提前 10 天发出 会议通知。会议应出席董事 9 名，实际出席董事 9 名。会议由董事长李耀先生主 持，公司监事、高级管理人员列席了本次会议。会议的召集、召开符合有关法律、 行政法规、部门规章和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 本议案尚需提交公司 2024 年年度股东大会审议。 （一）会议以 9 票同意，0 票反对，0 票弃权，审议通过《2024 年度总经理 工作报告》。 （二）会议以 9 票同意，0 票反对，0 票弃权 ...