Investment Rating - The report maintains a "Buy" rating for the motorcycle industry, particularly recommending companies such as Chuanfeng Power, Longxin General, and Qianjiang Motorcycle [18]. Core Insights - The motorcycle industry is experiencing steady growth in the mid-to-large displacement segment, with a notable increase in exports. The report highlights the robust performance of leading companies in this sector, driven by new model launches and an expanding market [4][18]. - The report indicates that the overall sales of mid-to-large displacement motorcycles are expected to resonate positively in both domestic and international markets, supported by the efforts of key players like Chuanfeng Power and Longxin General [5][18]. Summary by Sections Sales Performance - In October 2025, the sales of motorcycles above 250cc reached 61,000 units, showing a slight year-on-year decline of 0.2% but a significant month-on-month drop of 29.7%. Cumulatively, from January to October, sales totaled 822,000 units, reflecting a year-on-year increase of 29.7% [3]. - The sales of motorcycles above 125cc in October were 603,000 units, up 1.0% year-on-year but down 19.7% month-on-month, with growth primarily from the 125-150cc and 500-800cc segments [4]. Structural Analysis - The report notes strong growth in the 500cc+ displacement models, with October sales of 13,000 units, a year-on-year increase of 33.2%. Cumulative sales from January to October reached 161,000 units, up 128.7% year-on-year [5]. - The 250cc to 400cc segment saw a decline in October sales, with 36,000 units sold, down 8.5% year-on-year and 31.5% month-on-month, while the 400cc to 500cc segment experienced a slight decrease of 7.2% year-on-year [5]. Market Dynamics - The top three companies in the 250cc+ segment for October were Chuanfeng Power, Longxin General, and Qianjiang Motorcycle, with a combined market share of 43.7%. Chuanfeng Power maintained a leading position with a market share of 18.8% [6][8]. - Longxin General's sales in October were 11,000 units, reflecting a year-on-year increase of 62.7%, while Qianjiang Motorcycle's sales were 4,000 units, down 47.9% year-on-year [8][15]. Future Outlook - The report anticipates continued growth in the mid-to-large displacement motorcycle market, driven by new model launches and an expanding consumer base. The focus will be on enhancing domestic sales and increasing export volumes, particularly for Chuanfeng Power and Longxin General [12][18]. - The report emphasizes the importance of new product introductions and brand positioning in capturing market share and driving future sales growth [14][18].

11月13日晚间，隆鑫通用（603766）(SH603766，股价13.16元，市值270.2亿元)连续发布两则资产出售 公告：拟以1.056亿元转让所持遵义金业机械铸造有限公司(以下简称金业机械)66%股权，较2022年的计 划转让价4.1亿元缩水逾七成；同时拟以1元价格出售所持珠海隆华直升机科技有限公司(以下简称珠海 隆华)49.9988%股权。 《每日经济新闻》记者梳理发现，这两笔交易也是公司多年投资困局的缩影。自2014年起，隆鑫通用在 业绩高增长时期，先后参与广州威能机电有限公司(以下简称威能机电)、意大利CMD公司、山东丽驰新 能源汽车有限公司(以下简称山东丽驰，如今已更名为山东雷驰新能源汽车有限公司)等多个股权投资项 目。但这些项目的后续发展多走向低价转让或减值。 多项投资后续走向不佳 《每日经济新闻》记者梳理隆鑫通用过往十多年的资本动作发现，其在股权投资合作的道路上频频出 击，但收购来的资产后续发展多不令人满意。 资产价格大幅缩水 在隆鑫通用拟以1元的价格转让所持珠海隆华49.9988%股权的同时，其与贵州科欣管理咨询有限公司(以 下简称贵州科欣)签订协议，拟以1.056亿元的交易价格，向贵州 ...

Core Viewpoint - Longxin General is transitioning from OEM to developing its own brands, focusing on the motorcycle and general machinery sectors, with a strong emphasis on global expansion and product quality improvement through partnerships, particularly with BMW [14][15][16]. Group 1: Business Overview - Longxin General has diversified its product lines, including motorcycles, engines, ATVs, and general machinery, with a focus on the "motorcycle + general machinery" business model [3][20]. - The company aims for its motorcycle and general machinery business revenues to account for 75% and 21% of total revenue, respectively, by 2024 [3][22]. - The company has undergone a significant ownership change, with the new major shareholder being Zongshen New Manufacturing, which is expected to resolve industry competition issues [20][28]. Group 2: Market Expansion - The company is aggressively expanding its high-end motorcycle brand, Wujing, into European and South American markets, where it has already established brand recognition, particularly in Spain with a market share exceeding 5% [5][42]. - The global market for ATVs is projected to reach $15 billion by 2028, with Longxin General aiming to enhance its market share by leveraging its engine advantages [6][7]. - The company has seen a rise in motorcycle engine exports, supported by the increasing demand for Chinese motorcycles in international markets [9][43]. Group 3: Financial Performance - Longxin General's revenue has shown a compound annual growth rate (CAGR) of 10.2% from 2015 to 2024, with a significant recovery expected in 2024, driven by motorcycle exports and the recovery of general machinery business [34]. - The company's net profit is projected to increase by 92.3% in 2024, primarily due to reduced impairment losses and growth in high-end motorcycle sales [34][35]. - The gross margin is expected to improve to 17.6% in 2024, reflecting a recovery in profitability as the company reduces impairment losses and increases the share of high-margin products [35][40]. Group 4: Product Development - Longxin General has developed a comprehensive product matrix, including various types of motorcycles, engines, and general machinery, with a focus on high-performance and cost-effective products [25][31]. - The company has established stable partnerships with leading global manufacturers, enhancing its product quality and supply chain management capabilities [15][31]. - The product offerings include a wide range of motorcycles, from high-end models to ATVs, with a focus on meeting diverse market demands [25][26]. Group 5: Competitive Landscape - The global motorcycle market is dominated by Japanese and Indian brands, with Longxin General aiming to increase its market share through strategic international expansion [44][46]. - The company is positioned to benefit from the growing demand for motorcycles in emerging markets, particularly in South America and Southeast Asia, where it has identified significant growth opportunities [67][70]. - Longxin General's strategy includes a "1+N" market approach, focusing on deepening its presence in one market before expanding to similar markets, which is expected to enhance its competitive position [5][42].

Core Viewpoint - Institutional investors have shown renewed interest in 88 stocks this week, with 11 stocks receiving target prices from various securities firms [1] Group 1: Stock Ratings and Target Prices - Longxin General received a "Buy Over Market" rating from Guosen Securities, with a target price of 15.80 to 16.70 CNY, while the latest closing price was 13.16 CNY [1] - BYD was rated "Buy" by Southwest Securities, with a target price of 120.30 CNY, compared to its latest closing price of 98.37 CNY [1] - China National Offshore Oil Corporation (CNOOC) received a "Buy" rating from Guojin Securities, with a target price of 32.88 CNY, while the latest closing price was 29.02 CNY [1] - Other stocks such as Xinwangda, Huamao Technology, and Gaode Infrared have also gained initial attention from institutions this week [1]

Core Viewpoint - Longxin General (SH603766) is facing significant challenges in its investment strategy, as evidenced by its recent announcements to sell stakes in Zunyi Jinye Machinery Casting Co., Ltd. and Zhuhai Longhua Helicopter Technology Co., Ltd. at drastically reduced prices, reflecting a broader trend of declining asset values and unsuccessful investments since 2014 [2][3][7]. Group 1: Asset Sales - Longxin General plans to transfer 66% of its stake in Zunyi Jinye for 105.6 million yuan, a decrease of over 70% from the previously planned transfer price of 410 million yuan in 2022 [2][3]. - The company is also selling its 49.9988% stake in Zhuhai Longhua for just 1 yuan, indicating a severe depreciation in asset value [2][3]. Group 2: Historical Investment Performance - Since 2014, Longxin General has engaged in multiple equity investments, including Guangzhou Weining Electromechanical Co., Ltd., Italian CMD, and Shandong Lichi New Energy Co., Ltd., but most of these investments have resulted in low-value transfers and impairments [2][7]. - The investment in Zunyi Jinye was initially made in 2019 for 429 million yuan, but the company has not met performance commitments, leading to a significant decline in its financial performance [5][6]. Group 3: Strategic Shift - Longxin General has stated that the recent asset transfers are part of a strategic shift to "focus on core business" established in September 2021, although efforts to find potential buyers for these assets have largely been unsuccessful [13][15]. - The company is also undergoing a change in control due to the financial difficulties of its former controlling shareholder, with new management needing to address competition issues and accelerate internal asset integration [15][16].

Core Viewpoint - Longxin General (603766.SH) announced the transfer of 49.9988% equity in Zhuhai Longhua Helicopter Technology Co., Ltd. and 66% equity in Zunyi Jinye Machinery Casting Co., Ltd. for a total of approximately 105.6 million yuan, marking a significant step in the company's asset divestiture strategy, albeit at a high cost of expected losses totaling 75.89 million yuan [2][3][4]. Group 1: Asset Transfer Details - The transfer of Zhuhai Longhua's equity was executed at a symbolic price of 1 yuan, reflecting the deteriorating asset value, with an anticipated loss of 36.22 million yuan for the company in 2025 [3][4]. - Longxin General has provided a total of 69.89 million yuan in loans to Zhuhai Longhua, which is at risk of being unrecoverable due to the company's negative net asset status of -67.35 million yuan [4][5]. - The transfer of Jinye Machinery was conducted at a significant discount of 68.31%, with a total equity value of 234 million yuan, resulting in an expected loss of 39.67 million yuan for 2025 [5][6]. Group 2: Strategic Focus and Performance - Longxin General has been pursuing a strategy to focus on its core business since 2021, gradually divesting non-core assets, with the recent transfers marking an acceleration in this process [6][7]. - Despite the short-term losses from asset divestiture, the company's core business has shown strong performance, with a revenue of 14.557 billion yuan in the first three quarters of 2025, a year-on-year increase of 19.14%, and a net profit of 1.577 billion yuan, up 75.45% [6][7]. - The company’s motorcycle business generated 10.714 billion yuan in revenue, reflecting a 14.91% increase, while the general machinery segment saw a 42.54% growth [6][7].

Core Viewpoint - The automotive industry is experiencing a divergence in performance, driven by scale effects and a shift towards high-end products, impacting profitability across different segments [2][4][5]. Passenger Vehicles - In Q3 2025, wholesale sales of passenger vehicles reached 7.686 million units, a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [2]. - Wholesale sales of new energy passenger vehicles were 4.024 million units, up 24.2% year-on-year and 10.9% quarter-on-quarter, with a penetration rate of 52.4% [30][49]. - Revenue for six major domestic companies, including SAIC and BYD, totaled 537.8 billion yuan, reflecting a year-on-year growth of 7.8% [2]. - The gross margin for passenger vehicle companies was 15.1%, down 2.5 percentage points year-on-year but up 2.2 percentage points quarter-on-quarter [2]. - Net profit attributable to parent companies in Q3 2025 was 13.57 billion yuan, a decline of 20.2% year-on-year and 11.1% quarter-on-quarter [2]. Auto Parts - The auto parts sector saw revenue of 279.8 billion yuan in Q3 2025, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 5.0% [3]. - The gross margin for the auto parts sector was 18.3%, up 0.6 percentage points year-on-year [3]. - The net profit growth rate for the auto parts sector was 13.8% year-on-year, with a net profit margin of 5.8% [3]. Commercial Vehicles - Heavy truck wholesale sales reached 282,000 units in Q3 2025, a year-on-year increase of 58.1% [4]. - Revenue from key heavy truck companies was 108 billion yuan, up 26.9% year-on-year [4]. - The gross margin for key bus companies was 19.3%, an increase of 7.4 percentage points year-on-year [4]. Motorcycles - The wholesale sales of mid-to-large displacement motorcycles reached 259,000 units in Q3 2025, a year-on-year increase of 19.2% [5]. - Revenue for the motorcycle sector was 15.41 billion yuan, reflecting a year-on-year increase of 25.4% [5]. - The overall gross margin for key motorcycle companies was 23.2%, up 0.4 percentage points year-on-year [5]. Investment Recommendations - For passenger vehicles, companies such as Geely, Xpeng, and BYD are recommended due to their focus on smart and global expansion [5]. - In the auto parts sector, companies involved in smart driving and lightweight components are highlighted for investment [5][6].

权威精选 图片来源：隆鑫通用公告 2014年花5000万元取得 2014年10月，隆鑫通用披露，公司拟以现金5000万元出资，参与设立珠海隆华，并持有其50%股权。 2014年11月，珠海隆华正式成立。 隆鑫通用在公告中称，尽管公司长期以来在资金和资源方面为珠海隆华提供了重要支持，并积极寻求引 进战略投资者，以期扭转局面，但该公司的商业化目标始终未能有效实现，且长期处于经营亏损状态。 截至 2025年10月31日，珠海隆华账面净资产为-6735.17万元，即处于"资不抵债"的状态。 隆鑫通用11月13日盘后公告称，投资的无人机业务平台珠海隆华直升机科技有限公司（以下简称"珠海 隆华"）商业化进程缓慢且长期处于经营亏损状态，已成为公司战略调整中重点关注的非核心资产之 一。隆鑫通用拟以1元价格将持有的珠海隆华49.9988%股权转让给李亮君。 交易完成后，隆鑫通用将不再持有珠海隆华的股份，珠海隆华不再纳入公司合并报表范围。这次交易不 构成关联交易，亦不构成重大资产重组。预计对公司2025年度损益影响金额约为-3621.93万元。 《每日经济新闻》记者同时搜索"清华大学"和"李亮君"两个关键词后，在清华大学官网找到 ...

Core Viewpoint - Longxin General (603766) is divesting its stakes in Zhuhai Longhua Helicopter Technology Co., Ltd. and Zunyi Jinye Machinery Casting Co., Ltd. to focus on its core business and improve financial health [1][2] Group 1: Strategic Focus and Asset Divestiture - The company plans to transfer its entire 49.9988% stake in Zhuhai Longhua and 66% stake in Jinye Machinery, marking a significant step in its strategy to divest non-core and loss-making assets [1] - This divestiture is part of a broader strategy initiated in 2021 to focus on core operations, following a history of unsuccessful diversification efforts since 2014 [2] Group 2: Financial Performance and Impact - Jinye Machinery has not met performance commitments for two consecutive years since its acquisition in 2018, leading to an initial goodwill of 294 million yuan that will be fully amortized by 2024 [1] - Zhuhai Longhua has only achieved profitability in 3 out of 12 years since its establishment, resulting in an impairment of intangible assets totaling approximately 89 million yuan since 2022 [1] - The company reported a revenue of 14.557 billion yuan in the first three quarters of the year, a year-on-year increase of 19.14%, and a net profit of 1.577 billion yuan, reflecting a significant growth of 75.45% year-on-year [2] Group 3: Future Outlook - The asset divestiture is expected to alleviate financial burdens, optimize asset structure, and enhance overall operational efficiency and asset quality [1] - The company aims to continue focusing on its core business and accelerate its globalization efforts to promote sustainable high-quality development [2]

（文章来源：证券日报） 证券日报网讯 11月13日晚间，隆鑫通用发布公告称，公司拟与珠海隆华直升机科技有限公司（简称"珠 海隆华"）少数股东李亮君签订《股权转让协议》，参考评估机构的评估结果，以人民币1.00元的交易 价格，将公司持有珠海隆华全部49.9988%的股权转让给李亮君。本次交易完成后，公司不再持有珠海 隆华的股份，珠海隆华不再纳入公司合并报表范围。本次交易经公司第五届董事会第十次会议审议通 过。 ...