公告称，公司于2021年9月确立了"聚焦主业"的发展战略，集中优势资源发展主营业务。在此背景下， 公司投资的无人机业务平台珠海隆华由于商业化进程缓慢且长期处于经营亏损状态，成为公司战略调整 中重点关注的非核心资产之一。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-6,735.17万元。经审慎研究与讨论，公司决定剥 离该部分业务。 隆鑫通用（603766）(603766.SH)发布公告，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。 ...

公告称，公司于2021年9月确立了"聚焦主业"的发展战略，集中优势资源发展主营业务。在此背景下， 公司投资的无人机业务平台珠海隆华由于商业化进程缓慢且长期处于经营亏损状态，成为公司战略调整 中重点关注的非核心资产之一。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-6,735.17万元。经审慎研究与讨论，公司决定剥 离该部分业务。 智通财经APP讯，隆鑫通用(603766.SH)发布公告，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。 ...

隆鑫通用所属申万行业为：汽车-摩托车及其他-摩托车。所属概念板块包括：通用航空、农机、乡村振 兴、储能、充电桩等。 11月13日，隆鑫通用盘中上涨2.03%，截至11:08，报13.60元/股，成交1.34亿元，换手率0.49%，总市值 279.28亿元。 资金流向方面，主力资金净流入76.97万元，特大单买入107.42万元，占比0.80%，卖出495.67万元，占 比3.69%；大单买入2731.50万元，占比20.32%，卖出2266.29万元，占比16.86%。 隆鑫通用今年以来股价涨56.32%，近5个交易日跌4.70%，近20日跌2.37%，近60日涨0.82%。 资料显示，隆鑫通用动力股份有限公司位于重庆市南岸区大石二支路隆鑫工业园隆鑫通用A区，成立日 期2007年6月8日，上市日期2012年8月10日，公司主营业务涉及摩托车及发动机和通用机械等业务。主 营业务收入构成为：摩托车及发动机74.58%，通用机械产品22.41%，高端零部件1.26%，大型商用发电 机组1.03%，其他0.72%。 分红方面，隆鑫通用A股上市后累计派现36.05亿元。近三年，累计派现11.91亿元。 机构持仓方面，截 ...

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].

Group 1 - The core viewpoint of the report is that Longxin General (603766.SH) is rated "outperform" by Guosen Securities due to its strong position in the motorcycle and general machinery sectors and its global expansion efforts [1] - Longxin General is making significant strides in the motorcycle market, particularly with its Wujie motorcycle brand entering European and South American markets [1] - The all-terrain vehicle segment is expected to maintain rapid growth, contributing positively to the company's overall performance [1] Group 2 - The overseas expansion of motorcycle engines is anticipated to boost export revenue, enhancing the company's financial outlook [1] - The general machinery products are characterized by high cost-performance ratios, suggesting a potential recovery in business operations [1]

Investment Rating - The report assigns an "Outperform the Market" rating for the company, with a reasonable valuation range of 15.80 to 16.70 CNY per share, indicating a potential upside of 10% to 17% from the current price of 13.68 CNY [7][4]. Core Insights - The company is transitioning from OEM to developing its own brands, particularly focusing on the high-end motorcycle brand "Wujin" and expanding into global markets, especially Europe and South America [16][19]. - The motorcycle and general machinery sectors are the main business areas, with motorcycle revenue expected to grow significantly, while general machinery is anticipated to recover [22][21]. - The company has undergone a significant restructuring, with a new major shareholder, which is expected to stabilize operations and enhance profitability [33][21]. Summary by Sections Company Overview - The company has a diversified product line including motorcycles, engines, ATVs, and general machinery, with a strong focus on the "motorcycle + general machinery" business model [21][30]. - The company aims to become a global motorcycle enterprise, with motorcycle and general machinery revenues projected to account for 75% and 21% of total revenue, respectively, by 2024 [21][4]. Market Expansion - The "Wujin" motorcycle brand is making significant inroads into the European and South American markets, with a market share exceeding 5% in Spain and growing brand recognition in Italy and other regions [2][4]. - The global ATV market is expected to grow to 15 billion USD by 2028, and the company is leveraging its engine technology to enhance its product offerings in this segment [2][4]. Financial Performance - The company forecasts substantial revenue growth, with expected revenues of 19.69 billion CNY in 2025, representing a 17.1% increase from the previous year [5]. - Net profit is projected to reach 1.91 billion CNY in 2025, reflecting a 70.2% year-on-year growth, with earnings per share expected to increase to 0.93 CNY [5][4]. Valuation and Profitability - The report anticipates a recovery in profitability, with net profit margins improving from 2.8% in 2021 to 6.3% in 2024, driven by reduced impairment losses and increased sales of high-end motorcycles [44][42]. - The company's valuation metrics indicate a PE ratio of 15.4 in 2025, suggesting a favorable investment opportunity compared to historical averages [5][4].

Core Viewpoint - Longxin General's stock price has experienced a significant increase of 54.02% year-to-date, but has recently seen a decline of 6.82% over the past five trading days [2]. Group 1: Stock Performance - As of November 11, Longxin General's stock price was reported at 13.40 CNY per share, with a market capitalization of 27.517 billion CNY [1]. - The stock has seen a trading volume of 1.16 billion CNY and a turnover rate of 0.41% [1]. - The stock has fluctuated with a 20-day decline of 1.11% and a 60-day increase of 2.76% [2]. Group 2: Financial Performance - For the period from January to September 2025, Longxin General achieved a revenue of 14.557 billion CNY, representing a year-on-year growth of 19.14% [2]. - The net profit attributable to shareholders for the same period was 1.577 billion CNY, marking a substantial increase of 75.45% year-on-year [2]. Group 3: Business Overview - Longxin General, established on June 8, 2007, and listed on August 10, 2012, is primarily engaged in the production of motorcycles and engines, accounting for 74.58% of its main business revenue [2]. - The company also generates revenue from general machinery products (22.41%), high-end components (1.26%), and large commercial generator sets (1.03%) [2]. - The company is categorized under the automotive industry, specifically in motorcycles and related sectors, and is involved in various concept sectors including general aviation and rural revitalization [2]. Group 4: Shareholder Information - As of September 30, 2025, Longxin General had 35,400 shareholders, an increase of 18.78% from the previous period [2]. - The average number of circulating shares per shareholder was 58,032, which decreased by 15.81% [2]. - The company has distributed a total of 3.605 billion CNY in dividends since its A-share listing, with 1.191 billion CNY distributed over the last three years [3].

Market Overview - On November 7, the motorcycle and other sectors fell by 0.91%, with Zhenghe Industrial leading the decline [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Notable stock performances included: - Aima Technology (603529) closed at 32.18, up 0.97% with a trading volume of 112,700 shares and a turnover of 365 million yuan [1] - Zhenghe Industrial (003033) closed at 75.71, down 4.72% with a trading volume of 21,400 shares and a turnover of 165 million yuan [2] - Longxin General (603766) closed at 13.73, down 3.78% with a trading volume of 260,400 shares and a turnover of 362 million yuan [2] Capital Flow - The motorcycle and other sectors experienced a net outflow of 52.52 million yuan from main funds, while retail investors saw a net inflow of 56.14 million yuan [2] - The capital flow for specific stocks showed: - Aima Technology had a main fund net inflow of 31.71 million yuan, while retail investors had a net outflow of 18.69 million yuan [3] - Zhenghe Industrial had a main fund net outflow of 4.30 million yuan, with retail investors seeing a net inflow of 10.68 million yuan [3]

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Group 1 - The core viewpoint of the news is that Longxin General has seen a stock price increase of 5.07%, reaching 14.30 yuan per share, with a trading volume of 5.36 billion yuan and a market capitalization of 29.366 billion yuan [1] - Longxin General Power Co., Ltd. is based in Chongqing and was established on June 8, 2007, with its listing date on August 10, 2012. The company's main business includes motorcycles, engines, and general machinery [1] - The revenue composition of Longxin General is as follows: motorcycles and engines account for 74.58%, general machinery products 22.41%, high-end components 1.26%, large commercial generator sets 1.03%, and others 0.72% [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in Longxin General, with the Hongde Quality Governance Mixed Fund (011530) holding 250,100 shares, representing 0.88% of the fund's net value, making it the second-largest holding [2] - The Hongde Quality Governance Mixed Fund was established on March 23, 2021, with a current scale of 343 million yuan. Year-to-date returns are 13.68%, ranking 5385 out of 8223 in its category, while the one-year return is 14.07%, ranking 5181 out of 8115 [2]