-17% -5% 7% 19% 31% 43% 2024/06/17 2024/10/15 2025/02/12 2025/06/12 机械设备 沪深300 《机械行业专题报告：摩托车行业2025年4月海关数据更新（推荐）*机械设 备*张钰莹》——2025-05-28 证券研究报告 2025年06月17日 机械设备 机械行业专题报告：摩托车行业2025年1-5月数据更新 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 《机械行业专题报告：摩托车行业2025年1-4月数据更新（无评级）*机械设 备*张钰莹》——2025-05-20 《灵巧手专题系列报告2：传感器：从第一性原理出发，灵巧手如何获得多模 态"感觉"（推荐）*机械设备*张钰莹》——2025-05-19 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 机械设备 | -2.9% | -9.2% | 24.3% | | 沪深300 | -0.4% | -3.3% | 9.4% | 摘要 ü 1 ...

证券研究报告 2025年06月15日 行业报告 | 行业点评 机械设备 【全行业】 【春风动力】 【隆鑫通用】 【钱江摩托】 ✓ 风险提示：中大排量摩托车增速不及预期；禁限摩政策影响等；本数据为跟踪数据，不构成投资建议 摩托车行业2025年5月销售数据更新 作者： 分析师 朱晔 SAC执业证书编号：S1110522080001 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 摘要 请务必阅读正文之后的信息披露和免责申明 2 ✓ 二轮燃油摩托：5月，行业总销量148.6万辆，同比+11.3%；出口109.0万辆，同比+20.6%；内销39.6万辆，同比-8.2%。 ✓ 250cc以上：5月，行业250cc以上销量10.1万辆，同比+31.1%；出口5.0万辆，同比+52.1%；内销5.1万辆，同比+15.4%。 ✓ 二轮燃油摩托：5月，春风燃油摩托销量2.8万辆，同比+13.4%；出口1.2万辆，同比+2.5%；内销1.7万辆，同比+22.7%； ✓ 250cc以上：5月，春风250cc以上销量2.2万辆，同比+48.1%；出口0.7万辆，同比+41.4 ...

以下文章来源于锦缎研究院 ，作者由我 锦缎研究院 . 专注上市公司价值发现与传播 本文来自微信公众号： 锦缎研究院 ，作者：由我，原文标题：《当汽车圈还在争论谁是下一个恒 大，这个万亿出行赛道已经打赢"反内卷"战争》，题图来自：AI生成 作为交通工具设备，摩托车受到的关注与行业体量完全不成正比。 最大的汽车产业，全球年销量9000万辆与超过10万亿元的市场规模，国产新能源车的崛起、价格 战、发布会，都牢牢占据流量高地。其次是商用飞机，全球市场规模大概2.3万亿元，其中空客、波 音、巴航和庞巴迪的名字如雷贯耳，而中国商飞作为第五大玩家是行业内最受瞩目的大国重器。 而体量仅次于汽车和飞机排在第三的，就是摩托车。 根据行业协会统计，全球每年摩托车需求量在5200万辆左右，对应 市场规模1万亿元 。 这是一个很容易让投资者"灯下黑"的赛道，特别是当汽车圈还在争论谁是下一个恒大时，这个万亿赛 道已经悄然率先走出通缩泥潭，在全球市场取得巨大成功，成为中国制造一个难得一见的"反内卷"正 面案例。 个中逻辑与启示，颇值观瞻。 一、率先走出通缩泥潭的正面案 例 摩托车市场规模甚至比重卡、客车、轨交、造船这些高关注的交运设备还要 ...

摘要 ► 本 周数据： 2025年5月第4周（5.19-5.25）乘用车销量39.9万辆，同比+12.1%，环比+2.6%；新能源乘用车销量22.2万辆，同比+20.4%，环比+2.0%；新能源渗透率55.4%， 环比-0.4%。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（5月26日-5月30日）A股汽车板块下跌2.90%，在申万子行业中排名第30位，表现弱于沪深300（-1.49%）。细分板块中，汽车服务上涨2.13%，商用载客车、 商用载货车、汽车零部件、摩托车及其他、乘用车分别下跌0.48%、0.52%、1.79%、2.66%、5.59%。 ► 本周观点： 本月建议关注核心组合【吉利汽车、比亚迪、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 无人配送需求强劲 L4场景应用加速落地 需求端：人力缺口与成本压力驱动刚需。 快递业务量5年CAGR达22.5%，但快递员数量CAGR仅1.4%，2024年人均日配送量超100件；末端配送占物流成本60% （"最后五公里"），无人化可降本增效填补人力缺口。 供给端：技术规模化带来成本革命。 乘用车L2+渗透率超90%（2030年 ...

Group 1: Market Performance - In April, the company's sales data was generally weak due to supply chain adjustments and the timing of new product launches [2] - The Turkish market experienced normal shipments in April, but there was a significant decline of approximately 20% compared to the same period last year [2] - The European markets with better growth expectations include Italy, France, and Spain, primarily driven by large displacement products [2] Group 2: Profitability Concerns - Potential adverse factors affecting this year's profit include increased competition in the domestic large displacement market, which may lead to a decline in gross margin [2] - Decreased expectations for financial returns due to lower bank interest rates [2] - Anticipated significant increases in depreciation expenses due to the gradual commissioning of new factories [2] Group 3: Corporate Strategies - The company is considering a new round of equity incentive plans to attract and retain talent, with a focus on stock options and employee stock ownership plans [3] - There are currently no plans for capital market financing [3] - The board has suggested increasing dividends and the frequency of dividend payments, but no specific ratio has been established yet [3] Group 4: Manufacturing and Expansion - The company manufactures its engines in-house, with some limited external sales planned [3] - Current manufacturing bases include two main vehicle factories in Wenling, a factory in Fuling, Chongqing, and a factory in Indonesia, with potential future capacity expansion in Guangdong [3] - The Wenling factory is the primary base for large displacement products and all-terrain vehicles, while the Fuling factory focuses on models for the southwestern region [3] Group 5: Competitive Landscape - The company does not face direct price competition in overseas markets as it primarily deals with importers, employing a country-specific pricing strategy [3] - Competitive pricing may be used strategically to gain market share in certain regions [3]

内容概要：氢燃料电池技术以污染小、效率高、加注快、续航长等优点在在国家政策的大力支持下发展 迅猛，且在新能源汽车领域逐渐得到广泛应用，部分摩托车企业将其应用到摩托车上，氢燃料电池摩托 车应运而生。有数据显示，2024年全球氢能摩托车市场规模约0.9亿美元，预计到2030年市场规模将增 长至2亿美元。目前，已有包括宗申、台铃、九号电动等在内的多家公司发布了氢燃料电池电动摩托 车，其中不乏已突破概念车阶段，计划在未来几年中将产品推向市场的先行者。2021年4月，九号电动 发布了SegwayAPEXH2氢电混合动力摩托车并开启了预售，预估价69999元，但最终由于技术问题并未 成功量产交付。2024年5月，台铃电动车宣布，在台铃无锡生产车间内，全球首批氢能源电动车正式下 线，车型搭载的 QL-H 固态储氢瓶，通过氢气和氧气通过燃料电池发生化学反应，实现氢气的充放功 能，同时车辆使用的储氢瓶瓶口低于0.07MP。未来，随着产能的扩张和产品技术的更新迭代，氢能摩 托车的购置成本、使用成本也将不断下降，市场接受度越来越高，除了B端企业客户外，C端高端消费 群体的数量也将不断增长。同时随着越来越多地方政府愿意开放路权推动氢 ...

Group 1: Financial Performance - The main reasons for the decline in Q1 2025 performance include an increase in taxes and additional expenses: taxes increased by CNY 31.09 million due to higher consumption tax on large-displacement motorcycles; R&D expenses rose by CNY 20.92 million due to new product development and certification costs; sales expenses increased by CNY 15.34 million due to higher advertising costs. Excluding these factors, operational performance remained stable [2] - For the first four months of 2025, the motorcycle industry saw domestic sales of 1.4277 million units, a decrease of 0.8% year-on-year, while exports reached 3.9347 million units, an increase of 27.8% year-on-year [3] Group 2: Market Overview - In 2024, the sales distribution by region was as follows: Asia approximately 45%, North America approximately 17%, Europe approximately 16%, South America approximately 11%, and Africa approximately 10%. Major sales regions for large-displacement motorcycles are Europe and Asia, with potential growth expected in Europe and South America [2] - The company's market share in the U.S. was less than 1% in 2024, and current changes in the U.S. market have minimal direct impact on the company, but may affect future expansion efforts in the U.S. motorcycle market [3] Group 3: Sales Performance - For the first four months of 2025, the company reported domestic sales of 79,300 units, a year-on-year increase of 31%, with large-displacement sales of 27,900 units, up 14.3% year-on-year. However, external sales decreased by 24.4% to 59,500 units, with large-displacement sales of 16,400 units, a growth of 2.7% year-on-year. The decline in external sales was primarily due to reduced sales in the Turkish market [3] Group 4: Investor Relations - The company is considering increasing dividend payouts to enhance investor returns, with a focus on future development and profitability. Starting from 2024, the company has introduced mid-term dividends and plans to authorize the board to develop a mid-term dividend plan for 2025 [4]

Core Points - Zhejiang Qianjiang Motorcycle Co., Ltd. announced a cash dividend distribution plan for the fiscal year 2024, proposing to distribute a cash dividend of RMB 4.00 per 10 shares, totaling RMB 210,644,400.00 [1][2] - The plan was approved at the shareholders' meeting held on May 16, 2025, and will not include stock dividends or capital reserve transfers [1][2] - The record date for the dividend distribution is set for May 28, 2025, with the ex-dividend date on May 29, 2025 [1][2] Dividend Distribution Details - The total share capital of the company is 526,611,000 shares, and the cash dividend will be distributed based on this total [1][2] - For Hong Kong market investors and certain qualified foreign institutional investors (QFII, RQFII), the cash dividend after tax will be RMB 3.60 per 10 shares [1][2] - Different tax rates will apply for individual shareholders based on their holding period, with specific tax amounts outlined for different durations [1][2] Rights and Procedures - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies starting from May 29, 2025 [2] - The calculation principle for the ex-dividend price is based on the total cash dividend amount divided by the total number of A shares, resulting in an ex-dividend price adjustment of RMB 0.40 per share [2] - The company will fulfill its disclosure obligations regarding any adjustments to the ex-dividend price as per relevant regulations [2]

证券代码：000913 证券简称：钱江摩托 公告编号：2025-023 浙江钱江摩托股份有限公司 2024年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、浙江钱江摩托股份有限公司（以下简称"公司"） 2024年度利润分配方 案为：以公司总股本526,611,000股为基数，向全体股东每10股派发现金红利 人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不进行 公积金转增股本。 2、自权益分派方案披露至权益分派实施期间，公司股本总额未发生变化。 公司2024年度权益分派方案已获2025年5月16日召开的2024年度股东大会审 议通过，现将权益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、公司2024年度利润分配方案已获2025年5月16日召开的2024年度股东大 会审议通过：以公司总股本526,611,000股为基数，向全体股东每10股派发现金 红利人民币4.00元（含税），共计派发现金210,644,400.00元，不送红股、不 进行公积金转增股本。 2、自权益分派方案披 ...

轻工制造 业 研 究 / 行 业 点 评 《供需格局延续改善，中长期盈利向上- 2025 年春季造纸行业投资策略》 2025/03/10 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 2025 年 05 月 19 日 关注出口链修复及内需消费优质个股；关 注思摩尔国际点评、敏华控股业绩点评 看好 ——造纸轻工周报 2025/5/12-2025/5/16 本期投资提示： ⚫ 风险提示：消费修复不及预期；地产改善不及预期；关税预期变动 证 券 研 究 ⚫ 本研究 ...