民生证券：给予春风动力买入评级

Core Viewpoint - Spring Power (603129) is accelerating its development in electric vehicles and plans to raise up to 2.5 billion yuan through a convertible bond issuance to support its growth initiatives [2] Group 1: Fundraising and Investment Plans - The company plans to issue convertible bonds to raise a total of no more than 2.5 billion yuan, with net proceeds allocated to various projects including a new production base for 3 million sets of motorcycles and electric vehicles, which has a total investment of 3.5 billion yuan [2] - The marketing network construction project will require an investment of 900 million yuan, with 450 million yuan sourced from the bond proceeds [2] - An information system upgrade project is budgeted at 120 million yuan, fully funded by the bond proceeds, while 150 million yuan will be allocated to supplement working capital [2] Group 2: Sales and Revenue Growth - In 2024, the company expects significant growth in revenue and sales, with the AE4 series achieving strong sales during the "618" shopping festival and the AE5i model selling 19,000 units in just 7 hours during the Double Eleven shopping event [2] - The company anticipates that motorcycle and electric vehicle sales will reach 287,000 units in 2024, generating revenue of 6.04 billion yuan, a year-on-year increase of 37.1% [3] Group 3: Product Development and Market Position - The company is launching new fuel motorcycles such as the 150SC and 675SR, aiming to enhance its product lineup and achieve a sales target of 287,000 two-wheeled vehicles in 2024 [3] - The all-terrain vehicle segment is also seeing growth, with sales projected at 169,000 units and revenue of 7.21 billion yuan in 2024, reflecting a year-on-year increase of 10.9% [3] Group 4: Talent Retention and Long-term Strategy - The company has introduced a stock option incentive plan for 1,310 core management and technical personnel, with performance targets set for revenue growth over the next three years [4] - This initiative is expected to attract and retain talent, ensuring the company's long-term development and stability [4] Group 5: Earnings Forecast - The company is projected to achieve revenues of 19.11 billion yuan, 23.19 billion yuan, and 27.91 billion yuan from 2025 to 2027, with net profits of 1.74 billion yuan, 2.16 billion yuan, and 2.63 billion yuan respectively [4]