研报掘金丨长江证券：维持隆鑫通用“买入”评级，主业业绩具备较强的弹性空间

Core Viewpoint - Longxin General is expected to maintain high growth in profitability through Q3 2025, driven by steady growth in its motorcycle main business and continuous optimization of the Wujie product series [1] Group 1: Business Performance - The motorcycle main business has shown robust growth, with the Wujie series products continuing to optimize in structure [1] - For the first three quarters of 2025, the agricultural machinery segment achieved sales revenue of 3.38 billion yuan, representing a year-on-year increase of 42.5% [1] Group 2: Market Expansion - The company has built a total of 1,292 overseas sales outlets by the end of the first half of 2025, an increase of 369 outlets compared to the same period last year [1] - In the European market, the number of outlets reached 957, up by 266 from the previous year [1] - The company is actively expanding its strategic layout in Central and South America and Southeast Asia, sequentially exploring new markets [1] Group 3: Future Outlook - With the extensive development of channel construction and orderly exploration of emerging markets, the Wujie series is expected to continue its high-speed growth [1] - The company is accelerating the intelligent transformation of its agricultural machinery business, which is expected to enhance the company's performance elasticity [1] - The deepening penetration of the "Wujie" brand and optimization of export structure provide strong elasticity for the main business performance [1]