东北证券：予隆鑫通用“买入”评级，自主品牌增势强劲

Core Viewpoint - Longxin General's Q4 performance is under short-term pressure, but the growth of its own brand is strong [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of 165 million to 180 million yuan in 2025, representing a year-on-year growth of 47.15% to 60.53% [1] - Q4 performance is impacted by one-time losses from asset disposals and impairment provisions [1] - The main business shows steady growth, and profitability is steadily improving [1] Business Strategy - The company emphasizes the development of its own brand and constructs a differentiated product portfolio [1] - The overall performance growth is driven by the stable growth of the motorcycle and general machinery main businesses, as well as the continuous optimization of the Wujie series product structure [1] Investment Rating - The company is given a "buy" rating [1]