隆鑫通用：无极品牌加速成长，聚焦主业再度出发-20250609

Investment Rating - The report assigns a "Buy" rating for Longxin General [1] Core Views - Longxin General is positioned as a leader in the motorcycle industry, transitioning from an OEM to three major self-owned brands, focusing on the motorcycle and general machinery sectors [7][13] - The company has experienced steady revenue growth, with a significant profit turnaround starting in 2022, driven by its core motorcycle business [21][22] - The strategic transformation initiated in 2021 has allowed the company to focus on its main business, shedding non-core operations and enhancing operational efficiency [32][42] Summary by Sections Company Overview - Longxin General, founded in 1993, has evolved from an engine OEM to a prominent motorcycle manufacturer with a diverse product matrix, including the high-end brand VOGE and the electric motorcycle brand BICOSE [13][15] - The company has established a strong manufacturing capability through partnerships with global brands like BMW, enhancing its competitive edge [14] Company Transformation - The strategic pivot in 2021 marked a significant shift towards focusing on motorcycles and general machinery, aiming to strengthen its core business [32][41] - The successful completion of a share restructuring in December 2024 has positioned the company under new control, potentially enhancing synergies within the motorcycle sector [48] Brand Development - The launch of the VOGE brand in 2018 has allowed Longxin to penetrate the high-displacement motorcycle market, with a robust product lineup and competitive pricing [7][20] - The company has expanded its sales network significantly, with 990 domestic and 1,165 overseas sales points by the end of 2024 [7] Growth Outlook - The motorcycle market presents substantial growth potential, with the domestic high-displacement penetration rate expected to increase significantly [7][20] - Longxin's product matrix is set to benefit from the introduction of new models, with expectations for continued upward momentum in brand performance [7][20] Financial Forecast - Revenue projections for Longxin General indicate a growth trajectory, with expected revenues of 20.88 billion, 24.02 billion, and 26.42 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to reach 1.87 billion, 2.29 billion, and 2.57 billion yuan for the same years, reflecting a strong growth outlook [1]