曾捕捉"十倍"新消费牛股 优秀基金产品的背后，离不开强大投研平台的有力支撑。富国基金作为"老十家"基金公司之一，历经26 载积淀，已构建起体系完善、实力雄厚的权益投资团队。公司始终秉持"深入研究、自下而上、尊重个 性、长期回报"的投资理念，传承"精研个股"、"注重成长"的投资文化，已实现对重点行业实现全面覆 盖，全方位助力产品选股。 在管产品为消费领域业绩"冠军" 据国泰海通证券发布的《基金公司权益及固定收益类资产业绩排行榜》显示，截至2025年9月30日，富 国基金在权益类大型公司中，近一年、近三年绝对收益排名分别位列第3名（3/13）和第2名（2/13）， 彰显了其穿越周期的综合投资实力。 富国消费优选拟由基金经理周文波掌舵，他具备15年证券从业经历，超5年专户和公募管理年限。由他 管理的富国消费精选30在消费整体表现偏弱的行情下，2025年和2024年连续两年跑出了可观的超额收 益。银河证券数据显示，截至11月30日，该基金A类份额近一年、近三年同类排名均位列同类第1 （1/38、 1/37）。 在当前消费板块经历深度调整、估值吸引力提升、内需复苏趋势渐强的背景下，富国消费优选的发行， 为投资者布局中国 ...

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to Longxin General (603766.SH) based on strong expected performance growth and business synergies by Q3 2025 [1] - The growth is driven by the rapid development of the Wujing brand through a combination of products and channels [1] - The contribution of mid-to-large displacement motorcycles to the global expansion of the Wujing brand is highlighted as a key factor [1] Group 2 - The report emphasizes the potential risks, including the slow progress of the controlling shareholder's restructuring, lower-than-expected product sales, challenges in overseas expansion, and currency fluctuations [1]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of 62.9 Hong Kong Dollars, reflecting a -24% potential downside from the current price [8][9]. Core Insights - The company is expected to see net profit attributable to shareholders grow from 0.89 billion Euros in 2025 to 1.05 billion Euros in 2027, with year-on-year growth rates of 6.5%, 8.7%, and 7.6% respectively [8][9]. - In Q3 2025, the company reported revenue of 1.33 billion Euros, a 9% increase year-on-year, with Miu Miu showing a 29% growth despite a high base from the previous year [9][10]. - The North American market is leading growth with a 20% increase, driven primarily by Prada, while the Greater China market showed slightly better-than-expected holiday performance [9][10]. Financial Summary - Projected total revenue for the company is expected to increase from 5.43 billion Euros in 2024 to 6.72 billion Euros in 2027, reflecting a compound annual growth rate of approximately 7.8% [2][5]. - Gross profit is forecasted to rise from 4.34 billion Euros in 2024 to 5.39 billion Euros in 2027, maintaining a gross margin of around 80% [2][5]. - The company's net profit is projected to grow from 0.84 billion Euros in 2025 to 1.05 billion Euros in 2027, with a net profit margin of approximately 15.5% [2][5]. Brand Performance - Miu Miu's revenue growth is attributed to high-quality growth and significant same-store sales contributions, with plans for further store expansion [10]. - Prada's leather goods are showing improved performance, and the brand is focusing on enhancing creativity and marketing for iconic products [10]. Regional Performance - Revenue growth by region in Q3 2025 was as follows: Asia Pacific +10%, Europe +2%, North America +20%, Japan -1%, and Middle East +10% [9][10]. - The North American market's growth is notable given the high base from the previous year, indicating strong brand performance despite challenging conditions [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 15.2-16.2 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 69.1%-80.3% [1]. - The growth is driven by multiple business collaborations, with significant contributions from the Wujie brand and the all-terrain vehicle segment [1][4]. - The company has expanded its domestic and international sales channels, with a notable increase in export sales [2]. Summary by Sections Performance Overview - The company forecasts a net profit of 5.0 billion yuan for Q3 2025, a year-on-year increase of 60.5% [1]. - The sales volume of mid-to-large displacement motorcycles (over 250cc) reached 28,000 units in July-August, up 22.1% year-on-year [1]. - The all-terrain vehicle sales increased by 40.7% year-on-year, with the new XWolf1000 model contributing to the growth [1]. Brand Development - The Wujie brand achieved a revenue of 1.98 billion yuan in H1 2025, a 30.2% increase year-on-year, with exports accounting for 60.1% of sales [2]. - The brand's sales network expanded to 1,053 domestic outlets and 1,292 overseas outlets, with a significant presence in Europe [2]. Market Expansion - The sales of mid-to-large displacement motorcycles in 2024 and H1 2025 were 108,000 and 68,000 units, respectively, with exports showing strong growth [3]. - The Wujie brand has made significant inroads in the European market, with notable sales increases in Spain and Italy [3]. Financial Projections - Revenue projections for 2025-2027 are 20.16 billion, 23.41 billion, and 27.05 billion yuan, respectively, with net profits of 1.98 billion, 2.32 billion, and 2.71 billion yuan [4][5]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.96, 1.13, and 1.32 yuan, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.46 CNY [3][7]. Core Insights - The company reported better-than-expected earnings in Q1, with significant growth from emerging brands [1]. - Revenue and net profit for 2024 are projected to be 10.778 billion CNY and 1.552 billion CNY, respectively, reflecting year-on-year growth of 21% and 30% [6]. - The company is expected to continue expanding its brand portfolio and market share in various segments, including men's skincare and medical post-operative recovery [6]. Financial Projections - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 4.56 CNY, 5.36 CNY, and 6.06 CNY, respectively [2][7]. - The company's revenue is projected to grow from 8.905 billion CNY in 2023 to 15.577 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [2][10]. - The gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [2][10]. Brand Performance - The main brand and the Cai Tang brand showed stable performance, while emerging brands like OR and Yuan Se Bo Ta experienced rapid growth, with revenue increases of 71.1% and 138.4%, respectively [6]. - Online sales channels grew by 23.7% in 2024, while offline channels saw a decline of 13.6% [6]. Market Position - The company demonstrated resilience in a challenging consumer environment, maintaining strong performance across its brand matrix [6]. - The report highlights the company's ability to adapt and thrive despite market pressures, positioning it as a leader in the industry [6].