| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 478.80 | 526.99 | 672.45 | 824.30 | 989.34 | | 同比（%） | 12.95 | 10.06 | 27.60 | 22.58 | 20.02 | | 归母净利润（百万元） | 51.31 | 56.14 | 69.34 | 90.63 | 113.57 | | 同比（%） | (22.41) | 9.43 | 23.51 | 30.71 | 25.31 | | EPS-最新摊薄（元/股） | 0.91 | 1.00 | 1.24 | 1.62 | 2.02 | | P/E（现价&最新摊薄） | 36.31 | 33.19 | 26.87 | 20.56 | 16.41 | [Table_Tag] [Table_Summary] 投资要点 ◼ 俄罗斯与欧洲等重点市场持续放量，25Q1 业绩同比增长 162%。公司 发布 2024 年报与 ...

南都讯 4月30日上午，2025年江门外贸优品全城欢购季活动暨蓬江区商圈促消费活动启动仪式在蓬江区 幸福里一楼外广场举办。蓬江区委书记李志坚、江门市政府副秘书长岑明俸出席活动并致辞。 本次活动由蓬江区人民政府、江门市商务局、江门市贸促会联合主办，旨在助力江门市外贸企业出口转 内销，抢抓加力扩围实施消费品以旧换新的政策机遇，大力拓展国内市场。活动时间将持续至5月2日。 岑明俸在致辞中对蓬江区积极发挥江门市中心城区的关键作用、大力促进消费增长和外贸出口转内销表 示充分肯定，他呼吁内、外贸企业要加强合作，整合资源，实现优势互补、协同发展，共同开拓国内市 场，为消费者带来更多实惠。 李志坚表示，蓬江区将一如既往当好"服务员"，以实际行动赋能商圈焕新，始终坚持以创新为驱动，谋 划打造百亿商圈。 多家龙头企业线上线下展销 拓展国内市场 本次活动设立"外贸优品专区"，吸引了大冶摩托、建雅摩托、科业电器、贝尔斯顿电器、浩盈家居用 品、恒隆家居创新用品等江门市多家外贸龙头企业参与，集中展销摩托车、风扇、小家电、五金不锈钢 制品、家居用品等优质产品，助力江门市外贸企业拓展内销市场。 现场设置"京东助力江门企业外贸出口转内销展示区 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 九号公司（689009.SH） 业绩增长强劲，两轮车持续放量 事件：公司发布 2025 年一季度报。公司 2025 年实现营业总收入 51.12 亿元，同比增长 99.52%；实现归母净利润 4.56 亿元，同比 增长 236.22%。 两轮车板块高增。分业务看，公司电动两轮车实现收入 28.62 亿元， 同比+140.5%，销量 100.38 万台，同比+140.8%，均价 2851 元， 以旧换新政策驱动下公司增长强劲；自主滑板车实现收入 3.95 亿 元，同比+30.4%，实现销量 20.67 万台，同比+36.3%，均价 1911 元；全地形车实现收入 2.15 亿元，同比持平，实现销量 4822 台， 同比-12.1%，均价实现 44587 元，同比+13.8%提升强劲；TOB 业 务实现 8.1 亿元，同比+91.9%，配件业务实现 8.3 亿元。 盈利能力持续提升。毛利率：2025Q1 公司毛利率实现 29.67%，同 比-0.81pct。费率端：2025Q1 公司销售/管理/研发/财务费率为 8.18%/5 ...

► 中大排摩托车走向全球 全地形车新品周期强劲。 1）燃油摩托车： 150SC、675SR等新品陆续上市，完善产品体系，2024年累计销售两轮车28.7万辆，实现营收60.4亿元，同比增长37.1%，ASP为2.1万元，同比微 降，高端化、全球化成效愈发显著。分市场来看，两轮内销14.3万台，营收30.9亿元，同比+44.4%，>200CC跨骑摩托车销量登顶行业第一；出口14.3万台，营收 29.4亿元，同比+30.2%； 2）全地形车： 核心产品矩阵全面焕新， 中高端新品U10PRO等凭借卓越性能与创新设计成为市场焦点 ，推动业务高弹性增长。2024年公 司全地形车销售16.9万辆，营收72.1亿元，同比+10.9%，ASP为4.3万元。看好公司依靠产品线扩充、性价比优势持续提升市场份额，打开成长空间。 ► 股权激励绑定核心人才 保障公司长远发展。 01 事件概述 公司发布《向不特定对象发行可转换公司债券预案》： 拟次向不特定对象发行可转换公司债券拟募集资金总额不超过25.0亿元，扣除发行费用后募集资金净额将用 于： （1）投资年产300万台套摩托车、电动车及核心部件研产配套新建项目，项目总投资额35.0亿 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 九号公司（689009.SH） 业绩增长强劲，两轮车持续放量 事件：公司发布 2025 年一季度报。公司 2025 年实现营业总收入 51.12 亿元，同比增长 99.52%；实现归母净利润 4.56 亿元，同比 增长 236.22%。 两轮车板块高增。分业务看，公司电动两轮车实现收入 28.62 亿元， 同比+140.5%，销量 100.38 万台，同比+140.8%，均价 2851 元， 以旧换新政策驱动下公司增长强劲；自主滑板车实现收入 3.95 亿 元，同比+30.4%，实现销量 20.67 万台，同比+36.3%，均价 1911 元；全地形车实现收入 2.15 亿元，同比持平，实现销量 4822 台， 同比-12.1%，均价实现 44587 元，同比+13.8%提升强劲；TOB 业 务实现 8.1 亿元，同比+91.9%，配件业务实现 8.3 亿元。 盈利能力持续提升。毛利率：2025Q1 公司毛利率实现 29.67%，同 比-0.81pct。费率端：2025Q1 公司销售/管理/研发/财务费率为 8.18%/5 ...

Core Viewpoint - The article discusses the challenges and opportunities for China's industrialization in the context of the "post-American era," emphasizing the need for strategic adjustments in response to global economic shifts [2]. Group 1: Challenges in China's Industrialization - China's market development is lagging behind its industrial capacity, leading to a situation where there is significant production capability but insufficient domestic market demand, particularly in sectors like motorcycles [2][3]. - The motorcycle industry faces restrictions such as mandatory scrapping after 13 years and bans in over 100 cities, resulting in a mismatch between technological advancement and market availability [2][3]. - The automotive sector, especially in electric vehicles, is experiencing intense competition that undermines profitability, with many companies engaging in price wars and misleading marketing practices [3][4]. Group 2: Recommendations for Improvement - Expanding domestic demand is crucial; outdated restrictions should be lifted to unlock market potential and create a unified national market [5]. - Chinese companies should pursue orderly international expansion, considering long-term partnerships and the industrial capabilities of host countries to avoid excessive competition [5][6]. - Implementing macroeconomic controls on mature industries to manage production capacity and prevent overcapacity is recommended [6]. - Emphasizing the importance of emerging technologies and industries, investment institutions should focus on promising sectors to capitalize on potential future growth [6].

Group 1 - The company achieved operating revenue of 16.822 billion yuan, a year-on-year increase of 28.74%, and a net profit attributable to shareholders of 1.121 billion yuan, a year-on-year increase of 92.19% [1] - The motorcycle business generated sales revenue of 12.688 billion yuan, a year-on-year increase of 34.01%, with a gross profit margin of 17.94% [1] - The company's "Wujie" series products achieved sales revenue of 3.154 billion yuan, a year-on-year increase of 111.43%, with domestic sales revenue of 1.808 billion yuan, a year-on-year increase of 114.45% [1] Group 2 - The company plans to continue deepening its presence in the European market while expanding into Latin America and Southeast Asia, aiming for a "1+N" market synergy [2] - The general machinery business achieved sales revenue of 3.535 billion yuan, a year-on-year increase of 29.32%, with non-U.S. markets generating 2.444 billion yuan, a year-on-year increase of 33.60% [2] - The company successfully launched new product categories, with sales of fuel-powered riding lawnmowers exceeding 30,000 units, a year-on-year increase of 170% [2] Group 3 - By 2025, the company aims to integrate into national strategies, focusing on high-end, green, intelligent, and global development, while establishing a "smart brain + future factory" in the motorcycle industry [3] - The company plans to launch a new generation of high-end new energy intelligent robotic motorcycles and establish overseas manufacturing plants [3] - The company is committed to becoming a benchmark enterprise in the Chinese motorcycle industry, emphasizing high-quality development [3]

Core Viewpoint - 隆鑫通用动力股份有限公司 reported significant growth in revenue and net profit for the year 2024, driven by strong performance in the motorcycle and general machinery sectors [15][17]. Company Overview - 隆鑫通用 is a leading manufacturer in the motorcycle industry, maintaining the top position in exports for 19 consecutive years, with a total motorcycle sales volume of 16.46 million units in 2024, a year-on-year increase of 12.99% [2][3]. - The company specializes in various products including two-wheeled motorcycles, three-wheeled motorcycles, motorcycle engines, all-terrain vehicles, and general machinery [4][5]. Industry Performance - The motorcycle industry in China saw a total sales volume of 16.46 million units in 2024, with domestic sales declining by 16.56% to 8.91 million units, while exports increased by 26.72% to 11.02 million units [2]. - The market for large-displacement leisure motorcycles (over 250cc) grew significantly, with sales reaching 756,600 units, a year-on-year increase of 42.97% [3]. - The general machinery sector experienced a total sales volume of 47.72 million internal combustion engines, marking a 6.67% increase year-on-year [4]. Financial Highlights - The company achieved a revenue of 4.646 billion yuan in 2024, representing a year-on-year growth of 40.98%, and a net profit of 507 million yuan, up 96.79% [15]. - Motorcycle product sales contributed 2.742 billion yuan, with export revenue reaching 310 million USD, a 55.23% increase [15]. - The company’s all-terrain vehicle sales increased by 74.36%, generating 107 million yuan in revenue [16]. Business Model - 隆鑫通用 operates through a comprehensive business model that includes research and development, procurement, production, and sales [6][10]. - The company has established a robust R&D structure with nearly 1,600 personnel, focusing on market-driven innovations [7]. Legal and Financial Matters - The company is currently involved in legal proceedings regarding receivables, with a balance of 666 million yuan and significant provisions for credit impairment [18]. - The company is also in the process of transferring its stake in the Italian CMD company, with ongoing negotiations and conditions to be met for completion [19][20].

Financial Performance - In 2024, the company achieved operating revenue of 16.822 billion yuan, a year-on-year increase of 28.74% [1] - The net profit attributable to shareholders reached 1.121 billion yuan, with a remarkable year-on-year growth of 92.19% [1] - Basic earnings per share were reported at 0.55 yuan [1] - For Q1 2025, the company reported operating revenue of 4.646 billion yuan, a year-on-year increase of 40.98%, and a net profit of 507 million yuan, up 96.79% [3] Dividend Distribution - The company plans to distribute a cash dividend of 4 yuan per 10 shares (tax included), totaling 821 million yuan, which accounts for 73.26% of the net profit attributable to shareholders for 2024 [1] Motorcycle Business - The motorcycle segment generated sales revenue of 12.688 billion yuan, reflecting a year-on-year growth of 34.01% [1] - The sales revenue from the company's self-owned brands increased by 97.11%, contributing to 21.95% of total operating revenue [1] - The Wujie series products achieved sales revenue of 3.154 billion yuan, with a significant year-on-year growth of 111.43% [1] - Domestic sales for the Wujie series reached 1.808 billion yuan, growing by 114.45%, while exports amounted to 1.346 billion yuan, up 107.50% [1] - In Europe, sales revenue reached 1.021 billion yuan, marking a year-on-year increase of 133.38% [1] Brand Development - The Wujie brand has become a leading high-end motorcycle brand in China, with 990 domestic sales outlets established [2] - The company has created a "cloud warehouse" service supply management system to enhance after-sales service and customer satisfaction [2] - The company has expanded its overseas sales network to 1,165 outlets, focusing on the European market with 876 sales points [2] - New strategic products like CU250 and RR660S have been launched to meet consumer demands and enhance market competitiveness [2] General Machinery Business - The general machinery segment reversed its declining trend, achieving sales revenue of 3.535 billion yuan, a year-on-year increase of 29.32% [2] - Domestic market revenue for general machinery reached 890 million yuan, growing by over 47.20%, while non-U.S. market revenue was 2.444 billion yuan, up 33.60% [2] Innovation and Product Development - The company has introduced several new products, including a riding lawn mower with sales surpassing 30,000 units, a year-on-year increase of 170% [3] - The first lithium battery-powered riding lawn mower has successfully entered mass production, further enriching the product matrix [3] - The company continues to invest in technology research and development to meet diverse market needs [3]

Core Viewpoint - Longxin General reported a significant increase in net profit for the first quarter of 2025, driven by growth in motorcycle and general machinery business and continuous optimization of product structure [1] Financial Performance - The company achieved operating revenue of 4.646 billion yuan, representing a year-on-year growth of 40.98% [1] - The net profit attributable to shareholders reached 507 million yuan, marking a year-on-year increase of 96.79% [1] Business Growth Drivers - The growth in net profit and revenue is primarily attributed to the expansion of the motorcycle and general machinery business [1] - Continuous optimization of product structure has also played a crucial role in enhancing profitability [1]