目前，无极品牌已成长为国内高端摩托车的头部品牌，累计建成国内销售网点990个，主要分布在北 京、陕西、江浙、西南等娱乐摩托车车型容量较大市场；并在行业内首创"云仓"服务保供管理体系，实 现配件极速保供，优化售后服务体验，消费者满意度显著提升。 建成海外销售网点1165个，持续深耕欧洲市场，欧洲地区销售网点876个；深耕阿根廷市场，梯度覆盖 中南美洲市场；以马来西亚和菲律宾市场为支点，初步打通东南亚重点市场渠道布局。 此外，公司还推出CU250、RR660S等多款战略新品满足消费者个性化需求，进一步完善公司全品类全 排量段产品矩阵，持续增强无极品牌市场竞争力，实现了从"产品出海"到"品牌出海"的跨越。 通用机械业务方面，公司通过技术研发和市场拓展，成功扭转了通用机械业务的下滑趋势，实现销售收 入35.35亿元，同比增长29.32%。其中，国内市场实现收入8.90亿元，同比增长超47.20%；非美市场实 现销售收入24.44亿元，同比增长33.60%。 4月28日晚间，隆鑫通用（603766）披露2024年业绩报告及2025年第一季度报告。2024年，公司实现营 业收入168.22亿元，同比增长28.74%；归母 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 64.80 [7][8]. Core Views - The company reported a revenue of RMB 584 million in 2024, representing a year-over-year increase of 17.21%, and a net profit attributable to shareholders of RMB 108 million, up 71.49% year-over-year [1][6]. - The company is expected to achieve significant growth through the expansion of subscription services and the introduction of new products, with a strong focus on improving cash flow and operational efficiency [1][4]. - The overall gross margin for the company improved by 2.79 percentage points to 63.62% in 2024, driven by strong performance in the coal sector and the introduction of new products [2][4]. Revenue and Profitability - The company’s revenue projections for 2024 to 2027 are as follows: RMB 583.73 million in 2024, RMB 806.37 million in 2025, RMB 1,062 million in 2026, and RMB 1,246 million in 2027, with respective growth rates of 17.21%, 38.14%, 31.71%, and 17.28% [6][26]. - The net profit attributable to shareholders is projected to reach RMB 262.34 million by 2027, with a compound annual growth rate (CAGR) of 25.58% from 2024 to 2027 [6][26]. Financial Metrics - The company’s earnings per share (EPS) are expected to increase from RMB 1.23 in 2024 to RMB 3.00 in 2027, reflecting strong growth in profitability [4][26]. - The price-to-earnings (PE) ratio is projected to decrease from 42.88 in 2024 to 17.58 in 2027, indicating an expected increase in earnings relative to the stock price [6][26]. Strategic Initiatives - The company is implementing a partner strategy, service strategy, and global product strategy to enhance sales leverage and innovate its business model, which is anticipated to improve profitability and operational performance [4][6]. - The integration of AI models is expected to enhance the company's operational capabilities and service offerings, transitioning from "perceptual intelligence" to "cognitive intelligence" [3][4].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 64.80 [7][8]. Core Views - The company reported a revenue of RMB 584 million in 2024, representing a year-over-year increase of 17.21%, and a net profit attributable to the parent company of RMB 108 million, up 71.49% year-over-year [1][6]. - The company is expected to achieve significant growth through the expansion of subscription services and the introduction of new products, with a strong focus on improving cash flow and operational efficiency [1][4]. - The overall gross margin for the company increased by 2.79 percentage points to 63.62% in 2024, indicating improved profitability across various sectors [2][4]. Revenue and Profitability - The company’s revenue projections for 2025 and 2026 are RMB 806 million and RMB 1.062 billion, respectively, with expected net profits of RMB 158 million and RMB 209 million, reflecting growth rates of 22% and 27% [4][6]. - The company’s cash flow from operations improved significantly, with a net cash flow of RMB 71.62 million in 2024 compared to a negative cash flow of RMB 73.98 million in 2023 [1][6]. Industry and Product Development - The company is focusing on enhancing its AI capabilities through the development of its proprietary model, PHMGPT, which aims to improve operational efficiency and service delivery [3][4]. - The introduction of new products and a partner strategy in the coal sector has contributed to rapid revenue growth, particularly in the second half of 2024 [2][4]. Valuation Metrics - The expected earnings per share (EPS) for 2025 is projected to be RMB 1.80, with a price-to-earnings (PE) ratio of 36 times based on the target price [4][6]. - The company is positioned as a leader in the domestic PHM industry, justifying a premium valuation compared to peers [4][6].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 13.2 CNY [2][10]. Core Views - The company's revenue for 2024 is reported at 2.83 billion CNY, a decrease of 11.7% year-on-year, while the net profit attributable to shareholders is 354 million CNY, down 14.4% year-on-year. However, Q4 2024 shows a revenue increase of 2.1% year-on-year, and a net profit increase of 42.6% year-on-year [2][10]. - For Q1 2025, the company achieved a revenue of 910 million CNY, an increase of 6.7% year-on-year, while the net profit decreased by 9.2% year-on-year [2][10]. - The company is expected to see a recovery in performance due to the lifting of import quotas in Indonesia and potential growth in the U.S. market [10]. Financial Summary - **2024 Financial Performance**: Total revenue of 2.83 billion CNY, net profit of 354 million CNY, and a gross margin of 27.8%, down 1.9 percentage points year-on-year [5][10]. - **2025 and Beyond Projections**: Expected revenue growth of 10.5% in 2025, with net profit projected to increase by 6.5% [5][10]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.98 CNY, increasing to 1.22 CNY by 2027 [5][10]. Market Performance - The company has shown resilience in a challenging market environment, with a focus on expanding its overseas markets and maintaining a stable operational performance [10]. - The report highlights that the company is committed to a dividend payout ratio of no less than 50% for 2025, indicating confidence in future cash flows [10].