隆鑫通用 20260226 摘要 公司战略聚焦"摩托车+通机"核心业务，剥离非核心业务后，三大业 务（摩托车、全地形车、通用机械）协同发展，2025 年均实现增长， 营收稳步上行，2019-2024 年营收 CAGR 为 12.7%。 与宝马的合作是公司切入中大排量摩托车发动机的关键契机，为后续大 排量技术积累奠定基础。无极品牌借助与宝马合作背景，强化产品性能 认知，提升市场竞争力。 公司海外营收占比高，2025 年上半年接近 70%。产品结构调整带动毛 利率和净利率持续上升，2025 年三季度净利率同比提升 3 个点。商誉 减值影响趋近于 0，盈利能力显著提升。 摩托车业务量价齐升，2020-2024 年产量与销量 CAGR 均为双位数增 长。单车价格从 0.3 万元增长至将近 6,000 元，复合增长率显著。外销 收入增速显著高于内销，预计 2026 年外销市场仍将贡献更高增速。 无极品牌收入快速增长，2019-2024 年复合增长率为 62.4%，2025 年上半年同比增长 30%，占摩托车销售收入比例达 30%以上。欧洲市 场已完成主要五国渠道布局，西班牙市占率位列行业第四，意大利市场 份额约为 4% ...

□四川日报全媒体记者 阚莹莹 这个春节，来自山东潍坊的褚智文没有回家过年。在与家乡远隔千里的遂宁市安居区，褚智文所在的施工队一直 在遂安实业大道安居段建设工地忙碌，计划在今年汛期前完成路基填筑，力争年底主体完工。这条大道建成后， 可将遂宁市安居区与遂宁主城区之间的车程缩短至10分钟左右。工期紧迫，2月19日农历正月初三，褚智文和工友 们就开工了。 开年就"冲刺"的氛围同样弥漫在遂宁经开区的四川英创力电子科技股份有限公司生产车间。截至目前，公司的印 制电路板订单与去年同期相比增长了30%。2月22日农历正月初六，公司就提前复工赶交付。 在去年经济总量突破2000亿元、同比增长7.1%的基础上，如何全力打好"十五五"开局之战？遂宁继续锚定"舍得 干"，力争再上新台阶。 拼项目 谋产业 传统、新兴、未来产业齐头并进 从初次接洽到正式签约仅用118天，近日，估值128亿元的独角兽企业四川易府医疗科技有限公司车载式移动医院 生产项目签约落地船山（高新）区，实现了遂宁高端医疗装备产业"零的突破"。公司董事长林映霈介绍，项目计 划于12月投产，达产后预计年产120台（套）高端移动医疗车，实现年营业收入超4亿元，带动"人工智 ...

Group 1: Online Subscription Revenue Growth and AI Development - NetEase Cloud Music - Adjusted operating profit increased by over 30% year-on-year, indicating continuous improvement in profitability [3][4] - In 2025, revenue reached 7.759 billion yuan, a decrease of 2.4% year-on-year, primarily due to a more cautious operational strategy in social entertainment services [3] - The number of paid users increased, driving online music subscription revenue growth, with 2025 online music business revenue at 5.994 billion yuan, up 12.0% year-on-year [5][6] Group 2: Price Increase in Overseas MDI and Polyurethane Market Outlook - Wanhua Chemical - Major overseas manufacturers have raised MDI prices, indicating a potential price increase trend in the market [9][10] - As of February 24, 2026, domestic MDI prices were 13,900 yuan/ton, with TDI prices at 14,900 yuan/ton, showing stability compared to pre-Spring Festival levels [10] - The report anticipates a recovery in polyurethane demand post-Spring Festival, supported by low inventory levels [12] Group 3: Motorcycle Industry Analysis - Suzuki - From FY2014 to FY2024, Suzuki's motorcycle production increased from 1.799 million units to 2.042 million units, with a CAGR of approximately 1.3% [14] - The company's motorcycle revenue grew from 250.5 billion yen to 398.1 billion yen during the same period, with a CAGR of approximately 4.7% [15] - Suzuki's global motorcycle market share for FY2023 is estimated at around 4% [18] Group 4: Movie Industry Performance and Trends - The 2026 Spring Festival box office reached 5.69 billion yuan, a year-on-year decrease of 39.9% due to high base effects [20][21] - The number of attendees during the Spring Festival was 119 million, down 36.3% year-on-year, with an average ticket price of 47.8 yuan, a decrease of 6.1% [21] - The report highlights strong performance in lower-tier markets, with a significant share of box office revenue coming from these areas [21] Group 5: Motorcycle Industry Analysis - Honda - Honda's motorcycle sales revenue increased from 1.85 trillion yen to 3.22 trillion yen from FY2015 to FY2024, with a CAGR of approximately 6.37% [25] - The company's motorcycle sales volume grew from 17.59 million units to 18.82 million units during the same period, with a CAGR of approximately 0.75% [26] - Honda's global motorcycle market share is approximately 40% [29] Group 6: Express Logistics Industry Trends - In the first eight weeks of 2026, the total express delivery volume reached 32.734 billion pieces, a year-on-year increase of 5.4% [36][37] - YTO Express led the growth in business volume, with a year-on-year increase of 29.75% in January [38] - The report maintains a "recommended" rating for the express logistics sector, anticipating steady growth in business volume [40] Group 7: Engineering Machinery - Shantui - Shantui is positioned as a leading enterprise in bulldozers, focusing on smart, high-end, and globalized products [45][46] - The company expects revenue growth driven by increased infrastructure investment in Southeast Asia and mining capital expenditure in Africa [46][47] - Revenue forecasts for 2025-2027 are projected at 15.4 billion, 17.4 billion, and 20.2 billion yuan, respectively, with corresponding net profits of 1.25 billion, 1.61 billion, and 1.93 billion yuan [49]

● 本报记者 倪铭娅 王舒嫄 春节过后，佛山鑫码电子科技有限公司联合创始人程珍就进入"冲刺状态"——进工厂巡查、召开启动 会、跟进新订单，没有任何缓冲期。程珍的忙碌，正是全国外贸企业节后运营的生动缩影。 订单排期充足 "春节前就在加班加点赶制一批来自土耳其的订单，春节后又马上进入'加速模式'。"四川凯希蜀宇摩托 车有限责任公司董事长邓宇告诉中国证券报记者，"这批1180台出口土耳其的电动车已全面进入交付阶 段，预计2月26日就能全部装完，现在每天都在加班加点装货。" 不仅摩托车企业开足马力，日用品外贸企业的赶工热潮同样扑面而来。"目前公司在手订单已经排到5月 初，初八一开工，公司就满负荷生产。"江苏可士多日用品有限公司总经理屠新宁称，为了鼓励员工快 速返岗、全力赶工，公司特意给正月十二日之前到岗的新老员工准备了大红包。 源源不断的订单，不仅填满了企业的生产排期，更提振了企业出口的信心。"从今年前两个月订单情况 看，海外市场需求旺盛，预计公司一季度出口将实现大幅提升。"屠新宁语气坚定。 扬州民生刷业日化有限公司负责人张德钢也有着同样的底气："从目前情况看，公司一季度订单增长势 头明显，预计同比增长80%，一季度 ...

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Suzuki's motorcycle production is projected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with a CAGR of approximately 1.3% [10][15] - The company's motorcycle sales are expected to increase from 1.764 million units in FY2014 to 2.064 million units in FY2024, reflecting a CAGR of about 1.6% [10][15] - Revenue from motorcycle sales is anticipated to rise from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with a CAGR of approximately 4.7% [10][15] - The average price of Suzuki motorcycles is expected to increase from 142,000 yen in FY2014 to 193,000 yen in FY2024, with a CAGR of about 3.1% [10][15] - In FY2023, Suzuki's global motorcycle market share is estimated to be around 4%, based on Yamaha's reported global motorcycle demand of 49.94 million units [24] Summary by Sections Production, Sales, and Revenue - Suzuki's motorcycle production is expected to grow from 1.799 million units in FY2014 to 2.042 million units in FY2024, with domestic production declining from 154,000 units to 91,000 units, while overseas production increases from 1.645 million units to 1.951 million units [10][15] - Total motorcycle sales are projected to rise from 1.764 million units in FY2014 to 2.064 million units in FY2024, with domestic sales decreasing from 67,000 units to 35,000 units, and overseas sales increasing from 1.697 million units to 2.029 million units [10][15] - Revenue from motorcycle sales is expected to increase from 250.5 billion yen in FY2014 to 398.1 billion yen in FY2024, with domestic revenue declining from 21.3 billion yen to 18.4 billion yen, while overseas revenue rises from 212.6 billion yen to 379.7 billion yen [22][24] Regional Breakdown - In FY2024, Suzuki's motorcycle sales in India are projected to reach 1.048 million units, a significant increase from 313,000 units in FY2015 [21] - The average selling price of motorcycles in different regions for FY2024 is expected to be 52.6 thousand yen in Japan, 109.0 thousand yen in Europe, 132.7 thousand yen in North America, and 13.8 thousand yen in India [24]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - The report analyzes Honda's motorcycle global sales, focusing on sales revenue, volume, and market share breakdown [4] - Honda's motorcycle sales revenue increased from 1.85 trillion yen in FY2015 to 3.22 trillion yen in FY2024, with a CAGR of approximately 6.37% [5][10] - Honda's motorcycle sales volume grew from 17.59 million units in FY2015 to 18.82 million units in FY2024, with a CAGR of about 0.75% [5][10] - The average price of Honda motorcycles rose from 105,000 yen in FY2015 to 171,000 yen in FY2024, reflecting a CAGR of 5.58% [5][10] - In FY2024, Honda's sales volume by region was as follows: Japan (241,000 units), North America (498,000 units), Europe (440,000 units), Asia (1,601,600 units), and other regions (162,400 units) [11][12] - Honda holds a global market share of approximately 40%, with significant market presence in Asia and Europe [16] Summary by Sections Sales Revenue and Volume - Honda's motorcycle sales revenue and volume have shown steady growth over the years, indicating a robust market position [5][10] Regional Sales Breakdown - The report highlights Honda's strategic production and sales approach, emphasizing localized manufacturing and a strong dealer network across 23 countries [16] Investment Recommendations - The report suggests that domestic brands have significant potential for international expansion, maintaining a "Recommended" rating for the motorcycle sector, with key recommendations including Chunfeng Power and Longxin General [18]

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector, specifically for Kawasaki [1]. Core Insights - Kawasaki's motorcycle revenue is expected to grow steadily, with a CAGR of approximately 4.6% from FY2014 to FY2024, increasing from 220.6 billion JPY to 344.5 billion JPY [10][16]. - The sales volume for Kawasaki motorcycles is projected to stabilize at 480,000 units for FY2024, down from 523,000 units in FY2014 [22][28]. - The average price of Kawasaki motorcycles is anticipated to rise, with a CAGR of about 5.5% from FY2014 to FY2024, increasing from 421,800 JPY to 717,700 JPY [27]. Summary by Sections Kawasaki Motorcycle Revenue - Revenue growth is primarily driven by developed markets, with a CAGR of 8.6% in developed countries, while revenue in emerging markets is expected to decline at a CAGR of -1.3% [10][16]. Kawasaki Motorcycle Sales Volume - Sales in developed countries are projected to increase from 127,000 units in FY2014 to 234,000 units in FY2024, while sales in emerging markets are expected to decrease from 396,000 units to 246,000 units during the same period [22][31]. Kawasaki Motorcycle Average Price - The average price in developed countries is expected to grow from 848,800 JPY to 1,048,300 JPY, while in emerging markets, it is projected to rise from 284,800 JPY to 403,300 JPY [27]. Market Share - Kawasaki's global market share for FY2023 is estimated to be approximately 1%, with sales distribution across developed and emerging markets [28][31]. Investment Recommendations - The report suggests that domestic brands have significant potential for growth, with a focus on Kawasaki's stable sales and the increasing competitiveness of domestic brands. Key recommendations include Chuanfeng Power and Longxin General, with a suggestion to pay attention to Qianjiang Motorcycle [33].

Investment Rating - The report maintains a "Recommended" rating for the motorcycle sector [1] Core Insights - Yamaha's motorcycle revenue has shown steady growth, increasing from 930.1 billion JPY in FY2016 to 1,578.1 billion JPY in FY2025, with a CAGR of approximately 6.1%. However, motorcycle sales decreased from 5.154 million units to 4.999 million units during the same period, reflecting a CAGR of approximately -0.3% [9][27] - The average price of Yamaha motorcycles is projected to rise from 50,000 RMB to 69,700 RMB from FY2021 to FY2025, with a CAGR of approximately 8.7% [9][27] - The global motorcycle demand is estimated at 49.94 million units in 2023, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha aims to achieve a market share of 9.7% in FY2023, with specific targets of 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, as well as 13% in Europe by 2027 [11][23] Summary by Sections Global Motorcycle Market and Yamaha's Share - The global motorcycle demand for 2023 is 49.94 million units, with a projected CAGR of approximately 2% from 2024 to 2027 [11][15] - Yamaha's target market share for FY2027 includes 31% in the high-end market by 2024 and 42% by 2027 in ASEAN and emerging markets, along with a 13% share in Europe [11][23] Yamaha Motorcycle Revenue and Sales Breakdown - Yamaha's motorcycle revenue is expected to grow steadily, with FY2025 projections showing sales of 76,000 units in Japan, 79,000 units in North America, 210,000 units in Europe, 3,903,000 units in Asia, and 73,100 units in other regions [12][34] - The average price of Yamaha motorcycles in FY2025 is projected to be 55.7 million JPY in Japan, 111.3 million JPY in North America, 112.6 million JPY in Europe, 22.8 million JPY in Asia, and 44.1 million JPY in other regions [34][28] Investment Recommendations - The report suggests that domestic brands have significant potential for overseas expansion, as their export prices still lag behind those of Japanese motorcycle companies. The motorcycle sector maintains a "Recommended" rating, with key recommendations including Chunfeng Power and Longxin General, and a suggestion to pay attention to Qianjiang Motorcycle [12][40]

"空调行业素有'淡旺季'之分，冬季一般是备货期，但今年我们春节赶工，主要是为了赶制海外的'夏季订单'。"TCL制冷公 司相关负责人向记者介绍，近年来TCL空调出口增速迅猛，特别是对共建"一带一路"国家的市场份额持续提升，这些地区夏季 炎热漫长，我们的高效节能空调在当地市场认可度很高，必须抢在旺季前完成交付。 不只TCL制冷公司，广州豪进摩托车股份有限公司（以下简称"豪进摩托"）的出口热潮同样火热。一台台叉车穿梭于厂房 与货柜之间，将一辆辆摩托车装上集装箱。豪进摩托国际贸易负责人王贻玲表示，这批货值超1000万美元的货物，在广州市商 务局等部门协调保障下，打通当前物流卡点堵点，90多个货柜将送往广州南沙、深圳盐田港等码头装船运往非洲、东南亚等国 家。 春节假期，万家团圆庆新春，千年商都广州却处处涌动着奋进的热潮。《证券日报》记者在广州相关重点企业进行实地探 访，发现相关企业的工厂车间机器轰鸣不停、人员忙碌有序，在坚守中保障生产运转、抢占发展先机。 海外订单多 在广州港南沙港区，春节期间严格落实"全年365天、全天24小时"不间断运营承诺，提前部署、精密组织，全力保障产业 链供应链稳定畅通。公开资料显示，1月20 ...

Group 1: Market Overview - The A-share market is experiencing a wide range of fluctuations, with a focus on price-increasing sectors and export industry chains [6][9] - As of February 13, 2026, the major indices showed declines: the Shanghai Composite Index fell by 1.26% to 4082.07 points, and the ChiNext Index dropped by 1.57% to 3275.96 points [6][7] - The overall market sentiment is cautious, with expectations of a gradual return to intrinsic market dynamics as the National People's Congress approaches [6][8] Group 2: Industry Dynamics - Hansoh Pharmaceutical's (3692.HK) Amivantamab has been approved for marketing in the EU for specific types of lung cancer [27] - The world's largest offshore wind farm, Hornsea 3, is set to begin construction, with significant logistical preparations already underway [29] - The CWEA reported that China's wind power installation capacity is expected to grow significantly, with a 49.9% year-on-year increase anticipated for 2025 [31] Group 3: Company Updates - Dongfang Cable (603606.SH) has successfully shipped a large-scale underwater cable to the UK, valued at over 900 million RMB, for use in multiple offshore wind projects [37] - The actual controller of Youkeshu (300209.SZ) plans to increase his stake in the company, reflecting confidence in its business recovery [39] - The electric motorcycle industry is seeing accelerated growth due to new policies and market demand, with over 12.5 million units expected to be replaced under the "old for new" subsidy program in 2025 [33]