大行科工 20251020 摘要 大行 2025 年积极扩张线下门店，已新增约 100 家，总数超 820 家， 60%位于新二线及三四线城市，主要满足下沉市场对折叠自行车需求， 线上销售占比提升至 30%。 大行与大金科工合资公司天津工厂已量产出货领克联名电助力车型，未 来将生产更多中低端产品，北方市场毛利优势达 10-12 个百分点，提升 低价位产品竞争力。 大行线上销售增长迅速，主要平台为京东、天猫、抖音和拼多多，依靠 平台支持获得流量，折叠类品牌转化率和增长趋势良好，大行品牌凭借 技术积淀获得平台信任。 大行 P8 车型保持良好增速，新款 P10 定位中端市场，更轻便时尚，适 合休闲骑行，售价高于 P8 500 元，但因采用铝合金材质，毛利率较高， 在 2,500-5,000 元价格带内竞争优势明显。 大行即将推出三折叠自行车，对标小布车型，尺寸更紧凑，折叠更简便， 面向休闲骑行群体，预计 2025 年底或 2026 年初上市，价格区间预计 在 5,000-7,000 元之间，有望提高整体毛利。 Q&A 大恒科技在 2025 年的经营情况如何？ 大恒科技线上销售情况如何？ 2025 年大恒科技线上销售 ...

大行科工(02543)今日反弹逾10%，高见50.8港元，收复此前跌穿的招股价49.5港元。截至发稿，涨 8.75%，报50.2港元，成交额1123.16万港元。 国泰海通发布研报称，大行科工主营折叠自行车及相关配件的研发、生产与销售，同时通过"共享360项 目"获取许可权收入。其中自行车收入占主导，占比98.1%。毛利率稳定在30%以上。该行考虑大行科工 处于景气度较高的折叠自行车赛道，在二轮出行赛道中属于成长性较为突出的细分赛道，叠加公司产品 矩阵完善、渠道开拓，予"增持"评级，目标价76.57港元。 消息面上，大行科工此前公布，10月4日，独家整体协调人部分行使超额配股权，涉及合共112.1万股， 约占发售总数的14.15%。每股作价49.5港元，额外所得净额5,280万港元。有关全球发售的稳定价格期 已于10月4日结束。 ...

Macro Research - The core CPI continued to rise year-on-year in September, reaching -0.3%, while the PPI decreased year-on-year by 2.3%. The overall price level still requires support for recovery [6] - Recent price trends show two main characteristics: first, the core CPI's rise is driven by external factors such as consumption subsidies and rising gold prices, with no significant improvement in endogenous consumer demand [6] - The market has strong expectations for the effects of anti-involution policies, but the recent rise in industrial product prices has been structural and mainly in raw materials and upstream sectors [6] Investment Banking and Brokerage Industry - The performance of listed brokerages is expected to maintain rapid growth in Q1-Q3 2025, with a year-on-year increase in net profit of 58.63% [8] - Adjusted operating revenue for 42 listed brokerages is projected to grow by 32.02% year-on-year to 395.48 billion yuan, with net profit reaching 165.15 billion yuan [8] - The brokerage business is expected to contribute the most to revenue growth, driven by a significant increase in market trading volume [8] Insurance Industry - The net profit of listed insurance companies is expected to grow significantly in Q3 2025, with a forecasted growth rate of 57.0% for New China Life Insurance [13] - The growth in life insurance premiums is driven by the optimization of asset allocation and increased equity asset configuration [14] - The combined ratio (COR) for property insurance is expected to improve despite pressures from natural disasters, with a projected COR of 96.1% for China Property Insurance [15] Shipping Industry - China's countermeasures against the US 301 investigation are expected to alleviate the impact on Chinese shipyards and shipping companies [17] - The new regulations impose special port fees on US-owned vessels docking at Chinese ports, which may lead to a reduction in effective shipping capacity and increased freight rates [19] - The shipping market is expected to see a rise in freight rates due to the countermeasures, with a projected increase in oil shipping rates [19] Company Coverage: Zhongxin Co., Ltd. - The company is expected to achieve EPS of 3.23, 5.47, and 7.08 yuan from 2025 to 2027, with a target price of 96.97 yuan based on a 30X PE ratio [21] - The company is focusing on global expansion and enhancing its overseas production capacity, with significant progress in its biodegradable product projects [24] - Continuous investment in technology and innovation is expected to enhance the company's core competitiveness and production efficiency [24] Company Coverage: 361 Degrees - The company is leading the industry in revenue growth, with a projected net profit of 12.9 billion yuan for 2025 [25] - The rapid expansion of the "super premium store" model is expected to drive further growth, with a target of opening 100 new stores [26] - The company is well-positioned for continued growth in the upcoming quarters, supported by strong product offerings and market demand [26] Company Coverage: Small Commodity City - The global trade center project is accelerating its leasing process, significantly boosting market revenue from rentals and services [27] - The company has raised its EPS forecasts for 2025-2027, reflecting strong performance and market demand [30] - The digital trade ecosystem is rapidly growing, with a significant increase in cross-border payment transactions [30]

智通财经APP获悉，国泰海通发布研报称，考虑大行科工(02543)处于景气度较高的折叠自行车赛道，在 二轮出行赛道中属于成长性较为突出的细分赛道，叠加公司产品矩阵完善、渠道开拓，予"增持"评级， 对应目标价76.57港元。该行预测公司2025-2027年营收分别为6.76、8.86、11.11亿元，对应归母净利润 分别为0.79、1.05、1.32亿元，同比分别增长50.7%、32.9%、25.8%，EPS分别为2.49、3.31、4.16元。 公司核心竞争力体现在三方面：一是多元化渠道布局，国内-线下经销为主(24年收入占比68.2%，同比 +45.2%)，其中经销商渠道覆盖广泛&建立基本盘;国内-线上直销增速更快，24年收入同比增长72.5%至 1.00亿元;24年国内-线下直销/海外销售收入占比分别为3.0%/6.6%。二是全方位的产品矩阵，覆盖城市 通勤/户外探索/时尚个性/超卓竞速/实用内涵五大品类及全价格带。高端/中端/大众价位分别为每辆 ≥5000元/2500-5000元/<2500元。其中中端车型为主导，2024年中端车型收入占比近70%，均价2130元， 销量超14万辆。三是突出的研发实力， ...

公司核心竞争力体现在三方面：一是多元化渠道布局，国内-线下经销为主(24年收入占比68.2%，同比 +45.2%)，其中经销商渠道覆盖广泛&建立基本盘;国内-线上直销增速更快，24年收入同比增长72.5%至 1.00亿元;24年国内-线下直销/海外销售收入占比分别为3.0%/6.6%。二是全方位的产品矩阵，覆盖城市 通勤/户外探索/时尚个性/超卓竞速/实用内涵五大品类及全价格带。高端/中端/大众价位分别为每辆 ≥5000元/2500-5000元/<2500元。其中中端车型为主导，2024年中端车型收入占比近70%，均价2130元， 销量超14万辆。三是突出的研发实力，截至2025年4月拥有国内外135项专利，并且受邀参与制定《中国 自行车安全国家标准》(GB/T3565.4–2022)。 国泰海通发布研报称，考虑大行科工(02543)处于景气度较高的折叠自行车赛道，在二轮出行赛道中属 于成长性较为突出的细分赛道，叠加公司产品矩阵完善、渠道开拓，予"增持"评级，对应目标价76.57 港元。该行预测公司2025-2027年营收分别为6.76、8.86、11.11亿元，对应归母净利润分别为0.79、 1.05、1. ...

东吴证券则表示，折叠车具有收纳方便、可以带上部分公共交通工具等优点，更适合城市上班族和骑行 爱好者使用，也更匹配我国较为完善的城市化水平和较好的城市基建的骑行环境，从而实现需求高增。 建议关注新消费兴起带来的投资机会：新消费的成因包括新消费习惯的形成和新品牌的破圈。骑行作为 一个较为有趣的运动方式逐渐兴起，渗透率提升+客单价提升，是值得关注的新消费趋势。 大行科工(02543)午后拉升转涨，现涨超6%，截至发稿，涨6.24%，报62.15港元，成交额1967.47万港 元。 消息面上，中泰证券（600918）指出，公司为国内最大折叠自行车公司。公司专注于各类折叠自行车产 品，包括五大系列覆盖各类消费群体。产品定位方面，24年公司产品中定价在2500-3000元的中端产品 占比近七成，中端产品占比逐步提升。渠道方面以经销渠道为主，占比接近70%。制造端来看，随着销 量增长产能瓶颈显现，2024年OEM代工比例超过50%。2023-2025M1-4月，公司营收同比增长18.1%、 50.2%、46.9%；净利润同比增长10.9%、50.1%、69.1%，保持快速增长。 ...

东吴证券则表示，折叠车具有收纳方便、可以带上部分公共交通工具等优点，更适合城市上班族和骑行 爱好者使用，也更匹配我国较为完善的城市化水平和较好的城市基建的骑行环境，从而实现需求高增。 建议关注新消费兴起带来的投资机会：新消费的成因包括新消费习惯的形成和新品牌的破圈。骑行作为 一个较为有趣的运动方式逐渐兴起，渗透率提升+客单价提升，是值得关注的新消费趋势。 智通财经APP获悉，大行科工(02543)午后拉升转涨，现涨超6%，截至发稿，涨6.24%，报62.15港元， 成交额1967.47万港元。 消息面上，中泰证券指出，公司为国内最大折叠自行车公司。公司专注于各类折叠自行车产品，包括五 大系列覆盖各类消费群体。产品定位方面，24年公司产品中定价在2500-3000元的中端产品占比近七 成，中端产品占比逐步提升。渠道方面以经销渠道为主，占比接近70%。制造端来看，随着销量增长产 能瓶颈显现，2024年OEM代工比例超过50%。2023-2025M1-4月，公司营收同比增长18.1%、50.2%、 46.9%；净利润同比增长10.9%、50.1%、69.1%，保持快速增长。 ...

Core Viewpoint - The listing of Dahang Kegong, a leading manufacturer of folding bicycles, on the Hong Kong Stock Exchange was marked by a record oversubscription of 7558 times, but the company faces significant challenges including reliance on OEM production, shrinking overseas markets, and an aging management team [1][2]. Group 1: Company Performance - Dahang Kegong achieved a revenue of 451 million RMB in 2024, with a profit of 52.3 million RMB, showing stable growth in both revenue and profit [2]. - The sales volume of bicycles has been increasing, with notable growth rates, including a 46.5% increase in sales volume in the first four months of 2024 compared to the same period in 2023 [2]. Group 2: Product Diversification - The company is diversifying its product offerings beyond folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bicycles, with the latter combining folding features and electric assistance [3]. - Despite diversification efforts, folding bicycles still accounted for 96.6%, 97.7%, and 97.4% of the company's sales revenue from 2022 to 2024 [3]. Group 3: Market Share and Distribution - According to data from Zhi Shi Consulting, Dahang Kegong holds a 26.3% market share in terms of retail volume and a 36.5% market share in terms of retail value in the folding bicycle market in mainland China [5]. - The company has established a comprehensive sales network, with 69.5% of revenue coming from distribution channels, and plans to open 50 direct stores, 80 shop-in-shops, and 70 dealerships by 2025 [5]. Group 4: Production and Capacity Issues - Dahang Kegong's production capacity is under scrutiny, with its Huizhou factory showing high utilization rates, reaching 114.1% in the first four months of 2025 [6]. - The proportion of bicycles produced by OEM suppliers has been increasing, with over 60% of products coming from OEM production in the first four months of 2025 [7][8]. Group 5: Management Concerns - The management team is aging, with the chairman and CEO being 83 years old, raising concerns about the company's strategic continuity and innovation capabilities [8].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its strong market position and growth potential in the folding bicycle segment [2]. Core Viewpoints - The company is the largest folding bicycle manufacturer in China, focusing on various folding bicycle products that cater to different consumer groups. The mid-range products priced between 2500-3000 RMB account for nearly 70% of sales in 2024, indicating a shift towards higher-value offerings [2][9]. - The folding bicycle market is experiencing rapid growth, with a compound annual growth rate (CAGR) of 20.8% over the past five years. The market size is projected to reach 231 billion RMB by 2024, with significant room for growth as the current penetration rate is only 5.3% [2][55]. - The company has a robust distribution network, with nearly 70% of sales coming from dealer channels. The company is also enhancing its brand image through the improvement of direct sales channels [2][103]. Company Overview - The company is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and revenue as of 2024. The brand has been established since 1982 and has a strong reputation in the industry [9][12]. - The product lineup includes five main series: urban commuting, fashionable personality, outdoor exploration, superior racing, and practical utility, with a focus on continuous product iteration and innovation [2][89]. Industry Overview - The folding bicycle segment is identified as an ideal solution for urban commuting, particularly for the last mile of travel. The increasing urbanization and space constraints in cities are driving demand for folding bicycles [77][79]. - The global folding bicycle market is projected to grow significantly, with a CAGR of 12.0% expected from 2024 to 2029. The average price of folding bicycles is significantly higher than that of regular bicycles, indicating a premium market opportunity [55][68]. Financial Performance - The company has demonstrated strong financial growth, with revenues increasing by 18.1%, 50.2%, and 46.9% year-on-year from 2023 to the first four months of 2025. Net profits also saw substantial growth, with increases of 10.9%, 50.1%, and 69.1% during the same period [2][34]. - The gross margin is expected to remain stable at around 33% in 2024, with potential for improvement as the proportion of self-manufactured products increases [34][41]. Competitive Landscape - The company holds a leading position in the folding bicycle market, ranking first in both China and globally by sales volume. The market share in mainland China is 26.3%, while the global share is 6.2% [81][82].

公开资料显示，大行科工是中国内地最大的折叠自行车公司，按2024年折叠自行车零售量及零售额计均 位居首位。根据灼识咨询的资料，按2024年零售量计，该公司于中国内地折叠自行车行业排名第一，市 场份额达26.3%，按2024年零售额计，公司亦位居中国内地折叠自行车行业首位，市场份额为36.5%。 截至2025年4月30日，该公司提供超过70款自行车车型。 香港联交所最新资料显示，9月17日，大行科工(02543)股东将股票由香港上海汇丰银行转入中国国际金 融香港证券，转仓市值5733.59万港元，占比11.25%。 ...