2024年，隆鑫通用摩托车业务产销规模超180万台，连续多年位于行业前两位，出口规模位居行业榜首；摩托车发 动机业务产销规模多年居行业前列；通机业务产销规模超300万台，出口创汇多年位居行业前列。 近年来，隆鑫通用的经营业绩持续攀升，并在2024年交出了年度最佳"成绩单"，公司当年实现营业收入168.22亿 元，同比增长28.74%；归母净利润11.21亿元，同比增长92.19%；扣非净利润10.96亿元，同比增长70.78%。 长江商报消息 ●长江商报记者徐阳 摩托车头部企业隆鑫通用（603766）(603766.SH)稳健运营。 半年报显示，2025年上半年，隆鑫通用实现营业收入97.52亿元，同比增长27.21%。归属于上市公司股东的净利润 (以下简称"归母净利润")10.74亿元，同比增长82.26%。 值得关注的是，近年来，隆鑫通用大力推进自主品牌的推广建设，2025年上半年高端自主品牌表现突出，实现收 入23.34亿元，同比增长42.43%，占公司营业收入比重约24%。 通用机械销售收入增52.82% 据官网介绍，隆鑫通用创建于1993年，2012年登陆A股市场，系重庆宗申新智造科技有限公司旗下的 ...

证 券 研 究 报 告 宗申动力（001696）2025 年中报点评 推荐（维持） 通机及出口大增，上半年业绩同比高增79%， 持续看好公司传统与新兴业务高景气共振 当前价：26.07 元 ❖ 1）公司传统主业高景气，上半年通机、出口大增。 宗申通机：上半年公司通机产品收入 36.4 亿，同比增长 73%，净利润 3.7 亿， 同比大幅增长 140%，宗申通机公司和大江动力公司通过多维度业务协同及资 源要素整合，有效强化了市场竞争优势。我们认为参考海外龙头公司，公司单 机价值仍有较大差距，预计或逐步朝价值链提升方向前行。同时，我们建议关 注公司后续与隆鑫通用业务一旦实现有效整合，双方具备潜在的协同效用，产 业逻辑或将大有可为。 宗申摩发：上半年公司摩托车发动机产品收入 23.2 亿，同比增 14.2%，净利润 1.3 亿，同比增 39.3%，作为国内龙头，我们预计受益于出口+升级双驱动。 根据公司半年报披露，上半年外销收入 33亿，同比增 62%，占比提升至 49.8%。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | - ...

本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001696 证券简称：宗申动力 公告编号：2025-42 一、重要提示 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控制 ...

宗申动力（001696）8月25日晚披露2025年半年报，报告期内，公司实现营业收入66.55亿元，同比增长 40.29%；归属于上市公司股东的净利润5.06亿元，同比增长79.37%。 宗申动力电驱动系统、储能、氢能源业务的进展也可圈可点。 半年报显示，公司产品在电动摩托车市场、特种车辆市场及园林市场均取得较大突破，并实现批量供 货。储能业务领域，公司旗下东莞锂智慧已形成覆盖家用与工商业场景的多款储能系统产品体系。同 时，东莞锂智慧持续推动产品迭代升级，已完成光储逆一体化房车全电系统的研发工作，并启动小批量 试产。 氢能源业务上，宗申动力已掌握50kW及以下中、小功率燃料电池系统集成能力，完成SL15、SL20等系 列水冷燃料电池系统的开发，并基于终端场景需求，分别在2吨、3.5吨叉车等应用场景开展小批量示范 应用。 宗申动力是国内通用汽油机、通用机械终端产品和摩托车发动机制造的龙头企业。报告期内，公司持续 巩固"通用机械"和"摩托车发动机"两大传统主业在行业中的龙头地位，并加大在"航空动力""新能 源"和"高端零部件"等新兴领域的研发投入和市场开拓力度，实现经营规模与盈利能力全面提升。 上半年，公司通机产 ...

宗申动力 20250825 摘要 宗申动力 2024 年总收入 104 亿元，通用机械和发动机产品分别占比 50%和 37%，外销占比 48%。2025 年上半年业绩预增 70%-100%， 净利润预计达 5.2 亿元，同比增长 85%，创单季度历史新高，表明传统 业务和新兴业务均呈现高景气度。 宗申动力航空发动机业务聚焦中小型航空活塞发动机，2024 年收入 1.6 亿元，同比增长超 70%，但占比仅 1.5%，亏损 360 万元，接近盈亏平 衡。公司计划分拆中升航发单独上市，预计未来该业务将快速增长并贡 献利润。 宗申动力已获得军品资质，在军用无人机活塞式发动机市场具有优势， 同时受益于工业级无人机在应急救援、农林植保等领域的广泛应用。美 国政府强调无人机系统的重要性，为公司带来发展机遇。 山河星航阿若拉国产版通过适航认证，标志着宗申动力在轻型运动型飞 机领域取得突破，为公司进入通用航空市场奠定基础，未来销量具备提 升空间。 Q&A 请介绍一下宗申动力的主要业务及其在市场中的地位。 宗申动力是国内领先的摩托车发动机和通用机械制造商，实控人为左东升先生。 公司以摩托车发动机和通用机械为核心，覆盖航空动力、新 ...

Core Insights - The company, Qianli Technology, reported a revenue of 4.184 billion yuan for the first half of 2025, representing a year-on-year growth of 40.04% [1] - The net profit attributable to shareholders was 31.17 million yuan, with a year-on-year increase of 19.00% [1] - The growth in revenue is primarily driven by increased sales in the automotive and motorcycle sectors [1] Business Strategy - The company focuses on the "AI + Vehicle" core strategy, aiming to establish a global smart mobility technology brand [1][2] - It is committed to building technological, product, and ecological advantages in the "AI + Vehicle" sector [1] - The company plans to implement a development strategy that promotes synergy between technology and terminal business, as well as between AI and internationalization [1] Technology and Product Development - The technology segment is centered on intelligent driving assistance and smart cockpit technologies, providing comprehensive solutions for automotive intelligence [1][2] - The terminal business is involved in the R&D, production, and sales of passenger vehicles (including new energy vehicles), motorcycles, motorcycle engines, and general machinery [1] - The company aims to launch more market-attractive new products in the automotive, motorcycle, and general machinery sectors to enhance international competitiveness [2] Market Expansion - The company will increase investment in technology to strengthen software capabilities and integrate hardware resources [2] - It seeks to deepen strategic partnerships with mainstream automotive companies to promote the application and development of "AI + Vehicle" technologies [2] - The company plans to actively expand into overseas markets by enhancing customer relationships and building sales and service teams [2]

Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][8]. Core Insights - The company is expected to achieve a year-on-year increase in net profit of 70%-100% for the first half of 2025, with a midpoint estimate of 5.22 billion yuan, reflecting an 85% increase [7]. - The emerging business segment, particularly the subsidiary focusing on aviation power systems, is projected to benefit from the booming low-altitude economy and evolving international dynamics, leading to significant revenue growth [2]. - The financial forecasts for the company show a robust growth trajectory, with total revenue expected to reach 13.94 billion yuan in 2025, representing a 32.7% year-on-year increase [3]. Financial Summary - Total revenue projections for 2024, 2025, 2026, and 2027 are 10.51 billion yuan, 13.94 billion yuan, 16.09 billion yuan, and 18.52 billion yuan respectively, with corresponding growth rates of 28.9%, 32.7%, 15.4%, and 15.1% [3]. - The net profit attributable to the parent company is forecasted to be 461 million yuan in 2024, increasing to 919 million yuan in 2025, with a remarkable growth rate of 99.2% [3]. - Earnings per share (EPS) are projected to rise from 0.40 yuan in 2024 to 0.80 yuan in 2025, reflecting the company's improving profitability [3]. Business Performance - The company's traditional business segments are experiencing high demand, particularly in motorcycle engines and general machinery, which are expected to drive revenue growth [7]. - The integration of the company with its joint venture, Longxin General, is anticipated to create synergies that could enhance overall performance [7]. - The aviation power segment reported a revenue of 160 million yuan in 2024, marking a 71.74% increase year-on-year, with expectations for further improvement in 2025 [2].

Macro Economic Group - The ADP report indicates a decrease of 33,000 jobs in the US for June, marking the first negative growth since March 2023, with expectations set at an increase of 98,000 jobs [4] - The service sector saw a significant decline, losing 66,000 jobs, primarily in professional and business services, healthcare, and education [4] - Market anticipations for the upcoming non-farm payroll report suggest a modest increase of 100,000 jobs, with unemployment rates potentially reaching 4.3%, the highest since 2021 [5] Industry Comprehensive Group - A trade agreement between the US and Vietnam was announced, imposing a minimum 20% tariff on all goods exported to the US from Vietnam, which could lower the tariff rates compared to the current over 30% rates from China [8] - The agreement is expected to reduce uncertainty regarding the US-China trade war, as it reflects the worst-case scenario for tariffs [8] Advanced Manufacturing Group - In June, the top five automotive companies by sales were BYD, SAIC, Geely, Chery, and Great Wall, with sales figures of 383,000, 365,000, 236,000, 234,000, and 111,000 units respectively, showing year-on-year growth rates of 11.9%, 21.6%, 42%, 16.6%, and 12.9% [11] - New energy vehicle sales are driven by technological advancements, particularly in pure electric range and fast-charging technology, alleviating consumer concerns [11] - BYD's overseas sales surged from 27,000 units two years ago to 90,000 units, indicating the global competitiveness of Chinese new energy vehicles [11] Consumer Group - The company Card Game reported a revenue of 10.057 billion yuan for 2024, a year-on-year increase of 278%, with an adjusted net profit of 4.466 billion yuan, reflecting a 378% growth [16] - The company holds a market share of 71.1% in the collectible card segment, with rapid growth in non-card revenue, increasing by 284.5% year-on-year [16] - The diversified product layout, including figurines and stationery, has significantly supported the company's sustained growth [16]

Core Viewpoint - Zongshen Power (001696) expects a significant increase in net profit for the first half of 2025, projecting a range of 479 million to 564 million yuan, representing a growth of 70% to 100% compared to the same period last year [1] Financial Performance - The net profit attributable to shareholders is projected to be between 479 million yuan and 564 million yuan, up from 282 million yuan in the same period last year, indicating a growth of 70% to 100% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 456 million yuan and 536 million yuan, compared to 268 million yuan in the previous year, also reflecting a growth of 70% to 100% [1] - The basic earnings per share are forecasted to be between 0.4185 yuan and 0.4924 yuan [1] Business Drivers - The anticipated growth in performance is primarily attributed to the expansion of the general machinery business and motorcycle engine business, as well as an increase in earnings from investments in joint ventures [1]

Financial Performance - The company's Q1 2025 revenue reached CNY 3.226 billion, a year-on-year increase of 40.57% [8] - Net profit attributable to shareholders was CNY 226 million, up 88.28% year-on-year, driven by market expansion in general machinery and motorcycle engine businesses [8] Business Strategy - The company aims to enhance its return on equity (ROE) to 9.45% in 2024, an increase of 1.85 percentage points from the previous year, through measures such as optimizing business and product structures and improving supply chain management [1] - The strategic focus is on "maintaining growth, strengthening transformation, and creating value," with an emphasis on extending the first growth curve and developing a second growth curve through technological innovation [2] Product Development - The motorcycle engine segment will continue to lead the industry, with plans to launch 11 new products in 2024, including breakthroughs in hydrogen fuel and hybrid technologies [2] - The company has successfully transitioned its electric drive systems and launched several energy storage products, while also achieving integration capabilities for fuel cell systems [3] Market Expansion - The company is expanding its presence in the overseas market, particularly in the "Belt and Road" initiative, and is enhancing its supply chain digitalization and brand channel construction [2] - The aviation business has established a product line focused on small and medium-sized piston engines, with over 20 derivative products catering to UAVs and light aircraft [4] Risk Management - Accounts receivable increased significantly due to sales growth, prompting the company to strengthen its customer credit management and establish risk mitigation mechanisms [8] - The company has implemented measures such as credit insurance and adequate bad debt provisions to control accounts receivable risks [8] Production Capacity - The new factory expansion project for the aviation business is designed to achieve an annual capacity of 5,000 units, supporting the company's stable growth in revenue and net profit for 2024 [3]