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【2025年中报点评/隆鑫通用】无极品牌持续向上,三轮车+割草机带来新增量
Core Viewpoint - The company reported strong performance in its 2025 Q2 results, with revenue and net profit exceeding expectations, driven by growth in motorcycle and machinery segments [3][4][8]. Group 1: Financial Performance - In 25Q2, the company achieved revenue of 5.11 billion yuan, a year-on-year increase of 16.8% and a quarter-on-quarter increase of 10% [3]. - The net profit attributable to the parent company for 25Q2 was 567 million yuan, reflecting a year-on-year growth of 71% and a quarter-on-quarter growth of 12% [3]. - The overall gross margin for 25Q2 was 19.7%, up 0.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter [7]. Group 2: Business Segments - The motorcycle business generated revenue of 7.27 billion yuan in 25H1, a year-on-year increase of 23.1%, with a gross margin of 19.8% [4]. - The "Wujie" brand saw revenue of 1.98 billion yuan in 25H1, up 30.3% year-on-year, with exports growing by 83.3% [4]. - The machinery segment reported revenue of 2.19 billion yuan in 25H1, a significant year-on-year increase of 52.8%, with riding lawnmowers showing a remarkable growth of 94.2% [6]. Group 3: Profitability and Cost Management - The company maintained a downward trend in expense ratios, with sales, management, and R&D expense ratios at 1.1%, 2.4%, and 1.9%, respectively [7]. - The net profit margin for 25Q2 was 11.1%, an increase of 3.67 percentage points year-on-year [7]. Group 4: Future Outlook - The company maintains its profit forecasts for 2025-2027, projecting net profits of 1.87 billion, 2.28 billion, and 2.54 billion yuan, respectively [8]. - The company is expected to benefit from the trend of motorcycle exports and the growth in three-wheeled vehicles and garden machinery [8].
隆鑫通用(603766):2025年中报点评:无极品牌持续向上,三轮车+割草机带来新增量
Soochow Securities· 2025-08-27 03:24
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Insights - The company's performance in Q2 2025 was impressive, with the Wuling brand showing upward momentum and significant contributions from the three-wheeler and lawn mower segments [3]. - The forecast for net profit attributable to the parent company for 2025-2027 is set at 1.87 billion, 2.28 billion, and 2.54 billion RMB, respectively, with corresponding P/E ratios of 14.3, 11.8, and 10.5 times [3]. - The motorcycle export market is expected to grow, and the company is well-positioned as a leader in the industry, with substantial growth potential in three-wheelers, garden machinery, and all-terrain vehicles [3]. Financial Performance - For H1 2025, the company reported revenue of 51.1 billion RMB, a year-on-year increase of 16.8%, and a net profit of 5.67 billion RMB, up 71% year-on-year [8]. - The motorcycle business generated 72.7 billion RMB in revenue for H1 2025, reflecting a 23.1% increase, with a gross margin of 19.8% [8]. - The three-wheeler segment saw revenue of 8.8 billion RMB, a 38.7% increase, with exports contributing significantly to this growth [8]. - The lawn machinery segment experienced a revenue increase of 52.8% year-on-year, with riding lawn mowers showing a remarkable growth of 94.2% [8]. Earnings Forecast and Valuation - The total revenue forecast for the company is projected to reach 20.88 billion RMB in 2025, with a year-on-year growth rate of 24.11% [9]. - The earnings per share (EPS) is expected to be 0.91 RMB in 2025, with a projected P/E ratio of 14.32 times [9]. - The company's sales gross margin is anticipated to improve slightly, reaching 18.29% by 2025 [9].