证券研究报告 | 公司点评报告 2025 年 10 月 31 日 隆鑫通用（603766.SH） 2025Q3 业绩持续强劲，经营持续优化 中游制造/汽车 2025 年 10 月 28 日晚，公司发布三季报，前三季度实现营收 145.57 亿元，同 比增长 19.14%；归母净利润达 15.77 亿元，同比增长 75.45%，经营活动现金 流净额同比大增 147.96%。 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13066 | 16822 | 20018 | 23197 | 26338 | | 同比增长 | 5% | 29% | 19% | 16% | 14% | | 营业利润(百万元) | 730 | 1289 | 2270 | 2667 | 3058 | | 同比增长 | 24% | 77% | 76% | 17% | 15% | | 归母净利润(百万元) | 583 | 1121 | 1979 | 2325 | 2668 | | 同比增长 | 1 ...

本报讯 （记者冯雨瑶）10月29日，隆鑫通用动力股份有限公司（以下简称"隆鑫通用"）发布三季报，前三季度实现营业收 入145.57亿元，同比增长19.14%；归属于上市公司股东的净利润15.77亿元，同比增长75.45%。公司实现综合毛利率18.89%，同 比稳中有增。报告期内，经营活动产生的现金流量净额26.68亿元，同比增长147.96%。 隆鑫通用一直重视自主品牌业务发展，针对不同市场的特点与需求，逐步构建了"差异化定位、协同式发展"的品牌组合， 即追求极致驾驶乐趣的"无极VOGE"机车、硬派越野"LONCINXWOLF"高端全地形运动机车、经济实用的"隆鑫LONCIN"通勤 摩托车。前三季度，前述自主品牌产品实现销售收入37.96亿元，同比增长28.49%；占公司整体收入的26.08%，同比提升近2个 百分点，占公司摩托车产品收入的35.43%，同比提升近4个百分点。 按照发展战略，2025年，隆鑫通用坚持以"品牌领先、科技驱动、数智赋能、全球跃升"为总纲，主动融入国家战略，聚焦 重庆"33618"现代制造业集群体系，按照"四链"融合、"四侧"协同的要求，建设摩托车行业"产业大脑+未来工厂"。同时，公 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance and effective brand strategies [6][7]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 14.557 billion yuan, a year-on-year increase of 19.14% [6]. - The net profit attributable to shareholders was 1.577 billion yuan, reflecting a substantial year-on-year growth of 75.45% [6]. - The overall gross profit margin was 18.89%, showing a stable increase compared to the previous year [6]. Product Sales - Motorcycle products generated sales revenue of 10.714 billion yuan, up 14.91% year-on-year [6]. - The "Wujie" series products achieved sales of 3.035 billion yuan, marking a 24.87% increase [6]. - Exports of the "Wujie" series reached 1.718 billion yuan, a remarkable growth of 86.92% [6]. - General machinery products recorded sales of 3.384 billion yuan, representing a 42.54% increase [6]. Brand Development - The company has focused on developing its own brand business, resulting in sales revenue of 3.796 billion yuan from its proprietary brands, which is a 28.49% increase year-on-year [7]. - The proprietary brands accounted for 26.08% of the company's total revenue, an increase of nearly 2 percentage points year-on-year [7]. - The share of proprietary brands in motorcycle product revenue was 35.43%, up nearly 4 percentage points year-on-year [7]. Legal Matters - The company is involved in ongoing litigation regarding receivables, with a balance of 671 million yuan and a provision for credit impairment losses of 607 million yuan [8]. - The company has initiated legal proceedings against 27 distributors for contract disputes, with some cases already resulting in favorable judgments [8]. Shareholder Information - The controlling shareholder, Chongqing Zongshen New Intelligent Manufacturing Technology Co., Ltd., has pledged 100% of its shares, totaling 504.172 million shares, which is 24.55% of the company's total equity [11]. - The company is monitoring the situation closely and plans to reduce the pledge ratio to below 80% by 2025 [11]. Competition Issues - The controlling shareholder and related parties are working to resolve competition issues within the motorcycle and general machinery sectors [12]. - The company is accelerating internal asset integration to address these competitive overlaps [12].