2024年，中国自行车运动行业在全民健康意识提升、政策支持与技术创新等多重驱动下，展现出蓬勃活力与深刻变革。 骑行已从单一的代步工具演变为融合运动、社交、环保理念的多元载体，成为消费升级与产业转型的重要赛道。 这一年，中国自行车运动不仅在全球体育舞台上绽放异彩，更在产业领域掀起壮阔波澜：巴黎奥运会上，中国选手邓雅文在自由式小轮车项目中摘金，一鸣 惊人；喜德盛签约世巡车队阿斯塔纳，迈出中国自行车品牌走向世界的重要一步，振奋人心。 机遇与挑战并存，自行车行业在蓬勃发展的同时，也面临着诸多考验。 更多的自行车品牌加大宣传推广力度，转投赛事活动赞助合作。比如喜德盛与环岛赛签下多年的总冠名。 2024年中国自行车赛事活动数量803场，其中自行车赛事354场，自行车活动449场，整体数量大幅上升，尤其是活动，呈现翻倍增长。户外骑行热潮持续， 2024年自行车爱好人群约995余万。 自行车赛事稳步增长，骑游活动备受欢迎 职业赛稳中有增；业余赛数量几乎翻倍，赛事丰富而多元。骑游活动受大众欢迎。 品牌与赛事合作更紧密 《2024野途自行车运动行业分析报告》将深入剖析市场脉络，为从业者与投资者提供前瞻洞察。 《报告》核心包含四个 ...

Investment Rating - The report assigns a "Hold" investment rating for the company, indicating a recommendation to monitor the stock without aggressive buying or selling actions [1][7][29]. Core Insights - The company's main business remains stable, but its performance is temporarily pressured by a high base effect from the previous year due to government subsidies. The company reported a revenue of 350.78 million yuan for 2024, a year-on-year increase of 2.07%, while the net profit attributable to the parent company decreased by 6.77% to 36.09 million yuan [7][26][29]. - The company is actively exploring the potential of existing business segments and optimizing its business structure, with a focus on expanding into the high-precision transmission components for electric vehicles and enhancing its market share in the motorcycle clutch sector [7][8][29]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 343.67 million yuan, net profit of 38.72 million yuan - 2024E: Revenue of 350.78 million yuan, net profit of 36.09 million yuan - 2025E: Revenue of 384.99 million yuan, net profit of 40.25 million yuan - 2026E: Revenue of 423.50 million yuan, net profit of 45.14 million yuan [2][27][33]. - Growth Rates: - Revenue growth rates are projected at 6.88% for 2023, 2.07% for 2024, 9.75% for 2025, and 10.00% for 2026. Net profit growth rates are expected to be 5.53% for 2023, -6.77% for 2024, 11.52% for 2025, and 12.14% for 2026 [2][27][33]. Business Segments and Market Position - The company specializes in gears and clutches, with a strong competitive position in both high-precision gears and friction materials. It has established itself as a key supplier for major international clients, including Honda and Yamaha [8][11][17]. - The company’s revenue from high-speed gear components accounted for over 55% of total revenue in the first half of 2024, with a gross margin of 21.9% [16][21]. Investment Thesis - The company is positioned to benefit from its investments in new energy vehicle components and clutch technology, which are expected to open new growth avenues. The projected PE ratios for 2024-2026 are 59, 53, and 47 respectively, indicating a relatively high valuation compared to peers [7][29][30].