证券研究报告·公司点评报告·摩托车及其他 隆鑫通用（603766） 证券分析师 黄细里 执业证书：S0600520010001 021-60199793 huangxl@dwzq.com.cn 研究助理 赖思旭 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 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比（%） | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润（百万元） | 583.42 | 1,121.27 | 1,871.23 | 2,276.89 | 2,543.42 | | 同比（%） | 10.65 | 92.19 | 66.88 | 21.68 | 11.71 | | EPS-最新摊薄（元/股） | 0.28 | 0.55 | 0.91 ...

满足货运场景适配性，从容应对 复杂路况；星锐009以舒适底盘 系统、多连杆摇臂减震等强化驾 鑫越二代 MAX 星锐 009 驶与乘用两个维度的体验，使客 运三轮汽车化，逐步开拓高端市 场 隆鑫通用动力股份有限公司2025 年半年度报告 骑乘式割草机，主要用于高 尔夫球场、公园等草坪修剪；割 家用小型发电机组 非道路用发动机 修剪，为消费者提供智能草坪养 护体验。 园林终端产品 割草机器人 （二）经营模式 公司经营涵盖各类业务的研发、采购、生产及销售。 公司搭建了"平台技术中心+事业部产品发展中心"的研发架构，拥有各类研发团队人员近 对采购的常用物资，通过招标等方式固定采购渠道，确定价格或定价方式，与核心供应商建 立起战略伙伴关系。 生产模式主要为以销定产，部分自主销售产品根据市场需求适度备货。 摩托车业务，以数字营销为驱动，在国内主要采取直接对终端经销商销售和区域代理商销售 模式，货物入库后挂账结算；在国外主要通过进口国区域代理商销售，货物报关后以 FOB 方式结 算； 发动机业务，在国内主要采用与终端产品主机厂提供产品配套和区域代理的销售模式，货物 入库后或货物使用后挂账结算，出口方面主要采取 OEM/OD ...

Core Points - The company announced a board and supervisory meeting on May 21, 2025, to approve the extension of certain fundraising investment projects and the addition of implementation entities and locations [1] - The "Annual Production of 60,000 Riding Lawn Mowers Project" deadline has been extended to August 31, 2027, with the addition of Daye Mexico Sociedad Anonima de Capital Variable as a co-implementing entity and Mexico as a new implementation location [1] - As of December 31, 2024, the project has accumulated an investment of 101 million yuan, with an investment progress of 45.75% [1] - The adjustments made do not involve changes in the use of raised funds and will not have a significant adverse impact on the company's normal production and operations [1]

Group 1 - The company, QianDe Electric Tools, is experiencing increased demand for its products due to recent reductions in tariffs between the US and China, leading to a significant rise in container shipping bookings from China to the US by nearly 300% [1] - QianDe has accelerated its supply to overseas warehouses, preparing two containers valued at approximately $200,000, which include 3,000 turbo blowers, 2,000 electric drills, and other tools [1] - The company aims to increase its export revenue from $40 million last year to $50 million this year, reflecting confidence in market recovery and demand [3] Group 2 - Lusi Port Town, known as "China's Electric Tool Capital," houses over 1,000 electric tool enterprises with an annual output value exceeding 35 billion yuan, employing nearly 40,000 local workers [2] - The town's electric tool exports exceeded 2.5 billion yuan last year, maintaining over 20% export growth in the first quarter of this year [2] - The recent Canton Fair showcased innovative products from leading companies, highlighting the competitive advantages of the local supply chain, which includes over 200 suppliers within a 100-kilometer radius [2]

Group 1: Company Performance and Financials - The company achieved a revenue growth of 89.67% in 2024, primarily due to successful inventory reduction by customers and strong market demand for new products [15] - In Q1 2025, both revenue and net profit saw significant increases, attributed to heightened market demand and the acquisition of AL-KO, which further boosted overall revenue [12] - The company's R&D investment for 2024 reached 78.9955 million CNY, marking a 16.39% increase from the previous year [4] Group 2: Strategic Initiatives - The company is focusing on four strategic pillars for future growth: innovative products, global manufacturing, brand operation, and talent acquisition, with key product lines including riding, smart, and lithium battery-powered equipment [9] - A strategic integration plan with AL-KO has been initiated, enhancing collaboration in R&D, procurement, production, and sales to improve efficiency and market competitiveness [7] - The company has established a global production footprint with five manufacturing bases, including new facilities in Mexico and Austria, to mitigate risks from international trade tensions [6] Group 3: Market Outlook and Industry Trends - The global market demand for lawn and garden equipment is projected to reach 30.9 billion USD by 2030, with a compound annual growth rate (CAGR) of 2.11%, driven by increasing consumer living standards and gardening culture [11] - The lithium-powered garden machinery segment is expected to grow at a CAGR of 6.65%, representing a significant growth driver within the industry [11] - The company is well-positioned to navigate the impacts of the US-China trade war, with a strategic focus on diversifying its production and sales channels [12] Group 4: Shareholder Engagement and Corporate Governance - The company has completed its share repurchase plan for 2024 and will consider further buyback measures based on market conditions [3] - The board emphasizes a balanced approach to dividend distribution, taking into account industry characteristics, profitability, and investor returns [3] - The company maintains compliance with relevant securities laws and regulations, ensuring transparent communication with investors [1]

Summary of Zhongjian Technology Conference Call Company Overview - **Company**: Zhongjian Technology - **Fiscal Year**: 2024 - **Revenue**: 1.086 billion RMB, up 4.96% year-on-year - **Net Profit**: 42 million RMB, up 36.13% year-on-year - **Gross Margin**: Improvement attributed to sales growth, fixed cost dilution, and market acceptance of new products like riding lawn mowers and lithium battery products [2][4] Key Points Industry Performance - **Lawn Tools Sales**: Revenue reached over 900 million RMB, a 40% increase year-on-year, driven by overseas market expansion, lithium battery product applications, and enhanced customer loyalty [2][6] - **Market Outlook**: The company maintains a neutral optimistic outlook for the future and plans to increase investment in its Thailand subsidiary from 8 million USD to 28 million USD to meet market development [2][6] Research and Development - **R&D Investment**: 72 million RMB in 2024, a 137% increase, accounting for 7% of revenue. Future R&D in AI robotics may exceed 50% of total R&D spending [2][9][10] - **Focus Areas**: Continued investment in lithium battery products and AI robotics, with significant projects in subsidiaries like Shanghai Gaoke and Jiangsu Jamie [9][10] Robotics Segment - **Quadruped Robots**: Applications include power grid, petrochemical, government parks, and fire safety. The company has seen better-than-expected shipment volumes and order situations, with pricing between 300,000 to 500,000 RMB per unit [2][11][12][14] - **Orders from Guohua Holdings**: A phased procurement of 1,000 ZhiRui P1 robots is underway, with some orders already fulfilled. The focus is on large-scale bidding projects from state-owned enterprises [2][13] Financial Performance - **2024 Financials**: Revenue of 9.7 billion RMB, a 45.64% increase year-on-year, with a net profit of 64.67 million RMB, up 34% [3] - **Cash Flow**: Operating cash flow remained positive but decreased in absolute terms due to higher sales leading to increased accounts receivable and higher expenses in R&D, materials, and marketing [25] Market and Competitive Landscape - **Lawn Machinery Market**: Expected to reach 45 billion USD by 2025, with a CAGR of over 7%. Zhongjian Technology's market share is currently small, indicating significant growth potential [26] - **Production Capacity**: The Yongkang Super Smart Factory is set to enhance production capacity significantly, with a design capacity of over 300,000 units, representing one-third of the current total capacity [26][28] Strategic Partnerships - **Collaboration with YX Company**: Progressing steadily, including module supply and discussions on relocating large-scale production to the U.S. [5][17] - **Supply Chain Management**: Current supply value to YX is about 30%, with adjustments expected as new hardware is finalized [18] Future Outlook - **2025 Guidance**: The company does not expect significant contributions from the robotics segment to overall performance but remains confident in the lawn machinery business [20][21] - **Production Goals**: Anticipates reaching over 900,000 units in production capacity, with significant contributions from new facilities in Thailand and Yongkang [23][22] Challenges and Considerations - **Tariff Impacts**: Tariffs pose challenges for export-oriented companies, but strong product recognition in North America provides confidence [7] - **Pricing Trends**: No significant changes in pricing for lawn tools, maintaining original order prices [8] Subsidiary Performance - **Subsidiary Overview**: Highke Company reported revenue of 26 million RMB in 2024, with positive net profit. Jamie Company aims for breakeven in 2025, while Zhike Company is still in the investment phase [30]