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隆鑫通用上半年业绩高增 高端自主品牌出海成绩亮眼
摩托车发动机业务实现销售收入12.22亿元,增幅35.77%;250cc以上两轮发动机销量同比增长71.81%, 高热效、高功重比动力产品优势凸显。依托自主研发能力,全新平台新品KEV250A、KEN460成功量 产,进一步巩固公司在摩托车动力系统的技术壁垒,形成难以复制的综合竞争力。 通用机械板块实现销售收入21.85亿元,同比增长52.82%,其中,家用发电机收入增长142.01%。公司通 过优化产品结构和降本增效,积极应对外部挑战。园林机械业务第二增长曲线显现,骑乘式割草车销量 2.61万台,增长77.55%,收入2.42亿元,增长94.22%。零转角割草车进入样机研发关键阶段,智能割草 机器人预计年内上市,推动高端智能化转型,为增长注入新动能。(郑渝川) 报告显示,公司摩托车业务实现销售收入72.73亿元,同比增长23.14%;出口创汇达6.45亿美元,同比 增长34.29%。旗下高端品牌无极VOGE系列产品表现尤为亮眼,实现销售收入19.80亿元,增幅达 30.23%,其中出口销售收入11.90亿元,同比增长83.31%,核心产品CU250、CU525、DS525X、 DS900X等持续热销,彰显品 ...
高端自主品牌引领成长 隆鑫通用2025年上半年净利润突破10亿元
通用机械业务,面对国际关税政策调整,公司通过优化产品结构、降本增效等措施积极应对,上半年实 现销售收入21.85亿元,同比增长52.82%。细分产品中,家用发电机需求旺盛,销售收入同比增长 142.01%;园林机械产品同样快速突破,上半年骑乘式割草车产品实现销量2.61万台,同比增长 77.55%。研发方面,全新零转角割草车已完成样机设计,进入研发关键阶段;智能割草机器人产品已 进入产品开发最终阶段,第三季度进入最终测试,预计将于年内上市。 隆鑫通用业绩增长与行业发展趋势密切相关。据中国摩托车商会和海关数据,我国2025年1—6月摩托车 总销量1061.46万辆,同比增长11.54%,其中出口646.11万辆,同比增长25.44%。在出口的拉动下,燃 油摩托车保持明显增长的趋势,产品结构继续优化。通用机械行业,上半年我国相关产品出口同样保持 增长态势。 隆鑫通用是国内摩托车行业领先企业,业务聚焦于摩托车与通用机械。近年来,公司大力推进自主品牌 建设,打造形成差异化定位的两大自主品牌——无极VOGE高端摩托车、隆鑫LONCIN非道路运动机 车。 作为公司核心业务板块,摩托车业务在报告期内持续发力,上半年实现销售 ...
隆鑫通用(603766):深度报告:无极机车乘势而上,突围高端扬帆全球
Minsheng Securities· 2025-08-07 03:31
Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Viewpoints - Longxin General (隆鑫通用) is a leading player in the domestic motorcycle industry, with motorcycle export sales expected to exceed 1.5 million units in 2024, ranking first in the industry. The motorcycle business revenue is projected to reach 12.69 billion yuan in 2024, a year-on-year increase of 34.0%, marking a historical high [3][4]. - The domestic motorcycle market is experiencing a clear structural evolution, with the penetration of mid-to-large displacement motorcycles accelerating. The penetration rate of mid-to-large displacement motorcycles in domestic sales has increased from 2.5% in 2020 to 11.4% in the first half of 2025, with expectations to reach 12% and 20% by 2025 and 2030, respectively [3][48]. - The global motorcycle market has a capacity of approximately 50 million units, with the overseas market for motorcycles above 250cc expected to have a market space of 5.5 million units in 2024, which is over nine times the domestic sales volume [4][12]. Summary by Sections Company Overview - Longxin General is a diversified enterprise focused on the research, production, and sales of motorcycles, engines, general machinery, and other products. The company has undergone several strategic phases since its establishment, including partnerships with BMW and the launch of its high-end brand, Wujie [14][38]. - The company's revenue has shown steady growth, with a compound annual growth rate (CAGR) of 9.6% from 2019 to 2024. The motorcycle and engine business contributed over 75% of the total revenue in 2024 [18][39]. Motorcycle Industry - The domestic motorcycle market is witnessing a shift towards mid-to-large displacement motorcycles, driven by increasing consumer demand for leisure and recreational use. The market potential remains significant, with a projected increase in sales and penetration rates [40][48]. - The report highlights the competitive landscape of the motorcycle export market, emphasizing the advantages of domestic brands in terms of product quality and cost-effectiveness, which positions them favorably against international competitors [4][12]. Financial Forecast and Investment Suggestions - The company is expected to achieve revenues of 20.16 billion yuan in 2025, with net profit attributable to shareholders projected at 1.88 billion yuan. The earnings per share (EPS) are forecasted to be 0.91 yuan, with corresponding price-to-earnings (PE) ratios of 14, 12, and 10 for the years 2025, 2026, and 2027, respectively [6][7]. - The investment suggestion is based on the dual expansion of the Wujie brand in both product and channel aspects, which is anticipated to accelerate growth through volume and profit resonance [6][39].
隆鑫通用(603766):隆鑫无极擎动全球 老牌摩企启新程
Xin Lang Cai Jing· 2025-07-02 02:26
Core Viewpoint - The company is initiating coverage on Longxin General with a "Buy" rating and a target price of 18.40 yuan, corresponding to a 20x PE for 2025, highlighting its strategic shift from low-end OEM to self-owned mid-to-high-end brands [1] Group 1: Company Strategy and Market Position - Longxin has transformed its business model, with the "Wujie" brand contributing nearly 20% of revenue by 2024, enhancing pricing power and value chain positioning in the motorcycle business [1] - The acquisition of a controlling stake by Zongshen in 2024 is expected to create the largest motorcycle manufacturer in the industry, with a projected market share of 17% [1] - The complementary product lines and platforms of Longxin and Zongshen are anticipated to generate strong synergies, further boosting growth potential [1] Group 2: Market Demand and Product Performance - The demand for large-displacement motorcycles is rising, with domestic sales expected to increase by 20% year-on-year to 396,000 units in 2024, raising the market share of large-displacement motorcycles to 8.6% [2] - Longxin's "Wujie" brand has successfully captured market opportunities, launching competitive products like CU525, which has helped increase its market share to 14% in 2024 [2] - The company is projected to increase its market share to 16.2% within three years, with expected sales growth of 15%/10%/9% from 2025 to 2027 [2] Group 3: Export Growth and Future Prospects - The export business of "Wujie" is thriving, with a compound annual growth rate (CAGR) of 71% over the past four years, driven by partnerships with quality local agents and differentiated product offerings [3] - Europe and Latin America are identified as key growth regions, with expectations to capture 5% market share in Europe by 2027 and 2% in Latin America within three years [3] - The company anticipates maintaining a robust total sales growth rate of nearly 40% from 2025 to 2027 [4] Group 4: Financial Forecast and Valuation - Revenue is projected to grow by 15.3%/17.6%/18.4% from 2025 to 2027, with net profit expected to increase by 69%/24%/21%, reaching 1.90 billion, 2.36 billion, and 2.85 billion yuan respectively [6] - The average PE for comparable companies is estimated at 20x for 2025, leading to a target price of 18.40 yuan for Longxin [6] Group 5: Market Concerns and Growth Potential - Despite market concerns about saturation in the domestic large-displacement motorcycle sector, there remains significant growth potential compared to markets like Italy, Japan, and Brazil [5] - The company plans to expand its product offerings to fill gaps in engine platforms and segmented categories, which could further enhance its domestic market share [5]
隆鑫通用:无极品牌加速成长,聚焦主业再度出发-20250609
Soochow Securities· 2025-06-09 01:08
Investment Rating - The report assigns a "Buy" rating for Longxin General [1] Core Views - Longxin General is positioned as a leader in the motorcycle industry, transitioning from an OEM to three major self-owned brands, focusing on the motorcycle and general machinery sectors [7][13] - The company has experienced steady revenue growth, with a significant profit turnaround starting in 2022, driven by its core motorcycle business [21][22] - The strategic transformation initiated in 2021 has allowed the company to focus on its main business, shedding non-core operations and enhancing operational efficiency [32][42] Summary by Sections Company Overview - Longxin General, founded in 1993, has evolved from an engine OEM to a prominent motorcycle manufacturer with a diverse product matrix, including the high-end brand VOGE and the electric motorcycle brand BICOSE [13][15] - The company has established a strong manufacturing capability through partnerships with global brands like BMW, enhancing its competitive edge [14] Company Transformation - The strategic pivot in 2021 marked a significant shift towards focusing on motorcycles and general machinery, aiming to strengthen its core business [32][41] - The successful completion of a share restructuring in December 2024 has positioned the company under new control, potentially enhancing synergies within the motorcycle sector [48] Brand Development - The launch of the VOGE brand in 2018 has allowed Longxin to penetrate the high-displacement motorcycle market, with a robust product lineup and competitive pricing [7][20] - The company has expanded its sales network significantly, with 990 domestic and 1,165 overseas sales points by the end of 2024 [7] Growth Outlook - The motorcycle market presents substantial growth potential, with the domestic high-displacement penetration rate expected to increase significantly [7][20] - Longxin's product matrix is set to benefit from the introduction of new models, with expectations for continued upward momentum in brand performance [7][20] Financial Forecast - Revenue projections for Longxin General indicate a growth trajectory, with expected revenues of 20.88 billion, 24.02 billion, and 26.42 billion yuan for 2025, 2026, and 2027 respectively [1] - Corresponding net profits are forecasted to reach 1.87 billion, 2.29 billion, and 2.57 billion yuan for the same years, reflecting a strong growth outlook [1]
隆鑫通用分析师会议-20250520
Dong Jian Yan Bao· 2025-05-20 13:19
1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The motorcycle industry in China shows steady growth, with intensified domestic competition and continuous growth in foreign exports. The trend of Chinese motorcycles going global is positive, and domestic motorcycle brands have greater structural opportunities in overseas markets than in total volume [24]. - The company aims to achieve revenue of over 19 billion yuan in 2025, and plans to conduct mid - term dividends in 2025 under eligible conditions [27]. - The company will work with its controlling shareholder to optimize supply chain management and enhance supply chain synergy to strengthen market competitiveness [28]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Loncin General, belonging to the transportation equipment industry. The reception time was May 20, 2025. The listed company's reception staff included the chairman, general manager, independent directors, board secretary, and financial controller [17]. 3.2. Detailed Research Institutions - The reception objects include investors and others [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - **Motorcycle Industry Development**: In 2024, China's fuel motorcycle sales reached 16.4562 million units, a year - on - year increase of 12.99%. Domestic sales were 8.9065 million units, a year - on - year decrease of 16.56%, and export sales were 11.0163 million units, a year - on - year increase of 26.72% [24]. - **Popular Products of Wujie**: SR250GT redefined the leisure sports scooter market; CU525 became the king of the same - level cruising motorcycles; DS900X had annual sales of over 10,000 units, accounting for over 95% of the total export volume of motorcycles above 800cc in China. New products such as CU250 and RR660S were also launched [24][25]. - **Reasons for Low Domestic Sales of Wujie 900DS**: The most popular product categories in the domestic market are cruising, sports, and scooter models. The domestic leisure and entertainment motorcycle market is still in the development stage, and the sales volume of large - displacement motorcycles is mainly concentrated in the 400 - 600cc range [26]. - **Business in the US and Risk Resistance**: The company's motorcycle exports are mainly to Europe, South America, and Africa. Exports to the US are mainly general machinery products, accounting for less than 7% of total revenue. The company will expand market share in multiple regions and take measures such as "going global in groups" with the supply chain and optimizing overseas manufacturing plant layouts [26]. - **Future Profit Growth Drivers**: The company will follow the strategic path of "product going global → brand going global → production capacity going global", increase the proportion of self - owned brand revenue, optimize the product sales structure, improve operational efficiency, and strengthen risk management [26]. - **2025 Business Plan**: The company will adhere to the business philosophy of "optimizing the existing and breaking through in the new", with a guiding ideology to promote high - quality and sustainable development, and strive to achieve revenue of over 19 billion yuan [26][27]. - **2025 Mid - term Dividend Consideration**: The company has proposed to the general meeting of shareholders to authorize the board of directors to formulate a mid - term dividend plan for 2025 and plans to conduct mid - term dividends under eligible conditions [27]. - **Competition and Supply Chain Integration**: The new controlling shareholder and actual controller of the company have promised to resolve the issue of competing businesses. The company will optimize supply chain management with the controlling shareholder to enhance supply chain synergy [28].