0 1 事 件 概 述 公司中大排摩托车 2024 年和 2025 年 1-11 月销量为 10.8/13.1 万辆，同比 +43.1%/+33.6% ，其中出口销量为 5.1/8.1 万辆，同比 +24.8%/+84.4% ， 无极品牌贡献主要力量。无极品牌在欧洲市场加速突破， 2025 年 1-11 月西班牙销量 1.5 万辆，同比 +80.7% ，稳居第 4 名，超越光阳，明星车型 DS900X 增长强势，实现销量 0.5 万辆，位居单车型第五名；意大利市场 2025 年 1-11 月销量同比 +96.5% ，位居第 6 名，超越宝马，踏板车型 SR16 销量为 5,309 辆，成为当地最畅销的国产车型。 公 司发布第三期员工持股计划，持股计划规模总额不超过 4 亿元，授予股票数量约为 2,594 万股，拟授予对象包括董事长、非独立董事、总经理及其他核心人员 等合计不超过 500 人。 0 3 投 资 建 议 同时，公司发布 2025 年中期利润分配方案，计划向全体股东每 10 股派发 2 元现金红利，总计分红金额超 4.1 亿元，约占公司前三季度归母净利润的 26% ，强 化激励的同时兼顾股东回报。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has exceeded market expectations with its Q1 2025 performance, driven by significant growth in its "Wujie" brand and channel motorcycle business [2]. - The company's revenue for 2024 is projected to be 16.82 billion yuan, with a year-on-year growth of 28.7%, and a net profit of 1.15 billion yuan, reflecting a 97.1% increase [6]. - The report highlights the strong sales performance of the "Wujie" brand, particularly in the large-displacement motorcycle segment, which saw a 55.9% increase in sales [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 16.82 billion yuan, a 28.7% increase year-on-year, and a net profit of 1.15 billion yuan, up 97.1% [6]. - For Q1 2025, the expected net profit is between 4.6 to 5.3 billion yuan, representing a year-on-year increase of 76.7% to 105.8% [1][2]. Product and Market Expansion - The "Wujie" brand's revenue reached 1.49 billion yuan in 2023, a 57.1% increase, and is projected to grow significantly in 2024 [3]. - The company has expanded its global sales network, adding 194 new sales points in 2023, bringing the total to 1,334 [3]. Sales and Export Growth - The sales of large-displacement motorcycles (>250cc) reached 7.5 million units in 2023 and are expected to grow to 10.8 million units in 2024, with significant contributions from exports [4]. - The company reported a 39% increase in exports of small-displacement motorcycles (≤250cc) in early 2024, driven by strong demand in Latin America [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 16.82 billion yuan, 20.16 billion yuan, and 23.71 billion yuan, respectively, with net profits expected to be 1.15 billion yuan, 1.85 billion yuan, and 2.23 billion yuan [5][6]. - The report anticipates an EPS of 0.56 yuan for 2024, increasing to 1.09 yuan by 2026, with corresponding PE ratios of 22, 14, and 11 [5][6].