Summary of Longxin General's Conference Call Company Overview - Longxin General's total revenue for 2024 reached 12.69 billion yuan, with motorcycle business accounting for 75% and general machinery business contributing 3.54 billion yuan, representing 21% of total revenue [2][3] - The company is transitioning from OEM to developing its own brands, with self-owned high-end brand revenue in the first half of 2025 growing by 42.43% year-on-year to 2.334 billion yuan, making up 24% of total revenue [2][5] Industry Insights - The global ATV market is expected to grow to approximately 15 billion USD by 2028, with a compound annual growth rate (CAGR) of about 4% [4][15] - The Chinese motorcycle engine market is recovering, with sales expected to increase by 10.6% in 2024 to 16.08 million units [4][16] - The general machinery market in China is expanding, with production increasing from less than 500,000 units in 2000 to over 30 million units in 2023, making China a key production base [18][19] Financial Performance - Longxin General's net profit is projected to be 2 billion yuan in 2025 and may reach 2.5 billion yuan in 2026, indicating a relatively low valuation at around 15 times earnings [4][24] - The company has seen a significant recovery in profits in 2024 after a decline from 2018 to 2021, with goodwill impairment issues largely resolved [8] Market Performance - Longxin's high-end motorcycle brand, Wujing, performed well in the European market, generating 1.021 billion yuan in sales in 2024, accounting for 6% of total revenue [2][5] - The company has shifted from low-displacement motorcycles to high-end brands, with market share in Spain increasing from 4.2% in 2024 to 6.6% in the first eight months of 2025 [2][14] Competitive Landscape - Longxin General is addressing competition issues with Zongshen Power through equity restructuring, expected to be completed by the end of 2026 [2][7] - The company has a strong technical foundation in engine manufacturing, with over 200 models and partnerships with international brands like BMW [12][17] Strategic Initiatives - Longxin General plans to enhance its high-end brand through technological innovation and international collaboration, while also focusing on resolving competition issues to improve operational efficiency [11] - The company is implementing a "one plus N" strategy for overseas market expansion, focusing on core markets like Italy and Spain before expanding to surrounding regions [13][14] Future Outlook - The company aims to maintain a compound growth rate of about 10% in its communication business, despite slower growth [22] - Longxin General's future market value could reach 40-45 billion yuan based on distribution valuation methods, indicating significant upside potential from its current market cap of just over 30 billion yuan [4][24]

春风动力成立于 1989 年，最初从事汽车和摩托车零部件生产，后逐步转向摩 托车产品，并于 2005 年进入全地形车市场。公司目前的主要业务包括全地形 车和摩托车，其中全地形车是最重要的收入来源。2024 年，全地形车业务实 现营收 72 亿元，占总营收的 48%；摩托车业务实现营收 64 亿元，占总营收 的 43%。在摩托车业务中，内销占比 20.6%，外销占比 19.6%。公司产品种 类丰富，涵盖多种排量段，包括 ATV、UTV 和 SSV 三类全地形车，以及各种 类型的摩托车。 公司电动两轮车业务始于 2020 年，2023 年开始放量，目前已覆盖各 价格带。预计 2026 年集合品牌有望冲击百万台规模，实现盈亏平衡， 并计划新增门店以实现更大市场目标。 展望 2026 年，四轮全地形车辆将在新品拉动下迎来良好业绩表现，两 轮车辆出口预计恢复。若美加墨协定完成，利润有望达到 25 亿元，公 司市值有较大上升空间。核心风险点包括新车型上市节奏、贸易环境变 化等。 春风动力 20251216 摘要 春风动力全地形车和摩托车业务是主要收入来源，2024 年分别占总营 收的 48%和 43%。公司通过与 KTM ...