公司报告 | 半年报点评 春风动力（603129） 证券研究报告 25H1 延续高增趋势，四轮+两轮双线并进 2025 年 H1：1）实现营收 98.55 亿元，同比+30.9%；实现归母净利润 10.02 亿元，同比+41.35%； 实现扣非归母净利润 9.51 亿元，同比+38.38%。2）实现毛利率 28.38%，同比-3.13pct；归母 净利润率 10.17%，同比+0.75pct；扣非归母净利润率 9.65%，同比+0.52pct。3）期间费用率 为 14.1%，同比-4.68pct，销售/管理/研发/财务费用率分别为 5.32%、4.35%、5.57%、-1.15%， 同比分别变动-4.37、-0.55、-0.51、+0.76pct。 2025Q2 单季度：1）实现营收 56.05 亿元，同比+25.45%，环比+31.87%；实现归母净利润 5.87 亿元，同比+36.04%，环比+41.32%；实现扣非归母净利润5.41亿元，同比+30.21%，环比+31.66%。 2）Q2 单季度毛利率 27.35%，同比-3.47pct，环比-2.38pct；归母净利润率 10.47%，同比+0.81p ...

Investment Rating - The report maintains a "Buy" rating for Chuanfeng Power, indicating a positive outlook on the company's growth potential in the all-terrain vehicle (ATV) and motorcycle sectors [6]. Core Insights - Chuanfeng Power has experienced significant growth since its listing in 2017, with a market capitalization increase of 13.3 times and an annualized return of 38% [3]. - The all-terrain vehicle market is approximately 950,000 to 1,000,000 units, with North America being the largest market, accounting for about 80% of global sales [3][69]. - The company has successfully expanded its product lines, including ATVs, motorcycles, and electric two-wheelers, with revenue contributions of 48%, 40%, and 3% respectively in 2024 [21]. - The report highlights the potential for Chuanfeng Power to double its all-terrain vehicle revenue by 2030, driven by new product launches and market expansion [4]. Summary by Sections Company Overview - Chuanfeng Power has evolved from a parts manufacturer to a leading player in the ATV and motorcycle markets, with significant milestones including entering the ATV market in 2005 and launching its electric motorcycle brand ZEEHO in 2020 [11]. Stock Price Review - The stock price of Chuanfeng Power has been influenced by product cycles, external tariffs, shipping costs, and exchange rate fluctuations, with long-term growth driven by business expansion and product cycles [3][31]. All-Terrain Vehicles - The all-terrain vehicle segment has seen a compound annual growth rate (CAGR) of 32% from 2019 to 2024, with revenue increasing from 1.83 billion to 7.21 billion yuan [3]. - Chuanfeng Power's market share in the U.S. increased from 5.8% in 2020 to 17.6% in 2022, capitalizing on supply shortages faced by competitors during the pandemic [3]. Motorcycles - The motorcycle segment has also shown robust growth, with revenue rising from 1.15 billion to 6.04 billion yuan from 2019 to 2024, reflecting a CAGR of 39% [5]. - The domestic market for recreational motorcycles has expanded significantly, with sales increasing from 140,000 units in 2020 to 400,000 units in 2024 [5]. ZEEHO Brand - The ZEEHO brand is projected to achieve sales of 600,000 to 700,000 units by 2025, with significant growth potential similar to that of other successful electric motorcycle brands [6]. Profit Forecast and Investment Recommendations - The report anticipates continued growth across all three business segments (ATVs, motorcycles, and ZEEHO), suggesting that Chuanfeng Power should command a higher valuation due to its leading market position [6].