LONCIN(603766)2024-05-30 08:09Financial Performance - In 2023, the company achieved operating revenue of 13.066 billion CNY, a year-on-year increase of 5.29% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 642 million CNY, up 35.71% year-on-year [2] - In Q1 2024, the company reported operating revenue of 3.296 billion CNY, a year-on-year increase of 20.41% [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q1 2024 was 247 million CNY, a growth of 60.70% year-on-year [3] Market Trends - In 2023, the motorcycle industry saw a total sales volume of 18.99 million units, a decrease of 11.34% year-on-year [3] - Domestic motorcycle sales dropped by 22.51% to 10.6739 million units, while exports increased by 8.79% to 8.3168 million units [3] - The demand for traditional commuting motorcycles remains strong due to their cost-effectiveness, while leisure motorcycles are gaining popularity as social consumer goods [3] Product Performance - The company's VOGE series motorcycles generated sales revenue of 1.492 billion CNY in 2023, a year-on-year increase of 57.05% [4] - VOGE's revenue accounted for 20% of the motorcycle business, with domestic sales reaching 843 million CNY (up 33.81%) and export sales of 649 million CNY (up 102.81%) [4] - In Q1 2024, VOGE series products achieved sales revenue of 604 million CNY, a significant increase of 135.21% year-on-year [4] Channel Expansion - In 2023, the company added 194 new sales outlets, bringing the total to 1,334 globally [5] - Domestic sales outlets reached 470, primarily located in major markets, while international outlets totaled 864, with nearly 700 in Europe [5] Electric Motorcycle Market - The Chinese electric two-wheeler market is approximately 50 million units, with growth driven by carbon neutrality policies and new standards [6] - The market is shifting towards smart and high-end electric motorcycles, with a focus on fun and social attributes for younger consumers [6] Garden Machinery Business - In 2023, the company launched a fuel-powered riding lawnmower in collaboration with Husqvarna, achieving sales of over 10,000 units [7] - The company is developing various riding lawnmowers and intelligent mowing robots to cover consumer, professional, and commercial markets [7] Corporate Governance - The company is undergoing a restructuring process, with the main subject notifying the cancellation of certain investment qualifications and seeking new investors [8] - The restructuring plan's execution period has been extended by three months to protect creditors' interests [8]