Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 204 CNY, indicating an expected performance exceeding the benchmark index by 10%-20% over the next six months [3][5]. Core Insights - The company reported a significant revenue growth of 36.1% year-on-year in Q3 2024, reaching 3.92 billion CNY, and a net profit of 370 million CNY, which is a 48.95% increase year-on-year, surpassing market expectations [1][2]. - The growth in revenue is attributed to strong performance in the two-wheeler segment during the peak season, with domestic sales showing a remarkable increase of 156% year-on-year [2]. - The gross margin improved to 31.6%, up by 0.8 percentage points from the previous quarter, driven by a higher proportion of four-wheeler sales [2]. - The company is expected to continue benefiting from new product launches in the four-wheeler segment, which are anticipated to enhance market share in the mid-to-high-end market [2][3]. Financial Summary - For the fiscal years 2024 to 2026, the company’s projected net profits are adjusted to 1.30 billion CNY, 1.68 billion CNY, and 2.27 billion CNY respectively, with corresponding price-to-earnings ratios of 19, 15, and 11 times [3][4]. - The total revenue is forecasted to grow from 12.11 billion CNY in 2023 to 23.69 billion CNY by 2026, reflecting a compound annual growth rate of approximately 25.4% [4][7]. - The company’s return on equity (ROE) is expected to increase from 20.0% in 2023 to 25.1% by 2026, indicating improving profitability [4][7].

鉴于浙江春风动力股份有限公司（以下简称"公司"）第五届监事会任期即 将届满，为保证监事会的正常运行，顺利完成监事会换届选举，根据《中华人民 共和国公司法》及《公司章程》等有关规定，公司于 2024 年 10 月 25 日召开了 职工代表大会。经与会职工代表表决，同意选举贾方亮同志（简历详见附件）为 公司第六届监事会职工代表监事。 2024 年 10 月 26 日 职工代表监事将与公司后续换届选举的股东大会所选举产生的股东代表监 事共同组成公司第六届监事会，其任期与公司第六届监事会任期一致。为确保监 事会的正常运作，在股东大会选举产生新一届监事会之前，公司第五届监事会监 事将继续履行职责。 特此公告。 浙江春风动力股份有限公司 监事会 证券代码：603129 证券简称：春风动力 公告编号：2024-066 浙江春风动力股份有限公司 关于职工代表监事换届选举的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 附件：贾方亮简历 贾方亮先生与持有公司百分之五以上股份的股东、实际控制人、公司其他董 事、监事、高级管理人员不存在关联关 ...

证券研究报告·公司点评报告·摩托车及其他 春风动力（603129） 2024 年三季报点评：业绩超预期，费用率同 比改善明显 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 11378 | 12110 | 15794 | 19032 | 22871 | | 同比（ % ） | 44.73 | 6.44 | 30.41 | 20.51 | 20.17 | | 归母净利润（百万元） | 701.37 | 1,007.52 | 1,356.62 | 1,680.25 | 1,954.33 | | 同比（ % ） | 70.43 | 43.65 | 34.65 | 23.86 | 16.31 | | EPS- 最新摊薄 ...

华福证券 春风动力（603129.SH） 24Q3 点评：Q3 业绩再超预期，期待新品催化 事件：公司发布 24Q3 业绩，前三季度实现营收 114.50 亿元，同比+21.98%； 归母净利润为 10.81 亿元，同比+34.87%；扣非归母净利润 10.50 亿元，同 比+36.74%。单季度来看，24Q3 营收 39.21 亿元，同比+36.11%；归母净利 润为 3.73 亿元，同比+48.95%；扣非归母净利润 3.63 亿元，同比+46.62%。 四轮车：低基数下实现明显修复，看好新品持续贡献增量 根据摩托车协会数据，7-8 月公司四轮沙滩车出货量 2.98 万台， 同比+28%，8 月公司发布重磅 U/Z 系列全地形车新品，产品配置升级、 产品力大幅提升，有望带动四轮车产品结构优化、盈利能力改善。 燃油两轮：内销旺季保持高景气，出口增速略有放缓 根据摩托车协会数据，7-8 月公司燃油摩托车销量 4.18 万台，同 比+55%，>250cc 销量 2.5 万台，同比+58%。出口方面，7-8 月公司摩 托车出口量 1.38 万台，同比+12%，Q3 摩托车出口增速放缓，预计主 要受欧洲产品标准切换 ...

证券研究报告 | 2024年10月19日 春风动力（603129.SH） 优于大市 三季度净利率同比提升，出海、高端化引领新成长 摩托车业务快速增长，全地形车业务保持稳健，2024Q3 收入同比增长 36%。 春风动力 2024Q3 年实现营收 39.2 亿元，同比增长 36.1%，环比下降 12.2%，归母净利润 3.7 亿元，同比增长 48.9%，环比下降 13.6%。2024H1 公司全地形车累计销售 8.14 万台，实现销售收入 35.32 亿元，同比下 降 1.55%，行业下行背景下公司保持稳健发展。2024H1 公司实现两轮摩 托内销 6.8 万台，营业收入 14.46 亿元，同比增长 38.25%，公司通过精 准的市场定位和有效的营销策略，市场表现优于行业水平；2024H1 公司 实现两轮摩托外销 8.58 万台，营业收入 18.02 亿元，同比增长 45.07%， 公司在海外市场不断开辟新空间。 四轮车库存水平下降，叠加内部降本增效，促进公司 2024Q3 盈利能力提升。 公司盈利能力提升得益于公司的费用率下降，公司从 2023 年开始促销 去库存，四轮车库存水平下降至相对合理位置，销售费用率 ...

Investment Rating - Buy rating maintained for the company [2] Core Views - The company's revenue and net profit showed significant growth in the first three quarters of 2024, with revenue reaching 11.45 billion yuan, a 22.0% year-on-year increase, and net profit attributable to shareholders reaching 1.081 billion yuan, a 34.9% year-on-year increase [3] - The large-displacement motorcycle market and export market remain highly prosperous, with sales of motorcycles above 250cc increasing by 39.82% year-on-year and motorcycle exports growing by 27.19% year-on-year [3] - The company's expense ratios decreased, with sales/management/R&D expense ratios dropping by 2.9/0.3/0.3 percentage points respectively, totaling a 3.5 percentage point reduction [3] - The company released a stock option incentive plan and an employee stock ownership plan, with performance targets set for 2024-2026 [3] Financial Performance - Revenue for 2024-2026E is forecasted to be 14.485/17.169/20.458 billion yuan, with year-on-year growth rates of 19.61%/18.53%/19.16% [3] - Net profit attributable to shareholders for 2024-2026E is projected to be 1.344/1.683/2.069 billion yuan, with year-on-year growth rates of 33.41%/25.21%/22.94% [3] - EPS for 2024-2026E is expected to be 8.88/11.11/13.66 yuan, with corresponding P/E ratios of 17.50/13.98/11.37X [3] Industry Analysis - The motorcycle industry saw a 11.31% year-on-year increase in sales of fuel motorcycles, with 12.2711 million units sold in the first nine months of 2024 [3] - The export market for motorcycles remained strong, with 8.115 million units exported in the first nine months of 2024, a 27.19% year-on-year increase [3] Company Valuation - The company's current price is 155.38 yuan, with a 52-week price range of 78.47-180.14 yuan [3] - The company's market capitalization is 23.52948 billion yuan, with a total share capital of 151.4319 million shares [3] - The company's ROE is expected to be 20%/23%/24%/24% for 2023A/2024E/2025E/2026E [6] - The company's P/E ratios are forecasted to be 15.26/17.50/13.98/11.37X for 2023A/2024E/2025E/2026E [6]

Investment Rating - Maintained "Overweight" rating [1][3] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue of 11.45 billion yuan, up 21.98% YoY, and net profit of 1.081 billion yuan, up 34.87% YoY [2] - Sales net profit margin remains at a historically high level, with a gross margin of 31.57% and net margin of 9.74% in Q3 2024 [2] - Order backlog remains strong, with contract liabilities of 243 million yuan, up 56.20% YoY [2] - Optimized product structure in the all-terrain vehicle segment, with high-value U/Z series products increasing from 59% in 2018 to 65% in 2023 [3] - The company is expected to benefit from the cyclical recovery in the North American market and accelerated overseas capacity expansion [3] Financial Performance - Revenue is expected to grow from 15.085 billion yuan in 2024E to 21.558 billion yuan in 2026E, with a CAGR of 18.72% [4] - Net profit is forecasted to increase from 1.362 billion yuan in 2024E to 2.113 billion yuan in 2026E, with a CAGR of 24.50% [4] - EPS is projected to rise from 8.99 yuan in 2024E to 13.95 yuan in 2026E [4] - ROE is expected to improve from 17.06% in 2024E to 22.94% in 2026E [4] Valuation Metrics - PE ratio is forecasted to decline from 17.28x in 2024E to 11.14x in 2026E [4] - PB ratio is expected to decrease from 2.95x in 2024E to 2.55x in 2026E [4] - EV/EBITDA is projected to drop from 10.6x in 2024E to 5.7x in 2026E [5] Industry Outlook - The global all-terrain vehicle market reached 955,000 units in 2023, with North America accounting for 84.3% of sales [3] - The company has successfully broken into the historically oligopolistic market, with the top 5 players previously controlling over 80% of the market [3] - The company is well-positioned to capitalize on the cyclical recovery in the North American market and accelerate market penetration [3]

升幅% 1M 3M 12M 相对收益 -15.9 -4.7 10.0 绝对收益 4.0 3.5 14.0 徐慧雄 分析师 相关报告 春风动力：2024H1 业绩优 2024-08-16 异，四大核心逻辑驱动公司 高成长 春风动力：2024Q1 业绩优 2024-04-17 异，高端化、全球化驱动高 成长 春风动力：布局高端，走向 全球 2024-03-25 2024 年 10 月 18 日 春风动力(603129.SH) 事件：10 月 17 日，春风动力发布 2024 年三季报，实现营收 114.50 亿 元，同比+21.98%，实现归母净利润 10.81 亿元，同比+34.87%。 公司三季度营收同比保持高速增长，持续加强费用控制： 公司快报 2024 年 Q3 业绩优秀，四大核心逻辑驱动公司高成长 证券研究报告 摩托车及其他Ⅲ 投资评级 买入-A 维持评级 6 个月目标价 190.6 元 股价 (2024-10-17) 149.62 元 交易数据 总市值(百万元) 22,657.24 流通市值(百万元) 22,657.24 总股本(百万股) 151.43 流通股本(百万股) 151.43 12 个月价格 ...

证券研究报告 资料来源：Wind 春风动力 (603129 CH) Q3 净利超预期，出海成长势能延续 华泰研究 季报点评 2024 年 10 月 18 日│中国内地 汽车零部件 买入 ): 202.90 24Q3 归母净利 3.7 亿元，同比+49% 公司发布三季报，前三季度累计实现营业收入 114.5 亿元，同比+22%；归 母净利润 10.8 亿元，同比+34.9%；Q3 实现营收 39.2 亿元，同比+36%， 环比-12.2%，实现归母净利 3.7 亿元，同比+48.9%，环比-13.6%，超出我 们预期（2024.10.11 发布的《Q3 前瞻：景气向上，交叉产业链弹性足》)。 我们持续看好公司两轮、四轮车新品发力，内销、出口共同成长。维持"买 入"评级。 Q3 营收同比高增，期待 Q4 两轮/四轮出口转好 公司 7-8 月共销售摩托 5.5 万辆，同比增长 93%；250cc+大排量摩托销量 2.5 万辆，同比+58%，其中出口 1.0 万辆，同比+29.5%；内销 1.5 万辆， 同比增长 88%。对应地，公司 Q3 实现营收 39.2 亿元，同比+36.1%。营收 环比下滑 12.2%，主要 ...

来源：公司年报、国金证券研究所 分析师：陈传红（执业 S1130522030001） chenchuanhong@@gjzq.com.cn 分析师：冉婷（执业 S1130524100001） ranting@gizq.com.cn 市价 (人民币): 149.62元 相关报告: 1.《春风动力公司点评: 24H1 净利润略超预期，两轮四 轮持续发力》, 2024.8.16 2.《春风动力深度报告: 国宾车供应商，两轮四轮海外共 驱》, 2024.5.8 0 79.00 97.00 115.00 133.00 151.00 169.00 187.00 231017240117240417240717241017 人民币(元) 成交金额(百万元) 成交金额 春风动力 沪深300 100 200 300 400 500 600 700 800 | --- | --- | --- | --- | --- | --- | |-------------------------------|--------|--------|--------|--------|--------| | 公司基本情况（人民币） \n项目 | ...