股 票 研 究 证 券 研 究 报 告 ——春风动力 2024 年三季报点评 | --- | --- | |-----------------------------------|-------| | | | | [table_Authors] 吴晓飞 ( 分析师 ) | | | 0755-23976003 | | | wuxiaofei@gtjas.com | | | 登记编号 S0880517080003 | | | --- | |------------------------| | | | 管正月 ( 分析师 ) | | 021-38032026 | | guanzhengyue@gtjas.com | | S0880521030003 | 本报告导读： 公司 2024 年三季报继续保持亮眼表现，两轮和四轮新品周期下共同驱动销量增长， 内销与出口共振，产品结构不断升级，公司收入业绩延续强势增长。 投资要点： 三季报表现亮眼，费用率不断优化 春风动力(603129) 运输设备业[Table_Industry] /可选消费品 | --- | --- | --- | --- | --- | --- | -- ...

春风动力（603129.SH）系列点评六 [盈利预测与财务指标 Table_Forcast] 2024Q3 业绩超预期 两轮出海+四轮新品齐驱 2024 年 10 月 17 日 ➢ 事件概述：公司披露 2024 年第三季度报告，公司 2024Q3 实现营业收入 39.2 亿元，同比+36.1%，环比-12.2%；归母净利润为 3.7 亿元，同比+48.9%， 环比-13.6%；扣非净利润为 3.6 亿元，同比+46.6%，环比-12.6%。 ➢ 2024Q3 业绩同比高增 超市场预期。1）营收端：公司 2024Q3 实现营业 收入 39.2 亿元，同比+36.1%，我们认为营业收入同比高增主要原因为：中大排 摩托车内外销共振向上+全地形车需求回暖，环比小幅下降主要原因为季节性因 素。2）利润端：公司 2024Q3 毛利率为 31.6%，同比-2.1pcts，环比+0.8pcts， 归母净利 3.7 亿元，同比+48.9%，环比-13.6%，我们认为是产品结构调优+费 用结构优化所致。3）费用端：公司 2024Q3 销售/管理/研发/财务费用率分别为 8.5%/3.3%/7.0%/0.6% ， 同 比 分 别 ...

Revenue and Profit Growth - Revenue for the third quarter reached RMB 3,921,198,075.24, a year-on-year increase of 36.11%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 372,503,714.11, up 48.95% year-on-year[2] - The increase in revenue and net profit was mainly driven by sales growth and a decrease in the expense ratio[6] - Total operating revenue for the first three quarters of 2024 reached RMB 11.45 billion, a 22% increase compared to RMB 9.39 billion in the same period of 2023[13] - Net profit attributable to the parent company's shareholders in the first three quarters of 2024 was RMB 1.08 billion, up 34.9% year-on-year from RMB 801.72 million[14] - The company's operating profit for the first three quarters of 2024 was RMB 1.22 billion, a 35% increase from RMB 907.29 million in the same period of 2023[13] Asset and Equity Growth - Total assets as of the end of the reporting period increased by 31.02% compared to the end of the previous year, reaching RMB 13,513,308,169.71[3] - Total equity attributable to shareholders of the listed company increased by 14.97% compared to the end of the previous year, reaching RMB 5,792,971,600.30[3] - Total assets increased to 13,513,308,169.71 RMB as of September 30, 2024, compared to 10,313,748,347.15 RMB at the end of 2023[10] - The company's total assets reached RMB 13.51 billion by the end of Q3 2024, a 31% increase from RMB 10.31 billion at the end of Q3 2023[12] - Total equity attributable to the parent company's shareholders reached RMB 5.79 billion by the end of Q3 2024, a 15% increase from RMB 5.04 billion at the end of Q3 2023[11] Cash Flow and Liquidity - Operating cash flow for the first three quarters of 2024 was RMB 2,246,204,215.40, a 68.00% increase year-on-year[2] - Current assets rose to 10,795,146,394.42 RMB, up from 7,708,853,964.23 RMB at the end of 2023[10] - Cash and cash equivalents grew to 6,425,623,210.44 RMB, a significant increase from 4,506,412,538.81 RMB at the end of 2023[10] - Sales revenue from goods and services received in cash for the first three quarters of 2024 was RMB 11,052,967,496.67, a 20.6% increase compared to RMB 9,164,696,501.61 in the same period of 2023[16] - Total cash inflow from operating activities for the first three quarters of 2024 was RMB 11,822,834,422.31, up 20.1% from RMB 9,847,108,110.56 in the same period of 2023[16] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 2,246,204,215.40, a 68% increase compared to RMB 1,337,034,459.80 in the same period of 2023[16] - The net increase in cash and cash equivalents for the first three quarters of 2024 was RMB 1,732,964,071.19, a 237.4% increase from RMB 513,537,227.65 in the same period of 2023[17] - The ending balance of cash and cash equivalents as of September 2024 was RMB 6,145,194,154.64, a 36.1% increase from RMB 4,514,113,310.72 in September 2023[17] Earnings and Shareholder Metrics - Basic earnings per share for the third quarter were RMB 2.46, up 47.31% year-on-year[2] - Weighted average return on equity (ROE) for the third quarter was 6.64%, an increase of 1.45 percentage points[2] - Basic earnings per share for the first three quarters of 2024 was RMB 7.16, up 34.1% from RMB 5.34 in the same period of 2023[14] - The company's comprehensive income for the first three quarters of 2024 was RMB 979.12 million, a 15.2% increase from RMB 850.10 million in the same period of 2023[14] Liabilities and Expenses - Total liabilities as of Q3 2024 stood at RMB 7.55 billion, a 46.7% increase from RMB 5.14 billion at the end of Q3 2023[11] - Current liabilities increased, with accounts payable reaching 3,231,422,350.41 RMB, up from 2,244,939,376.37 RMB at the end of 2023[10] - Notes payable grew to 3,196,570,000.00 RMB, compared to 1,928,100,000.00 RMB at the end of 2023[10] - Contract liabilities increased to 243,395,166.48 RMB, up from 159,231,067.95 RMB at the end of 2023[10] - R&D expenses increased by 17.5% to RMB 730.56 million in the first three quarters of 2024, compared to RMB 621.98 million in the same period of 2023[13] - Sales expenses decreased by 7.2% to RMB 1.06 billion in the first three quarters of 2024, compared to RMB 1.15 billion in the same period of 2023[13] Non-Recurring Items and Shareholder Information - Non-recurring gains and losses for the third quarter amounted to RMB 9,817,561.15, primarily due to government subsidies and asset disposal gains[4][5] - The top shareholder, Chunfeng Holding Group Co., Ltd., holds 45,000,808 shares, representing a significant portion of the company's equity[8] - The second-largest shareholder, Chongqing Chunfeng Investment Co., Ltd., holds 12,661,734 shares[8] Investment and Financing Activities - Net cash flow from investing activities for the first three quarters of 2024 was negative RMB 290,858,650.89, an improvement from negative RMB 666,571,250.47 in the same period of 2023[17] - Net cash flow from financing activities for the first three quarters of 2024 was negative RMB 226,004,329.99, compared to negative RMB 195,725,595.28 in the same period of 2023[17] Employee Compensation - Cash paid for employee compensation and benefits in the first three quarters of 2024 was RMB 1,167,124,996.25, a 29.7% increase from RMB 899,813,256.58 in the same period of 2023[16]

证券代码：603129 证券简称：春风动力 公告编号：2024-063 浙江春风动力股份有限公司 第五届董事会第十九次会议决议公告 本公司董事会及全体董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。 表决结果为：9 票同意，0 票反对，0 票弃权，0 票回避，符合《公司法》和 《公司章程》的规定，予以通过。 特此公告。 浙江春风动力股份有限公司 董事会 二、董事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《浙江春风动力股份有限公司 2024 年第三季度报告》 公司 2024 年第三季度报告真实、准确、完整地反映了公司财务状况和经营 成果。公司 2024 年第三季度报告所载资料不存在任何虚假记载、误导性陈述或 重大遗漏，董事会对其内容的真实性、准确性和完整性承担法律责任。本议案已 经公司第五届董事会审计委员会审议，并提出明确同意的意见。具体内容详见公 司于同日在上海证券交易所网站 www.sse.com.cn 及指定信息披露媒体披露的《春 风动力 2024 年第三季度报告》。 一、董事会会议召开情况 浙江春风动力股份有限 ...

证券代码：603129 证券简称：春风动力 公告编号：2024-062 浙江春风动力股份有限公司 关于 2024 年股票期权激励计划首次授予登记完成的公告 本公司董事会及全体董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。 重要内容提示： 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股权激 励管理办法》、上海证券交易所、中国证券登记结算有限责任公司上海分公司及 《浙江春风动力股份有限公司 2024 年股票期权激励计划》的有关规定，并经中 国证券登记结算有限责任公司上海分公司审核确认，浙江春风动力股份有限公司 （以下简称"公司"或"春风动力"）完成了 2024 年股票期权激励计划（以下简称"本 激励计划"）首次授予登记工作，现将有关情况公告如下： 一、公司 2024 年股票期权激励计划已经履行的决策程序和信息披露情况 1、2024 年 8 月 6 日，公司召开第五届董事会薪酬与考核委员会第十次会议， 审议通过了《关于<浙江春风动力股份有限公司 2024 年股票期权激励计划（草 案）>及其摘要的议案》、《关于<浙江春风动力股份有限公 ...

浙江春风动力股份有限公司 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。 第五届监事会第二十次会议决议公告 一、监事会会议召开情况 浙江春风动力股份有限公司（以下简称"公司"）第五届监事会第二十次会议 的会议通知已于 2024 年 10 月 12 日以通讯方式发出，并于 2024 年 10 月 17 日以 现场结合通讯会议方式召开（现场会议地址：浙江春风动力股份有限公司四楼 416 会议室，现场会议时间：2024 年 10 月 17 日 13:00 时）。会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主席钱朱熙女士主持。会议的通知、召集、 召开和表决程序符合《中华人民共和国公司法》（以下简称"《公司法》"）、《公 司章程》等有关法律、法规的规定。 二、监事会会议审议情况 会议以记名和书面的方式，审议了如下议案： （一）审议通过《浙江春风动力股份有限公司 2024 年第三季度报告》 证券代码：603129 证券简称：春风动力 公告编号：2024-064 2、2024 年第三季度报告的内容和格式符合中国证监会和上海证券 ...

隐证券 汽车/摩托车及其他 全地形车及中大排量摩托国牌领军者，产品势能向上 春风动力（603129.SH） 2024 年 10 月 17 日 海外突围正当时 ——公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/16 | | 当前股价 ( 元 ) | 146.83 | | 一年最高最低 ( 元 ) | 180.14/78.47 | | 总市值 ( 亿元 ) | 222.35 | | 流通市值 ( 亿元 ) | 222.35 | | 总股本 ( 亿股 ) | 1.51 | | 流通股本 ( 亿股 ) | 1.51 | | 近 3 个月换手率 (%) | 60.33 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-10 2024-02 2024-06 春风动力 沪深300 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 | --- | --- | --- | |-------------------------------- ...

重要内容提示： 会议召开时间：2024 年 10 月 21 日（星期一）下午 16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.ss einfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：603129 证券简称：春风动力 公告编号：2024-061 浙江春风动力股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董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。 公司总经理赖民杰、财务负责人司维、董事会秘书周雄秀、独立董事任家华、 独立董事唐国华、独立董事张杰（如有特殊情况，参加人员可能调整）。 四、投资者参加方式 （一）投资者可于 2024 年 10 月 21 日下午 16:00-17:00，通过互联网登录上 证路演中心（https://roadshow.sseinfo.com/），在线参与本次业绩说明会，公司将 及时回答投资者的提问。 投资者可于 2024 年 10 月 14 日（星期一）至 10 月 18 日（星期五）16:00 前登录上证路演 ...

Company and Industry Summary Company Overview - The company has established overseas manufacturing facilities, specifically in Thailand and Mexico. [1] Key Points - The Thailand factory commenced operations in 2021 and has an annual production capacity of 50,000 units. This facility is focused on producing ATV models that are subject to tariffs. [1]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 172.8-198.7 RMB, implying a potential upside of 19%-37% from the current price [2][4] Core Views - The company is a leading player in China's all-terrain vehicle (ATV) and mid-to-large displacement motorcycle markets, with a strong export focus (76% of revenue in 2023) [2] - The company has achieved a leading market share in Europe and a strong position in North America for ATVs, and ranks among the top three in China's mid-to-large displacement motorcycle market [2] - The company is expected to benefit from new product launches, overseas expansion, and premiumization strategies, driving future growth [2] Company Overview - The company has a strong presence in both ATV and motorcycle markets, with ATVs contributing 54% of revenue (6.5 billion RMB in 2023) and motorcycles contributing 37% (4.5 billion RMB in 2023) [13] - The company has a diversified product portfolio, covering motorcycles from 125cc to 1250cc and ATVs from 110cc to 1000cc, including electric models [13][15] - The company has a long history of technological innovation, starting from engine components in 1989 and expanding into ATVs in 2005 [16] ATV Market Analysis - The global ATV market is projected to reach 15.8 billion USD by 2028, with UTV/SSV segment accounting for 83% (13.1 billion USD) [2][24] - The ATV market is highly concentrated, dominated by North American and Japanese brands, but the company has achieved a global market share of over 15% in 2023 [2][29] - The company has launched multiple new high-end ATV models in 2024, significantly improving performance and narrowing the gap with leading competitors [2][24] Motorcycle Market Analysis - China's mid-to-large displacement motorcycle market has low penetration (less than 5% in 2023), with significant growth potential as consumer acceptance increases [2] - The company has a strong track record of launching hit motorcycle models and has accelerated its new product release cycle in 2024 [2] - The company's electric motorcycle brand, ZEEHO, is building a comprehensive product matrix, potentially creating a third growth curve [2] Overseas Expansion - The global mid-to-large displacement motorcycle market is estimated at 3.81 million units, with significant opportunities in North America, South America, Europe, and Southeast Asia [2] - The company has shifted its motorcycle strategy to focus on both domestic and overseas markets since 2022, leveraging its competitive pricing advantage [2] - The company is strengthening its overseas distribution channels, which could drive rapid growth in motorcycle exports [2] Financial Projections - The company is expected to achieve net profits of 1.31 billion, 1.64 billion, and 2.04 billion RMB in 2024, 2025, and 2026 respectively, with EPS of 8.6, 10.8, and 13.5 RMB [2] - Revenue is projected to grow at a CAGR of 21.5% from 2023 to 2026, reaching 21.76 billion RMB in 2026 [3] - The company's EBIT margin is expected to improve from 8.4% in 2023 to 10.0% in 2026, with ROE increasing from 20.0% to 22.8% over the same period [3] Competitive Advantages - The company has strong R&D capabilities, particularly in water-cooled engine technology, with engine durability exceeding 200 hours [30] - The company has been expanding its global distribution network, with the number of ATV dealers increasing from around 250 in 2017 to 554 in 2022 [33] - The company has established a comprehensive after-sales service system covering all global sales regions [34]