我们看好公司未来价值链可提升的发展路径：我们归纳为三箭齐发。1）宗申航发：聚焦航空动力系统 核心赛道，以中小型航空活塞发动机为主，涵盖无人机及轻型通航飞机市场，我们预计低空经济蓬勃发 展或为航发公司带来新机遇。2）宗申摩发：国内龙头，我们预计受益于出口+升级双驱动。3）宗申通 机：参考海外龙头公司，我们预计逐步朝价值链提升方向前行。24 年参股公司宗申新智造完成了对隆 鑫通用的收购，后续一旦实现有效整合，双方具备潜在的协同效用，产业逻辑或将大有可为。 投资建议：1）盈利预测：考虑隆鑫通用事项带来的投资收益，以及对未来主营业务增速的调整，我们 调整公司2025-26 年实现归母净利预测分别为6.3、7.3 亿（原预测为7.1、8.7 亿），新增2027 年预测8.3 亿元，对应EPS 分别为0.55、0.63、0.73 元，对应PE 分别为39、34、29 倍，维持"推荐"评级。 风险提示：整合进展不及预期；国内低空政策推动不及预期；宏观经济不及预期。 公司发布2024 年报：1）2024 年，公司实现营业总收入105.06 亿元，同比增长28.89%；归母净利润4.61 亿元，同比增长27.45%；扣非净利润 ...

Core Viewpoint - Zongshen Power reported significant growth in revenue and net profit for 2024, driven by its leading position in the small and medium-sized power machinery sector and the aviation engine supply business [1][2] Financial Performance - In 2024, Zongshen Power achieved operating revenue of 10.384 billion yuan, a year-on-year increase of 29.84% - The net profit attributable to shareholders was 461 million yuan, up 27.45% from the previous year [1] - The company's stock price rose significantly, starting at over 6 yuan per share at the beginning of the year and exceeding 24 yuan by year-end, with a peak closing price of 33.67 yuan on October 31, 2024 [1] Business Segments - Zongshen Power's main business segments include general machinery, motorcycle engines, aviation power, new energy, and high-end components [1] - General machinery products generated 5.222 billion yuan in revenue, a 35.41% increase year-on-year - Engine products contributed 3.818 billion yuan, reflecting a 13.76% growth - New energy products saw remarkable growth, achieving 579 million yuan in revenue, a staggering 334.84% increase, and accounting for 5.58% of total revenue [2] Aviation Power Business - The aviation power segment, through its subsidiary Zongshen Aviation Engine Manufacturing Co., Ltd., reported revenue of 160 million yuan, a 71.74% increase, with net profit showing a reduction in losses [3] - Zongshen Aviation focuses on providing power systems for general aviation aircraft and drones, having developed over 20 derivative products [3][4] - The company is enhancing its integrated power system technology, aiming for comprehensive design solutions that include engines, propellers, thermal management, and power generation systems [4] Market Opportunities - The low-altitude economy is a significant growth driver for Zongshen Aviation, which is actively adjusting strategies to navigate market pressures and opportunities [3] - The propulsion system is a critical component in the low-altitude industry, accounting for approximately 40% of the cost structure in aircraft manufacturing [5] - Zongshen Aviation is currently working on airworthiness certification for two engine models in collaboration with Shanhe Intelligent [5] Strategic Developments - Zongshen Power announced plans to spin off Zongshen Aviation for a separate listing, which is expected to enhance focus on core businesses and improve market valuation [5]

Investment Rating - The report maintains a strong buy recommendation for the company [5] Core Views - The company achieved total revenue of 10.506 billion, net profit attributable to shareholders of 461 million, and net profit excluding non-recurring items of 442 million in 2024, representing year-on-year increases of 28.89%, 27.45%, and 42.92% respectively [1] - The company's motorcycle engine business saw sales of 2.9852 million units, a year-on-year increase of 18.44%, with revenue of 3.824 billion, up 13.68% [2] - The acquisition of Longxin General Power Co., Ltd. was completed, making the company the controlling shareholder, which is expected to enhance its market position [3] - The company is positioned as a leader in general power machinery and motorcycle engines in China, with significant growth potential in the aviation engine sector due to the development of the low-altitude economy [11] Financial Performance - In Q4 2024, total revenue reached 3.102 billion, a year-on-year increase of 36.39%, with net profit attributable to shareholders of 70 million, marking a return to profitability [1] - The general power machinery and terminal products sales totaled 4.8345 million units, up 37.34%, with total revenue of 5.226 billion, a 35.33% increase [11] - The aviation power business revenue grew by 71.67% to 160 million, driven by increasing order demand and market share [11][9] Strategic Developments - The company has made significant advancements in its new energy business, including innovations in electric drive systems and the establishment of a hydrogen supply station [11] - Strategic partnerships have been formed to enhance production capabilities and digital transformation in manufacturing [11] Future Outlook - The company is projected to achieve net profits of 641 million, 762 million, and 871 million in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 39.3, 33.1, and 28.9 [10][11]

一、开展远期外汇资金交易业务的背景 重庆宗申动力机械股份有限公司及下属子公司（以下简称"公司"）外贸业 务占整体业务比重较大，结算币种主要采用美元。当汇率出现较大波动时，汇兑 损益可能对公司的经营业绩产生一定影响。为有效规避和防范汇率波动风险，提 升外汇资金使用效率，增强公司财务稳健性，公司有必要结合资金管理要求和日 常经营需要，在风险可控的前提下，使用自有资金适度开展远期外汇资金交易业 务。 重庆宗申动力机械股份有限公司 二、远期外汇资金交易业务基本情况 （一）交易额度、币种及期限 远期外汇交易币种：包括但不限于美元、欧元等结算币种。 远期外汇交易规模及期限：公司拟开展的远期外汇资金交易业务日峰值最高 不超过5亿美元（含），有效期至2025年年度股东大会重新核定额度前，在有效 期内，该额度可以滚动使用。 （二）交易品种 远期结售汇业务：公司与银行签订远期结售汇合约，约定在未来办理结售汇 的外汇币种、金额和汇率，在交割日按照该远期结售汇合约约定的币种、金额、 汇率办理的结汇或售汇业务。 （三）交易保证金 根据金融机构要求，公司开展远期外汇交易业务需缴纳一定比例的保证金， 缴纳方式为占用公司在金融机构的综合授信 ...

目 录 | 1—2 页 | | --- | | 一、业绩承诺完成情况的鉴证报告…………………………………第 | 一、对报告使用者和使用目的的限定 本鉴证报告仅供宗申动力公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为宗申动力公司 2024 年度报告的必备文件，随同其他 文件一起报送并对外披露。 二、管理层的责任 宗申动力公司管理层的责任是提供真实、合法、完整的相关资料，按照深圳 证券交易所的相关规定编制《关于东莞市锂智慧能源有限公司 2024 年度业绩承 诺完成情况的说明》，并保证其内容真实、准确、完整，不存在虚假记录、误导 性陈述或重大遗漏。 三、注册会计师的责任 二、业绩承诺完成情况的说明…………………………………………第 3 页 三、资质附件…………………………………………………………第 4—8 页 关于东莞市锂智慧能源有限公司 业绩承诺完成情况的鉴证报告 天健审〔2025〕8-150 号 重庆宗申动力机械股份有限公司全体股东： 我们鉴证了后附的重庆宗申动力机械股份有限公司（以下简称宗申动力公司） 管理层编制的《关于东莞市锂智慧能源有限公司 2024 年度业绩承诺完成情况的 说明 ...

一、开展远期外汇资金交易业务的背景 重庆宗申动力机械股份有限公司 关于开展远期外汇资金交易业务的可行性分析报告 重庆宗申动力机械股份有限公司及下属子公司（以下简称"公司"）外贸业 务占整体业务比重较大，结算币种主要采用美元。当汇率出现较大波动时，汇兑 损益可能对公司的经营业绩产生一定影响。为有效规避和防范汇率波动风险，提 升外汇资金使用效率，增强公司财务稳健性，公司有必要结合资金管理要求和日 常经营需要，在风险可控的前提下，使用自有资金适度开展远期外汇资金交易业 务。 二、远期外汇资金交易业务基本情况 （一）交易额度、币种及期限 远期外汇交易币种：包括但不限于美元、欧元等结算币种。 远期外汇交易规模及期限：公司拟开展的远期外汇资金交易业务日峰值最高 不超过5亿美元（含），有效期至2025年年度股东大会重新核定额度前，在有效 期内，该额度可以滚动使用。 （二）交易品种 远期结售汇业务：公司与银行签订远期结售汇合约，约定在未来办理结售汇 的外汇币种、金额和汇率，在交割日按照该远期结售汇合约约定的币种、金额、 汇率办理的结汇或售汇业务。 （三）交易保证金 根据金融机构要求，公司开展远期外汇交易业务需缴纳一定比例的保 ...

目 录 | 一、业绩承诺完成情况的鉴证报告…………………………………第 | 1—2 | 页 | | --- | --- | --- | | 二、业绩承诺完成情况的说明…………………………………………第 | 3 | 页 | | 三、资质附件…………………………………………………………第 | 4—8 | 页 | 关于东莞市锂智慧能源有限公司 业绩承诺完成情况的鉴证报告 天健审〔2025〕8-150 号 重庆宗申动力机械股份有限公司全体股东： 第 1 页 共 8 页 我们按照中国注册会计师执业准则的规定执行了鉴证业务。中国注册会计师 执业准则要求我们计划和实施鉴证工作，以对鉴证对象信息是否不存在重大错报 获取合理保证。在鉴证过程中，我们进行了审慎调查，实施了包括核查会计记录 等我们认为必要的程序，并根据所取得的材料做出职业判断。我们相信，我们的 鉴证工作为发表意见提供了合理的基础。 我们鉴证了后附的重庆宗申动力机械股份有限公司（以下简称宗申动力公司） 管理层编制的《关于东莞市锂智慧能源有限公司 2024 年度业绩承诺完成情况的 说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供宗申动力公司年度报告披露时使用 ...

Summary of Zongshen Power's Conference Call Company Overview - **Company**: Zongshen Power - **Year**: 2024 - **Revenue**: 10.383 billion CNY, up 29.84% YoY - **Net Profit**: 460 million CNY, up approximately 27% YoY - **Business Segments**: Two traditional main businesses and three emerging industries, all showing comprehensive growth [3][4] Core Business Performance - **Power System Segment**: Revenue reached 5.226 billion CNY, up 35% YoY; sales volume of 4.83 million units [4] - **Motor Engine Segment**: Revenue approximately 3.8 billion CNY, net profit of 153 million CNY, sales volume of 2.98 million units, up nearly 20% YoY [4][5] Emerging Industries - **New Energy Segment**: Revenue of 579 million CNY, over 300% growth YoY, net profit exceeding 40 million CNY, driven by energy storage business and acquisition of Dongguan Lishi Energy [4][5] - **Aviation Business**: Revenue of 160 million CNY, 70% growth YoY, identified as a new growth engine for the company [4] Market Dynamics - **General Power Machinery Market**: Demand primarily from North America, accounting for about 70% of revenue; emerging markets are gradually growing [6] - **Response to Tariffs**: Company has established production capacity in Vietnam to mitigate North American tariff impacts, with plans to increase investment in new energy and components in Vietnam [7][8] Strategic Outlook - **Motorcycle Engine Market**: Positive outlook with increasing share of large-displacement and mid-to-high-end products, exceeding 20% in 2024 [9] - **Future Revenue Goals**: Expected revenue growth of 50% to 100% for new energy and automotive components in 2025, with an overall target of 20% growth [4][30] Financial Metrics - **Gross Margin**: Historically fluctuating between 13% to 15%, with a slight decline expected due to strategic pricing and market conditions [13][14] - **Capital Expenditure**: Investments in new factories and production capacity, particularly in electric tools and components, with expected revenue of 2 billion CNY from new electric product factory by 2025-2026 [15] Competitive Landscape - **Industry Competition**: Increased competition in the motorcycle manufacturing sector leading to price concessions, but expected to stabilize as industry concentration increases [11][12] - **Profitability by Segment**: Mixed profitability across segments, with some underperforming areas impacting overall net profit [26][27] Future Developments - **Aviation Power Segment**: Expected to achieve breakeven in 2025, with a focus on R&D and diversification of power solutions [25] - **Low-altitude Economy**: Government support for low-altitude economy initiatives, indicating strong future growth potential [28] Inventory and Demand - **Motorcycle Industry**: Strong demand with low inventory levels, optimistic outlook for 2025 growth [29] This summary encapsulates the key points from Zongshen Power's conference call, highlighting the company's performance, market dynamics, strategic outlook, and future developments.

Core Viewpoint - The company aims to enhance its position as a leading provider of integrated power systems by focusing on traditional and emerging business sectors, including general machinery, motorcycle engines, aviation power, new energy, and high-end components, while achieving significant revenue and profit growth in 2024 [20][24]. Company Overview - The company is a specialized manufacturer of small and medium-sized power machinery products in China, engaged in R&D, manufacturing, and sales of various power systems and components [3][4]. - The main products include engines and parts, general gasoline engines, agricultural machinery, and lithium battery systems [3][4]. Business Performance - In 2024, the company achieved total revenue of 10.506 billion yuan, a year-on-year increase of 28.89%, and a net profit of 496 million yuan, up 33.51% from the previous year [20][33]. - The sales volume of general power and terminal products reached 4.8345 million units, a growth of 37.34%, with total revenue of 5.226 billion yuan, increasing by 35.33% [5][20]. Strategic Focus - The company is implementing a dual growth strategy by upgrading its fuel power business and rapidly expanding its new energy business, including electric drive systems and hydrogen energy [4][14]. - The company emphasizes digital transformation and smart manufacturing to enhance operational efficiency and product quality [21][22]. Product Development - The company has established a comprehensive R&D system with modern laboratories and testing facilities to support innovation in product development [7][8]. - The aviation power segment focuses on developing small and medium-sized aviation engines, with a product line that includes over 20 derivative products [13][10]. New Energy Initiatives - The company has built a new energy product system covering electric drive systems, energy storage, and hydrogen energy, aiming for a balanced growth between traditional and new energy sectors [14][16]. - The energy storage subsidiary has launched various products for residential and commercial applications, enhancing its market presence in Europe and North America [16][17]. High-End Components - The high-end components business has developed a complete manufacturing capability from raw materials to finished products, with a focus on automotive and new energy applications [18][19]. - The company collaborates with well-known enterprises to deliver high-quality products and services while advancing digital transformation in manufacturing [18][24].

Core Viewpoint - Zongshen Power reported strong financial performance for the fiscal year 2024, with revenue of 10.384 billion yuan, a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 461 million yuan, up 27.45% [1] Financial Performance - The company achieved a net profit of 442 million yuan after deducting non-recurring items, reflecting a significant growth of 42.92% [1] - Basic earnings per share were reported at 0.40 yuan [1] - The proposed cash dividend is 2 yuan per 10 shares, totaling approximately 229 million yuan, which represents 49.64% of the net profit [2] Strategic Direction - In response to a complex external environment, the company is focusing on "ensuring growth, strengthening transformation, and creating value" as its operational guideline [1] - The strategic direction emphasizes "seeking progress while maintaining stability and innovating breakthroughs," with a focus on extending the first growth curve and creating a second growth curve through technological innovation [1] Business Development - The company is undergoing a transformation towards becoming a "digital, technological, and intelligent" integrated service provider for power systems [1] - Core business upgrades and new field layouts are driving strong resilience and innovative vitality [1] - The engine business is focusing on product structure upgrades, leading to steady sales growth [1] - The aviation power segment is overcoming technical challenges and establishing a competitive market position [1] - The new energy business has successfully developed two product systems: new energy power systems and energy storage, contributing significantly to the company's business transformation [1][2]