Overall I like what you've done! Nice work there.
I agree with Eurperg that it isn't fresh and original graphic design, but in terms of the industry you're applying it to that isn't necessary. At this point getting a small company like Gaulzetti up to the current course is a pretty good achievement on its own. If the budget and effort is higher, take it to the edge. Then again, having seen the branding and efforts from InterBike and EuroBike, this industry is slow to evolve and they gradually shift the audience (in this case 'recreational cyclists' who are more prone to an inertia of maintaining tradition rather than pushing new frontiers). So in that sense, I wouldn't worry about it too much.
Personally I wanted to see more of what you were doing with the first image. Just a personal aesthetic, but I want to see more livelihood and color out there in the industry, bolder moves which your first image does. Following that the trend is clean and contemporary, again which is great, but it falls into the cliché motifs we see from a lot of up coming brands (Chrome, Mission Workshop, DZR, Rapha) with tamed hues and heavy emphasis on iconography. This is just a personal aesthetic, obviously, and I want to emphasize that I think your work is very well done and with a bit of refinement it can help Gaulzetti's business aims.
Later, when the budget and market share is higher, start pushing against the walls a bit more.