CFMOTO(603129) 长江商报·2025-04-17 00:17Core Viewpoint - Chuanfeng Power (603129.SH) demonstrates strong growth momentum and improving profitability, achieving record high performance in 2024 with continuous revenue and net profit growth for nine consecutive years [2][3][4]. Financial Performance - In 2024, Chuanfeng Power reported revenue of 15.038 billion yuan, a year-on-year increase of 24.18%, and a net profit of 1.472 billion yuan, up 46.08% [2][3]. - The company's net profit excluding non-recurring items reached 1.442 billion yuan, reflecting a growth of 48.54% [2][3]. - For Q1 2025, the company achieved revenue of 4.25 billion yuan, a 38.86% increase, and a net profit of 415 million yuan, up 49.6% [4]. Product Segmentation - In 2024, revenue from two-wheeled vehicles was 6.435 billion yuan, growing 43.65%, while four-wheeled vehicles generated 7.21 billion yuan, a 10.85% increase [4]. - The parts and other business segment reported revenue of 1.035 billion yuan, up 30.50% [4]. Market Distribution - Domestic revenue reached 3.874 billion yuan, a 49.94% increase, while revenue from Europe, Oceania, and Africa grew by 58.47%, 14.43%, and 46.03%, respectively [4]. - North American revenue declined by 4.60%, totaling 4.535 billion yuan [4]. Investment and Expansion - Chuanfeng Power plans to invest 3.5 billion yuan to establish a production base for 3 million sets of motorcycles, electric vehicles, and core components [6][7]. - The investment will be funded through the company's own or self-raised funds, and is expected to enhance production capacity and market competitiveness [6][7]. R&D and Innovation - The company invested 1.026 billion yuan in R&D in 2024, accounting for 6.82% of revenue, marking an 11.00% increase from the previous year [7]. - As of the end of 2024, Chuanfeng Power held 1,659 valid patents, including 141 invention patents [7].