Investment Rating - The report assigns an "Accumulate" rating to the company for the first time, indicating a positive outlook for future performance [3][81]. Core Insights - Huayang Racing is a leading enterprise in the off-road motorcycle segment, with comprehensive capabilities in research and production. The company has developed a rich product system and has expanded its market presence globally, entering over 50 countries and regions [2][20]. - The electric motorcycle market is experiencing strong growth, with an increasing market share for high-displacement products. The demand for electric motorcycles has surged, driven by national policies promoting green economy and new energy industries [2][42]. - The company has established deep ties with globally recognized motorcycle dealers, enhancing its market reach and brand presence. Approximately 91% of the company's revenue comes from overseas markets, with a significant contribution from the Russian market [3][70]. Summary by Sections 1. Company Overview - Established in 2004, Huayang Racing specializes in the independent research, production, and sales of off-road vehicles, particularly motorcycles. The company has developed over 30 specifications and models, mastering core technologies in structural design and performance tuning [20][27]. - The company has seen its two-wheeler motorcycle business grow from 128 million yuan in 2019 to 301 million yuan in 2023, with a compound annual growth rate (CAGR) of 23.75% [2][31]. 2. Electric Motorcycle Market - The electric motorcycle market in China has seen significant growth, with sales reaching 8.92 million units in 2021, a year-on-year increase of 202.54%. This growth has positively impacted overall motorcycle sales, which reached 25.36 million units in 2021, up 48.62% from 2020 [2][42]. - The market for high-displacement motorcycles is expanding, with the share of motorcycles over 150ml increasing from 3.40% in 2012 to 15.33% in 2022, indicating substantial growth potential [2][46]. 3. Global Market Presence - The company has built a robust dealer network in major global markets, with a focus on strong, reputable partners. As of 2023, 91% of the company's revenue is derived from international markets, with Europe and North America being the primary regions [3][34]. - The company has a high gross margin from overseas operations, which reached 22.45% in 2023, indicating a favorable market position compared to domestic operations [3][70]. 4. Financial Forecast and Investment Advice - The company is expected to achieve net profits of 0.62 billion yuan, 0.75 billion yuan, and 0.95 billion yuan for the years 2024 to 2026, respectively. The current stock price corresponds to a price-to-earnings (P/E) ratio of 13.95, 11.58, and 9.11 for the same years [3][81]. - The report anticipates a revenue growth of 15.75%, 18.08%, and 21.98% for the years 2024 to 2026, with a corresponding increase in net profit margins [3][78].
华洋赛车：越野摩托研产能力领先，俄罗斯市场开拓成效显著