CFMOTO(603129) 财通证券·2024-09-13 08:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.529 billion yuan in H1 2024, representing a year-on-year increase of 15.73%, with a net profit attributable to shareholders of 709 million yuan, up 28.49% [3] - The sales expense ratio continues to optimize, with a gross margin of 31.51% in H1 2024, an increase of 1.07 percentage points year-on-year, and a net profit margin of 9.85%, up 0.99 percentage points year-on-year [3] - The company is optimistic about the growth potential of all-terrain vehicles and mid-to-large displacement motorcycles, supported by product structure upgrades and channel expansion [3] Financial Performance Summary - H1 2024 revenue: 75.29 billion yuan (+15.73%) - H1 2024 net profit: 7.09 billion yuan (+28.49%) - Q2 2024 revenue: 44.68 billion yuan (+23.20%) - Q2 2024 net profit: 4.31 billion yuan (+26.35%) [3] - H1 2024 gross margin: 31.51% (+1.07 percentage points YoY) - H1 2024 net profit margin: 9.85% (+0.99 percentage points YoY) [3] Sales Performance - All-terrain vehicle revenue: 3.532 billion yuan (-1.55%), with sales of 81,400 units (+3%) - Motorcycle revenue: 3.248 billion yuan (+41.95%), with sales of 153,900 units (+56%) - Electric two-wheeler revenue: 116 million yuan, with sales of 20,400 units, showing significant growth in both domestic and international channels [3] Profit Forecast - The company is expected to achieve net profits of 1.362 billion yuan, 1.698 billion yuan, and 2.114 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 16, 13, and 11 [3]