CFMOTO(603129) 民生证券·2025-01-24 05:45Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index [5][10]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 14.2 to 15.6 billion yuan in 2024, representing a year-on-year increase of 40.9% to 54.8% [1]. - The fourth quarter of 2024 is expected to see a net profit of 3.4 to 4.8 billion yuan, with a year-on-year growth of 98.7% [1]. - The motorcycle business is experiencing significant growth, with a projected sales volume of 81,000 units in Q4 2024, a year-on-year increase of 100.6% [1]. - The company is expanding its product matrix in the all-terrain vehicle segment, with new high-end products expected to drive sales growth [2]. - A stock option incentive plan has been introduced to attract and retain key talent, which is crucial for the company's long-term development [3]. Summary by Sections Financial Performance - The company forecasts a revenue of 15.3 billion yuan for 2024, with a growth rate of 26.2% compared to 2023 [4]. - The net profit for 2024 is expected to be 1.48 billion yuan, reflecting a growth rate of 46.9% [4]. - Earnings per share (EPS) are projected to be 9.78 yuan for 2024, with a price-to-earnings (PE) ratio of 19 [4]. Market Position - The company is leading the domestic market in the mid-to-large displacement motorcycle segment, with a market share of 19.8% in 2024, up by 4.6 percentage points from 2023 [2]. - The all-terrain vehicle segment is also showing strong performance, with a total sales volume of 175,000 units in 2024, a year-on-year increase of 28.8% [2]. Growth Strategy - The company is focusing on high-end product development and expanding its international market presence, particularly in North America [2]. - The stock option plan aims to align the interests of key personnel with the company's long-term goals, enhancing overall performance [3].