CFMOTO(603129) 信达证券·2025-01-26 02:33Investment Rating - The investment rating for Chunfeng Power (603129.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and market position. Core Viewpoints - Chunfeng Power expects a significant increase in net profit for 2024, projecting a range of CNY 1.42 billion to CNY 1.56 billion, representing a year-on-year growth of 40.9% to 54.8% [2][4] - The company is leading in the large-displacement motorcycle market, with a projected sales volume of 83,000 units for motorcycles over 250cc in 2024, and it ranks first in the 200cc and above segment with 114,000 units registered [4] - Chunfeng Power has accelerated its global expansion, covering over 100 countries and regions, with a significant presence in the all-terrain vehicle (ATV) market, maintaining the top market share in Europe for over a decade [4] Summary by Sections Financial Performance - The total revenue for Chunfeng Power is projected to reach CNY 15 billion in 2024, with a year-on-year growth rate of 24% [5] - The net profit attributable to the parent company is expected to be CNY 1.6 billion in 2024, with a growth rate of 54.7% [5] - The gross profit margin is forecasted to be 32.2% in 2024, slightly decreasing from 33.5% in 2023 [5] Market Position - The company is experiencing strong growth in the large-displacement motorcycle segment, with a year-on-year increase in production and sales of 49.7% and 43.0%, respectively [4] - Chunfeng Power's ATV exports accounted for 71.75% of its total product exports in the first half of 2024, indicating robust international demand [4] Profit Forecast - The projected net profits for Chunfeng Power from 2024 to 2026 are CNY 1.6 billion, CNY 1.9 billion, and CNY 2.2 billion, respectively, with corresponding EPS of CNY 10.29, CNY 12.46, and CNY 14.57 [4][5]