Lifan(601777) 中邮证券·2025-02-14 01:03Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company, Lifan Technology, is undergoing a significant transformation, leveraging technology and partnerships to enter the AI-driven automotive sector. The introduction of new shareholders and management has revitalized the company's prospects [5][6]. - The company is expected to achieve substantial revenue growth in the coming years, with projected revenues of 86.59 billion, 120.60 billion, and 151.53 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 27.94%, 39.27%, and 25.64% [9]. Summary by Sections Company Overview - Lifan Technology, founded in 1992 and listed in 2010, has transitioned from a motorcycle and fuel vehicle manufacturer to focusing on new energy vehicles, facing several challenges along the way, including a bankruptcy restructuring in 2020 [5][18]. - The company has seen a resurgence since 2021, with new investments from Geely and the founder of Megvii Technology, marking a new chapter in its development [6][21]. Strategic Partnerships and Management Changes - Geely has become the largest shareholder, and the founder of Megvii, Yin Qi, has taken on the role of chairman, indicating a shift towards a technology-driven automotive company [6][47]. - The management team has been strengthened with key personnel from Geely and Megvii, enhancing the company's strategic direction [55]. Technological Empowerment and Market Position - The report highlights the potential for significant advancements in intelligent driving technology over the next five years, supported by favorable policies and increasing market penetration of advanced driver-assistance systems [7][60]. - Lifan Technology is positioned to leverage Geely's hardware and Megvii's algorithms to excel in the intelligent driving sector, with a focus on AI integration [8][9]. Financial Projections - The company is projected to achieve a net profit of 0.53 billion, 1.05 billion, and 4.53 billion yuan for 2024, 2025, and 2026, with year-on-year growth rates of 117.21%, 99.85%, and 331.26% respectively [9][11].