Investment Rating - The investment rating for Huayang Racing is maintained at "Outperform" [1][3]. Core Views - Huayang Racing is expanding into the new energy and motorcycle manufacturing sectors, with a focus on tapping into the potential of the Far East market [1][4]. - The company expects to achieve a revenue of 520 million yuan in 2024, representing a year-on-year growth of 8.63%, and a net profit of 55.54 million yuan, an increase of 8.27% [3]. - The company has completed acquisitions of two subsidiaries to enhance its presence in the new energy sector and motorcycle manufacturing [4]. - Huayang Racing has a strong brand presence and is actively exploring the Far East market, particularly in Russia, where it has seen significant order growth [5]. Financial Summary - The total revenue for 2024 is projected at 520 million yuan, with a year-on-year growth of 8.6% [7]. - The net profit for 2024 is expected to be 56 million yuan, reflecting an 8.6% increase [7]. - The company's gross margin is projected to be around 20.8% in 2024, with a net margin of 10.7% [7]. - Earnings per share (EPS) for 2024 is estimated at 0.99 yuan, with a price-to-earnings (P/E) ratio of 33.0 times [7]. - The company’s total market capitalization is approximately 1.785 billion yuan [1].
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