CFMOTO(603129) 民生证券·2025-04-16 06:23Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company reported a strong performance in Q1 2025, with a revenue of 4.25 billion yuan, a year-on-year increase of 38.9%, and a net profit of 420 million yuan, up 49.6% year-on-year [1][2]. - The motorcycle and all-terrain vehicle (ATV) segments are experiencing upward momentum, driven by both domestic and international sales [2][3]. - The company is expanding its product matrix with new high-end models, which is expected to enhance market share and growth potential [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 15.04 billion yuan, a year-on-year growth of 24.2%, with a net profit of 1.47 billion yuan, up 46.1% [1][5]. - For Q1 2025, the company reported a revenue of 4.25 billion yuan and a net profit of 420 million yuan, reflecting significant growth compared to the previous year [1][2]. Business Segments - The motorcycle business saw a strong performance with domestic sales of 7,000 units and exports of 10,000 units in early 2025, marking increases of 18.7% and 42.4% respectively [2]. - The ATV segment also performed well, with sales of 25,000 units in early 2025, a year-on-year increase of 29% [2][3]. Product Development - The company launched several new models in the motorcycle segment, contributing to a total of 287,000 units sold in 2024, generating revenue of 6.04 billion yuan [3]. - The ATV segment's revenue reached 7.21 billion yuan in 2024, with a focus on high-end products driving growth [3][4]. Future Outlook - The company plans to invest 3.5 billion yuan in a new production base in Zhejiang, aiming for an annual capacity of 3 million units, which will support its growth strategy [4]. - Revenue projections for 2025-2027 are estimated at 19.11 billion yuan, 23.19 billion yuan, and 27.91 billion yuan respectively, with net profits expected to reach 1.74 billion yuan, 2.16 billion yuan, and 2.63 billion yuan [4][5].