CFMOTO(603129) 国信证券·2025-04-19 12:53Investment Rating - The report maintains an "Outperform the Market" rating for the company [8][35]. Core Insights - The company has experienced significant growth in revenue and profit, with a 39% year-on-year increase in Q1 2025 revenue and a 49.6% increase in net profit [2][11]. - The introduction of new products, particularly in the four-wheeler segment, is expected to drive high elastic growth in business [4][23]. - The electric two-wheeler segment, represented by the brand "Jike," is emerging as a new growth curve for the company, with a 414.15% increase in sales revenue in 2024 [5][32]. Financial Performance - In 2024, the company achieved a revenue of 150.4 billion yuan, a 24.2% increase year-on-year, and a net profit of 14.7 billion yuan, up 46.1% year-on-year [2][11]. - For Q1 2025, the company reported revenue of 42.5 billion yuan, a 38.9% increase year-on-year, and a net profit of 4.2 billion yuan, a 49.6% increase year-on-year [2][11]. - The company's gross margin for 2024 was 30.1%, with a net margin of 9.9%, showing a slight decline in gross margin but an improvement in net margin due to cost reduction efforts [3][18]. Product Development - The company is launching several new products in 2024, including the U10 PRO and U10 XL PRO, which are expected to enhance competitiveness in the UTV market [4][23]. - The motorcycle segment is also seeing frequent new product launches, with models like the 700MT and 675NK expected to boost sales and market share [26][27]. - The electric two-wheeler brand "Jike" is expanding its product matrix, targeting various consumer segments with new offerings [32][33]. Market Expansion - The company is actively expanding its motorcycle export business, aiming to balance domestic and international markets [28][30]. - The overseas motorcycle business is expected to become a significant long-term growth driver, with a focus on high cost-performance advantages in international markets [29][30]. Profit Forecast and Valuation - The profit forecast for the company has been raised, with expected net profits of 17.15 billion yuan, 22.59 billion yuan, and 27.32 billion yuan for 2025, 2026, and 2027 respectively [35]. - The expected earnings per share for the same years are projected to be 11.24 yuan, 14.80 yuan, and 17.90 yuan [35].