CFMOTO(603129) 信达证券·2025-04-20 08:23Investment Rating - The report maintains a positive outlook on Chuncheng Power (603129.SH) with a strong growth trajectory anticipated for 2025 and beyond [2]. Core Insights - In 2024, Chuncheng Power achieved a total revenue of 15.04 billion yuan, representing a year-on-year increase of 24.2%, and a net profit attributable to shareholders of 1.47 billion yuan, up 46.1% [2]. - For Q1 2025, the company reported revenue of 4.25 billion yuan, a 38.9% increase year-on-year, and a net profit of 420 million yuan, reflecting a 49.6% growth [2]. - The company is focusing on high-end and global market expansion, with significant growth in both four-wheeled and two-wheeled vehicle segments [2][3]. Summary by Sections Four-Wheeled Vehicle Segment - The company has accelerated the high-end development of its four-wheeled vehicles, achieving a sales volume of 169,000 units and revenue of 7.21 billion yuan in 2024, a 10.9% increase year-on-year [2]. - The acquisition of the "GOES" brand in Europe has enhanced market penetration, with domestic factory shipments reaching 14,000 units in February 2025, a 69.0% increase year-on-year [2]. Two-Wheeled Vehicle Segment - In 2024, Chuncheng Power sold 287,000 two-wheeled vehicles, generating revenue of 6.04 billion yuan, a 37.1% increase year-on-year [2]. - The company plans to launch new models in 2025 to strengthen its domestic market position and expand into Southeast Asia and Europe [2]. Electric Vehicle Development - The electric vehicle segment, branded as "Jikong," showed remarkable growth with sales of 106,000 units and revenue of 400 million yuan in 2024, a staggering 414.2% increase year-on-year [2]. - The company is expanding its production capacity to meet the rising demand for electric two-wheeled vehicles, with a planned investment of 3.5 billion yuan for a new production base [2]. Financial Projections - Revenue forecasts for 2025-2027 are projected at 18.8 billion yuan, 22.7 billion yuan, and 26.5 billion yuan respectively, with net profits expected to reach 1.8 billion yuan, 2.3 billion yuan, and 2.7 billion yuan [3][4]. - The report anticipates a consistent growth rate in revenue and net profit, with corresponding P/E ratios decreasing from 13 to 8 over the forecast period [3][4].