CFMOTO(603129) 信达证券·2025-04-20 08:23Investment Rating - The report maintains a positive investment rating for Chunchun Power (603129.SH) with expectations of continued high growth in revenue and profit [2]. Core Viewpoints - Chunchun Power achieved a revenue of 15.04 billion yuan in 2024, representing a year-on-year increase of 24.2%, and a net profit of 1.47 billion yuan, up 46.1% year-on-year. For Q1 2025, the company reported a revenue of 4.25 billion yuan, a 38.9% increase year-on-year, and a net profit of 420 million yuan, up 49.6% year-on-year [2]. - The company is accelerating the high-end development of its four-wheeled vehicles, with a significant increase in the penetration rate of the European GOES brand. In 2024, the all-terrain vehicle sales reached 169,000 units, generating a revenue of 7.21 billion yuan, a 10.9% increase year-on-year, with exports accounting for 71.9% of domestic sales [2]. - The motorcycle segment is also experiencing high-end and global growth, with total sales of 287,000 units in 2024, generating a revenue of 6.04 billion yuan, a 37.1% increase year-on-year. The company plans to launch new models to strengthen its domestic market position and expand into Southeast Asia and Europe [2]. - The electric motorcycle segment, Jike Electric, showed strong growth potential, with sales of 106,000 units in 2024, generating a revenue of 400 million yuan, a staggering 414.2% increase year-on-year [2]. - The company is investing 3.5 billion yuan in a new production base in Tongxiang, Zhejiang, to meet the growing demand for electric two-wheelers and enhance market competitiveness [2]. Financial Summary - The total revenue for Chunchun Power is projected to reach 18.8 billion yuan in 2025, with a net profit of 1.8 billion yuan, corresponding to a P/E ratio of 13 times. The revenue is expected to grow to 22.7 billion yuan in 2026 and 26.5 billion yuan in 2027, with net profits of 2.3 billion yuan and 2.7 billion yuan respectively [3][4]. - The gross margin is expected to stabilize around 30.1% to 30.5% from 2025 to 2027, while the return on equity (ROE) is projected to be around 23.8% to 25.8% during the same period [4]. - Earnings per share (EPS) are forecasted to increase from 11.52 yuan in 2025 to 17.94 yuan in 2027, indicating a strong growth trajectory [4].