CFMOTO(603129) 开源证券·2025-04-20 10:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive growth in revenue and profit for 2024 and Q1 2025, with a revenue of 15.04 billion yuan in 2024 (up 24.18% year-on-year) and a net profit of 1.472 billion yuan (up 46.08%) [7][8] - For Q1 2025, the company reported a revenue of 4.25 billion yuan (up 38.9%) and a net profit of 420 million yuan (up 49.6%) [7][8] - The company is expected to benefit from the high-end market trend in the all-terrain vehicle sector and has a diverse and high-performing motorcycle product matrix, with significant growth anticipated in both domestic and international markets [7][8] Financial Performance Summary - In 2024, the company sold 169,100 all-terrain vehicles, generating a revenue of 7.21 billion yuan (up 10.85%) [8] - Motorcycle sales reached 286,500 units in 2024, with a revenue of 6.04 billion yuan (up 37.14%), including 1.43 billion yuan from domestic sales (up 44.44%) and 2.94 billion yuan from exports (up 30.22%) [8] - The electric vehicle segment saw a remarkable growth of 414.15% in revenue, reaching 397 million yuan with a sales volume of 106,000 units [8] Profitability and Valuation Metrics - The company's gross margin for 2024 was 30.1%, a decrease of 3.4 percentage points, attributed to the introduction of lower-margin new businesses [9] - The net profit margin for 2024 was 9.9%, an increase of 1.2 percentage points [9] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 11.77 yuan, 14.44 yuan, and 17.71 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.8, 10.4, and 8.5 [7][10]