CFMOTO(603129) 开源证券·2025-04-20 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown impressive growth in revenue and profit, with 2024 revenue reaching 15.04 billion yuan (up 24.18% year-on-year) and net profit attributable to shareholders at 1.472 billion yuan (up 46.08%) [7][10] - In Q1 2025, the company continued its strong performance with revenue of 4.25 billion yuan (up 38.9%) and net profit of 420 million yuan (up 49.6%) [7][10] - The company is expected to benefit from the high-end market trend in the all-terrain vehicle sector and has a rich product matrix in motorcycles, with both domestic and international sales anticipated to grow significantly [7][8] - Profit forecasts for 2025-2027 have been raised, with expected net profits of 1.796 billion yuan, 2.203 billion yuan, and 2.703 billion yuan respectively [7][10] Financial Performance - In 2024, the company sold 169,100 all-terrain vehicles, generating revenue of 7.21 billion yuan (up 10.85%) [8] - Motorcycle sales reached 286,500 units, with revenue of 6.04 billion yuan (up 37.14%), including domestic sales of 143,200 units and international sales of 143,300 units [8] - The electric vehicle segment saw significant growth, with sales of 106,000 units and revenue of 397 million yuan (up 414.15%) [8] - 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][10] Valuation Metrics - The company’s earnings per share (EPS) for 2025 is projected at 11.77 yuan, with a price-to-earnings (P/E) ratio of 12.8 times [7][10] - The projected P/E ratios for 2026 and 2027 are 10.4 and 8.5 times respectively, indicating strong future earnings potential [10] - The company’s return on equity (ROE) is expected to be 22.6% in 2025, slightly decreasing to 21.6% by 2027 [10][14]