CFMOTO(SH:603129) Xin Lang Cai Jing·2025-06-30 10:57Core Viewpoint - The company is a leading player in the all-terrain vehicle and motorcycle sectors, focusing on high-displacement water-cooled power technology, with significant growth in both domestic and international markets [1][2] Group 1: Company Overview - The company has developed China's first 650cc street bike and 800cc all-terrain vehicle, and has been expanding globally since 2005, with production facilities in Thailand and Mexico [1] - The company expects revenue to reach 15.038 billion yuan in 2024 [1] Group 2: Market Dynamics - Emerging markets, particularly Southeast Asia and India, dominate the demand for two-wheeled vehicles, with Indonesia, Vietnam, and Thailand having motorcycle ownership rates of approximately 70 million, 45 million, and 24 million respectively [1] - The company's motorcycle business growth is driven by exports and the increasing demand for high-displacement models, with the company leading the domestic market for motorcycles over 200CC in 2024 [2] Group 3: All-Terrain Vehicle Insights - The all-terrain vehicle market is characterized by high concentration on both supply and demand sides, with North America and Europe being the largest markets [2] - The company holds a 71.89% share of the national export value for all-terrain vehicles in 2024, maintaining its position as an industry leader [2] Group 4: Financial Projections - The company is expected to achieve net profits of 1.806 billion, 2.210 billion, and 2.658 billion yuan for the years 2025 to 2027, corresponding to PE ratios of 18x, 15x, and 12x respectively [3]