Ge Long Hui A P P·2025-08-06 07:17Core Viewpoint - Dongwu Securities report indicates that Spring Power's three major businesses are experiencing upward synergy, accelerating growth as a leader in the power sports sector [1] Group 1: Business Performance - The company is a leader in all-terrain vehicles and motorcycles, with rapid growth in the electric motorcycle segment [1] - In the first half of 2025, all three major business segments are expected to show strong sales performance [1] - Significant optimization in the product structure of all-terrain vehicles and motorcycles is noted [1] Group 2: Financial Forecast - The profit forecast for the company's net profit attributable to shareholders for 2025-2027 has been raised to 1.87 billion, 2.47 billion, and 2.74 billion yuan, respectively, from the previous estimates of 1.68 billion, 1.95 billion, and 2.40 billion yuan [1] - Corresponding price-to-earnings ratios for 2025-2027 are projected to be 18.5, 14.0, and 12.7 times [1] Group 3: Investment Rating - Given the company's solid leadership position and the upward synergy of its three major businesses, the company maintains a "buy" rating [1]