Core Viewpoint - The report from Guotai Junan highlights the strong growth potential of the folding bicycle segment, positioning the company as a prominent player in the two-wheeled transportation market, with a target price of HKD 76.57 and an "Accumulate" rating [1] Group 1: Financial Projections - The company is projected to achieve revenues of 6.76 billion, 8.86 billion, and 11.11 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 0.79 billion, 1.05 billion, and 1.32 billion [1] - Year-on-year growth rates for net profit are forecasted at 50.7%, 32.9%, and 25.8% for the years 2025, 2026, and 2027 respectively [1] - Earnings per share (EPS) are expected to be 2.49, 3.31, and 4.16 for the years 2025, 2026, and 2027 respectively [1] Group 2: Competitive Advantages - The company has a diversified channel layout, with offline distribution accounting for 68.2% of revenue in 2024, showing a year-on-year increase of 45.2%, while online direct sales are growing even faster at 72.5% year-on-year, reaching 1.00 billion [2] - The product matrix is comprehensive, covering five categories: urban commuting, outdoor exploration, fashion, high-performance racing, and practical utility, with a price range that includes high-end (≥5000), mid-range (2500-5000), and budget (<2500) models [2] - The company leads in R&D capabilities, holding 135 domestic and international patents as of April 2025, and has been invited to participate in the formulation of the "National Bicycle Safety Standard" [2]