Lifan(601777) 东方财富证券·2024-06-21 10:00Investment Rating - The report assigns a rating of "Accumulate" to the company [7][12]. Core Insights - The company is expected to benefit from the trends in the automotive and motorcycle sectors, with projected revenue growth from 2024 to 2026 [7]. - The motorcycle segment is experiencing strong international demand, with a notable increase in exports [22]. - The company has made significant advancements in research and development, particularly in electric vehicles and autonomous driving technologies [5][13]. Financial Summary - In 2023, the company achieved a revenue of 67.68 billion yuan, a year-on-year decrease of 21.79%, and a net profit attributable to shareholders of 24.21 million yuan, down 84.35% [11][18]. - For Q1 2024, the company reported a revenue of 14.06 billion yuan, a year-on-year increase of 28.55%, and a net profit of 15.44 million yuan, down 62.05% year-on-year but up 141.10% quarter-on-quarter [11][18]. - The projected revenues for 2024, 2025, and 2026 are 72.85 billion yuan, 77.13 billion yuan, and 81.38 billion yuan, respectively, with corresponding net profits of 0.40 billion yuan, 1.56 billion yuan, and 1.92 billion yuan [7][14]. Segment Performance - The automotive segment generated a revenue of 37.34 billion yuan in 2023, while the motorcycle segment achieved 20.33 billion yuan [18]. - The motorcycle segment's revenue decreased by 4.37% in 2023, but the overall overseas business grew by 14.80% [22]. - The company has successfully launched several new models and is focusing on enhancing its product offerings in both domestic and international markets [5][22].