CFMOTO(SH:603129) Minsheng Securities·2024-07-14 23:00Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 148.06 CNY per share on July 12, 2024, corresponding to PE ratios of 17, 13, and 11 for the years 2024, 2025, and 2026 respectively [4][3]. Core Views - The company is expected to see significant growth in revenue and net profit from 2024 to 2026, with projected revenues of 15.198 billion CNY, 19.589 billion CNY, and 23.703 billion CNY, and net profits of 1.323 billion CNY, 1.729 billion CNY, and 2.095 billion CNY respectively [3][5]. - The introduction of new models, such as the 500SR VOOM and the lightweight 675SR-R, is anticipated to enhance the company's product lineup and market competitiveness, particularly in the high-performance motorcycle segment [2][3][12]. Summary by Sections Product Launches - The 500SR VOOM, the company's first four-cylinder sports bike, features a maximum power of 61 kW and a top speed of 220 km/h, priced at 34,980 CNY for the standard version and 37,980 CNY for the high-end version [2]. - The 675SR-R, equipped with a lightweight three-cylinder engine, delivers 95 horsepower and 70 Nm of torque, aiming to set a new standard for motorcycles under 1,000cc [3]. - The 250SR-R, utilizing a new 250cc asynchronous twin-cylinder engine, is designed for improved acceleration and high RPM performance [3]. Financial Forecasts - The company’s total revenue is projected to grow from 12.110 billion CNY in 2023 to 15.198 billion CNY in 2024, reflecting a growth rate of 25.5% [5][16]. - The net profit attributable to shareholders is expected to increase from 1.008 billion CNY in 2023 to 1.323 billion CNY in 2024, with a growth rate of 31.3% [5][16]. Market Positioning - The report highlights the company's competitive pricing strategy, which offers significant value compared to foreign brands, enhancing its market position in the motorcycle industry [2][3]. - The company is focusing on expanding its high-end four-wheeled vehicle offerings while maintaining strong export growth in its two-wheeled vehicle segment [3].