春风动力：24H1净利润略超预期，两轮四轮持续发力

Investment Rating - The report maintains a "Buy" rating for the company, citing its leading position in both two-wheel and four-wheel vehicle markets and the expected growth from new platforms in the coming years [3] Core Views - The company's 24H1 net profit exceeded expectations, driven by higher-than-expected exchange gains [2] - Revenue growth was strong, with 24H1 revenue reaching RMB 7.529 billion, up 15.73% YoY, and net profit reaching RMB 709 million, up 28.49% YoY [2] - The company's two-wheel vehicle sales surged, with 153,900 units sold, generating RMB 3.248 billion in revenue, up 41.95% YoY, and securing the top market share in large-displacement motorcycles [2] - The company is expected to launch multiple SxS models in Q3, which should help improve gross margins [2] Financial Performance Summary Revenue and Profit - 24H1 revenue: RMB 7.529 billion, +15.73% YoY [2] - 24H1 net profit: RMB 709 million, +28.49% YoY [2] - 24Q2 revenue: RMB 4.468 billion, +23.2% YoY [2] - 24Q2 net profit: RMB 431 million, +26.35% YoY [2] Gross and Net Margins - 24H1 gross margin: 31.51%, -1.07PCT YoY [2] - 24H1 net margin: 9.85%, +0.99PCT YoY [2] - 24Q2 gross margin: 30.82%, -0.52PCT YoY, -1.7PCT QoQ [2] - 24Q2 net margin: 10.09%, +0.17PCT YoY, +0.58PCT QoQ [2] Expense Ratios - 24Q2 sales/management/financial/R&D expense ratios: 9.21%/10.7%/-1.74%/6.03%, with YoY changes of -1.77PCT/+0.86PCT/+1.44PCT/+0.33PCT [2] Product Performance - All-terrain vehicle (ATV) sales: 81,400 units, generating RMB 3.532 billion in revenue, down 1.55% YoY [2] - Two-wheel vehicle sales: 153,900 units, generating RMB 3.248 billion in revenue, up 41.95% YoY [2] Future Outlook - Revenue forecasts for 2024-2026 are revised upward to RMB 14.956 billion, RMB 17.523 billion, and RMB 20.417 billion, respectively [3] - Net profit forecasts for 2024-2026 are revised upward to RMB 1.301 billion, RMB 1.711 billion, and RMB 2.054 billion, respectively [3] - The company is expected to benefit from new platforms in both two-wheel and four-wheel segments, driving future growth [3] Valuation - 2024/2025 P/E ratios are estimated at 16x and 12x, respectively [3] - The company's strong market position and growth prospects support the "Buy" rating [3]