QJIANG(SZ:000913) Minsheng Securities·2024-08-28 03:31Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Insights - The company reported strong financial performance in H1 2024, with revenue of 3.26 billion yuan, a year-on-year increase of 12.5%, and a net profit attributable to shareholders of 350 million yuan, up 24.4% year-on-year [1] - The growth in revenue and profit is attributed to the acceleration in sales of large-displacement motorcycles and exports, with Q2 2024 revenue reaching 1.92 billion yuan, a year-on-year increase of 22.5% and a quarter-on-quarter increase of 42.4% [1] - The company's international strategy is a key focus for 2024, with a significant increase in export sales, which reached 126,000 units in H1 2024, a year-on-year increase of 54.4% [1] Financial Forecasts - Revenue projections for 2024-2026 are 6.82 billion yuan, 8.50 billion yuan, and 10.15 billion yuan, respectively, with corresponding net profits of 648 million yuan, 806 million yuan, and 965 million yuan [2][5] - The earnings per share (EPS) are forecasted to be 1.23 yuan, 1.53 yuan, and 1.83 yuan for 2024, 2025, and 2026, respectively [2][5] - The price-to-earnings (PE) ratios are projected to be 12, 9, and 8 for the same years [2][5] Product Development and Market Strategy - The company has enhanced its product definition capabilities, launching several new models that have received positive market responses, including the first domestic quasi-public upgraded racing model and an automatic cruise model [1] - The company plans to expand its all-terrain vehicle (ATV) offerings, with two high-performance models set to enter the market soon [1] - The establishment of export channels in over 50 countries under the QJMOTOR brand is part of the company's internationalization strategy [1]