Investment Rating - The report maintains a "Buy" rating for Qianjiang Motorcycle (000913) [2] Core Views - Qianjiang Motorcycle achieved a revenue of 3 26 billion yuan in H1 2024, up 12 54% YoY, with net profit attributable to shareholders reaching 349 million yuan, up 24 44% YoY [2] - Motorcycle sales reached 231,000 units in H1 2024, up 8 20% YoY, with 250cc and above models selling 95,600 units, up 17 99% YoY [2] - The company's export market showed strong growth, with 126,000 units exported, up 54 44% YoY, including 34,800 units of 250cc and above models, up 42 77% YoY [2] - The company launched new models such as the "Fangsai 921" and "Shan 300" in H1 2024, which were well-received in the market [2] - The company has begun small-scale supply of all-terrain vehicles (ATVs), with the ATV1000 winning the ATV group championship in the 2024 Tianshan Rally [2] Financial Performance and Forecast - Revenue for 2024E is projected at 6 056 billion yuan, up 18 79% YoY, with net profit attributable to shareholders at 601 million yuan, up 29 61% YoY [2][5] - Revenue for 2025E is projected at 7 282 billion yuan, up 20 24% YoY, with net profit attributable to shareholders at 733 million yuan, up 21 88% YoY [2][5] - Revenue for 2026E is projected at 8 615 billion yuan, up 18 31% YoY, with net profit attributable to shareholders at 873 million yuan, up 19 10% YoY [2][5] - The company's P/E ratio for 2024E is 14 39X, decreasing to 11 81X in 2025E and 9 91X in 2026E [2][5] Market Position and Brand Strength - Qianjiang Motorcycle holds a leading market share in the domestic 250cc and above motorcycle segment, with brands such as Benelli, QJMOTOR, and Qianjiang [2] - The company has achieved notable performance in international competitions such as MOTO2 and WSBK, enhancing its brand influence [2] Product Development - The company has developed multiple all-terrain vehicle models covering the 600cc-1000cc range, with some models already in small-scale supply [2] - The ATV1000 model won the ATV group championship in the 2024 Tianshan Rally, showcasing the company's product excellence [2]
钱江摩托:2024年中报点评:业绩同比高增,大排与出海市场亮眼