LONCIN(SH:603766) Guohai Securities·2024-09-05 12:31Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company has achieved significant revenue growth, with a 28.23% year-on-year increase in revenue to 7.666 billion yuan for the first half of 2024, and a 17.48% increase in net profit to 589 million yuan [2]. - The company's self-owned brand revenue has surged by 75.21% year-on-year, reaching 2.459 billion yuan [2]. - The motorcycle segment has shown remarkable performance, with total revenue of 4.764 billion yuan, reflecting a 55.47% increase year-on-year, and the "Wuji" series alone generated 1.520 billion yuan, up 132.08% [2]. - The company is actively expanding its global sales channels, covering over 90 countries and regions with more than 2,000 dealers [2]. - The restructuring process is progressing steadily, with the board appointing Mr. Gong Hui to act as chairman during the vacancy [2]. Financial Forecast - The company is projected to achieve revenues of 14.655 billion yuan, 15.532 billion yuan, and 16.672 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 12.16%, 5.98%, and 7.34% [3][6]. - The net profit forecast for the same period is 1.097 billion yuan, 1.293 billion yuan, and 1.463 billion yuan, with growth rates of 88.01%, 17.87%, and 13.18% respectively [3][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 12.60, 10.69, and 9.44 respectively [3][6].