CFMOTO(SH:603129) Soochow Securities·2024-10-23 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance exceeded expectations, driven by strong sales of new four-wheeled products and growth in two-wheeled domestic and international sales [2] - The gross margin for Q3 was 31.57%, showing a slight decrease year-on-year but an improvement from the previous quarter, primarily due to contributions from the four-wheeled business [2] - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 1.36 billion, 1.68 billion, and 1.95 billion yuan respectively, reflecting confidence in the ongoing demand for new products and successful market strategies [2] Financial Performance Summary - Q3 total revenue reached 3.921 billion yuan, with a year-on-year increase of 36.1% [2] - Q3 net profit attributable to shareholders was 373 million yuan, up 48.9% year-on-year [2] - The company’s sales, management, and R&D expense ratios improved significantly, with sales expense ratio decreasing by 2.7 percentage points year-on-year [2] - The projected total revenue for 2024 is 15.794 billion yuan, representing a year-on-year growth of 30.41% [1][2] - The projected net profit for 2024 is 1.356 billion yuan, indicating a year-on-year growth of 34.65% [1][2]