Investment Rating - The report maintains a rating of "Accumulate" for Huayang Racing [1] Core Views - The company has achieved significant year-on-year revenue growth, primarily driven by the rapid expansion in the Russian market, with a revenue increase of 40.69% year-on-year for the first three quarters of 2024 [2] - The company has successfully reduced its expense ratio, leading to improved operating cash flow, with a net operating cash flow increase of 132.56% year-on-year [3] - Continuous efforts to expand into emerging overseas markets and strategic investments, such as acquiring a 51% stake in Chongqing Junchi Motorcycle Co., are expected to enhance the company's competitive edge [4] Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 423 million yuan, a year-on-year increase of 40.69%, and a net profit attributable to shareholders of 49 million yuan, also up 40.83% year-on-year [2] - The gross profit margin for the first three quarters of 2024 was 22.60%, reflecting a year-on-year increase of 1.65 percentage points [3] - The company forecasts net profits attributable to shareholders of 62 million yuan, 75 million yuan, and 95 million yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 27.21, 22.58, and 17.77 [5]
华洋赛车：2024年三季报点评：积极开拓俄罗斯等海外新市场，业绩同比高速增长