QJIANG(SZ:000913) Minsheng Securities·2024-10-30 08:15Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 17.70 CNY per share on October 29, 2024, corresponding to a PE ratio of 15/12/10 for the years 2024-2026 [1][3]. Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 20.1% and a net profit increase of 13.9% for the first three quarters of 2024. The third quarter alone saw a revenue increase of 38.5% year-on-year, driven by accelerated overseas market expansion in the motorcycle business [1]. - The company's international strategy is a key focus for 2024, with a notable increase in export sales, particularly in the 250cc+ motorcycle segment, which grew by 62.8% year-on-year [1]. - The company is also venturing into the all-terrain vehicle (ATV) market, with plans to launch two high-performance models in 2024, aiming to establish a global presence in this segment [1]. Financial Forecasts - Revenue projections for 2024-2026 are 68.2 billion CNY, 85.0 billion CNY, and 101.5 billion CNY, respectively, with corresponding net profits of 6.2 billion CNY, 7.7 billion CNY, and 9.1 billion CNY [1][2]. - The earnings per share (EPS) are forecasted to be 1.17 CNY, 1.46 CNY, and 1.74 CNY for the years 2024-2026, with a decreasing PE ratio from 15 in 2024 to 10 in 2026 [2][4]. - The report highlights a gross margin of 25.2% for Q3 2024, although it has seen a decline compared to previous periods due to changes in product structure and foreign exchange losses [1].