Investment Rating - The investment rating for Huayang Racing is maintained at "Outperform" [1][2]. Core Insights - The company's revenue for Q1-Q3 2024 reached 423 million yuan, reflecting a year-on-year increase of 40.69%, primarily driven by revenue growth from Russian clients. The net profit attributable to the parent company was 48.83 million yuan, also up by 40.83% year-on-year. The profit forecast for 2024-2026 is set at 66 million yuan, 82 million yuan, and 102 million yuan respectively, with corresponding EPS of 1.18, 1.46, and 1.83 yuan [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2024, revenue increased by 40.69% to 423 million yuan, and net profit rose by 40.83% to 48.83 million yuan. The company expects to achieve net profits of 66 million yuan in 2024, 82 million yuan in 2025, and 102 million yuan in 2026, with EPS projected at 1.18, 1.46, and 1.83 yuan respectively [2][5]. Market Trends - In July 2024, China's motorcycle exports reached 3.66 million units, a 48% increase, with export value rising by 29% to 137.24 million USD. The geopolitical situation, particularly the Russia-Ukraine conflict, has led to a 91% year-on-year increase in motorcycle exports to Russia, indicating a promising outlook for the Belt and Road markets [3][4]. Strategic Initiatives - As of the end of 2023, the company holds 82 patents and has made significant investments in core technologies related to lightweight and high-strength design. In H1 2024, the company established a subsidiary focused on new energy power systems. The ongoing investment in smart manufacturing projects is expected to enhance product quality and competitiveness, driving future growth [4][5].
华洋赛车：北交所信息更新：摩托车出口复苏俄罗斯客户收入增长，Q1-3归母净利润+41%