LONCIN(603766) China Post Securities·2024-11-03 13:48Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company has achieved significant revenue and profit growth driven by its self-owned brand, with a revenue of 12.218 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 30.48%, and a net profit attributable to shareholders of 899 million yuan, up 13.65% year-on-year [2][4]. - The motorcycle segment has shown robust growth, with revenue reaching 9.324 billion yuan in the first three quarters of 2024, a year-on-year increase of 39.44% [2][4]. - The company is focusing on enhancing its brand presence and expanding its market channels, particularly in China and Europe, which requires increased investment in sales expenses [2][4]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of 15.770 billion yuan, with a year-on-year growth rate of 20.69%, and a net profit of 1.176 billion yuan, reflecting a growth rate of 101.61% [4][5]. - The company's comprehensive gross margin is reported at 18.30%, and the net profit margin is 7.23%, indicating a steady improvement in profitability [2][4]. - The earnings per share (EPS) is expected to increase from 0.28 yuan in 2023 to 0.57 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio decreasing from 28.12 to 13.95 [5][7].