CFMOTO(603129) 天风证券·2024-11-06 16:50Investment Rating - The report maintains a "Buy" rating for the company with a target price reflecting a potential upside of over 20% within the next six months [4]. Core Views - The company achieved revenue of 11.45 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 21.98%, and a net profit attributable to shareholders of 1.081 billion yuan, up 34.87% year-on-year [1][4]. - The company is experiencing strong growth in both domestic and international markets, particularly in the mid-to-large displacement motorcycle segment, which is expected to continue driving revenue growth [3][4]. - The company has launched an employee stock ownership plan, indicating confidence in future growth, with revenue targets set at a minimum of 30.5 billion yuan over three years [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 3.921 billion yuan, a year-on-year increase of 36.1%, and a net profit of 373 million yuan, up 48.95% year-on-year [2]. - The gross profit margin for Q3 2024 was 31.57%, a decrease of 2.1 percentage points year-on-year, while the net profit margin improved by 0.82 percentage points to 9.5% [2]. - The company’s total revenue for 2024 is projected to reach 14.944 billion yuan, with a net profit forecast of 1.355 billion yuan, reflecting a growth rate of 34.52% [6][9]. Market Position and Growth Drivers - The company has established a strong presence in the global market, with significant export volumes in all-terrain vehicles and a growing dealer network of over 1,500 in the domestic motorcycle market [3]. - The domestic market for mid-to-large displacement motorcycles is expanding, driven by increasing consumer interest and technological advancements in the motorcycle manufacturing industry [3]. - The company is positioned as a leader in the domestic market for motorcycles over 250cc, with sales leading the industry [3].