QJIANG(000913) 民生证券·2025-01-22 05:23Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is expected to achieve significant growth in 2024, with projected revenue of 6.02 billion yuan, a year-on-year increase of 18.0%, and a net profit attributable to shareholders of 6.4 to 7.1 billion yuan, representing a year-on-year increase of 37.9% to 53.0% [1] - The company's product structure optimization and asset disposal are expected to enhance profits, with a forecasted net profit for Q4 2024 of 1.7 to 2.4 billion yuan, a year-on-year increase of 285.2% [2] - The company is focusing on internationalization as its top strategy for 2024, with an expected export volume of 227,000 units, a year-on-year increase of 36.0% [3] Summary by Sections Revenue and Profit Forecast - The company forecasts total revenue of 6.02 billion yuan for 2024, with a growth rate of 18.1% [5] - The net profit attributable to shareholders is projected to be 674 million yuan for 2024, reflecting a growth rate of 45.3% [5] Product Development and Market Strategy - The company has improved its product definition capabilities, launching several popular models in 2024, including the first domestic quasi-public upgraded racing model [3] - The company plans to develop 10 all-terrain vehicles (ATVs) and has already begun market testing two models [4] Financial Metrics - The report projects earnings per share (EPS) of 1.28 yuan for 2024, with a price-to-earnings (PE) ratio of 15 [5] - The company expects to achieve a net profit of 7.3 billion yuan in 2025, with a PE ratio of 14 [5]