LONCIN(603766) 民生证券·2025-01-23 06:07Investment Rating - The report maintains a "Recommended" rating for the company [7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.05 to 1.30 billion yuan in 2024, representing a year-on-year increase of 80.0% to 122.8% [1] - The motorcycle business is a significant contributor to revenue growth, with expected revenue of 3.36 billion yuan in Q4 2024, up 20.9% year-on-year [2] - The company's "Wujin" brand is experiencing rapid growth, with revenue of 1.49 billion yuan in 2023, a 57.1% increase year-on-year [3] Summary by Sections Financial Performance - The company forecasts total revenue of 15.19 billion yuan for 2024, with a growth rate of 16.3% [6] - The net profit attributable to shareholders is projected to be 1.21 billion yuan in 2024, reflecting a growth rate of 107.2% [6] - Earnings per share (EPS) is expected to be 0.59 yuan in 2024, with a price-to-earnings (PE) ratio of 16 [6] Business Growth - The "Wujin" brand's revenue for the first three quarters of 2024 is projected to be 2.43 billion yuan, a 127.6% increase year-on-year [3] - The company has expanded its global sales network, adding 194 new sales points in 2023, bringing the total to 1,334 [3] - The sales volume of motorcycles over 250cc is expected to reach 10.8 million units in 2024, a 43.1% increase year-on-year [4] Market Position - The "Wujin" brand has seen significant growth in Spain, with sales reaching 0.9 million units in 2024, a 128.5% increase year-on-year [4] - The company is becoming one of the fastest-growing motorcycle manufacturers in Italy, with a sales growth rate of 97.7% in the first half of 2024 [4] Future Projections - Revenue projections for 2024-2026 are 15.19 billion, 17.12 billion, and 19.41 billion yuan respectively [6] - Net profit projections for the same period are 1.21 billion, 1.42 billion, and 1.67 billion yuan respectively [6]