CFMOTO(603129) Huafu Securities·2025-01-24 05:40Investment Rating - The report maintains a "Buy" rating for Chuncheng Power (603129.SH) [2][8] Core Views - The company is expected to achieve a significant increase in net profit for 2024, with estimates ranging from 1.42 to 1.56 billion yuan, representing a year-on-year growth of 40.94% to 54.84% [3] - The fourth quarter of 2024 is projected to see a net profit of 340 to 480 million yuan, reflecting a year-on-year increase of 64.2% to 132.3% [3][7] - The four-wheeled vehicle segment is expected to outperform due to new product launches, with Q4 sales reaching 56,000 units, a year-on-year increase of 83% [4] - The two-wheeled fuel vehicle segment is experiencing rapid export growth, with Q4 sales of 55,000 units, up 46% year-on-year, and exports reaching 37,000 units, up 73% year-on-year [5] - The electric two-wheeler brand "Jiku" is continuing to expand, with Q4 sales of 26,000 units, an 8.6% increase from the previous quarter [6] Financial Summary - The company has revised its profit forecasts for 2024-2026, now expecting net profits of 1.46 billion, 1.83 billion, and 2.20 billion yuan respectively, with year-on-year growth rates of 45%, 25%, and 20% [8] - The projected P/E ratios for 2024, 2025, and 2026 are 19x, 16x, and 13x respectively [8] - Revenue for 2024 is expected to reach 15.83 billion yuan, with a growth rate of 31% [9] - The company’s operating income for 2023 was 12.11 billion yuan, with a net profit of 1.01 billion yuan [9] Market Position and Outlook - The company is well-positioned for growth in the overseas market, benefiting from a strong product lineup and improved production capacity [8] - The report highlights the potential for continued rapid growth in exports, particularly in the two-wheeled vehicle segment [5][8] - The company is expected to maintain a high degree of earnings realization, supported by a solid overseas production layout [8]