Lifan(601777) 中邮证券·2025-03-09 08:23Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company is expected to achieve revenues of 86.59 billion, 120.60 billion, and 151.53 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.94%, 39.27%, and 25.64% [11]. - The forecasted net profit attributable to the parent company is projected to be 0.53 billion, 1.05 billion, and 4.53 billion yuan for the years 2024, 2025, and 2026, reflecting significant growth rates of 117.21%, 99.85%, and 331.26% [11]. - The company has established a partnership with Geely to develop the "Qianli Haohan" advanced intelligent driving system, which will be integrated across Geely's vehicle lineup starting in the second half of 2025 [6][7]. Company Overview - The latest closing price of the company's stock is 9.16 yuan, with a total market capitalization of 414 billion yuan [4]. - The company has a total share capital of 45.21 billion shares and an asset-liability ratio of 45.1% [4]. - The company recently changed its name from "Lifan Technology (Group) Co., Ltd." to "Chongqing Qianli Technology Co., Ltd." [8]. Financial Projections - The company is expected to report an EBITDA of 281.34 million, 420.09 million, and 1,023.59 million yuan for the years 2024, 2025, and 2026, respectively [13]. - The earnings per share (EPS) are projected to be 0.01, 0.02, and 0.10 yuan for the years 2024, 2025, and 2026 [13]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 1717.90 in 2023 to 91.76 by 2026 [13].