CFMOTO(603129) 国投证券·2025-04-16 04:03Investment Rating - The investment rating for the company is "Buy-A" with a target price of 220 CNY per share [6]. Core Insights - The company reported strong Q1 2025 performance with revenue of 4.25 billion CNY, up 38.86% year-on-year, and a net profit of 423 million CNY, up 45.20% year-on-year [1][3]. - The motorcycle business showed excellent performance, with domestic sales revenue of 3.09 billion CNY, up 44.44% year-on-year, and sales volume of 143,200 units, also up 44.21% year-on-year [1][3]. - The company is focusing on high-end and international markets, with significant growth in the electric two-wheeler segment, where the brand "Jike" has become a leader in its niche [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.038 billion CNY, a year-on-year increase of 24.18%, and a net profit of 1.472 billion CNY, up 46.08% year-on-year [1][2]. - The comprehensive gross margin for 2024 was 30.06%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in revenue share from the North American market [2]. Business Segments - The four-wheeled vehicle sales revenue was 7.21 billion CNY, up 10.85% year-on-year, with a sales volume of 169,100 units, up 15.47% year-on-year [1]. - The electric two-wheeler segment saw a revenue increase of 414.15% year-on-year, with sales of 106,000 units, driven by the popularity of new products and rapid channel expansion [1][3]. Growth Drivers - The company is enhancing its product structure in the all-terrain vehicle (ATV) market, aiming to increase market share in higher-value UTV and SSV products [4]. - The domestic mid-to-large displacement motorcycle market is entering a new product cycle, with significant sales growth and market share increase [10]. - The company is also expanding its international presence in the mid-to-large displacement motorcycle segment, with exports increasing by 63.8% year-on-year [10].