QJIANG(000913) 华泰证券·2025-04-23 08:13Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.11 [8][9]. Core Views - The company achieved a revenue of RMB 6.031 billion in 2024, representing a year-on-year increase of 18.3%, and a net profit of RMB 677 million, up 45.8% year-on-year, aligning with previous performance forecasts [1]. - In Q1 2025, the company reported a revenue of RMB 1.33 billion, a slight year-on-year decline of 0.81% but a quarter-on-quarter increase of 20.5%, with a net profit of RMB 87 million, down 38% year-on-year and 58.7% quarter-on-quarter, attributed to some pre-emptive expenses [1][2]. - The company continues to enhance its product lines and expand its overseas markets, particularly in Europe and Latin America, with a focus on maintaining its leading market share in the domestic large-displacement motorcycle segment [2][4]. Summary by Sections Financial Performance - The company’s gross margin decreased by 1.2 percentage points to 26.3% in 2024, while the gross margin for Q1 2025 was 25.4%, reflecting a slight recovery [3]. - The company’s operating expenses as a percentage of revenue decreased in 2024, with net profit margin increasing by 2.1 percentage points to 11.2% [3]. Sales and Market Expansion - The company’s fuel motorcycle sales increased by 13.5% year-on-year to 445,000 units in 2024, with large-displacement motorcycle sales rising by 32.4% to 182,000 units [2]. - The company’s overseas sales grew by 32.5% to RMB 2.74 billion in 2024, with a gross margin of 28.7%, which is 4.4 percentage points higher than domestic sales [4]. Profit Forecast and Valuation - The net profit forecast for 2025 and 2026 has been raised by 10% and 7.6% to RMB 771 million and RMB 900 million, respectively, with an expected net profit of RMB 1.05 billion in 2027 [5]. - The company is valued at a PE ratio of 17.2x for 2025, with a target price set at RMB 25.11, reflecting a potential upside from the current market price [5].