Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully expanded its product boundaries through its dual subsidiaries, with the KAYO brand gaining recognition in potential markets such as the Far East and South America [5][7] - In 2024, the company achieved a revenue of 527 million yuan, representing a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 56.14 million yuan, up 9.43% year-on-year [6] - The company’s export revenue accounted for 90.72% of total revenue in 2024, with significant growth in the Far East market due to strategic positioning amidst geopolitical changes [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 178 million yuan, a year-on-year increase of 264.24%, and a net profit of 11.52 million yuan, up 161.79% year-on-year [6] - The company plans to distribute a cash dividend of 5.95 yuan per 10 shares, totaling 33.37 million yuan [6] Market Expansion - The company has entered over 50 countries and regions, including North America, Europe, South America, and Oceania, with KAYO becoming a leading brand for youth off-road motorcycles in several markets [6] - The company has a diversified distribution strategy to mitigate risks from tariffs and price fluctuations, enhancing its market presence [6][7] Strategic Developments - The establishment of Huari Dynamic Technology and the acquisition of Chongqing Junchi Motorcycle aim to fill market gaps and expand the product matrix, particularly in the new energy sector [6][7] - Collaborations with Zhejiang University for developing competitive off-road motorcycle models have shown substantial progress in key technology research [6] Profit Forecast and Valuation - The projected net profits for 2025-2027 are 72 million, 91 million, and 113 million yuan, respectively, with corresponding EPS of 1.28, 1.62, and 2.02 yuan per share [6][7] - The current price-to-earnings ratios for 2025, 2026, and 2027 are estimated at 26.5, 21.0, and 16.9, respectively [6][7]
华洋赛车（834058）：双子公司驱动突破产品边界，KAYO盛名远赴远东、南美等潜力市场