CFMOTO(SH:603129) Tianfeng Securities·2025-05-06 09:18Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company is expected to achieve a revenue of 15.038 billion yuan in 2024, representing a year-on-year growth of 24.18%, and a net profit attributable to the parent company of 1.472 billion yuan, up 46.08% year-on-year [1]. - The report highlights the strong performance of the all-terrain vehicle (ATV) and motorcycle segments, with significant growth in both domestic and international markets [3][4]. - The electric vehicle segment, particularly the "Jikong" brand, has shown remarkable growth, with sales exceeding 100,000 units and revenue increasing by 414.15% year-on-year [5]. Financial Performance Summary - For 2024, the company is projected to have a gross margin of 30.06%, a net profit margin of 9.79%, and a non-recurring net profit margin of 9.59% [1]. - The first quarter of 2025 saw a revenue of 4.25 billion yuan, a year-on-year increase of 38.86%, and a net profit of 415 million yuan, up 49.6% year-on-year [2]. - The ATV business is expected to generate revenue of 7.21 billion yuan in 2024, with a gross margin of 36.51% [3]. - The motorcycle business is projected to achieve revenue of 6.037 billion yuan in 2024, with domestic sales showing a growth of 44.44% [4]. - The electric vehicle segment is anticipated to generate revenue of 397 million yuan in 2024, with a significant increase in sales volume [5]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected profits of 1.75 billion yuan, 2.18 billion yuan, and 2.64 billion yuan for the years 2025 to 2027, respectively [5].