LONCIN(SH:603766) China Post Securities·2025-06-19 07:50Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company, Longxin General (隆鑫通用), is a leading motorcycle manufacturer in China, having ranked first in motorcycle exports for 19 consecutive years from 2006 to 2024. The "Wuji" brand has strengthened its influence, driving growth both domestically and internationally [4][5] - In 2024, revenue from the Wuji series reached 3.154 billion yuan, a year-on-year increase of 111%, with domestic revenue of approximately 1.8 billion yuan (up 114%) and export revenue of about 1.3 billion yuan (up 108%) [5] - The company is expected to achieve revenues of 20.961 billion yuan, 23.985 billion yuan, and 26.991 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.61%, 14.43%, and 12.53% [6][8] Company Overview - Latest closing price: 12.93 yuan - Total shares: 2.054 billion - Total market capitalization: 26.6 billion yuan - 52-week high/low: 14.40/5.76 yuan - Debt-to-asset ratio: 42.2% - Price-to-earnings ratio: 23.51 [3] Financial Forecast and Valuation - The forecasted net profit attributable to the parent company for 2025, 2026, and 2027 is 1.930 billion yuan, 2.263 billion yuan, and 2.542 billion yuan, respectively, with corresponding growth rates of 72.13%, 17.26%, and 12.31% [6][8] - The estimated price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 13.76, 11.73, and 10.45, respectively [6][8]