CFMOTO(SH:603129) KAIYUAN SECURITIES·2025-08-13 06:09Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in H1 2025 with revenue of 9.855 billion yuan, a year-on-year increase of 30.9%, and a net profit attributable to shareholders of 1.002 billion yuan, up 41.4% [4][5] - The company is expected to benefit from the high-end market growth in the all-terrain vehicle sector and the expanding motorcycle product matrix, leading to an upward revision of profit forecasts for 2025-2027 [4][5] - The company’s new electric product line, "极核," has shown remarkable growth, with sales increasing by over 650% [5] Financial Performance - In H1 2025, the company achieved a gross margin of 28.4%, a decrease of 3.1 percentage points year-on-year, while the net profit margin was 10.2%, an increase of 0.8 percentage points [6] - The company’s revenue and profit forecasts for 2025-2027 are adjusted to 1.904 billion yuan, 2.334 billion yuan, and 2.837 billion yuan respectively, with corresponding EPS of 12.48 yuan, 15.30 yuan, and 18.60 yuan [4][7] Business Segmentation - The all-terrain vehicle segment sold 101,800 units in H1 2025, generating revenue of 4.731 billion yuan, a year-on-year increase of 33.95% [5] - Motorcycle sales reached 150,300 units with revenue of 3.346 billion yuan, reflecting a growth of 3.03% [5] - The "极核" electric vehicle segment achieved sales of 250,500 units, with revenue of 872 million yuan, marking a significant growth of 652.06% [5] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 21.6, 17.7, and 14.5 respectively, indicating strong earnings growth potential [7][9] - The projected ROE for 2025 is 25.4%, reflecting the company's effective use of equity [7][9]