CFMOTO(SH:603129) CAITONG SECURITIES·2025-08-13 08:41Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 9.855 billion yuan for the first half of 2025, representing a year-on-year increase of 30.9%, with a net profit of 1.002 billion yuan, up 41.35% year-on-year [8] - The all-terrain vehicle business continues to advance in high-end markets, with sales of 101,800 units and revenue of 4.731 billion yuan, a year-on-year increase of 33.95% [8] - The motorcycle business is showing synergy in domestic and international sales, with electric two-wheelers entering a new growth phase, achieving explosive growth with sales of 250,500 units and revenue of 872 million yuan, up 652.06% year-on-year [8] - The company expects net profits for 2025-2027 to be 1.875 billion, 2.368 billion, and 2.931 billion yuan, corresponding to PE ratios of 22, 17, and 14 times respectively, maintaining the "Accumulate" rating [8] Financial Performance Summary - Revenue forecast for 2023A to 2027E shows a growth from 12.11 billion yuan in 2023 to 26.43 billion yuan in 2027, with a compound annual growth rate (CAGR) of 17.5% [7] - Net profit is projected to grow from 1.008 billion yuan in 2023 to 2.931 billion yuan in 2027, with a CAGR of 23.8% [7] - Earnings per share (EPS) is expected to increase from 6.70 yuan in 2023 to 19.21 yuan in 2027 [7] Market Position and Strategy - The company has expanded its distribution network, adding 130 new channels in the first half of 2025, bringing the total to over 3,000 [8] - The company maintains a leading position in the all-terrain vehicle export market, with a strong market share in Europe [8] - The motorcycle segment has seen a total sales volume of 150,300 units in the first half of 2025, with domestic sales of 79,000 units and international sales of 71,300 units [8]