CFMOTO(SH:603129) GUOTAI HAITONG SECURITIES·2025-08-14 06:59Investment Rating - The report assigns a rating of "Accumulate" for the company [5] Core Views - The company's mid-year performance is impressive, with all three major business lines showing growth. The all-terrain vehicles and motorcycles are benefiting from product upgrades, leading to stable growth, while the electric two-wheelers are entering a harvest phase, providing a new growth curve [2][13] Financial Summary - Total revenue for 2023 is projected at 12,110 million, with a growth rate of 6.4%. By 2027, revenue is expected to reach 29,800 million, reflecting a growth rate of 21.1% [4] - Net profit attributable to the parent company is forecasted to be 1,008 million in 2023, increasing to 2,925 million by 2027, with a growth rate of 19.6% [4] - Earnings per share (EPS) is expected to rise from 6.60 in 2023 to 19.17 in 2027 [4] Business Performance - In the first half of 2025, the company achieved a revenue of 98.55 billion, a year-on-year increase of 40.9%, and a net profit of 10.02 billion, up 41.35% [13] - The all-terrain vehicle segment sold 101,800 units, generating revenue of 4.731 billion, a growth of 33.95%. The motorcycle segment sold 150,300 units, with revenue of 3.346 billion, a growth of 3.03%. The electric two-wheelers saw explosive growth, with sales of 250,500 units and revenue of 872 million, a staggering increase of 652% [13] Target Price and Valuation - The target price has been raised to 329.50 yuan, up from 226.47 yuan, based on a price-to-earnings (PE) ratio of 25 times for 2025 [13] - The company is positioned as a leader in both two-wheeled and four-wheeled vehicles, with a global layout that continues to deliver results [13]