Investment Rating - The investment rating for Huayang Racing is maintained at "Outperform" [3][5] Core Insights - In H1 2025, Huayang Racing achieved total revenue of 430 million yuan, representing a year-on-year increase of 66.05%, and a net profit attributable to the parent company of 37 million yuan, up 15.79% year-on-year. The gross margin slightly decreased to 19.93% [5] - The company benefits from the acquisition of Chongqing Junchi, which has led to increased orders and revenue growth in the motorcycle segment, with H1 2025 motorcycle revenue reaching 309 million yuan, a 62.66% increase year-on-year [5] - The internationalization strategy is accelerating, with overseas revenue in H1 2025 reaching 408 million yuan, a 69.55% increase year-on-year, driven by expanding markets in North America, Europe, South America, and Oceania [5][8] Financial Summary and Valuation Metrics - For the fiscal years 2023A to 2027E, the projected revenue growth rates are 13.0%, 10.1%, 41.1%, 28.3%, and 14.0% respectively, with net profit growth rates of -22.4%, 9.4%, 34.0%, 26.1%, and 13.1% [7][10] - The estimated earnings per share (EPS) for 2025E is 1.34 yuan, with corresponding price-to-earnings (P/E) ratios of 26.8, 21.3, and 18.8 for the years 2025E, 2026E, and 2027E respectively [5][7] - The company’s total market capitalization is 2.018 billion yuan, with a circulating market value of 999.2 million yuan [3]
华洋赛车（834058）：北交所信息更新：并购峻驰摩托车协同效应显现，国际化提速驱动2025H1营收+66.05%