CFMOTO(SH:603129) Tai Ping Yang Zheng Quan·2025-10-27 15:38Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 14.896 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 30.10%, and a net profit of 1.415 billion yuan, up 30.89% [3][4] - In Q3 2025, the company achieved a revenue of 5.041 billion yuan, reflecting a growth of 28.56%, while the net profit reached 413 million yuan, marking an 11.00% increase [4] - The company's gross margin in Q3 2025 was 26.14%, down 5.43 percentage points, attributed to fluctuations in raw material prices and tariff policies [4] - The net profit margin for Q3 2025 was 8.76%, a decrease of 0.98 percentage points, indicating effective control over operating expenses despite the pressure on profitability [4] Summary by Sections Financial Performance - The company is projected to achieve net profits of 1.954 billion yuan in 2025, 2.443 billion yuan in 2026, and 3.062 billion yuan in 2027, with corresponding EPS of 12.81, 16.01, and 20.07 yuan respectively [5][7] - Revenue growth rates are expected to be 32.50% in 2025, 24.70% in 2026, and 22.40% in 2027 [7] Market and Industry Outlook - The global all-terrain vehicle market is expected to maintain stable growth, supported by consumer education and demand for motorcycle exports [5] - The company is positioned as a domestic industry leader, focusing on expanding its product matrix and enhancing its market presence [5] Strategic Initiatives - The company aims to increase the output of products from its Mexican and Thai bases to the U.S. market, while also enhancing local component manufacturing and procurement [5]