CFMOTO(SH:603129) East Money Securities·2025-11-03 08:58Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][6]. Core Insights - The company reported a revenue of 14.996 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 30.1%. The net profit attributable to shareholders was 1.415 billion yuan, up 30.9% year-on-year [1]. - The company has shown resilience in its operations despite tariff disruptions, with a significant increase in operating cash flow by 42.8% year-on-year [1]. - The growth in revenue is driven by the recovery in exports of both four-wheeled and two-wheeled vehicles, alongside a substantial increase in sales of electric models [2]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 5.041 billion yuan, a 28.6% increase year-on-year, and a net profit of 413 million yuan, reflecting an 11.0% growth [1]. - The gross margin for Q3 was reported at 26.14%, a decrease of 4.71 percentage points year-on-year, primarily due to increased tariff costs and the rise in low-margin electric vehicle sales [5]. - The company has established production bases in multiple locations, including Mexico and Thailand, to mitigate tariff impacts and enhance supply chain flexibility [5]. Growth Projections - The company expects to achieve a net profit of 1.75 billion yuan in 2025, with projections of 2.48 billion yuan and 3.09 billion yuan for 2026 and 2027, respectively [6][7]. - Revenue is projected to grow from 19.76 billion yuan in 2025 to 29.66 billion yuan by 2027, with corresponding growth rates of 31.4% and 18.5% [7][12]. - The earnings per share (EPS) are forecasted to increase from 11.46 yuan in 2025 to 20.25 yuan in 2027 [7][12].