CFMOTO(SH:603129) NORTHEAST SECURITIES·2026-01-21 09:17Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company has shown strong revenue growth, achieving 14.15 billion yuan in net profit for the first three quarters, a year-on-year increase of 30.89% [1]. - The electric vehicle segment, particularly the "极核电动" brand, is expected to become a significant growth driver, with sales reaching 250,500 units in the first half of 2025, representing a staggering year-on-year growth of 652.06% [3]. - The company is expanding its global marketing and production capacity, with significant revenue contributions expected from North America and Europe, projected to account for 30.16% and 26.63% of total revenue in 2024, respectively [2]. Revenue and Profitability - For the first three quarters, the company reported a revenue of 14.896 billion yuan, a 30.10% increase year-on-year, with a gross margin of 27.62% [1]. - The net profit margin improved to 9.96%, primarily due to a decrease in operating expense ratios [1]. - The company anticipates revenues of 19.5 billion yuan, 24.8 billion yuan, and 29.7 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.89 billion yuan, 2.49 billion yuan, and 3.05 billion yuan [3][8]. Market Position and Strategy - The company has established over 7,000 retail outlets globally, covering major markets across North America, Europe, South America, Southeast Asia, and Oceania [2]. - The production bases in China, Thailand, and Mexico are being optimized to enhance output and mitigate tariff impacts on U.S. products [2]. - The company is focusing on high-end electric mobility, positioning itself to capture a significant share of the electric two-wheeler market [3].