LONCIN(SH:603766) Changjiang Securities·2026-03-04 15:28Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company announced an expected increase in net profit attributable to shareholders for 2025, projected to be between 1.65 billion and 1.8 billion yuan, representing a year-on-year growth of 47.15% to 60.53%. The net profit after deducting non-recurring items is expected to be between 1.6 billion and 1.75 billion yuan, with a year-on-year increase of 46.03% to 59.72% [2][4]. Summary by Relevant Sections Financial Performance - For Q4 2025, the company’s net profit is expected to be around 150 million yuan, a decrease of 33.4% year-on-year, while the net profit after deducting non-recurring items is also expected to be 150 million yuan, down 42.3% year-on-year. The decline is attributed to asset disposals, employee benefits, office upgrades, and exchange rate impacts [10]. - The company’s core operating profit remains in line with expectations, driven by an improved product matrix in motorcycles and continued high growth in overseas sales of the "Wuji" series [10]. Market Expansion - The export of large-displacement motorcycles (over 250ml) reached 91,000 units in 2025, a year-on-year increase of 171.8%. The all-terrain vehicle exports were 36,000 units, up 52.8% year-on-year, indicating sustained high growth in exports [10]. - The "Wuji" brand has shown strong performance overseas, with sales revenue of 3.04 billion yuan in the first three quarters of 2025, a year-on-year increase of 24.9%. The overseas revenue was 1.72 billion yuan, up 86.9%, contributing 56.6% to the total revenue of the "Wuji" series [10]. Future Projections - The company is expected to achieve net profits of 1.759 billion, 2.219 billion, and 2.468 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.03, 14.30, and 12.85 times [10].