Investment Rating - The report assigns an "Outperform" rating for the company [2][8]. Core Insights - The company is positioned in the liquid-cooled electric vehicle market and is actively expanding production to capitalize on growth opportunities [5][12]. - The global electric two-wheeler market saw sales of 81.8 million units in 2022, with China accounting for 60.7 million units, representing 74.3% of the total [5][12]. - The company has a strong market presence with over 1,300 dealers and more than 11,400 sales points in mainland China as of April 2023 [5][43]. Summary by Relevant Sections Market Overview - The electric two-wheeler market in China is highly concentrated, with the top nine manufacturers holding approximately 80.8% market share as of the end of 2022 [5][6]. - The sales volume of electric bicycles, electric light motorcycles, and electric motorcycles in 2022 was 49.1 million, 4.5 million, and 7.1 million units, respectively [5][12]. Financial Performance - The company's revenue from 2020 to 2022 was 2.4 billion, 3.4 billion, and 4.8 billion CNY, with year-on-year growth rates of -5%, +44%, and +40% respectively [6][30]. - The net profit for the same period was 70 million, 40 million, and 120 million CNY, with year-on-year changes of -42%, +47%, and +99% [6][30]. Product and Technology Development - The company has introduced liquid-cooled electric vehicles, enhancing product durability and performance [5][23]. - As of April 2023, the company has 16 models with smart features in production and 10 models under development [5][46]. Sales Channels and Distribution - The company’s sales revenue from offline channels accounted for 90% in 2022, with a compound annual growth rate of 59.7% from 2020 to 2023 [5][42]. - The company is expanding its dealer network to enhance product penetration and coverage [5][43]. Future Outlook - The company expects revenue growth of 20% in 2023, followed by 15% in 2024 and 2025, with net profit growth of 29%, 12%, and 10% respectively [8][30]. - The report estimates a reasonable valuation range of 7.37 to 8.24 HKD for the company based on a PE ratio of 17 to 19 times for 2024 [8].
公司研究报告：定位液冷电动车，积极扩产迎发展东风