Investment Rating - The report maintains an "Outperform" rating for the company [6][4]. Core Views - The company is expected to achieve a revenue of 479 million yuan in 2023, representing a year-on-year increase of 13%. However, the net profit is projected to decline by 17% to 55.16 million yuan due to reduced foreign exchange gains and government subsidies [4]. - The report slightly lowers the profit forecast for 2023-2025, with expected net profits of 55 million yuan (previously 69 million), 72 million yuan (previously 83 million), and 89 million yuan (previously 100 million) respectively. Corresponding EPS is projected at 0.98, 1.28, and 1.58 yuan per share, with PE ratios of 18.5, 14.3, and 11.5 times [4]. - The company is actively expanding its international market presence, particularly in developing countries, capitalizing on the growing demand for non-road sports motorcycles as economic conditions improve [5][10]. Financial Performance Summary - The company expects to achieve a revenue of 4.79 billion yuan in 2023, with a year-on-year growth of 13% [4]. - The projected net profit for 2023 is 55.16 million yuan, down 17% from the previous year, while the net profit for 2024 and 2025 is expected to recover to 72 million yuan and 89 million yuan respectively [4]. - The gross margin is expected to improve gradually, reaching 23.3% by 2025 [12]. Market Expansion and Product Development - The company is focusing on expanding its production capacity, aiming for an annual output of 400,000 sports motorcycles, supported by the completion of its smart manufacturing project [11][5]. - The company is also enhancing its product development in larger displacement, electrification, UTVs, and road vehicles, aiming to optimize its product structure and application fields [5].
北交所信息更新：2023年总营收预增13%，募投项目结项助力运动摩托车增量出海