休闲车出海领军者，一体化与本土化优势明显

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is a leading player in the leisure vehicle industry, focusing on all-terrain vehicles, motorcycles, and electric scooters, with a strong presence in both e-commerce and traditional retail channels [3][4] - The company has a concentrated ownership structure, with the controlling shareholder holding 67.23% of the shares, and has implemented an employee stock incentive plan to enhance motivation and confidence in long-term growth [6] - The company has experienced significant revenue growth, with a 5-year CAGR of 29.4%, increasing from 490 million to 1.77 billion [11][14] - The company has a strong focus on international sales, with over 99% of revenue coming from exports, primarily to North America [14] - The company has maintained a competitive gross margin, which has improved since 2021, and a net profit margin that has stabilized between 10% and 15% [15][21] Company Overview - The company has expanded its product offerings to include all-terrain vehicles, motorcycles, electric scooters, and electric bicycles, with a focus on both low-speed and high-speed vehicles [3][4] - The management team is experienced, with most members having technical or managerial backgrounds, contributing to the company's stability and growth [6][10] Financial Performance - The company has shown steady revenue expansion, with a significant increase in sales from 490 million in 2017 to 1.77 billion in 2022, reflecting a strong market demand [11] - The gross margin has been consistently higher than comparable companies, indicating effective cost management and pricing strategies [15][29] - The company has a robust net profit margin, outperforming peers in the industry [21][29] Growth Potential - The all-terrain vehicle market is projected to grow significantly, with a global market size expected to reach 19.32 billion by 2030, driven by increasing demand for UTVs [23] - The electric scooter market is also expanding rapidly, with a projected CAGR of 49.6% from 2017 to 2022, indicating strong growth opportunities for the company [51] - The company is actively developing new products in the electric ATV and electric golf cart segments, which are expected to contribute to future revenue growth [34][84]