布局高端，走向全球

Investment Rating - The report initiates coverage with a "Buy-A" rating for the company [4]. Core Viewpoints - The company is a leader in the all-terrain vehicle (ATV) and mid-to-large displacement motorcycle industry, focusing on high-end products and global expansion, which is expected to drive high growth in the future [4][89]. - The global all-terrain vehicle market is projected to grow, with an expected market size of $14.4 billion by 2030, driven by increasing consumer demand for outdoor recreational activities [4][3]. - The company has a strong market presence in Europe and is expanding its footprint in the U.S. market, with significant growth in the U/Z series sales [4][89]. Summary by Sections 1. Company Overview and Global Strategy - The company has been deeply involved in the all-terrain vehicle and mid-to-large displacement motorcycle sectors, actively promoting globalization since 2007 [70]. - The company has established local production facilities in Thailand and Mexico to enhance its international market reach [70]. - The company has a high family ownership stake, with the controlling family holding approximately 37.4% of the shares [95]. 2. High-End All-Terrain Vehicle Product Development - The company is focusing on high-end all-terrain vehicle products, with a projected global market size of $14.4 billion by 2030, where UTV & SSV will account for approximately 81% [4][3]. - The UTV & SSV segment has seen a continuous increase in sales proportion, reaching 65% in 2023, up 6 percentage points from 2018 [81]. - The company aims to increase its global market share in all-terrain vehicles to 15% by 2030 through accelerated product launches and enhancements [4][89]. 3. Mid-to-Large Displacement Motorcycle Market - The domestic mid-to-large displacement motorcycle market is expected to grow significantly, with projected sales reaching 1.5 million units by 2030 [4][3]. - The company has a strong market share of 11.8% in the domestic mid-to-large displacement motorcycle segment, with a year-on-year increase of 6 percentage points [4]. - The company is actively promoting its mid-to-large displacement motorcycles in international markets, achieving a 28.2% year-on-year growth in export sales in 2023 [4][89]. 4. Financial Projections and Valuation - The company is expected to achieve net profits of 10.3 billion, 11.6 billion, and 15.2 billion yuan for the years 2023, 2024, and 2025, respectively [4]. - The report estimates a price-to-earnings (PE) ratio of 20 times for 2024, with a target price of 154 yuan per share over the next six months [4].