首次覆盖报告：择高而立，时尚先锋奋楫笃行

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 39.50 CNY, based on a comparison with peer valuations [6][19][20]. Core Insights - The company is a leading brand in the domestic two-wheeler industry, with expected EPS of 2.18, 2.67, and 3.32 CNY for 2023-2025, respectively [2][6]. - The industry landscape is continuously optimizing, with consumer demand insights being a core asset for the company. The two-wheeler industry has undergone three phases of development: early electricization, mid-term new national standards, and a long-term trend towards intelligence [2][21]. - The company has a strong brand presence and is focusing on high-end products, streamlining SKUs, and promoting popular models to drive ASP (Average Selling Price) increases [2][21]. Financial Summary - Revenue is projected to grow from 20,802 million CNY in 2022 to 31,112 million CNY in 2025, with a CAGR of approximately 21% [1][12]. - Operating profit (EBIT) is expected to increase from 1,869 million CNY in 2022 to 3,278 million CNY in 2025, reflecting a significant growth trajectory [1][12]. - Net profit attributable to shareholders is forecasted to rise from 1,873 million CNY in 2022 to 2,859 million CNY in 2025, indicating robust profitability [1][12]. Profitability and Valuation Metrics - The operating profit margin is expected to improve from 9.0% in 2022 to 10.5% in 2025, showcasing enhanced operational efficiency [1][12]. - The company’s PE ratio is projected to decrease from 14.63 in 2022 to 9.58 in 2025, indicating a potentially attractive valuation as earnings grow [1][12]. - The dividend yield is expected to increase from 2.7% in 2022 to 3.7% in 2025, reflecting a commitment to returning value to shareholders [1][12]. Industry Dynamics - The two-wheeler industry is characterized by a dual oligopoly, with market share increasingly concentrating among leading players [2][21]. - The industry is transitioning towards high-quality internal growth driven by both volume and price increases, with new national standards creating replacement demand [2][47]. - The company is actively enhancing its supply chain and pursuing high-end product strategies to capture growth opportunities in the evolving market landscape [2][75].