2024Q1业绩优异，高端化、全球化驱动高成长

Investment Rating - The report maintains a "Buy-A" investment rating for the company [6][21]. Core Views - The company achieved a revenue of 12.11 billion yuan in 2023, representing a year-on-year growth of 6.4%. The net profit attributable to shareholders was 1.008 billion yuan, up 43.7% year-on-year [2][7]. - The company is expected to experience high growth driven by multiple factors, including strong technical accumulation in engine and frame areas, accelerated high-end product layout for four-wheel vehicles, and robust performance in the global mid-to-large displacement motorcycle market [17][18]. Summary by Sections Financial Performance - In 2023, the company's revenue was 12.11 billion yuan, with a comprehensive gross margin of 33.5%, an increase of 8.13 percentage points year-on-year. The net profit attributable to shareholders was 1.008 billion yuan [2][7]. - For Q4 2023, the company reported revenue of 2.724 billion yuan, a decrease of 0.9% year-on-year, while the net profit was 206 million yuan, up 57.0% year-on-year [3][7]. - In Q1 2024, the company achieved revenue of 3.061 billion yuan, a year-on-year increase of 6.31%, with a net profit of 278 million yuan, up 32.0% year-on-year [4][9]. Business Segments - The four-wheeler sales revenue was 6.504 billion yuan in 2023, down 4.88% year-on-year, primarily due to delayed new product launches and inventory adjustments [2]. - The two-wheeler domestic sales revenue was 2.189 billion yuan, up 8.63% year-on-year, driven by strong product capabilities [2]. - The two-wheeler export revenue reached 2.291 billion yuan, a significant increase of 78.22% year-on-year, attributed to improved overseas channels and product layout [2]. Future Outlook - The company is expected to launch several competitive new products in 2024, which are anticipated to drive domestic market share growth in the two-wheeler segment [17]. - The report forecasts net profits of 1.16 billion yuan, 1.52 billion yuan, and 1.84 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 18X, 14X, and 12X [21].