CFMOTO(SH:603129) Soochow Securities·2024-04-21 23:30Investment Rating - The investment rating for the company is "Buy" [2][14]. Core Views - The report highlights that the company's Q1 2024 performance exceeded expectations, driven by strong sales in both the four-wheeled and two-wheeled segments, as well as effective cost management [12][13]. - The company is successfully leveraging its product strength and brand power to capture new trends in domestic consumption, while also making progress in international markets [14]. Financial Performance Summary - Revenue Forecasts: The total revenue for 2023 is projected at 12,110 million yuan, with a year-on-year growth of 6.44%. For 2024, the revenue is expected to reach 15,065 million yuan, reflecting a growth of 24.40% [1]. - Net Profit: The net profit attributable to shareholders for 2023 is estimated at 1,007.52 million yuan, a significant increase of 43.65% year-on-year. The forecast for 2024 is 1,108.92 million yuan, with a growth rate of 10.06% [1]. - Earnings Per Share (EPS): The latest diluted EPS for 2023 is 6.70 yuan, with projections of 7.37 yuan for 2024 and 10.13 yuan for 2025 [1]. - Price-to-Earnings Ratio (P/E): The current P/E ratio is 19.79, with expectations of 17.98 for 2024 and 13.08 for 2025 [1]. Market Position and Strategy - The company is focusing on optimizing its product structure, particularly in high-value U/Z series products, and has seen strong sales in the U.S. market while maintaining a leading market share in Europe [13]. - The report indicates that the company is enhancing its global market share in all-terrain vehicles through improved product offerings and channel strategies [14].