CFMOTO(603129) 华创证券·2024-04-21 23:31Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [10]. Core Insights - 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 1.01 billion yuan, up 43.7% year-on-year. For Q1 2024, the company reported a revenue of 3.06 billion yuan, a 6.3% increase year-on-year, and a net profit of 280 million yuan, reflecting a 32% year-on-year growth [10][11]. - The company has effectively reduced inventory levels, particularly in the North American four-wheeler market, which has set a solid foundation for retail performance in 2024. The two-wheeler segment saw significant growth, with exports increasing by 78.2% year-on-year [11]. - The report highlights improvements in gross margins and a reduction in promotional expenses, contributing to higher profits in Q1 2024. The gross margin for Q4 2023 was 35.5%, an increase of 4.6 percentage points year-on-year [11]. Financial Summary - The company’s total revenue is projected to grow from 12.11 billion yuan in 2023 to 22.15 billion yuan by 2026, with corresponding year-on-year growth rates of 6.4%, 22.5%, 23.3%, and 21.2% [31]. - The net profit attributable to shareholders is expected to rise from 1.01 billion yuan in 2023 to 1.93 billion yuan in 2026, with growth rates of 43.7%, 23.5%, 25.6%, and 23.6% respectively [31]. - The report provides a target price of 160 yuan for the company's stock, based on a DCF valuation method [10].