国宾车供应商，两轮四轮海外共驱

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2]. Core Insights - The company is a leading supplier of all-terrain vehicles (ATVs) and motorcycles, with significant growth potential driven by both four-wheeled and two-wheeled vehicles. In 2023, the revenue from four-wheeled vehicles was 6.504 billion yuan, a year-on-year decrease of 4.88%, while two-wheeled vehicle revenue reached 4.48 billion yuan, an increase of 32.85% [19][20]. - The company has a strong export presence, particularly in North America and Europe, with 72.7% of its revenue coming from overseas markets in 2023. The company is positioned to benefit from the ongoing upgrade of its product offerings, including new models in both the four-wheeled and two-wheeled segments [19][20]. Summary by Sections 1. Company Overview - The company specializes in the production of ATVs and motorcycles, with a focus on high-performance and diverse product offerings. The four-wheeled vehicles are primarily exported, while two-wheeled vehicles are mainly sold domestically [19][20]. 2. Four-Wheeled Vehicles - The four-wheeled vehicle market is characterized by high-income consumers, with North America accounting for over 80% of the market share. The company has seen its market share in North America increase from 2% in 2020 to 8% in 2022 due to competitors' production limitations during the pandemic [19][20][87]. 3. Two-Wheeled Vehicles - The company has experienced significant growth in two-wheeled vehicle exports, with 97,700 units sold in 2023, generating revenue of 2.291 billion yuan, a year-on-year increase of 78.22%. The expansion of export channels and product matrix is expected to sustain high growth rates in the future [19][20][129]. 4. Financial Analysis - The company reported a revenue of 12.11 billion yuan in 2023, a year-on-year increase of 6.44%, with a net profit of 1.01 billion yuan, up 43.65%. The first quarter of 2024 showed continued growth, with revenue of 3.061 billion yuan and a net profit of 278 million yuan [19][21]. 5. Investment Forecast and Valuation - The forecast for the company's revenue is 13.876 billion yuan in 2024, 15.799 billion yuan in 2025, and 18.005 billion yuan in 2026, with net profits projected at 1.254 billion yuan, 1.480 billion yuan, and 1.871 billion yuan respectively. The target price is set at 183.29 yuan based on a 22x PE ratio for 2024 [19][21].