Investment Rating - The report maintains an "Accumulate" rating for the company [7][53]. Core Views - The company is expected to recover from payment pressures in the Russian market in Q2 2024 after facing challenges in Q1 2024 due to international political tensions [3][53]. - The motorcycle export trade in China shows a growth trend, with significant increases in the 125cc and 150cc series, indicating a positive outlook for the company's product lines [4][40]. - The company is expanding its product offerings by investing in a subsidiary focused on upstream new energy power systems, which is expected to enhance its competitive edge and promote sustainable growth [24][33]. Financial Summary and Valuation Metrics - In 2023, the company reported revenue of 479 million yuan (+12.95%) and a net profit of 51.31 million yuan (-22.41%), with a gross margin of 21.79% and a net margin of 10.72% [7][53]. - For Q1 2024, the company experienced a revenue decline of 29.20% to 49 million yuan and a net profit decrease of 43% to 4.4 million yuan, attributed to international market pressures [7][53]. - The profit forecasts for 2024-2026 have been slightly adjusted, with expected net profits of 66 million yuan (previously 72 million yuan), 82 million yuan (previously 89 million yuan), and 102 million yuan for 2026, respectively [53]. - The projected EPS for 2024-2026 is 1.18, 1.46, and 1.83 yuan per share, with corresponding PE ratios of 18.0, 14.5, and 11.6 times [53]. Market and Product Insights - The company’s product range primarily includes motorcycles with engine displacements between 50cc and 300cc, catering to diverse user groups such as children, adults, and professional racers [16][37]. - The export volume of motorcycles in March 2024 reached 841,000 units, a year-on-year increase of 18.06%, with a total export value of 534 million USD, reflecting strong demand in international markets [22][40]. - The company is focusing on expanding its new energy product line to capture growth opportunities in both domestic and international markets, particularly in the context of recovering demand in the U.S. and successful market penetration in Russia [4][24].
华洋赛车：北交所信息更新：2024Q1我国摩托车出口延续增长态势，公司布局新能源品类拓宽业务边界