QJIANG(000913) 海通证券·2024-06-02 06:31Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][4]. Core Views - The company is advancing its internationalization strategy, having opened markets in over 20 countries and established more than 30 importer channels, with a significant increase in self-export revenue [9]. - The company experienced a decline in domestic sales of large-displacement motorcycles in 2023, but revenue growth returned in Q1 2024, indicating a potential recovery [3][2]. Financial Performance Summary - In 2023, the company reported revenues of 50.98 billion yuan, a year-on-year decrease of 9.75%, while Q1 2024 revenues were 13.45 billion yuan, showing a slight increase of 0.87% [8]. - The net profit for 2023 was 4.64 billion yuan, up 11.67% year-on-year, and for Q1 2024, it was 1.40 billion yuan, reflecting a significant increase of 89.09% [8]. - The company sold 389,400 motorcycles in 2023, a slight increase year-on-year, but large-displacement motorcycle sales dropped by 22.7% [3]. Earnings Forecast - The company is projected to achieve net profits of 6.04 billion yuan and 7.24 billion yuan in 2024 and 2025, respectively, with year-on-year growth rates of 30.1% and 19.9% [4]. - The estimated P/E ratios for 2024 and 2025 are 15.6 and 13.0, respectively, with a target price range of 23.00 to 25.30 yuan based on comparable company valuations [4]. Market and Operational Insights - The company’s gross margin improved to 27.51% in 2023, with an increase in export revenue contributing to this growth [27]. - The company is focusing on expanding its product offerings, including off-road vehicles and electric vehicles, to enhance its international market presence [9].