CFMOTO(SH:603129) 汽车琰究·2025-11-17 07:26Event Overview - In October, the company's fuel motorcycle sales reached 17,000 units, a year-on-year increase of 12.3% but a month-on-month decrease of 1.2% [2] - The sales of the Jike electric motorcycle (excluding self-produced) were 28,000 units, showing significant year-on-year growth [2] - The export sales of four-wheeled beach vehicles reached 19,000 units, with a year-on-year increase of 43.3% and a month-on-month increase of 14.3% [2] Two-Wheeled Vehicles: Export Sales and Jike Development - For large-displacement motorcycles (250cc+), October sales were 11,000 units, up 27.8% year-on-year but down 13.8% month-on-month; cumulative sales from January to October reached 166,000 units, a 35.6% year-on-year increase, with market share rising to 20.2% [3] - The new high-end 675cc three-cylinder model sold 55,000 units, a remarkable year-on-year increase of 510.5%, indicating ongoing product structure optimization [3] - The company's two-wheeled motorcycle exports saw a year-on-year recovery, with October sales of 11,000 units, up 50.1% year-on-year and 2.8% month-on-month; cumulative exports from January to October reached 116,000 units, a 20.6% year-on-year increase [3] - The Jike electric motorcycle sales for January to October reached 253,000 units, a substantial year-on-year increase, with the Jike brand expanding its channels domestically and internationally [3] Four-Wheeled Vehicles: U.S. Market Expansion and High-End Layout - In October, the export sales of four-wheeled beach vehicles were 19,000 units, a year-on-year increase of 43.3% and a month-on-month increase of 14.3%, nearing a historical monthly high; cumulative sales from January to October reached 151,000 units, a 9.7% year-on-year increase [4] - The company is maintaining a steady growth trend, with plans to continue leading the European market in market share and expanding in the U.S. market [4] - The core new product U10PRO has gained attention for its performance and quality upgrades, driving an increase in the average selling price (ASP) of four-wheeled vehicles [4] 2025 Milan Exhibition: New High-End Models - The new flagship ADV: 1000 MT-X features a 946cc twin-cylinder engine with a maximum power of 83kW (approximately 113 horsepower) and a maximum torque of 105N·m, equipped with advanced electronic configurations and comfort features [5] - The performance flagship prototype V4 SR-RR showcases the company's technical prowess, featuring a 997cc 90° V4 engine with a power output exceeding 157kW (approximately 210 horsepower) and advanced aerodynamic design [5] Long-Term Outlook - The company is optimistic about the export of two-wheeled vehicles and the high-end layout of four-wheeled vehicles, projecting revenues of 19.91 billion, 24.51 billion, and 29.50 billion yuan for 2025-2027, with net profits of 1.86 billion, 2.38 billion, and 2.93 billion yuan respectively [6] - The expected EPS for the same period is 12.19, 15.61, and 19.21 yuan, with corresponding PE ratios of 20, 16, and 13 times [6] - The closing price on November 14, 2025, was 242.36 yuan per share [6] Financial Projections | Item/Year | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | Revenue (Million Yuan) | 15,038 | 19,914 | 24,514 | 29,502 | | Growth Rate (%) | 24.2 | 32.4 | 23.1 | 20.3 | | Net Profit (Million Yuan) | 1,472 | 1,860 | 2,382 | 2,931 | | Growth Rate (%) | 46.1 | 26.4 | 28.0 | 23.0 | | EPS (Yuan) | 9.65 | 12.19 | 15.61 | 19.21 | | PE | 25 | 20 | 16 | 13 | | PB | 6.0 | 5.0 | 4.1 | 3.3 | [8]