Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has seen significant growth in key markets such as Russia and Europe, with a year-on-year revenue increase of 162% in Q1 2025. The revenue for 2024 and Q1 2025 reached 527 million and 178 million yuan respectively, representing a year-on-year growth of 10.06% and 264.24%. The net profit attributable to the parent company for the same periods was 56.14 million and 12 million yuan, with year-on-year increases of 9.43% and 161.79% [2] - The company's gross profit margin for 2024 is expected to increase by 0.53 percentage points to 22.32%, despite rising expenses related to new product development and market promotion [2] - The company is implementing a dual-brand strategy to penetrate niche markets and is actively entering the electric and new energy vehicle market [3] Revenue and Profit Forecast - Total revenue is projected to grow from 478.80 million yuan in 2023 to 989.34 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.02% [1] - The net profit attributable to the parent company is expected to rise from 51.31 million yuan in 2023 to 113.57 million yuan in 2027, reflecting a CAGR of about 25.31% [1] Market Demand and Product Performance - The demand for the company's products is increasing both domestically and internationally, with revenue from two-wheeled motorcycles expected to grow by 15.26% to 347 million yuan in 2024, accounting for 65.86% of total revenue [2] - The all-terrain vehicle (ATV) segment is also expected to see a revenue increase of 3.38% to 163 million yuan in 2024, although its share of total revenue is projected to decrease [2] Strategic Initiatives - The company has established a dual-brand strategy with the launch of the KAYO brand, which has gained a competitive edge in various international markets [3] - A new subsidiary, Huari Energy, has been set up to focus on the electric vehicle market, aiming to capture opportunities across the entire industry chain [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has seen significant growth in key markets such as Russia and Europe, with a year-on-year revenue increase of 162% in Q1 2025. The revenue for 2024 and Q1 2025 reached 527 million and 178 million yuan respectively, representing a year-on-year growth of 10.06% and 264.24%. The net profit attributable to the parent company for the same periods was 56.14 million and 12 million yuan, with year-on-year growth of 9.43% and 161.79% [2] - The company's gross profit margin for 2024 is expected to increase by 0.53 percentage points to 22.32%, despite rising expenses related to new product development and market promotion [2] - The company is implementing a dual-brand strategy to penetrate niche markets and is actively entering the electric and new energy vehicle market [3] Revenue and Profit Forecast - Total revenue is projected to grow from 478.80 million yuan in 2023 to 989.34 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.02% [1] - The net profit attributable to the parent company is expected to increase from 51.31 million yuan in 2023 to 113.57 million yuan in 2027, reflecting a CAGR of approximately 25.31% [1] Market Demand and Product Performance - The demand for the company's products is increasing both domestically and internationally, with revenue from two-wheeled motorcycles expected to grow by 15.26% to 347 million yuan in 2024, accounting for 65.86% of total revenue [2] - The all-terrain vehicle (ATV) segment is also expected to see revenue growth of 3.38% to 163 million yuan in 2024, although its share of total revenue is projected to decrease [2] Strategic Initiatives - The company has established a dual-brand strategy with the launch of the KAYO brand, which has gained a competitive edge in various international markets [3] - A new subsidiary, Huari Energy, has been set up to focus on the electric vehicle market, aligning with the company's strategy to transition from traditional fuel to electric power [3]