Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 640 million yuan in Q1 2025, representing a year-on-year growth of 23%, and a net profit attributable to shareholders of 86 million yuan, which is a 69% increase year-on-year [1] - In 2024, the company achieved a revenue of 2.98 billion yuan, up 39% year-on-year, and a net profit of 430 million yuan, reflecting a 54% year-on-year growth [1] - The company’s sales net profit margin for 2024 was 14.5%, an increase of 1.4 percentage points year-on-year, and the weighted ROE was 14.2%, up 2.6 percentage points year-on-year [1] - The revenue from electric golf carts grew over 9 times in 2024, while electric bicycles and off-road motorcycles saw growth rates exceeding 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 640 million yuan and a net profit of 86 million yuan, marking a 23% and 69% increase year-on-year respectively [1] - For the full year 2024, the company reported a revenue of 2.98 billion yuan and a net profit of 430 million yuan, with year-on-year growth rates of 39% and 54% respectively [1] - The company’s sales net profit margin for 2024 was 14.5%, and the weighted ROE was 14.2% [1] Product Segments - The revenue from smart electric low-speed vehicles in 2024 was 1.89 billion yuan, a 48% increase year-on-year, with electric golf carts contributing 810 million yuan, a staggering 935% increase [2] - The revenue from special vehicles in 2024 was 920 million yuan, with all-terrain vehicles generating 740 million yuan (up 19%) and off-road motorcycles generating 190 million yuan (up 52%) [2] Market Position and Strategy - The company is expected to strengthen its market position as the competitive landscape improves, with its market share likely to increase despite challenges in exports to the U.S. due to high tariffs [3] - The company has established a leading position in overseas production capacity, with factories planned in the U.S., Vietnam, and Thailand, enhancing its core competitiveness [3] Earnings Forecast and Valuation - The company’s projected revenues for 2025, 2026, and 2027 are 3.79 billion yuan, 4.52 billion yuan, and 5.30 billion yuan, respectively, with year-on-year growth rates of 27%, 19%, and 17% [4] - The net profit attributable to shareholders is expected to be 573 million yuan, 692 million yuan, and 826 million yuan for the same years, with growth rates of 33%, 21%, and 19% respectively [4]

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]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported strong performance in Q1 2025, achieving total revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit attributable to shareholders of 456 million yuan, up 236.22% year-on-year [1]. - The electric two-wheeler segment showed significant growth, with revenue reaching 2.862 billion yuan, a 140.5% increase year-on-year, and sales of 1.0038 million units, also up 140.8% year-on-year [1]. - The company benefits from government policies promoting trade-in programs, which have driven demand in the industry, with over 350,000 consumers applying for subsidies under the trade-in policy [2]. Financial Performance - The gross margin for Q1 2025 was 29.67%, a slight decrease of 0.81 percentage points year-on-year [2]. - The net profit margin improved to 8.92%, an increase of 3.63 percentage points year-on-year [2]. - The company is expected to continue benefiting from the growth in the two-wheeler market and the expansion of its robotics segment, with projected net profits of 1.82 billion, 2.52 billion, and 3.26 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 67.5%, 38.7%, and 29.2% [3]. Financial Projections - Revenue projections for the company are as follows: 10.222 billion yuan in 2023, 14.196 billion yuan in 2024, 20.584 billion yuan in 2025, 25.524 billion yuan in 2026, and 30.629 billion yuan in 2027, with respective growth rates of 1.0%, 38.9%, 45.0%, 24.0%, and 20.0% [5]. - The earnings per share (EPS) are projected to increase from 8.34 yuan in 2023 to 45.37 yuan in 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported strong performance in Q1 2025, achieving total revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit attributable to shareholders of 456 million yuan, up 236.22% year-on-year [1]. - The electric two-wheeler segment showed significant growth, with revenue reaching 2.862 billion yuan, a 140.5% increase year-on-year, and sales of 1.0038 million units, also up 140.8% year-on-year [1]. - The company benefits from government policies promoting trade-in programs, which have stimulated demand in the industry, and it is positioned to lead in high-end and intelligent product offerings [2]. Financial Performance - The company's gross margin for Q1 2025 was 29.67%, a slight decrease of 0.81 percentage points year-on-year [2]. - The net profit margin improved to 8.92%, an increase of 3.63 percentage points year-on-year [2]. - Revenue projections for 2025-2027 indicate continued growth, with expected net profits of 1.82 billion yuan in 2025, 2.52 billion yuan in 2026, and 3.26 billion yuan in 2027, reflecting year-on-year growth rates of 67.5%, 38.7%, and 29.2% respectively [3]. Business Segments - The electric two-wheeler segment is the largest contributor, with revenue of 2.862 billion yuan and a sales volume of 1.0038 million units [1]. - The TOB (business-to-business) segment generated 810 million yuan, a year-on-year increase of 91.9% [1]. - The company’s self-branded scooters achieved revenue of 395 million yuan, with a sales volume of 206,700 units, marking a 30.4% increase in revenue year-on-year [1].

2024Q4公司营业总收入为35.88亿元，同环比分别+31.7%/-8.5%；实现归母净利润3.90亿元，同 环比分别+89.7%/+4.8%；实现扣非归母净利润为3.92亿元，同环比分别+93.2%/+8.0%，24Q4业 绩符合预期。2025Q1公司营业总收入为42.50亿元，同环比分别+38.9%/+18.5%；实现归母净利 润4.15亿元，同环比分别+49.6%/+6.3%；实现扣非归母净利润为4.11亿元，同环比分别 +50.8%/+4.8%，25Q1业绩超预期。 营收端： 1）四轮业务：2024H2公司累计销售全地形车8.77万辆，同比+30.5%，环比+7.7%，全地形车 单车收入为4.19万元，同比-3.4%，环比-3.3%；25Q1公司四轮车销量4.4万台。 2）摩托车业务：2024H2公司两轮销量为13.26万辆，其中外销为5.75万辆，同比+22.6%，环 比-33.0%，内销为7.51万辆，同比+46.1%，环比+10.3%；25Q1公司两轮车销量6.2万台。 毛利率： 未经许可，不得转载或者引用。 | 投资要点 | | --- | 公告要点： 公司2024年毛利率30.06%，同比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for 2024 is expected to be 28.236 billion yuan, a decrease of 18.8% year-on-year, with a net profit of 1.272 billion yuan, down 51.8% year-on-year. The decline is attributed to a temporary vacuum in demand due to safety incidents and increased adaptation costs during the transition to new national standards [1][2] - The company plans to distribute a final dividend of 0.22 HKD per share plus a special dividend of 0.23 HKD, totaling 1.368 billion HKD, which represents 99.6% of the net profit for 2024, highlighting its commitment to shareholder returns [2] - The industry outlook is positive, driven by the "old-for-new" policy and new national standards, which are expected to boost demand and optimize supply dynamics [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 15.2%, a decrease of 1.7 percentage points year-on-year, primarily due to inventory clearance and product structure adjustments. The total expense ratio was 11.70%, reflecting a rise in costs amid declining revenues [2] - The sales volume for 2024 was approximately 13.0205 million units, a decrease of 21.2% year-on-year, with electric bicycles accounting for 69.8% of total sales [1] Industry Outlook - The "old-for-new" policy is expected to continue and strengthen through 2025, with average subsidies ranging from 500 to 1000 yuan, leading to an acceleration in replacement demand [3] - The new national standards will raise entry barriers for the industry, benefiting compliant and responsive companies like the report's subject, which is well-positioned to capture market share [3] Strategic Initiatives - The company is focusing on product innovation and brand positioning, with new high-end models launched to attract specific consumer segments, including women [4] - The company is expanding its overseas presence, with factories in Indonesia and Vietnam starting operations, and plans to enhance its retail footprint in Southeast Asia and Europe [9] Profitability Forecast - Revenue projections for 2025-2027 are 41.307 billion yuan, 49.770 billion yuan, and 56.923 billion yuan, respectively, with expected growth rates of 46.3%, 20.5%, and 14.4% [10] - The net profit forecast for the same period is 3.207 billion yuan, 3.808 billion yuan, and 4.377 billion yuan, with growth rates of 152.0%, 18.7%, and 14.9% [10]