Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company has exceeded market expectations with its Q1 2025 performance, driven by significant growth in its "Wujie" brand and channel motorcycle business [2]. - The company's revenue for 2024 is projected to be 16.82 billion yuan, with a year-on-year growth of 28.7%, and a net profit of 1.15 billion yuan, reflecting a 97.1% increase [6]. - The report highlights the strong sales performance of the "Wujie" brand, particularly in the large-displacement motorcycle segment, which saw a 55.9% increase in sales [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 16.82 billion yuan, a 28.7% increase year-on-year, and a net profit of 1.15 billion yuan, up 97.1% [6]. - For Q1 2025, the expected net profit is between 4.6 to 5.3 billion yuan, representing a year-on-year increase of 76.7% to 105.8% [1][2]. Product and Market Expansion - The "Wujie" brand's revenue reached 1.49 billion yuan in 2023, a 57.1% increase, and is projected to grow significantly in 2024 [3]. - The company has expanded its global sales network, adding 194 new sales points in 2023, bringing the total to 1,334 [3]. Sales and Export Growth - The sales of large-displacement motorcycles (>250cc) reached 7.5 million units in 2023 and are expected to grow to 10.8 million units in 2024, with significant contributions from exports [4]. - The company reported a 39% increase in exports of small-displacement motorcycles (≤250cc) in early 2024, driven by strong demand in Latin America [2]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 16.82 billion yuan, 20.16 billion yuan, and 23.71 billion yuan, respectively, with net profits expected to be 1.15 billion yuan, 1.85 billion yuan, and 2.23 billion yuan [5][6]. - The report anticipates an EPS of 0.56 yuan for 2024, increasing to 1.09 yuan by 2026, with corresponding PE ratios of 22, 14, and 11 [5][6].