Group 1 - The company has launched its third employee stock ownership plan with a total scale not exceeding 400 million yuan, granting approximately 25.94 million shares to a maximum of 500 individuals, including the chairman, non-independent directors, general manager, and other core personnel [1][2] - The company plans to distribute a cash dividend of 2 yuan for every 10 shares to all shareholders, totaling over 410 million yuan, which accounts for approximately 26% of the company's net profit attributable to shareholders in the first three quarters [1] Group 2 - The employee stock ownership plan is expected to enhance the stability of the core team, with performance assessment conditions set for 2026-2028, including revenue growth targets for proprietary brands of 15%/30%/50% and net profit growth of 10%/20%/30% [2] - The company's brand "Wuji" has shown strong growth, achieving revenue of 1.98 billion yuan in the first half of 2025, a year-on-year increase of 30.2%, with exports contributing 1.19 billion yuan, a significant increase of 83.3% [3] - The company has expanded its domestic sales network to 1,053 outlets and established 1,292 overseas sales outlets, with a notable increase in the European market [3] Group 3 - The company's motorcycle sales for large-displacement models reached 108,000 units in 2024 and 131,000 units in the first 11 months of 2025, representing year-on-year growth of 43.1% and 33.6% respectively, with exports contributing significantly [4] - In Spain, the sales of the Wuji brand reached 15,000 units in the first 11 months of 2025, a year-on-year increase of 80.7%, ranking fourth in the market [4] Group 4 - The company expects revenues of 20.16 billion yuan, 23.41 billion yuan, and 27.05 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.98 billion yuan, 2.32 billion yuan, and 2.72 billion yuan [5][7] - The earnings per share (EPS) are forecasted to be 0.96 yuan, 1.13 yuan, and 1.32 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 16, 14, and 12 [5][7]

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].