Event: Spring Breeze Day successfully opened on July 13, 2024. The event, with the MotoGP race as the theme, was officially held at the Zhejiang International Circuit, attracting the enthusiastic participation of nearly 3,000 riders. There were many highlights during the event, including exciting product launches, new technology presentations, and industry forums. Furthermore, the 2nd CFMOTO Genius Cup Trials was held as scheduled, and in the end, the best young genius in the country was selected, impacting MotoGP. 2024 Spring Day fully showcased the company's motorcycle travel culture and cutting-edge hardcore technology.

Focusing on large displacement and multi-cylinder model layout, the four-cylinder imitation 500SR VOOM was a landmark. The 500SR VOOM was a landmark, marking the official launch of Chunfeng Power's first four-cylinder racing model:

The 500SR has a maximum horsepower of 61 kW; the maximum torque is 49 nm/10,000 rpm, the maximum engine speed can reach 15,700 rpm, and the maximum speed is 220 km/h; the standard version costs 34,980 yuan, equipped with S1 tires, sliding clutches, ABS and TC; the premium version costs 37,980 yuan, adding features such as S3N tires, adjustable front and rear shock, steering damping, and quick shift compared to the standard version. Competitor models: including Honda DREAMWING-CBR650R, Excelsior 450RR, QJMOTOR Race 600, Infinity RR525, etc. Product advantages:

The 500SR VOOM has strong power and has certain advantages in terms of power performance, torque, and ultimate speed. At the same time, the pricing level is full of sincerity, which has significant cost performance advantages over foreign brands.

High-performance and innovative take-off three-cylinder 675SR and two-cylinder 250SR unveiled 1) 675SR-R: The company's first model equipped with a 55kg lightweight three-cylinder engine. It has 95 horsepower and 70 N·m torque, takes into account low torque explosive power and high rolling ductility, bringing the ultimate driving experience, and is expected to become the “ceiling” for the dynamic performance of motorcycles below 1,000 cc. The 675SR-R uses a chromium-molybdenum alloy steel tube braided frame and high-performance composite tires to ensure accurate feedback and stability.

2) 250SR-R: The 250SR relies on the company's highly mature single-cylinder engine platform and has remained a best-selling seller since its launch in 2020. This is the first time that the 250SR-R is equipped with Chunfeng's new self-developed 250cc asynchronous two-cylinder engine. It uses a 270° crankshaft design and has the advantages of linear acceleration and high speed. The 250SR-R achieves an ultra-low wind resistance coefficient and a lightweight body, excellent starting acceleration, and a maximum speed of over 14,000 revolutions.

The world-class V4 replica is on the way to Chunfeng Supercar and the new Altitude Upgrade V4 sports car will be unveiled at the Egg Contest. The maximum power may exceed 200 horsepower, rivaling the world-class litre supercar.

Other details have not been disclosed, but Chunfeng plans to mass-produce cars to participate in WSBK. We believe that the company's two-wheeled racing model product matrix continues to improve. From a single-cylinder platform to a two-cylinder engine and multi-cylinder engine, the displacement segment continues to break through. The V4 supercar has made a spectacular debut this time, raising the company's supercar model to a new level.

Investment advice: We are optimistic about the company's two-wheeler exports and four-wheel high-end layout in the long term, and revise the profit forecast. We expect the company's 2024-2026 revenue to 15.2/19.59/23.7 billion yuan, net profit to mother of 1.323/1.729/2.095 billion yuan, and EPS of 8.74/11.42/13.83 yuan. Corresponding to the closing price of 148.06 yuan/share on July 12, 2024, PE was 17/13/11 times, respectively, maintaining the “recommended” rating.

Risk warning: Competition in domestic and foreign motorcycle markets intensifies; the company's new product sales fall short of expectations; fluctuating shipping costs; fluctuating exchange rates, etc.