24H1 四轮车经营稳健，两轮表现亮眼。公司24H1 实现营收75.3 亿元，同比+15.7%。24H1 营收拆分品类来看，四轮、两轮分别实现营收35.3、32.5 亿，同比分别-1.6%、+42%。24H1 四轮车行业整体呈现下行趋势，公司24H1 四轮累计销售8.1 万，同比+3%；出口额占全国全地形车出口额的71.8%，美国市场经销网点持续拓展。两轮车方面，24H1 公司出口两轮车8.6 万台、实现营收18 亿元，同比大幅增长45.1%，累计经销网络1500 余家，渠道拓展及新品迭代下，公司海外市场持续拓展；国内市场销量6.8 万、营收14.5 亿，同比+38.3%，250cc+摩托车销量行业第一。第三增长曲线极核电动业务24H1 销量2 万台，实现营收1.2 亿元，国内海外渠道分别增长81%、181.3%，逐渐成为公司新的增长点。Matters:
The company released its 2024 mid-year report. The company achieved revenue of 7.53 billion yuan, +15.7% year over year; realized net profit of 0.71 billion yuan, +28.5% year over year; looking at the split quarter, the company's 24Q2 revenue was 4.47 billion yuan, +23.2% year over year; net profit to mother was 0.43 billion yuan, +26.4% year over year.
Commentary:
The 24H1 four-wheeler is operating steadily, and the two-wheel performance is impressive. The company achieved revenue of 7.53 billion yuan in 24H1, +15.7% year-on-year. Looking at the 24H1 revenue split category, the fourth round and the two rounds achieved revenue of 3.53 billion and 3.25 billion respectively, -1.6% and +42% year-on-year respectively. The 24H1 four-wheeler industry as a whole showed a downward trend. The company's 24H1 four-wheel sales accumulated 0.081 million, +3% over the same period; exports accounted for 71.8% of the country's all-terrain vehicle exports, and distribution outlets in the US market continued to expand. In terms of two-wheelers, 24H1 exported 0.086 million two-wheelers and achieved revenue of 1.8 billion yuan, a sharp increase of 45.1% over the previous year. With a cumulative distribution network of more than 1,500 companies, the company continued to expand overseas markets under channel expansion and new product iteration; the domestic market sales volume was 0.068 million, revenue 1.45 billion, +38.3% YoY, ranking first in the 250cc+ motorcycle sales industry. Third growth curve The 24H1 core electric business sold 0.02 million units, achieving revenue of 0.12 billion yuan. Domestic and overseas channels grew by 81% and 181.3% respectively, gradually becoming a new growth point for the company.
24Q2 gross margin declined slightly year-on-year, and promotional expenses narrowed, and 24Q2 profits rose sharply. The company achieved net profit of 0.43 billion yuan to mother in 24Q2, +26.4% year on year; the company's 24Q2 gross margin was 30.8%, -0.5 pct year on year. We expect the main impact on product structure. The 24Q2 company's sales, management, R&D, and financial expense ratios were -1.8, +0.5, +0.3, and +1.4pct year over year, and finally achieved a net interest rate of 9.7% to mother and +0.2 pct year over year. The sharp contraction in sales expenses was mainly due to a decrease in promotional fees in North America. We expect that the company's new 24H2 four-wheeler will drive improvements in the product structure, and profitability is expected to increase.
The two rounds of export growth continued to materialize, and the expansion of nuclear electric power accelerated. The company's two-wheeler exports continue to open up new space with excellent product strength and brand marketing capabilities. We expect our outstanding export performance to continue this year.
24H1 Polarcore successfully launched new AE2 and AE4 series products, upgraded AE8 S+ and CITY products, covering a full range of product lines from high-end electric motorcycles to high-end electric motors. After the release of the new regulations for electric two-wheel products, we expect the expansion of domestic products and channels for extreme nuclear electric motors to accelerate, and overseas markets will also contribute to new growth and growth.
Investment suggestions: The company is a leader in the power sports equipment industry and has built a high-quality independent brand α with independent R&D and self-built channel capabilities. The three major increments drive the company's continuous growth. The two rounds of exports have maintained a high level of prosperity, and the four rounds of new products are expected to open up space in the middle and high-end markets. We adjusted the company's net profit forecast for 24/25/26 to 1.29/1.68/2.27 billion yuan (previous value 1.24/1.56/1.93 billion yuan), and the corresponding PE for 24-26 was 15/12/9 times, respectively. Using the DCF valuation method, the target price was maintained at 160 yuan, and the “recommended” rating was maintained.
Risk warning: trade policy risks, new product results falling short of expectations, terminal demand falling short of expectations.
