On September 14th, caitong research reports pointed out that zhejiang cfmoto power (603129.SH) achieved a net income attributable to the mother of 0.709 billion yuan in the first half of the year (+28.49%); among them, Q2 net income attributable to the mother was 0.431 billion yuan (+26.35%). The export performance is outstanding, and the product structure of all-terrain vehicles is being upgraded. The revenue of all-terrain vehicles in the first half of the year was 3.532 billion yuan (-1.55%), with sales of 0.0814 million units (+3%), an average price of 0.0434 million yuan (-4%), and the new high-end U/Z products are expected to open up growth space. The revenue from motorcycles was 3.248 billion yuan (+41.95%), with sales of 0.1539 million units (+56%), an average price of 0.0211 million yuan (-9%). This year, with the launch of multiple large-displacement models, the company's product matrix is expected to continue to expand, optimizing product structure. Benefiting from the optimization of the all-terrain vehicle structure, the increase in the proportion of U/Z series, and the continuous expansion of the product channels, it is expected that the company will achieve net income attributable to the mother of 13.62/1.698/2.114 billion yuan in 2024-2026, corresponding to PE ratios of 16/13/11X, maintaining a “shareholding” rating.