Cinda Securities: MOTO product structure optimization, brand momentum enhancement, advancing diversified market strategy

Cinda Securities' research report points out that MOTO achieved a net profit attributable to the parent company of 410 to 460 million yuan in the first half of 2025; the net profit attributable to the parent company in the second quarter of 2025 is expected to be 216 to 266 million yuan. Despite external adverse factors such as exchange rate and tariff fluctuations, the company has improved its profitability against the trend through product structure optimization, enhanced operational efficiency, and strengthened cost control, with overall profit growth expected to outperform revenue. Currently, tariff expectations are easing, overseas interest rate cuts are imminent, and the replenishment cycle and overseas demand are expected to outperform domestic logic. As a core leader in exports, the company has recently made "progressively advancing diversified market layout" one of its strategic priorities, with long-term growth logic expected to be realized and valuation center likely to steadily rise. In addition, it is believed that the future focus of Vietnam's export trade will be on origin certification and transshipment trade, and the company has a strong compliance awareness, which is expected to benefit from the exit of non-compliant enterprises