Do you have a high tolerance for risk?

If you do, you might want to check out the small cap ASX shares named below that brokers are tipping as buys with potential for massive returns.

Let's see what they are saying about these stocks:

Camplify Holdings Ltd (ASX: CHL)

The first ASX small cap share to look at is Camplify. It is one of the world's leading peer-to-peer digital marketplace platform providers for the recreational vehicle (RV) industry.

The team at Morgans is very bullish on the small cap. It has an add rating and $2.55 price target on its shares. This suggests that its shares could more than double in value from current levels.

It likes the company due to its positive long term growth outlook thanks to opportunity both at home and internationally. It said:

We expect CHL to continue to grow into its large addressable market locally, with over 790k registered RVs in Australia and ~130k in NZ. CHL only has ~2% of these on its platform. It has broadly doubled its domestic fleet since listing and with its acquisition of Germany- based PaulCamper (PC) now has a total fleet of over 29,000, making it a true global player.

IPD Group Ltd (ASX: IPG)

Another small cap ASX share that could be a buy is IPD Group. It is a national distributor and service provider to the Australian electrical market.

Bell Potter is bullish on the company and has a buy rating and $6.20 price target on its shares. This implies potential upside of 31% for investors.

The broker believes its is well-placed for growth in the coming years due to the electrification megatrend. It commented:

IPD Group distributes electrical equipment and technologies that support energy efficiency in building, infrastructure, and process sectors. Demand for upgrades in existing infrastructure and the scaling of IPG's EV charging business should drive future revenue and market share expansion. The group is well-positioned to capitalise on electrification trends in energy and transportation to support earnings growth.

Mach7 Technologies Ltd (ASX: M7T)

A final small cap ASX share that has been named as a buy is Mach7. It is an enterprise image management systems provider.

Analysts at Morgans are also feeling bullish on this small cap. The broker has an add rating and $1.36 price target on its shares. This is more than triple its current share price.

Morgans believes the company is positioned to deliver further strong growth over the medium term. It said:

Mach7 is a provider of enterprise image management systems that allow hospitals to identify, connect and share image and patient care data. Revenue growth of at least 20% pa is expected over the next three years.