工业设计其实核心的还是在于是可否解决消费者对于中短途出行的这样的一个产品的一个痛点因为我们也一直在跟大家强调在中国有将近五千万的用户他们可能更关注的还是零到十公里的一个出行在这个出行的过程中你可能更要解决的是产品的安全性 稳定性 可靠性 以及部分的高端电机和供电区的研究那我们之所以在三月份布局灵活就是看准了经济能源在过去的两年它的演化效率并没有达到我们想要的这样的一个水平但是他们的成本费用呢比起说一个这种行业顶尖的这样的一个公司来讲我们觉得还是划算所以这就是我们刚才所说的 贡献要和费用要进行一个匹配这个才可以不能说一直公司的投入所以我觉得从这几点来看在未来都不是太大的一个问题另外一个再把竞争力再啰嗦一句其实今年的核心问题就是因为从我们内部讲推新品推新的技术推新的产品是需要一个稳定的市场环境的 所以我们会综合考虑哪些费用一定要花哪些费用一定要省哪些效率一定要提升综合提升整个公司的运营效率提升管理上面的效率使得我们的费用包括大家关心的这些效率问题得到一个好的一个解决谢谢明白 石总您刚刚说的费用的下降都是绝对额的下降对吧 好的 谢谢施总 明白了 一千六百万的直升机电车型的一个问题那在过去的这几个月呢大家能看到逐步的 ...

[Table_Page] 公司深度研究|可选消费 证券研究报告 liyueyu@gf.com.cn | --- | --- | --- | |-------------------------------------|---------------------------|--------------| | | | | | [Table_Title] 雅迪控股 (01585.HK) | 公司评级 [Table_Invest] | 增持 | | | 当前价格 | 13.40 港元 | | 电动两轮车龙头，横纵向布局领先 | 合理价值 | 17.14 港元 | | | 前次评级 | 买入 | | [Table_Summary] 核心观点： | 报告日期 | 2024-11-02 | ⚫ 雅迪是电动两轮车行业龙头，23 年销量超 1600 万辆。根据公司财报， 公司成立于 2001 年，深耕电动两轮车领域二十多年，2023 年产销量 超过 1600 万辆。目前公司业务覆盖电动自行车、踏板车、电池等多个 领域，2023 年营收 348 亿元，归母净利润超 26 亿元。 ⚫ 行业短期将受益新政与补贴落地，长期需求仍有提 ...

Revenue and Sales Performance - Revenue for the first half of 2024 was RMB 14,413.8 million, a decrease of 15.4% compared to the same period in 2023, primarily due to macroeconomic uncertainties and temporary weak market demand[8] - Total sales of electric two-wheelers decreased from 8,210,700 units in the first half of 2023 to 6,382,600 units in the first half of 2024, with a gradual recovery in sales observed in May and June 2024[8] - Sales of electric bicycles accounted for 43.3% of total revenue, generating RMB 6,239.4 million, while electric scooters contributed 24.6% with RMB 3,546.6 million in revenue[10] - Battery and charger sales contributed 28.2% of total revenue, amounting to RMB 4,065.3 million, with battery sales alone reaching RMB 6,714.6 million[10] - Total segment revenue for electric two-wheelers and related accessories decreased from RMB 17,041.1 million in H1 2023 to RMB 14,413.8 million in H1 2024, a decline of 15.4%[12] - Revenue for the first half of 2024 was RMB 14,413.8 million, a decrease of 15.4% compared to RMB 17,041.1 million in the same period of 2023[53] - Revenue from electric bicycles decreased to RMB 6,239,374 thousand in H1 2024 from RMB 7,639,514 thousand in H1 2023, a decline of 18.3%[71] - Revenue from electric scooters decreased to RMB 3,546,576 thousand in H1 2024 from RMB 4,577,196 thousand in H1 2023, a decline of 22.5%[71] - Revenue from batteries and chargers decreased to RMB 4,065,296 thousand in H1 2024 from RMB 4,498,171 thousand in H1 2023, a decline of 9.6%[71] - Revenue from electric two-wheeler parts increased to RMB 562,556 thousand in H1 2024 from RMB 326,211 thousand in H1 2023, an increase of 72.5%[71] - Total segment revenue for electric two-wheelers and related accessories was RMB 14,205,169 thousand in H1 2024, down from RMB 16,988,740 thousand in H1 2023[74] - Total segment revenue for batteries and electric drives was RMB 2,526,456 thousand in H1 2024, up from RMB 1,928,281 thousand in H1 2023[74] Gross Profit and Margin - Gross margin improved from 16.9% in the first half of 2023 to 18.0% in the first half of 2024, driven by an optimized product mix and premium pricing for battery and electric drive products[8] - Gross profit decreased by 9.8% from RMB 2,874.1 million in H1 2023 to RMB 2,593.8 million in H1 2024, with gross margin improving slightly from 16.9% to 18.0% due to product mix optimization and price increases for batteries and electric drive products[14] - Gross profit for the first half of 2024 was RMB 2,593.8 million, down 9.8% from RMB 2,874.1 million in the first half of 2023[53] - Gross profit for electric two-wheelers and related accessories was RMB 2,264,028 thousand in H1 2024, down from RMB 2,687,793 thousand in H1 2023[74] - Gross profit for batteries and electric drives was RMB 374,470 thousand in H1 2024, up from RMB 192,883 thousand in H1 2023[74] Net Profit and Earnings - Net profit decreased by 12.9% from RMB 1,186.8 million in H1 2023 to RMB 1,033.9 million in H1 2024[16] - Net profit attributable to the company's owners for the first half of 2024 was RMB 1,033.9 million, a decrease of 12.9% compared to RMB 1,187.6 million in the same period of 2023[53] - Basic earnings per share for the first half of 2024 were RMB 34.5 cents, down from RMB 39.9 cents in the first half of 2023[53] - Net profit attributable to owners of the company was RMB 1,033,866 thousand in H1 2024, down from RMB 1,187,643 thousand in H1 2023[82] - Basic earnings per share decreased to RMB 34.5 cents in H1 2024 from RMB 39.9 cents in H1 2023[82] - Net profit attributable to the company's owners decreased to RMB 1,033,866 thousand in 2024 from RMB 1,187,643 thousand in 2023, representing a decline[85] - Diluted earnings per share decreased to 34.4 RMB cents per share in 2024 from 39.5 RMB cents per share in 2023[85] Cash Flow and Financial Position - Cash and cash equivalents decreased by 10.7% from RMB 7,913.8 million as of December 31, 2023, to RMB 7,067.6 million as of June 30, 2024, primarily due to net cash outflows from operating and investing activities[17] - Operating cash flow for the six months ended June 30, 2024, was a net outflow of RMB 696.503 million, compared to a net inflow of RMB 2.5728 billion in the same period in 2023[64] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 1.0867 billion, primarily due to the purchase of property, plant, and equipment amounting to RMB 815.315 million[64] - Net cash from financing activities for the six months ended June 30, 2024, was RMB 925.445 million, driven by proceeds from borrowings of RMB 1.3095 billion[64] - Cash and cash equivalents decreased by RMB 857.78 million during the six months ended June 30, 2024, ending at RMB 7.0676 billion[64] - The company paid dividends of RMB 1.3161 billion during the six months ended June 30, 2024[61] - The company repurchased shares worth RMB 13.329 million under the share award plan during the six months ended June 30, 2024[61] - The company acquired a subsidiary, resulting in a payment of RMB 209.482 million, net of cash acquired, during the six months ended June 30, 2024[64] - Interest income from bank deposits for the six months ended June 30, 2024, was RMB 117.531 million[64] - The company repaid borrowings of RMB 268.095 million during the six months ended June 30, 2024[64] - The company's cash and cash equivalents decreased to RMB 7,067,644 thousand as of June 30, 2024, from RMB 7,913,807 thousand as of December 31, 2023[105] Inventory and Asset Management - Inventory increased by 73.0% from RMB 955.4 million as of December 31, 2023, to RMB 1,652.6 million as of June 30, 2024, driven by increased battery inventory reserves and rising lead prices[20] - Total inventory as of June 30, 2024, was RMB 1,652,566 thousand, with raw materials accounting for RMB 950,156 thousand[87] - Accounts receivable increased to RMB 798,553 thousand in 2024 from RMB 545,941 thousand in 2023, with 94.2% of receivables aged within six months[88][89] - Total accounts payable and notes payable decreased to RMB 11,951,945 thousand in 2024 from RMB 13,672,198 thousand in 2023[90] - The company's trade and other receivables increased to RMB 798,553 thousand as of June 30, 2024, from RMB 545,941 thousand as of December 31, 2023[106] - The company's trade and other payables decreased to RMB 11,951,945 thousand as of June 30, 2024, from RMB 13,672,198 thousand as of December 31, 2023[108] Shareholder Equity and Share-Based Compensation - The company's total issued shares as of June 30, 2024, are 3,063,800,000 shares[26][28] - Dong Jingui holds 1,399,398,084 shares through Dawei Investment Limited, representing a significant portion of the company's equity[26] - Qian Jinghong holds 515,370,859 shares through Fangyuan Investment Limited, contributing to the company's equity structure[26] - The company granted 33,550,000 share options to 263 employees on January 17, 2023, under the 2016 Share Option Plan[35] - The share options granted have a vesting schedule tied to the company's financial performance, with 30% vesting after the 2023 annual results, 30% after the 2024 annual results, and 40% after the 2025 annual results[35] - The performance targets for the share options require a 20% growth in consolidated revenue and net profit for 2023, 44% for 2024, and 73% for 2025, compared to the 2022 baseline[35] - The company's five highest-paid individuals (excluding directors and senior management) each earned RMB 1,020,000 in 2023[31] - The company's share price at the time of the option grant on January 17, 2023, was HKD 16.14 per share[35] - The company's 2016 Share Option Plan was approved by the Hong Kong Stock Exchange on May 18, 2016, allowing the issuance of shares upon the exercise of options[35] - The company has established a performance evaluation system for employees to determine the vesting of share options based on individual performance targets[36] - The maximum number of shares available for grant under the 2016 Share Option Plan was 266,450,000 shares as of January 1, 2024[37] - The 2016 Share Option Plan terminated on June 17, 2024, and no further options can be granted under this plan after termination[37] - The 2024 Share Option Plan was conditionally approved by shareholders on June 17, 2024, with a maximum of 153,190,000 shares available for grant, representing 5% of the total issued shares as of the approval date[37] - No options were granted, exercised, canceled, lapsed, or forfeited under the 2024 Share Option Plan from its adoption date to June 30, 2024[39] - The total number of options available for grant under the 2024 Share Option Plan as of June 30, 2024, was 153,190,000[39] - The First Share Award Plan was terminated on June 17, 2024, and no further awards can be granted under this plan after termination[40] - The second and third share incentive plans were adopted on June 6, 2019, and will terminate on June 17, 2024, after which no further awards can be granted under these plans[41] - The fourth share incentive plan was adopted on July 23, 2019, and was amended on June 17, 2024, to allow the purchase of existing shares at market price for employee awards[42] - As of January 1, 2024, 70,678,139 shares were available for issuance under the share incentive plans, with 4,764,539 shares under the first plan (0.16% of issued share capital) and 65,913,600 shares under the fourth plan (2.15% of issued share capital)[43] - As of June 30, 2024, 59,642,339 shares were available for issuance under the share incentive plans, with 3,614,539 shares under the first plan (0.12% of issued share capital) and 56,027,800 shares under the fourth plan (1.83% of issued share capital)[44] - The company repurchased 1,112,000 shares under the share award plan in 2024, compared to none in 2023[94] - Outstanding restricted share units decreased to 17,338,000 in 2024 from 31,863,000 in 2023, with a weighted average fair value of RMB 5.68 per unit[96] - The company's share-based payment expenses for the six months ended June 30, 2024, amounted to RMB -46,847 thousand, compared to RMB 92,448 thousand in the same period in 2023, primarily due to the reversal of RMB 62,638 thousand in share-based compensation expenses as the performance conditions for the awards were not expected to be met[100] Regulatory and Market Challenges - The company remains the market leader in the electric two-wheeler industry by market share, despite regulatory changes and market challenges[8] - New regulations introduced in May 2024 focused on battery design and manufacturing, including aspects like overcharging, over-discharging, and thermal runaway, which temporarily disrupted product development[8] Research and Development and Overseas Expansion - The company plans to continue investing in R&D for new technologies in core components and expand its overseas market presence to promote the "Yadea" brand globally[8] - The net proceeds from the share placement in 2022 amounted to approximately HKD 857.6 million (equivalent to RMB 727.8 million), intended for overseas business expansion through R&D centers, factories, distribution networks, and potential acquisitions[47][48] - The company expects to fully utilize the net proceeds from the 2022 share placement by December 31, 2025[49] Subsidiary Acquisitions and Investments - The company's subsidiary acquired 100% equity of Wuxi Lingbo Electronic Technology Co., Ltd. for a total cash consideration of approximately RMB 351.5 million on April 17, 2024[47] - The company's subsidiary, Zhejiang Huayu Sodium Battery New Energy Technology Co., Ltd., acquired 100% equity of Wuxi Lingbo Electronic Technology Co., Ltd. for a total cash consideration of RMB 351,500 thousand on April 17, 2024[102] - The identifiable net assets acquired from Lingbo amounted to RMB 304,394 thousand, including intangible assets of RMB 114,833 thousand, primarily consisting of customer relationships valued at RMB 92,900 thousand and patents valued at RMB 20,820 thousand[103] Financial Assets and Liabilities - The fair value of financial assets at fair value through profit or loss decreased by 6.3% from RMB 2,789.8 million as of December 31, 2023, to RMB 2,613.9 million as of June 30, 2024, due to redemptions of wealth management products and structured deposits[18] - The company's financial assets measured at fair value through profit or loss decreased to RMB 2,613,941 thousand as of June 30, 2024, from RMB 2,789,800 thousand as of December 31, 2023[104] - The company's financial liabilities measured at amortized cost increased to RMB 16,672,418 thousand as of June 30, 2024, from RMB 16,202,059 thousand as of December 31, 2023, primarily due to an increase in borrowings to RMB 1,274,770 thousand from RMB 267,257 thousand[108] - The company's total financial assets measured at fair value as of June 30, 2024, amounted to RMB 2,626,927 thousand, including RMB 2,439,273 thousand in wealth management products and structured deposits and RMB 82,248 thousand in unlisted equity investments[110][111] Capital Expenditures and Commitments - The company acquired property, plant, and equipment worth RMB 679,077 thousand in 2024, a significant increase from RMB 363,763 thousand in 2023[86] - The company's capital commitments for property, plant, and equipment as of June 30, 2024, amounted to RMB 758,645 thousand, a decrease from RMB 815,006 thousand as of December 31, 2023[101] Employee Costs and Compensation - Total employee costs decreased from RMB 1,426.0 million in H1 2023 to RMB 1,074.8 million in H1 2024, with the number of employees decreasing from 12,338 to 12,008[22] - Employee share-based compensation expenses amounted to RMB 92.448 million for the six months ended June 30, 2024[61] Related Party Transactions - No significant related party transactions or balances were reported for the six months ended June 30, 2024, and June 30, 2023, as well as for the periods ended June 30, 2024, and December 31, 2023[117] Asset and Liability Overview - Total assets as of June 30, 2024, were RMB 25,707.6 million, a slight increase from RMB 25,660.1 million as of December 31, 2023[58] - Total liabilities as of June 30, 2024, were RMB 17,572.7 million, compared to RMB 17,258.9 million as of December 31, 2023[60] - The company's equity attributable to owners as of June 30, 2024, was RMB 8,134.7 million, down from RMB 8,401.0 million as of December 31, 2023[60] - The asset-liability ratio increased from 9.9% as of December 31, 2023, to 22.3% as of June 30, 2024, mainly due to increased borrowings[21] - The company's assets at the beginning of the period were RMB 80,924 thousand, an increase from RMB 66,444 thousand in the same period last year[116] - Additions to assets during the period amounted to RMB 1,677 thousand, slightly lower than the RMB 1,786 thousand added in the previous year[116] - The company's assets at the end of the

[Table_MainInfo] 公司研究/造纸轻工/轻工制造 证券研究报告 雅迪控股（1585）公司公告点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------|------------------------------------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 03 日收盘价 ] | 11.20 港元 | | 52 周股价波动 | 9.00~15.78 港元 | | 总股本 / 流通 A 股 | 31.13 亿 /31.13 亿 | | 总市值 / 流通市值 | 349 亿 /349 亿港元 | | 相关研究 | | | [Table_ReportInfo] | 《电动两轮车产品升级推动销量增长，电池等 | | 业务释放成长性》 | 2024.04.12 | | | 《电动自行车销量高增，第二成长曲线有望加 | | 速释放》 2023.09.08 | | 市场表现 [Tabl ...

证券研究报 告 雅迪控股（01585.HK）2024 年中期业绩点评 强推（维持） 24H1 销量短期承压，毛利率同比改善 目标价：13 港元 当前价：10.8 港元 事项： ❖ 公司发布 2024 年中期业绩公告，实现收入 144.1 亿元，同比-15.4%；实现归 母净利 10.3 亿元，同比-13.0%。 评论： ❖ 24H1 行业监管趋严需求转弱，库存去化影响销量短期承压。24H1 公司营收 同比下滑 15.4%，主要系上半年销量下滑承压，原因主要为：1）24H1 行业 监管趋严下需求转弱。24 年初南京电动自行车起火事件后，引发行业监管升 级，监管部门相继出台锂电池、充电器等新标准及更新现有标准，在此背景 下行业需求转弱，同时厂商需推出符合新标准体系的产品，影响短期出货表 现。2）经销商库存去化导致出货承压。公司渠道分销商在 24H1 经历短暂去 库存周期，导致公司部分月份出货承压。以上影响下，公司 24H1 实现销量 638 万台，同比下滑 22%。展望后续，我们预计监管政策落地后，龙头将优 先受益行业出清，公司销量亦会稳步修复。 ❖ 24H1 毛利率水平同比提升，单车净利润同比增长。24H1 公 ...

证券研究报告·海外公司点评·汽车(HS) 雅迪控股（01585.HK） 2024 半年报点评：业绩基本符合预期，毛利 率同环比改善 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 31086 | 34801 | 35719 | 40242 | 43398 | | 同比(%) | 15.19 | 11.95 | 2.64 | 12.66 | 7.84 | | 归母净利润（百万元） | 2161 | 2640 | 2640 | 3442 | 3998 | | 同比(%) | 57.80 | 22.17 | 0.00 | 30.38 | 16.13 | | EPS-最新摊薄（元/股） | 0.71 | 0.86 | 0.86 | 1.12 | 1 ...

证券研究报告 港股公司|公司点评|雅迪控股（01585） 雅迪控股 2024 年中报点评： 业绩短期波动，经营拐点在即 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月26日 证券研究报告 |报告要点 上半年随着行业监管趋严，叠加新国标修订未落地，雅迪控股收入短期有所承压；期内公司核 心盈利仍有增长，但汇兑及政府补助等因素干扰了整体利润表现。展望后续，考虑到以旧换新 政策逐步落地提振行业需求，叠加强监管背景下公司份额加速提升趋势，下半年公司经营拐 点在即。 |分析师及联系人 管泉森 孙珊 崔甜甜 SAC：S0590523100007 SAC：S0590523110003 SAC：S0590523110009 请务必阅读报告末页的重要声明 1 / 6 港股公司|公司点评 glzqdatemark2 2024年08月26日 雅迪控股(01585) 雅迪控股 2024 年中报点评： 业绩短期波动，经营拐点在即 | --- | --- | |------------|-------------------| | 行 业： | 汽车/摩托车及其他 | | 投资评级： | 买入（维持） | | ...

2024 年 08 月 26 日 公司研究 评级：买入(维持) 研究所： | --- | --- | |--------------|----------------------| | 证券分析师： | 杨仁文S0350521120001 | | | yangrw@ghzq.com.cn | | 证券分析师： | 袁冠S0350524050001 | | | yuang@ghzq.com.cn | [Table_Title] 量跌价升阶段承压，看好新规落地后业绩改善 ——雅迪控股（01585）2024 年中报点评 最近一年走势 相对恒生指数表现 2024/08/23 表现 1M 3M 12M 雅迪控股 -3.7% -24.2% -25.9% 恒生指数 0.8% -6.7% -1.3% 市场数据 2024/08/23 当前价格（港元） 9.90 52 周价格区间（港元） 9.00-16.46 总市值（百万港元） 30,815.21 流通市值（百万港元） 30,815.21 总股本（万股） 311,264.73 流通股本（万股） 311,264.73 日均成交额（百万港元） 225.28 近一月换手（%） 0.2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Yadea Group Holdings Ltd. 雅迪集團控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1585） 截 至2024年6月30日止六個月 中期業績公告 雅迪集團控股有限公司（「本公司」或「雅 迪」）董 事（「董 事」）會（「董事會」）謹此提呈 本公司及其附屬公司（統 稱「本集團」）截 至2024年6月30日止六個月（「報告期間」） 的 未 經 審 核 綜 合 中 期 業 績，連 同2023年 同 期 的 比 較 數 字 如 下： 財務摘要 於 報 告 期 間： • 與2023年 同 期 相 比，收 入 減 少 約15.4%至人民幣14,413.8百 萬 元。 • 與2023年 同 期 相 比，毛 利 減 少 約9.8%至人民幣2,593.8百 萬 元。 • 與2023年 同 期 相 比， ...

雅迪控股 原文 20240710_ 2024年07月11日13:27 发言人 00:00 报告，然后雅婷其实最近整个股价回调比较多，我们觉得主要的原因还是上半年整个销售有一 定的承压，所以说在这个界面比较弱的情况下，股价也是有一个比较明显的一个回调。但是我 们，认为从目前的，整个股价位置，或者说从目前的估值来看，雅迪已经是处于一个，最近的 这个几年来看，一个评估的一个底部，所以说我们，也是在近期发了这个底部，发了这个养鱼 的这个深度，也是想看好后续的这个公司后续的行情然后这次汇报我们主要是从三个方方面， 去汇报一下雅迪这个公司。第一个就是可能大家，比较关注的行业的三个问题。第一个就是这 个行业规模未来，到底去怎么去增长。第二个的话就是，公司的这个份额和未来，还能够或者 说行业的这个集中度未来还能不能够提升。然后第三个的话就是利润率的这个角度转到国际行 动之后，这个行业利润率还有没有进一步向上的空间。 发言人 01:22 然后第二个维度的话就是从公司的这个维度，也是分三个方向。第一个就是从管理市场来看， 公司的这个份额这个天花板在哪里。然后第二个的话，公司的这个产业链一体化，能够带来多 大的一个利润率的提升。然 ...