Investment Rating - The investment rating for Yadea Holdings is "Buy" (maintained) [1] Core Views - The performance for the first half of 2024 is generally in line with expectations, with improvements in gross margin on a sequential and year-over-year basis [3][4] - The company faced a decline in sales volume due to factors such as national inspections and inventory destocking by distributors, leading to a decrease in electric bicycle and scooter sales [3] - Despite the sales decline, the average revenue per unit improved, indicating a positive trend in pricing [3] Summary by Sections Revenue and Profitability - In H1 2024, Yadea achieved total revenue of 14.414 billion yuan, down 15.42% year-over-year and 18.67% sequentially [3] - The net profit attributable to the parent company was 1.034 billion yuan, reflecting a decrease of 12.88% year-over-year and 28.86% sequentially [3] - The gross margin for H1 2024 improved to 18.00%, up 1.13 percentage points year-over-year and 1.00 percentage point sequentially [3] Sales Performance - Electric bicycle sales reached 4.48 million units, down 19.07% year-over-year and 25.56% sequentially [3] - Electric scooter sales totaled 1.90 million units, down 28.89% year-over-year and 16.97% sequentially [3] - The average revenue per unit for bicycles was 1,533 yuan, up 3.05% year-over-year and 3.00% sequentially [3] Cost and Expenses - The revenue from battery and charger business in H1 2024 was 4.065 billion yuan, down 9.62% year-over-year and 14.44% sequentially [3] - The overall expense ratio slightly decreased, with sales, management, R&D, and financial expense ratios at 4.20%, 2.92%, 3.41%, and 0.14% respectively [3] Future Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 has been revised downwards, with net profits projected at 2.64 billion, 3.44 billion, and 4.00 billion yuan respectively [4] - The corresponding P/E ratios are expected to be 14, 11, and 9 times [4]

Investment Rating - The investment rating for Yadea Holdings is "Buy" (maintained) [5] Core Views - In the first half of 2024, Yadea Holdings experienced short-term revenue pressure due to stricter industry regulations and the pending implementation of new national standards. However, core profitability showed growth despite fluctuations caused by foreign exchange and government subsidies. Looking ahead, the gradual rollout of the trade-in policy is expected to boost industry demand, coupled with an accelerated market share increase for the company under the stringent regulatory environment, indicating an imminent operational turning point [2][6]. Summary by Sections Financial Performance - For H1 2024, the company reported a revenue of 144.14 billion yuan, a year-on-year decrease of 15.4%. Gross profit fell by 9.8% to 25.94 billion yuan, and net profit attributable to shareholders decreased by 12.9% to 10.34 billion yuan, with basic earnings per share down 13.5% to 0.345 yuan [6][9]. - The company faced significant operational pressure due to comprehensive regulatory tightening and the adjustment of new national standards, leading to a 22% year-on-year decline in sales volume to 6.38 million units. The average selling price remained stable, while sales revenue from complete vehicles dropped by 20% to 9.8 billion yuan. Battery and charger revenue decreased by 9.6% to 4.1 billion yuan, while revenue from electric two-wheeler components surged by 72.5% to 600 million yuan [6][9]. Profitability and Cost Management - The gross margin improved by 1.1 percentage points year-on-year to 18.0%, primarily due to optimized product mix and increased margins in battery and electric drive products, which saw a revenue increase of 31%. The operating profit margin also improved by 1.4 percentage points to 7.3% after excluding three major expenses [6][10]. - The net profit margin attributable to shareholders increased slightly by 0.2 percentage points to 7.2%, despite fluctuations from government subsidies and foreign exchange losses [6][10]. Market Position and Future Outlook - The company is expected to see an accelerated increase in market share in the second half of the year, driven by the new national standards that raise safety and regulatory requirements for complete vehicles. The introduction of a whitelist system for manufacturers will favor leading companies like Yadea, which has three entities listed on the initial whitelist [6][10]. - Revenue projections for 2024-2026 are estimated at 347.6 billion, 447.6 billion, and 542.0 billion yuan, respectively, with year-on-year growth rates of 0.0%, 28.8%, and 21.1%. Net profit attributable to shareholders is projected to be 27.5 billion, 36.8 billion, and 46.3 billion yuan, with corresponding growth rates of 4.2%, 33.7%, and 25.9% [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is currently facing pressure on performance due to a decline in sales volume but an increase in average selling prices. The new industry regulations are expected to improve performance in the future [2][3] - The company has a strong position in the industry, benefiting from the recent government regulations aimed at standardizing the electric two-wheeler market [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 14.41 billion yuan, a year-on-year decrease of 15.4%. The net profit attributable to shareholders was 1.03 billion yuan, down 12.9% year-on-year [2] - The company sold 6.383 million electric bicycles and scooters, a decline of 22.3% year-on-year, while the average price increased by 3.0% to 1,533.2 yuan per unit [2] Business Segments - The electric bicycle segment generated revenue of 6.24 billion yuan, down 18.3% year-on-year, with sales of 4.483 million units, a decrease of 19.1%. The average price was 1,391.9 yuan per unit, up 0.9% [3] - The electric scooter segment achieved revenue of 3.55 billion yuan, down 22.5% year-on-year, with sales of 1.9 million units, a decline of 28.9%. The average price increased by 9.0% to 1,866.7 yuan per unit [3] Market Position - The company is well-positioned to benefit from the new industry standards, having secured three out of six spots in the first batch of companies meeting the new regulatory conditions [3] - The company's stock has underperformed relative to the Hang Seng Index, with a decline of 25.9% over the past 12 months [3] Profitability and Cost Management - The gross margin for H1 2024 was 18.0%, an increase of 1.1 percentage points year-on-year, attributed to product mix optimization and rising prices of batteries and electric drive products [3] - The company has effectively controlled its expenses, with sales, management, and R&D expense ratios at 4.2%, 2.9%, and 3.4%, respectively [3] Future Outlook - Revenue forecasts for 2024-2026 are 32.557 billion yuan, 37.583 billion yuan, and 43.465 billion yuan, with year-on-year changes of -6.35%, +15.44%, and +15.65% respectively. Net profit forecasts are 2.635 billion yuan, 3.228 billion yuan, and 3.817 billion yuan, with year-on-year changes of -0.20%, +22.51%, and +18.23% respectively [3][5]

Financial Performance - Revenue decreased by approximately 15.4% to RMB 14,413.8 million compared to the same period in 2023[3] - Gross profit decreased by approximately 9.8% to RMB 2,593.8 million compared to the same period in 2023[3] - Profit attributable to shareholders decreased by approximately 12.9% to RMB 1,033.9 million compared to the same period in 2023[3] - Basic earnings per share decreased by approximately 13.5% to RMB 34.5 cents compared to the same period in 2023[3] - Operating profit was RMB 1,327.96 million, a decrease from RMB 1,469.31 million in the same period last year[5] - Total comprehensive income for the period was RMB 1,047.34 million, compared to RMB 1,286.49 million in the same period last year[8] - The company reported a net profit margin of approximately 7.2% for the reporting period[5] - Other income decreased to RMB 295,576,000 in the first half of 2024 from RMB 348,004,000 in 2023, a reduction of approximately 15.1%[35] - The company's net profit attributable to owners was RMB 1,033,866,000 for the six months ended June 30, 2024, compared to RMB 1,187,643,000 in 2023, a decline of approximately 12.9%[41] Revenue Breakdown - Revenue from electric bicycles was RMB 6,239,374 thousand, down 18.3% from RMB 7,639,514 thousand in 2023[27] - Revenue from electric scooters decreased by 22.5% to RMB 3,546,576 thousand from RMB 4,577,196 thousand in 2023[27] - Revenue from batteries and chargers was RMB 4,065,296 thousand, a decline of 9.6% compared to RMB 4,498,171 thousand in 2023[27] - Total revenue for electric two-wheelers and related components reached RMB 14,205,169,000 for the six months ended June 30, 2024, compared to RMB 16,988,740,000 for the same period in 2023, representing a decrease of approximately 10.5%[32] - The company recorded a total revenue of RMB 9,785.9 million from electric bicycles and scooters, accounting for 67.9% of total revenue in the first half of 2024[82] Expenses and Costs - Research and development expenses were RMB 491.11 million, down from RMB 554.82 million in the previous year[5] - The total cost of sales, selling and distribution expenses, administrative expenses, and research and development expenses amounted to RMB 13,337,116,000 for the six months ended June 30, 2024, compared to RMB 16,014,035,000 in 2023, a decrease of approximately 16.7%[36] - The sales cost decreased by approximately 16.6% to RMB 11,820.0 million in the first half of 2024, consistent with the decline in revenue[86] Cash Flow and Assets - Cash and cash equivalents were reported at RMB 7,067,644 thousand, down from RMB 7,913,807 thousand[10] - Operating cash flow showed a net outflow of RMB 696,503 thousand compared to an inflow of RMB 2,572,802 thousand in the same period last year[14] - Investment activities resulted in a net cash outflow of RMB 1,086,722 thousand, compared to RMB 260,442 thousand in the previous year[16] - The net cash flow from financing activities was RMB 925,445 thousand, a significant improvement from a net cash outflow of RMB 924,874 thousand in the previous year[27] - As of June 30, 2024, total assets amounted to RMB 25,707,624 thousand, a slight increase from RMB 25,660,098 thousand in the previous year[10] Liabilities and Equity - Current liabilities increased to RMB 16,773,601 thousand from RMB 16,396,290 thousand, primarily due to a rise in borrowings to RMB 1,274,770 thousand from RMB 267,257 thousand[12] - The total liabilities rose to RMB 17,572,666 thousand from RMB 17,258,892 thousand, indicating a growing leverage position[12] - The net asset value decreased to RMB 8,134,958 thousand from RMB 8,401,206 thousand year-over-year[12] - The debt-to-asset ratio increased to 22.3% as of June 30, 2024, from 9.9% as of December 31, 2023, mainly due to increased borrowings[98] Inventory and Receivables - The company reported a significant increase in accounts receivable, rising to RMB 798,553 thousand from RMB 545,941 thousand[10] - As of June 30, 2024, accounts receivable reached RMB 818,507 thousand, up from RMB 554,702 thousand as of December 31, 2023, indicating a rise of 47.7%[49] - Inventory increased by approximately 73.0% from RMB 955.4 million as of December 31, 2023, to RMB 1,652.6 million as of June 30, 2024, primarily due to increased battery inventory to meet seasonal demand[97] Corporate Actions and Governance - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous period[113] - The company has fully complied with the corporate governance code during the reporting period[111] - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and financial reporting matters during the reporting period[114] - The company repurchased 1,112,000 shares under the share incentive plan during the six months ended June 30, 2024[55] Future Outlook and Strategy - The company plans to continue investing in the development of new technologies for core components and expanding into overseas markets to promote the "Yadea" brand globally[79] - New regulations regarding battery design and manufacturing are expected to create a favorable environment for the company, potentially accelerating industry repositioning and growth[79]

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 ...

Investment Rating - The report initiates coverage on Yadea Holdings (01585.HK) with a "Buy" investment rating [7]. Core Views - The electric two-wheeler industry is expected to maintain stable growth due to rigid demand and expanding consumer base, with Yadea positioned as a leading player benefiting from regulatory changes and market dynamics [3][4]. - Yadea is expanding its overseas market presence, targeting high-growth regions such as Southeast Asia, Europe, and South America, which is anticipated to enhance its growth potential [2][3]. - The company is focusing on vertical integration of its supply chain, particularly in battery technology, which is expected to improve production efficiency and reduce costs [3][4]. Summary by Sections Company Overview - Yadea Holdings has been a leader in the electric two-wheeler industry for over 20 years, consistently ranking first in global sales since 2017 [4][14]. - The company has a robust distribution network in China, with over 40,000 sales points and more than 4,000 distributors [14][15]. - Yadea's revenue and profit have shown steady growth, with a CAGR of 21.26% for revenue and 31.25% for net profit from 2013 to 2023 [4][18]. Market Performance - The electric two-wheeler market is experiencing a "Matthew Effect," where leading companies are gaining market share at the expense of smaller players due to stricter regulations [3][31]. - Yadea's sales volume reached 16.52 million units in 2023, with a focus on high-end products driving revenue growth [4][19]. Financial Forecasts - Revenue projections for Yadea are estimated at 376 billion, 422 billion, and 482 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 29 billion, 32 billion, and 37 billion CNY [3][4]. - The company is expected to maintain a stable profit margin, with a projected net profit margin of 7.59% in 2023 [22][24]. Industry Dynamics - The electric two-wheeler industry is characterized by a shift towards compliance and quality, with new regulations expected to benefit established players like Yadea [31][32]. - The demand for electric two-wheelers is driven by urbanization, environmental concerns, and the growth of the delivery service industry, which heavily relies on electric bikes [34].

Summary of Conference Call on Yadea Holdings and the Electric Two-Wheeler Industry Company Overview - Yadea Holdings is a leading company in the electric two-wheeler industry, with a long history of participation and outstanding performance across multiple dimensions, including early licensing, overseas market involvement, and active supply chain management [1] - From 2017 to 2023, Yadea's revenue and performance compound annual growth rates (CAGR) reached 28% and 37%, respectively, with net profit levels improving to 7-8% due to scale expansion and raw material cost fluctuations [1][6] Industry Status and Domestic Market - The electric two-wheeler industry primarily addresses short and medium-distance travel needs, with domestic sales being the main market, accounting for a significant portion of total sales [2] - Domestic sales volume increased from 30 million units in 2017 to 50 million units, driven by commercial demand (approximately 20% of total sales) and residential demand [2][5] Domestic Market Core Logic and Structure Optimization - The industry's concentration has accelerated, with the CR3 (market share of the top three companies) rising from around 20% in 2016 to over 60% in 2023, with Yadea holding a 30% market share [3][9] - Future concentration is expected to continue, with a widening gap between leading companies and smaller brands, as Yadea enhances its operational capabilities across sales channels, supply chains, and product development [3][10] Overseas Market Development and Potential - Southeast Asia and India have large populations and strong purchasing power, transitioning from fuel to electric vehicles, with fuel motorcycle sales reaching 30-40 million units in 2022 [4][17] - The European and American markets primarily demand e-bikes, with EU sales around 5 million units in 2023 and expected CAGR exceeding 20% [4][18] Investment Recommendations - Yadea's revenue is projected to maintain a CAGR of 15% from 2024 to 2026, with profitability improving faster than revenue growth. The current valuation is approximately ten times earnings, indicating it is undervalued, thus a buy recommendation is suggested [5][18] Additional Insights - Short-term sales pressures are noted due to safety regulations and standard adjustments, impacting the industry's performance [5][14] - The introduction of new national standards for lithium batteries is expected to lead to a replacement wave for existing electric vehicles, affecting production costs and market dynamics [15][16] - The electric two-wheeler industry is compared to the white goods industry, suggesting that leading companies can replicate successful strategies to enhance their market positions [11][12][13] This summary encapsulates the key points discussed in the conference call regarding Yadea Holdings and the electric two-wheeler industry, highlighting the company's performance, market dynamics, and future outlook.

雅迪控股(01585) 雅迪控股公司深度: 国内领航,迈向国际 雅迪国内领航,稳步迈向国际 雅迪控股是电动两轮车行业的领航者,主营电动自行车、电动踏板车、电 池等业务。2017-2023 年公司收入、业绩复合增速分别达到 28%、37%,成 绩傲人;收入快速增长的同时,公司盈利中枢在 2020 年后明显提升,2023 年净利率达到 7.6%。行业层面,当下中国占全球电动两轮车消费的绝大部 分,但海外市场近年来迎来新的发展机遇,预计未来空间广阔;雅迪收入 仍以内销为主,随着公司开始积极布局海外开拓新增长力,后续发展可期。 国内:行业格局优化,走向集中 我们预计电动两轮车当前正处于格局加速集中的黄金阶段:一方面,以雅 迪为代表的龙头自身实力大幅增强,龙头积极在渠道质量提升、供应链垂 直整合、产品研发等层面大幅投入,巩固经营壁垒,优势逐渐扩大;另一 方面,2024 年行业有望迎来政策大年,全国大范围设备"以旧换新"提振 更新需求,且行业已出台新规范文件,叠加后续新国标落地,企业经营标 准趋严背景下,中小企业预计进一步出清,雅迪等龙头份额有望加速提升。 海外:政策驱动,市场空间广阔 海外市场在政策驱动下,两轮车开始电 ...

股票研究 海外公司 （中国香港 证 证券研究报告 国泰君安证券 GUOTAIJUNAN SECURITIES 雅迪控股（1585） 深耕产品直面竞争，出海征途再进一程 评级： 当前价格：（港元） 耐用消费品 增持 12.44 雅迪控股更新报告 2024.06.10 刘佳昆(分析师) 王佳(分析师) 021-38038184 010-83939781 liujiakun029641@gtjas.com wangjia025750@gtjas.com 登记编号S0880524040004 S0880524010001 本报告导读： 交易数据 52周内股价区间（港元) 10.68-18.52 当前股本（百万股） 3,064 当前市值（百万港元） 38,114 行业将迈入以产品为核心的高质量竞争阶段，公司技术积累深厚，冠能6代新品显著 选代升级，有望凭借强产品力持续提升份额，产品结构改善带动盈利释放可期。 投资要点： 结论：维持公司2024-2026年EPS预测分别为1.04/1.20/1.39元，维 持目标价18.76元人民币，维持“增持”评级。 产品为王，行业迈向高质量竞争。截至2023年末，我国电动两轮车 保有 ...

最近发的一个亚迪的一个深度报告首先就是从这个公司的一个简要的介绍确实是一个深耕两轮电动车领域也是这个行业龙头然后其实成立于其实也是20多年了也是最早的两轮电动车的企业之一 那从他的这个股东结构来看呢其实就是还是相对来说比较集中的啊包括这个董事长夫妻啊这个是实控人啊然后对于整个的这个经营管理呢其实这个核心骨干呢也就是做了相应的这种的股权基地的这样一个绑定包括这边呢其实我们也做了一个相应的就是说这个股权基地这样的一个 形成这样的一个目标收入和利润端所以其实对于未来成长性其实我们也是觉得整个公司其实也体现出了一个比较强的信心 那基本的这样的一个财务数据呢就简单过一下就主要的这个呃产品结构呢其实就是几个嘛一个是那个两轮的电动自行车还有一个是这个电动的踏板车啊然后就是一些其他的这些啊电池之类的这充电器等等的一些配件吧 那从过往的这个增速来看呢确实因为这个受这个新国标的影响所以整个其实2020年的这个增速其实是相对来说非常高的包括21年 那后面其实毁落到一个比较持续的增速以后其实我们也是能够看到整个公司这种α能力其实还是比较强的那从利润的角度来看无论是毛利率还是公司的净利率其实都是有一个逐步向上的趋势 那这个背景的底层呢 ...