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]

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。 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： – 1 – • 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，本 公 司 股 東 應 佔 利 潤 減 ...

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].

1、公司基本情况 公司是电动两轮车行业的龙头企业，参与产业时间长，表现领先。公司在多个维度上表现出 色，包括早期拿到执照、参与海外市场、积极布局产业链上下游等。公司产销量规模大，表现 出色。 从2017年到2023年，雅迪控股的收入和业绩复合增速分别达到28%和37%。虽然2020年之 前盈利中枢不高，但逐步提升至7-8的水平，主要原因是规模扩张和原材料成本波动。 2、行业现状与内销市场 电动两轮车行业主要解决短距离和中距离出行问题，内销仍是主要市场，占据大部分比例。 虽然出口市场增长预期较快，但目前内销仍是核心投资逻辑。 2017年后，电动两轮车行业内销量从3000万辆提升至5000万辆，增长主要来自商用需求 （如外卖、共享单车）和民用需求（如家庭、个人）。商用需求占比约20%，未来增长稳健。 3、国内市场核心逻辑与格局优化 电动两轮车行业的格局优化加速，从2016年的CR3二十多提升至2023年的60多，雅迪市场 份额达30%。这种集中度提升主要受成本上升和新国标出台等外力影响。 未来行业集中度将继续提升，龙头企业与中小品牌的实力差距拉大。雅迪通过全方位的经营 能力提升，包括销售渠道、供应链和产品研发，巩 ...

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 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰均安证券将保留追究其法律责任的权利国泰均安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加国军军防雅迪控股深度汇报目前所有参会者均处于静音状态下面有请主持人讲话谢谢哎好呀那个会议秘书这边能听清是吧可以听清好那我这个这样的就是调翻页也都能正常看到是吧喂会议秘书 翻译这都是正常的是吧翻译正常的好的 行啊 那个各位投资者大家好我是国泰军安轻工仿储的手游分析师刘家坤然后这边就是向各位投资者汇报一下我们最近发的一个雅迪的一个深度报告 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其实做了相应的这种的股权 ...