展望未来，通勤场景（占比约50%）与娱乐场景（30%）构成电动两轮客户的核心基本盘，其中：1） 通勤场景以刚需为主导，对产品性价比、续航能力及渠道便利性高度敏感，我们预计雅迪、爱玛凭借规 模化制造降本、下沉渠道网络及长续航技术构筑护城河，形成绝对主导地位；2）娱乐场景更注重品牌 调性、外观设计及智能化体验，用户愿为个性化支付溢价，新势力品牌例如九号等公司具备先发优势， 而雅迪、爱玛等传统车企亦通过车型、营销手段快速迭代，缩小差距。 公司经历前期激进扩张与2024 年深度调整，销量、盈利能力均有望快速修复。1）渠道侧面，公司2024 年受新国标影响，老车型清仓去库，致使渠道压力较大。2025 年以来，随着新国标落地、以旧换新的 推进，我们预计公司终端渠道已恢复至健康状态，叠加摩登等新产品序列上市，后续销量增长潜力有望 恢复。2）与销量趋势一致，随着行业价格战缓解与公司规模效应的重新体现，单车盈利能力有望快速 修复。3）子公司华宇电池凭借"24 个月真换新"的技术品牌，外供需求旺盛，销量有望快速增长，并进 一步增厚公司业绩。 盈利预测与估值： 预计公司2025-2027 年归母净利润分别为29.3/35.5/41 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 10 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 06 月 06 日收盘价 | 买入（首次） | | | --- | --- | | 股票信息 | | | 行业 | 汽车零部件 | | 06 月 06 日收盘价（港元） | 12.36 | | 总市值（百万港元） | 38,472.32 | | 总股本（百万股） | 3,112.65 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 9.65 | 雅迪控股（01585.HK） 政策驱动景气度上行，龙头盈利修复可期 以旧换新叠加新国标落地，行业需求有望重回快速增长区间。预计行业 2025/2026 年销量 5600/6175 万辆，同比+12%/+10%，未来行业稳态需 求接近 6500 万辆。主要受益于：1）以旧换新政策补贴力度大，截至 2025 年 4 月 8 日全国电动自行车售旧、换新各 334.1 万辆，平均单车补贴金额 688 元，据中国自行车协会监测，行业一季度产量同比+25%，刺激效果 显著，后续换购需求有 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 10 年 月 日 雅迪控股（01585.HK） 政策驱动景气度上行，龙头盈利修复可期 以旧换新叠加新国标落地，行业需求有望重回快速增长区间。预计行业 2025/2026 年销量 5600/6175 万辆，同比+12%/+10%，未来行业稳态需 求接近 6500 万辆。主要受益于：1）以旧换新政策补贴力度大，截至 2025 年 4 月 8 日全国电动自行车售旧、换新各 334.1 万辆，平均单车补贴金额 688 元，据中国自行车协会监测，行业一季度产量同比+25%，刺激效果 显著，后续换购需求有望加速释放。2）2024 版新国标将于今年 9 月实施， 新增防火、防电池篡改的要求，降低铅酸电池重量要求，提高行业准入门 槛，预计行业 Q2-Q3 老国标车型需求有望维持旺盛。 行业格局：头部车企优势明显，未来市场份额有望稳中有升。龙头公司雅 迪/爱玛在产品价格带、渠道方面优势明显，市占率大幅领先同行，2024 年分别销售 1302/1070 万台，对应市占率 26%/21%，合计市占率达 47%。 展望未来，通勤场景（占比约 50%）与娱乐场景 ...

作者｜黄楠 编辑｜袁斯来 两轮电动车市场正进入消费升级的重要节点。当前移动互联网原生代成为消费主力，用户需求发生显著转变。 由于两轮电动车灵活便捷的特性，一直以来，是众多用户在短途通勤、接送孩子、购物买菜等日常场景下的主要代步 工具。但随着出行需求的多元化升级，跨区通勤的里程变长、或是周末近郊出行的场景拓展，有越来越多用户对长续 航能力提出了明确诉求，长续航成为连接日常代步与多元出行的关键要素。 雅迪科技集团全球产品及技术副总裁韩义西在接受36氪等采访中表示，基于海量骑行数据与用户调研可以发现，目前 长续航需求主要集中在三种核心场景：实用长续航、强动力长续航和全场景长续航。 其中，实用长续航聚焦日常高频出行，满足城市通勤、商超采购等短途多趟次需求；强动力长续航指的是性能与续航 平衡难题，要确保山区爬坡、高速行驶等高负载场景下的持久动力输出；全场景长续航则面向全地形、全天候的适应 性，要求两轮电动车无论在严寒酷暑的极端气候、以及城乡复杂路况，都要具备稳定且持久的续航表现。 5月26日，雅迪正式发布冠能S系列新品，在延续冠能系列长续航优势的基础上，更精准覆盖用户全场景骑行的长续航 需求，并率先行业提出"电池耐用保 ...

5月26日，"非比寻长·2025雅迪冠能S系列发布会"在浙江宁波举行。此次雅迪发布的冠能S系列新品不仅承袭冠能系列的长续航优势，更精准覆盖用户全场景 骑行的长续航需求，并率先行业提出"冠能S长续航电池耐用保三年"品质承诺。据统计，截至2025年4月，雅迪冠能系列累计销量成功突破2000万台，再创行 业单系列销量纪录。 凭借权威机构弗若斯特沙利文认证的"中国长续航电动两轮车领导者"称号，成为全球用户信赖的长续航出行解决方案。韩义西在采访中强调："冠能S系列的 升级，是从'数字续航'到'场景续航'的跨越，我们通过差异化技术方案，精准解决不同场景下的续航痛点。" 雅迪冠能S系列的核心技术成为关注焦点。韩义西介绍称，TTFAR常青增程系统搭载于白鲨90等车型，通过常青藤二代石墨烯铅酸电池、TTFAR Turbo充电 器及全域控制器的三电升级，实现"新车跑得远，旧车依旧远"。其中，电池采用8大材料纯度升级与浆料真空雾化专利技术，内部龙骨板栅结构厚度提升 20%，抗衰减性与耐用性显著增强，配合三年真质保承诺，彻底解决用户续航焦虑。 TTFAR高能锂电系统应用于白鲨100，通过优化部件集成减少能量损耗，平衡强劲动力与长续航 ...

2025第五届起点两轮车换电大会 及轻型动力电池技术高峰论坛 起点研究院（SPIR）权威发布《2025中国两轮车换电及电池TOP排行榜及行业白皮书》， 覆盖智能电动两轮车出货量TOP10、两轮车换电运营商TOP10、两轮车电池BMS出货量 TOP5，两轮车换电柜出货量TOP5、中国电动两轮车用锂电池出货量TOP10、中国电动两轮 车用钠电池出货量TOP5等细分权威榜单，为行业树立标杆，为投资及采购决策者提供参 考； 政策支持、即时配送需求及技术升级等主要驱动力影响下，全球两轮车换电市场高速增长， 基于产业链整合优势，中国企业将迎来新一轮布局风口，电池安全、下沉市场覆盖及成本优 化等挑战急需解决； 上下游企业加速研发高安全、高倍率、高能量密度、长循环寿命、低成本、高低温等细分性 能优势电池产品； 海内外轻型动力及中小储能市场高速增长，低空飞行、移动电动工具、人形/智能机器人、 智能家居、智慧储能等热门应用场景进入高速发展期，新一轮增量市场推动电池技术迭代革 新； AI技术加速驱动钠电、全极耳等新电池技术与工艺体系的研发优化，推动钠电池和大圆柱在 两轮车换电的领域加速应用； 第五届聚焦两轮车及换电、两轮车锂电、钠 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 20.5 HKD based on a 20x P/E ratio for 2025 [4]. Core Viewpoints - The domestic two-wheeler industry is entering a growth cycle driven by "national subsidies + new national standards," with leading companies like Yadea and Aima expected to gain market share due to their high cost-performance products and supply chain advantages [2][13]. - The company is focusing on product strength and channel efficiency to enhance store performance, with significant efforts in product innovation and market expansion [3][9]. Summary by Sections Investment Logic - The report highlights that the growth of the domestic two-wheeler industry will be supported by improved product capabilities, particularly in battery technology and smart features, which are expected to drive up average selling prices (ASP) [2][13]. - The company is actively expanding its product range to cater to diverse consumer segments, with a notable increase in sales from products priced above 3000 RMB [2][9]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 30.14 billion, 34.16 billion, and 39.0 billion RMB, reflecting year-on-year growth rates of 137%, 13%, and 14% respectively [4][7]. - The company’s revenue is expected to rebound significantly in 2025, with a forecasted revenue of 38.296 billion RMB, up from 28.236 billion RMB in 2024 [7]. Product Development and Innovation - The company is focusing on enhancing its three core systems (battery, motor, and control) to improve product performance and safety, with recent advancements in sodium-ion battery technology [27][35]. - The introduction of the sodium-ion battery series is positioned as a key differentiator in the market, with features such as fast charging and high safety standards [27][29]. Market Expansion - The company is actively expanding its international presence, with plans to increase the number of export countries to 100 by 2024, leveraging its strong cash flow to support dividend payments [3][4]. - The report emphasizes the importance of overseas markets as a second growth curve for the company, particularly in Southeast Asia [3][20]. Competitive Landscape - The report notes that the competitive landscape is shifting, with leading companies expected to capture a larger share of the market as smaller players struggle to maintain their positions [2][13]. - The new national standards are anticipated to raise entry barriers, benefiting established players like Yadea [13][28].

以下文章来源于星海情报局 ，作者星海老局 关注国产替代和中国品牌出海，每年写100个中国品牌案例，见证中国产业崛起！ 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 清晨，江苏的雅迪电动车工厂内，一批批刚刚下线的电机、电池、控制器等，正被有条不紊地装进 集装箱。这些零件将从锡山的电动车制造工厂出发，漂洋过海，驶向数千里外的南亚大陆。 示意图 几个月后， 这批来自中国的核心零件，出现在了巴基斯坦拉合尔的ZYP工厂。 在这里，ZYP工厂 按照雅迪提供的质量标准，结合当地的需求进行本土化组装。 星海情报局 . 27岁的摩托车出租司机阿里，成为了这批电动摩托的第一批用户之一。 "这辆车启动很快，性能也不比燃油车差，不用怎么维护，每个月还能省下超过一半的油费。"他 说。换车之后，经营成本降低了，他的收入也随之增长。 类似的情景，也在非洲的街头悄然发生。 在东非，被称为"boda-boda"的两轮出租摩托车，和被称为"tuk-tuk"的三轮出租摩托车，正掀 起一场电动化浪潮。乌干达、肯尼亚和坦桑尼亚的街头，电动 ...

Financial Performance - Total revenue for 2024 decreased by 18.8% to RMB 28,236.2 million compared to RMB 34,762.8 million in 2023[20] - Profit attributable to owners of the company for 2024 was RMB 1,272.4 million, down from RMB 2,640.2 million in 2023, representing a decline of 51.8%[20] - The gross profit margin for 2024 was 15.2%, down from 16.9% in 2023, indicating increased cost pressures[20] - The company's gross profit decreased by approximately 27.1% to RMB 4,289.0 million in 2024 from RMB 5,885.2 million in 2023, with a gross margin decline from about 16.9% to approximately 15.2%[41] - Other income and gains decreased by approximately 34.4% from RMB 979.8 million in 2023 to RMB 642.9 million in 2024, primarily due to the absence of one-time government grants in 2024 and increased foreign exchange losses[42] - Profit for the year decreased by approximately 51.8% from RMB 2,640.2 million in 2023 to RMB 1,272.4 million in 2024[48] - Basic earnings per share decreased by approximately 52.3% to RMB 42.2 cents for the year ended December 31, 2024[180] Assets and Liabilities - The total assets as of December 31, 2024, were RMB 24,618.9 million, a decrease from RMB 25,660.1 million in 2023[21] - The total liabilities decreased to RMB 15,860.8 million in 2024 from RMB 17,258.9 million in 2023, reflecting improved financial stability[21] - Cash and cash equivalents as of December 31, 2024, were approximately RMB 7,868.9 million, a decrease of about 0.6% from RMB 7,913.8 million as of December 31, 2023[49] - Inventory increased by approximately 33.9% from RMB 955.4 million as of December 31, 2023, to RMB 1,279.4 million as of December 31, 2024, mainly due to preparations for anticipated demand during the Chinese New Year[53] - Accounts receivable decreased by approximately 16.2% from RMB 545.9 million as of December 31, 2023, to RMB 457.7 million as of December 31, 2024, due to increased collection efforts and a decline in sales[54] - The debt-to-equity ratio increased to 16.4% as of December 31, 2024, compared to 9.9% as of December 31, 2023[58] Sales and Market Performance - The revenue breakdown for 2024 shows electric scooters at 3.2%, batteries and chargers at 25.1%, electric bicycles at 28.3%, and parts at 43.4%[18] - Total sales of electric scooters and bicycles dropped from approximately 16.5 million units in 2023 to about 13.0 million units in 2024, reflecting a significant decline in demand[34] - The sales volume of electric scooters decreased by approximately 20.7% from about 4,960,000 units in 2023 to approximately 3,931,000 units in 2024[37] - The sales volume of electric bicycles fell by approximately 21.4% from about 11,561,000 units in 2023 to approximately 9,089,000 units in 2024[37] Research and Development - The company operates six R&D centers and holds over 2,000 patents, emphasizing its commitment to innovation in electric vehicles[10] - The company continues to invest in R&D for core components such as batteries and electronic control systems, with a focus on launching compliant and market-oriented products[29] - The company is set to launch its first mass-produced sodium-ion battery-powered electric bicycle in January 2025, marking a significant breakthrough in sustainable transportation[29] Marketing and Expansion - The company aims to enhance marketing efforts through digital platforms and social media to connect with younger consumers, appointing a global brand ambassador to rejuvenate its brand image[30] - The company plans to accelerate global expansion, particularly in Southeast Asia, with new factories in Indonesia and Vietnam, and flagship stores in Thailand and Indonesia[29] Corporate Governance - The board consists of eight directors, including three executive directors, one non-executive director, and four independent non-executive directors[73] - The company has fully complied with the corporate governance code during the year ended December 31, 2024[69] - All independent non-executive directors confirmed their independence according to the guidelines set out in the listing rules[75] - The company has established mechanisms to ensure independent judgment from the board, including evaluating the time commitment of independent non-executive directors[86] - The roles of chairman and CEO are clearly defined and separated, with Dong Jinggui as chairman and Qian Jinghong as CEO[87] Risk Management - The company has established a robust risk management and internal control system to safeguard shareholder investments and company assets[117] - The board has identified four risk categories: strategic risk, financial risk, operational risk, and legal risk, and has established a reporting policy to address misconduct or fraud[122] - The company encourages employees and stakeholders to report any concerns regarding misconduct or fraud, ensuring thorough investigations are conducted[122] Social Responsibility and Sustainability - The company is committed to fulfilling its social responsibilities through active implementation of environmental, social, and governance policies during the reporting period[135] - The company is focused on sustainable development and continuously reviews and improves its sustainability efforts during the reporting period[135] Leadership and Management - The company has a strong leadership team with over 23 years of experience in the electric two-wheeler industry, co-founded by the current chairman and CEO[138][140] - The management team has received multiple accolades, indicating a high level of recognition in their respective fields[149] - The strategic appointments aim to strengthen the company's operational efficiency and drive future growth initiatives[146][148][151][152][154] Shareholder Communication - The company emphasizes the importance of transparent communication with shareholders to enhance their understanding of business performance and strategies[121] - The company maintains various formal communication channels to report performance and engage with shareholders, including investor forums and site visits[123]

业绩投资者电话会议请允许我为大家介绍一下自己本次电话会的管理层他们是雅迪集团董事会主席董经贵先生副董事会主席兼行政总裁浅静红女士高级副总裁钟朝阳先生王家中先生周超先生 副总裁兼国内营销公司总经理张静松先生以及财务总监石瑞先生我们将首先邀请公司财务总监石总为大家介绍公司2024年度的业绩情况随后将进入问答环节各位投资者可通过语音指示进行提问我们首先有请石总 非常感谢主持人感谢各位投资人24年虽然说我们有遇到了各种的问题业绩也不及预期我们在去年的12月也发布了业绩引颈然后也跟大家进行了详细的一些介绍所以在今天我就不去做过多的一些推述因为今天我们也请到了我们的三位轮值以及我们的新同事在后边跟大家来重点回复大家的问题 除了南京大火的事故导致了这行业的延长第二个因为延长导致了公司的产品节奏以及营销策略节奏发生了比较大的一些影响所以导致了24年这个节奏上出现了重大的一些问题直接影响到整体销量做到了34%的一个这个缩少21%的一个下滑到了1302万台出入也下滑了18.8%282亿元 在这个三个组合的数据中实际上基本上灌篮系列海外及三文这些毛利率涉嫁较高的产品占比是34%的产品自主车型已经占到了绝对的大头95%都是自主研发的 ...