海 外 研 证券研究报告 究 ＃industryId＃ 汽车 ＃01585 .HK ＃dy雅Com迪pa控ny＃股 港股通（沪、深） dyStockco ＃investSuggestion＃ ＃ de＃ 业绩稳 健增长，期＃t 待itle 产＃ 品结构持续改善 买入 ( i维nve持stS ） uggesti ＃createT3im e1＃ onC han 2024年 3月 23日 ge＃ 投资要点 公 ＃业s 绩um 稳ma 健ry＃增 长，期待产品结构持续改善。2023 年雅迪录得营业收入 347.6 亿 司 ＃市场ma数rk据et Data＃ 元，同比增长11.9%；录得归母净利润26.4亿元，同比增长22.2%。分产品来 跟 日期 2024.3.22 看，2023年公司实现两轮车销量1652.2万台，同比增长17.9%，市场份额达 踪 收盘价（港元） 13.76 到 30.2%（按批发销量计）；其中电动踏板车销量约为 496.0 万台，同比下降 1.5%；电动自行车销量约为 1156.1 万台，同比增长 28.8%。价格方面，公司 报 总股本（百万股） 3064 2023上/下半年单车平均价格分别约为 ...

公司研 究 证券研究报告 汽车 2024年03月26日 雅 迪控股（01585.HK）2023年报点评 强 推 （维持） 目标价：21港元 23 年销量稳增，收购凌博电子布局上游 当前价：13.04港元 事项： 华创证券研究所  公司发布 2023年业绩公告，实现收入 347.6亿元，同比+11.9%；实现归母净 证券分析师：秦一超 利26.4亿元，同比+22.2%。拆分半年度来看，23H2实现收入177.2亿元，同 比+4.2%；实现归母净利润14.5亿元，同比+15.3%。 邮箱：qinyichao@hcyjs.com 执业编号：S0360520100002 评论： 联系人：杨家琛  23 年销量增长稳健，市场份额稳中有升。1）23H2 销量增速 6%，行业需求 下行龙头经营稳健：23 年全年公司实现销量 1652 万台、同比+18%；公司 邮箱： yangjiachen@hcyjs.com 23H1 经营重心份额扩张，虽然 23H2 行业旺季需求疲弱，公司 23H2 仍然实 现 6%的销量增速，展现出龙头经营稳健性。2）市场份额稳中有升，腰部份 公司基本数据 额加速集中：据公司业绩发布会材料披露，2 ...

汽车/摩托车及其他 公 司 2023 年业绩符合预期，国内提质增效+海外持续开拓 研 雅迪控股（01585.HK） 究 2024年03月21日 ——港股公司信息更新报告 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） 投资评级：买入（维持） lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 日期 2024/3/20  业绩符合预期，国内提质增效+海外持续开拓，维持“买入”评级 港 当前股价(港元) 13.800 2023年公司实现主营业收入347.63亿元（+11.9%），净利润26.40亿元（+22.2%）。 股 一年最高最低(港元) 20.650/10.480 我们测算，2023H2 公司收入为 177.22 亿元(+4.2%)，净利润为 14.53 亿元 公 （+15.1%）。公司 2023 年收入业绩增速亮眼，主系电动自行车、电池及充电器 司 总市值(亿港元) 422.80 的高销量推动。考虑到公司全球化布局资本开支或加大， ...

证券研究报告·海外公司点评·汽车(HS) 雅迪控股（01585.HK） 2023 年报点评：业绩符合预期，产品结构有 2024年 03月 21日 望改善 证券分析师 黄细里 买入（维持） 执业证书：S0600520010001 021-60199793 [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E huangxl@dwzq.com.cn 研究助理 孟璐 营业总收入（百万元） 31,086 34,801 41,307 48,159 52,966 执业证书：S0600122080033 同比 15.19% 11.95% 18.69% 16.59% 9.98% mengl@dwzq.com.cn 归母净利润（百万元） 2,161 2,640 3,057 4,113 4,954 同比 57.80% 22.17% 15.79% 34.54% 20.46% 股价走势 EPS-最新摊薄（元/股） 0.71 0.86 1.00 1.34 1.62 雅迪控股 恒生指数 P/E（现价&最新摊薄） 17.54 14.36 12.40 9.22 7.65 27 %% ...

雅迪控股（1585） 更新报告 买入 2024年3月21日 核心技术全面提升，渠道升级更具竞争力 陈晓霞  2023 年净利润增长 22.2%：雅迪 2023 年销售收入 347.6 + 852-25321956 亿元人民币，同比增长 11.9%；净利润 26.4 亿，同比增长 xx.chen@firstshanghai.com.hk 22.2%，符合预期。上半年单车净利润 145 元，下半年单车 净利润175元，同比2022年下半年的162元提升8.2%。电 主要数据 动两轮车全年销量 1652 万辆，增长 18%，市场份额提升至 行业 制造业 30.2%，保持第一。 股价 13.8港元  核心技术能力构建竞争优势：2023年公司研发费用11.9 亿。电池方面，石墨烯铅酸电池优势持续领先市场。公司 目标价 21港元 发布了第一代钠离子电池，有望在钠离子电池占据先机。 （+52%） 公司公告收购无锡凌博电子，该公司主要产品为FOC矢量 股票代码 1585 控制器、电池管理系统BMS，中央控制单元等，在国内外具 有技术领先优势。公司在四电系统构建核心技术领先优 已发行股本 30.64亿股 势，从产品上和对手 ...

经营稳健，展望盈利上行 【中泰家电科技消费】雅迪 H1： ——雅迪控股2023年报点评 雅迪控股（1585.HK）/家电 证券研究报告/公司点评 2024年3月19日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e]及 估值 H市1场：价格收：1入3.441 港7元0 亿（+21%指标） ，净利润 12 2亿02（2A +32%202）3A 2024E 2025E 2026E 营业收入（百万元） 31,086 34,801 39,998 46,135 53,216 分析师：姚玮 增长率yoy% 15% 12% 15% 15% 15% ➤执业 利证 润书编 表号： 现S07 超405 我220 们800 此01 前预净利 期润（ 百万元） 2,161 2,640 3,204 3,836 4,608 Email：yaowei@zts.com.cn 增长率yoy% 58% 22% 21% 20% 20% 每股收益（元） 0.71 0.86 1.05 1.25 1.50 净资产收益率 39% 35% 32% 28% 26% P/E 17.3 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 20 日 雅 迪控股(01585.HK) 证券研究报告 期待冠能新品发布拉动盈利能力提升 家电 投资评级 买入-A 事件：雅迪控股公布 2023 年年度业绩公告。公司 2023 年实现 维持评级 收入 347.6 亿元，YoY+11.9%；实现归母净利润 26.4 亿元， 6个月目标价 17.06港币 YoY+22.2%。经折算，公司 2023 年下半年实现收入 177.2 亿元， 股价 (2024-03-19) 13.44港币 YoY+4.2%；实现归母净利润14.5 亿元，YoY+15.1%。公司 2023H2 盈利能力环比提升，产品结构保持升级趋势。2024年盈利能力有 交易数据 望持续上行。 总市值(百万港币) 41,177.47 2023H2 公司收入增速环比 2023H1 有所放缓：2023H2 公司销量 流通市值(百万港币) 41,177.47 YoY+5.5%，增速相比 2023H1-28.3pct。我们认为主要因为：1） 总股本(百万股) 3,063.80 2023H1 存在部分疫情期间滞后需求的释放，增 ...

2024年03月20日 公 司点评 公 买入 / 维持 司 雅迪控股(01585) 研 究 收入利润双位数增长，优化产品结构和终端有望持续增厚业绩 公司发布 2023 年度业绩公告，收入业绩均双位数增长：公司 2023 全年 ◼ 走势比较 实现营业收入347.63亿元/+11.92%，归母净利润26.40亿元/+22.17%， 基本每股收益 0.89 元/+19.59%。其中，23H2 实现营业收入 177.22 亿元 20% /+4.19%，归母净利润 14.52 亿元/+15.06%，基本每股收益 0.49 元 太 8% /+13.95%。 平 电自销量驱动整体收入增长，价格战下均价同比下滑：全年来看，两轮销 (1( 64 %% ))02/3/32 13/5/32 11/8/32 22/01/32 2/1/42 41/3/42 量合计1652万台/+17.9%，单车均价1488元/台，同比下降5.1%，其中， 洋 1）电动自行车收入159.52亿元/+24.4%，销量1156万台/+28.8%，单价 证 (28%) 1380元/-3.4%；2）电踏车收入86.35亿元/-5.6%，销量496万台/-1.5 ...

[Ta雅ble迪_St控ock股Nam（eR 0p 1tT 5yp 8e 5] ） 公司研究/港股点评 盈利向上，加码钠电 ——雅迪控股 23 年报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-20 [⚫T ab公le司_S发um布m2a0r2y3] 年年报： ➢ 23H2：营收177.0亿元（+4.0%），净利润14.5亿元（+15.1%）， [收Ta盘bl价e_（Ba港se元D）at a] 13.44 ➢ 23全年：营收347.6亿元（+11.9%），净利润26.4亿元（+22.2%）。 近12个月最高/最低（港元） 19.80/10.68 ➢ 收入、业绩基本符合市场预期。 总股本（百万股） 3,064 ➢ 23年公司拟派股息0.48港元/股，对应分红率50.5%。 流通股本（百万股） 3,064 ➢ 公司另于 3.17 公告拟以 3.5 亿元收购电控领先企业凌博电子，进一 流通股比例（%） 100.00 步加注钠电技术优势。 总市值（亿港元） 412 流 通市值（亿港元） 412 ⚫ 短逻辑：主业均价及结构已现边际改善 [公Ta司ble价_C格ha与rt ...

Revenue Growth - Revenue increased by 11.9% to RMB 34,762.8 million compared to the previous year[2] - Revenue from electric bicycles increased to RMB 15,952.1 million in 2023, up from RMB 12,827.5 million in 2022, representing a growth of approximately 24.4%[13] - Battery and charger revenue rose to RMB 9,249.6 million in 2023, compared to RMB 8,397.8 million in 2022, an increase of about 10.1%[13] - Revenue from electric two-wheeler parts grew to RMB 925.7 million in 2023, up from RMB 689.0 million in 2022, an increase of about 34.4%[13] - Total revenue for 2023 reached RMB 34,762.8 million, compared to RMB 31,059.4 million in 2022, representing a growth of approximately 11.9%[13] - Total revenue for electric two-wheelers and related accessories reached RMB 34,543,555 thousand in 2023, an increase from RMB 30,409,109 thousand in 2022[16] - Revenue increased by 11.9% to RMB 34,762.8 million in 2023, driven by strong sales of electric bicycles, batteries, and chargers[39][44] - Revenue from electric bicycles increased by 28.8% to 11,561,000 units in 2023, contributing to a total revenue of RMB 15,952,107 thousand, up from 8,976,000 units and RMB 12,827,456 thousand in 2022[45] - Total revenue for 2023 reached RMB 34,762,757 thousand, a 11.9% increase from RMB 31,059,443 thousand in 2022[45] Profitability - Net profit attributable to the company's owners rose by 22.2% to RMB 2,640.2 million[2] - Basic earnings per share increased by 19.6% to RMB 88.5 cents[2] - Gross profit reached RMB 5,885.2 million, up from RMB 5,614.0 million in the previous year[3] - Operating profit grew to RMB 3,132.1 million from RMB 2,707.6 million[3] - Net profit for 2023 increased by 20.9% to RMB 2,640.2 million, up from RMB 2,183.0 million in 2022[56] - Net profit attributable to the company's owners for 2023 was RMB 2,640,158 thousand, compared to RMB 2,161,094 thousand in 2022[27] - Basic earnings per share increased to 88.5 RMB cents in 2023 from 74.0 RMB cents in 2022[25] - Diluted earnings per share for 2023 increased to RMB 88.0 cents per share, up from RMB 72.9 cents per share in 2022[27] Research and Development - Research and development expenses amounted to RMB 1,192.0 million, up from RMB 1,105.8 million[3] - R&D expenses rose by 7.8% to RMB 1,192.0 million in 2023, primarily due to increased employee benefits and material costs[53] Financial Position - Total assets increased to RMB 25,660.1 million from RMB 24,952.7 million[5] - Total equity rose to RMB 8,401.2 million from RMB 6,642.6 million[6] - Cash and cash equivalents grew by 16.7% to RMB 7,913.8 million as of December 31, 2023, compared to RMB 6,782.6 million in 2022[57] - Operating cash flow increased to RMB 3,580.1 million in 2023, up from RMB 3,078.4 million in 2022[57] - Net current assets stood at RMB 445.6 million as of December 31, 2023, compared to net current liabilities of RMB 125.4 million in 2022[58] - Inventory decreased by 34.5% from RMB 1,458.0 million in 2022 to RMB 955.4 million in 2023, primarily due to reduced battery stock[59] - Average inventory turnover days decreased from 18.8 days in 2022 to 15.04 days in 2023, driven by reduced raw materials and battery inventory[59] - Accounts receivable increased by 40.6% from RMB 388.3 million in 2022 to RMB 545.9 million in 2023, mainly due to an increase in distributors granted credit[60] - Financial assets at fair value decreased by 33.7% from RMB 4,208.5 million in 2022 to RMB 2,789.8 million in 2023, primarily due to the redemption of wealth management products and structured deposits[61] - The company recorded a fair value gain of approximately RMB 103.7 million from financial assets at fair value in 2023[61] - Accounts payable and notes payable increased by 0.6% from RMB 13,592.9 million in 2022 to RMB 13,672.2 million in 2023, mainly due to increased raw material purchases[62] - The asset-liability ratio decreased to 9.9% in 2023 from 26.8% in 2022[63] Dividends and Shareholder Returns - The company proposed a final dividend of 48.0 HK cents per ordinary share[2] - The company proposed a final dividend of 48.0 HK cents per share for 2023, totaling HK$1,436,698 thousand (approximately RMB 1,304,076 thousand)[23] - The Board has resolved to recommend a final dividend of HK$0.48 per ordinary share for the year ending December 31, 2023, compared to HK$0.40 for the previous year[72] - The final dividend cheques and new shares under the scrip dividend scheme are expected to be dispatched to shareholders around August 19, 2024[72] Business Segments - The company operates in two reportable segments: electric two-wheelers and related parts, and batteries[15] - The electric two-wheelers and related parts segment focuses on the development, manufacturing, and sales of electric two-wheelers and related components[15] - The batteries segment is primarily engaged in the production and sales of batteries through its subsidiaries, Huayu New Energy Technology Co., Ltd. and Jieshou Huayu New Energy Sales Co., Ltd.[15] Sales Performance - Electric scooter revenue decreased to RMB 8,635.3 million in 2023 from RMB 9,145.2 million in 2022, a decline of approximately 5.6%[13] - Total sales of electric two-wheelers reached 16.5 million units in 2023, a 17.9% increase year-over-year, including 4.9 million electric scooters and 11.6 million electric bicycles[39] - Electric scooter sales decreased by 1.5% to 4,960,000 units in 2023, with revenue of RMB 8,635,319 thousand, compared to 5,034,000 units and RMB 9,145,187 thousand in 2022[45] Product Development and Innovation - The company launched 33 new electric bicycle models and 16 new electric scooter models in 2023, featuring enhanced design, smart functions, and advanced performance[40] - The company introduced its first-generation sodium-ion battery, "Ji Na 1," in 2023, offering advantages in safety, lifespan, charging speed, low-temperature durability, and power[40] Distribution and Market Expansion - The company expanded its distribution network to over 4,000 distributors in China, with more than 40,000 sales points as of December 31, 2023[42] - The company's international distribution network now covers over 90 countries, including Europe, Southeast Asia, South America, and Central America[42] - A new production facility in Vietnam, with a planned annual capacity of 2 million electric motorcycles, is set to begin operations in 2025, with 30% of output exported to Southeast Asian markets[43] Acquisitions and Investments - The company acquired a 70% stake in Huayu in January 2022 for a total cash consideration of RMB 311,500 thousand[32] - Intangible assets from the Huayu acquisition were valued at RMB 310,848 thousand, primarily consisting of acquired patents[33] - Goodwill from the Huayu acquisition was RMB 683,858 thousand, attributed to post-acquisition synergies[33] - The company acquired the remaining 30% stake in Huayu in August 2022 for RMB 133,500 thousand[35] - The company also acquired the remaining 30% stake in Chengdu Yadi Technology Co., Ltd. in August 2022 for RMB 6,000 thousand[36] - The company acquired 100% equity of Wuxi Lingbo Electronic Technology for RMB 351.5 million, focusing on smart control system solutions and products[38] - 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 in March 2024[69] Corporate Governance and Compliance - The company's financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) and include applicable disclosures required by the Hong Kong Stock Exchange Listing Rules and the Hong Kong Companies Ordinance[12] - No single customer accounted for 10% or more of the company's total revenue during the reporting period[14] - The company has fully complied with the Corporate Governance Code for the entire year ending December 31, 2023[70] - The Audit Committee has reviewed the annual results for the year ending December 31, 2023, and discussed risk management, internal controls, and financial reporting matters[75] - The company's annual report for the year ending December 31, 2023, will be dispatched to shareholders and made available on the company's website[77] Other Income and Expenses - Government subsidies increased to RMB 328,372 thousand in 2023 from RMB 166,631 thousand in 2022[18] - Bank interest income rose to RMB 305,676 thousand in 2023 compared to RMB 179,556 thousand in 2022[18] - The company recorded a net gain of RMB 25,001 thousand from the sale of a portion of its equity in an associate company in 2023[18] - Other income and gains surged by 115.9% to RMB 979.8 million in 2023, driven by government subsidies, bank interest income, and VAT overpayment credits[50] Employee Costs - Employee benefits expenses rose to RMB 2,491,264 thousand in 2023 from RMB 2,095,911 thousand in 2022[20] - The company's total employee cost increased by 16.9% from RMB 2,315.3 million in 2022 to RMB 2,707.6 million in 2023, driven by an increase in employee numbers and average salaries[65] Inventory and Raw Materials - Raw materials and consumables used increased to RMB 27,739,951 thousand in 2023 from RMB 24,376,677 thousand in 2022[20] - Inventory decreased to RMB 955,438 thousand in 2023 from RMB 1,458,049 thousand in 2022, with significant reductions in raw materials and work-in-progress[28] Accounts Receivable and Payable - Accounts receivable increased to RMB 545,941 thousand in 2023 from RMB 388,315 thousand in 2022, with 95.8% of receivables aged within six months[29][30] - Accounts payable and notes payable totaled RMB 13,672,198 thousand in 2023, slightly up from RMB 13,592,878 thousand in 2022[30] Shareholder Meetings and Dividends - The Annual General Meeting is scheduled to be held on June 17, 2024[73] - The company will suspend the registration of shareholders from June 12 to June 17, 2024, to determine eligibility for attending and voting at the Annual General Meeting[73]