Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 16.67, based on a 15x PE valuation for 2024 [2][11]. Core Insights - The company reported a revenue of RMB 34.76 billion for 2023, representing an 11.9% year-on-year growth, and a net profit of RMB 2.64 billion, up 22.2% year-on-year [10][11]. - The growth in sales is driven by upgrades in electric two-wheeler products and differentiation in the battery business, with total sales of scooters and e-bikes reaching 16.52 million units, a 17.9% increase year-on-year [10][11]. - The battery business also saw a revenue increase of 19.7% year-on-year to RMB 4.63 billion, supported by R&D investments and supply chain integration [10][11]. Financial Summary - In 2023, the company's revenue from electric two-wheelers and related accessories was RMB 34.54 billion, a 13.6% increase from 2022, with H2 revenue at RMB 17.50 billion, up 7.0% year-on-year [10][11]. - The company’s net profit margin improved to 7.6% in 2023, with a slight increase in net profit margin by 0.6 percentage points year-on-year [4][9]. - The gross profit margin for 2023 was 16.9%, a decrease of 1.2 percentage points from the previous year, attributed to product mix expansion [4][9]. Earnings Forecast - Projected net profits for 2024, 2025, and 2026 are RMB 3.15 billion, RMB 3.73 billion, and RMB 4.20 billion, respectively, with year-on-year growth rates of 19.4%, 18.2%, and 12.8% [2][11]. - The company’s revenue is expected to reach RMB 40.00 billion in 2024, with a growth rate of 15.1% [3][11].

Investment Rating - The report assigns a "Buy" rating to Yadea Holdings (1585.HK) with a target price of 18.76 RMB, based on projected EPS of 1.04/1.20/1.39 RMB for 2024-2026 [3][4]. Core Insights - Yadea Holdings has a comprehensive layout in the two-wheeler sector, leveraging its core battery R&D capabilities to lead industry transformation and is expected to unlock growth through battery retrofitting and brand expansion overseas [3]. - The company is positioned to benefit from the ongoing optimization of the industry landscape, with a focus on consumer demand insights as a key asset for success [3]. - Yadea's strategy includes filling market gaps and rapidly expanding its brand overseas, particularly in the E-bike market in Europe and the electric motorcycle market in Southeast Asia [3]. - The company has established a self-sufficient battery supply chain through acquisitions and is leading in graphene and sodium battery technology, which are becoming core brand assets [3]. Summary by Sections 1. Profit Forecast and Valuation - Yadea's revenue from electric two-wheelers and accessories is projected to grow from 383.02 billion RMB in 2024 to 436.15 billion RMB in 2026, with corresponding gross margins increasing from 17.2% to 19.0% [8]. - The battery business is expected to contribute revenues of 53.26 billion RMB in 2024, growing to 70.43 billion RMB by 2026, maintaining a gross margin of 14% [8]. - Overall, the company's revenue is forecasted to reach 392.65 billion RMB in 2024, with a gross margin of 18.7% [8]. 2. Company Overview - Yadea has been operating in the electric vehicle sector for over 20 years, continuously expanding its product line and maintaining a strong market presence [16]. - The company has a stable ownership structure, with the main shareholders holding 62.46% of voting rights as of December 31, 2023 [18]. - Yadea's management team is experienced, with many members having over 20 years in the industry, contributing to the company's strategic direction and operational efficiency [22]. 3. Industry Landscape - The two-wheeler industry is characterized by a dual oligopoly, with market share increasingly concentrating among leading players [30]. - The industry has evolved through three phases: initial electrification, mid-term regulatory catalysts, and a long-term trend towards smart technology [3]. - Consumer demand is shifting towards more diverse applications of electric two-wheelers, emphasizing their social and lifestyle attributes rather than just transportation [31][32].

Financial Performance - Revenue for 2023 reached RMB 34,762.76 million, a significant increase from RMB 31,059.44 million in 2022[7] - Gross profit for 2023 was RMB 5,885.24 million, up from RMB 5,614.01 million in 2022[7] - Net profit attributable to owners of the company for 2023 was RMB 2,640.16 million, compared to RMB 2,161.09 million in 2022[7] - Revenue increased by 11.9% to RMB 34,762.8 million in 2023 from RMB 31,059.4 million in 2022, driven by strong sales of electric bicycles, batteries, and chargers[10][12] - Gross profit increased by 4.8% from RMB 5,614.0 million in 2022 to RMB 5,885.2 million in 2023, while the gross profit margin decreased from 18.1% in 2022 to 16.9% in 2023[16] - Net profit increased by 20.9% from RMB 2,183.0 million in 2022 to RMB 2,640.2 million in 2023[16] - Revenue for the year increased to RMB 34,762,757 thousand, up from RMB 31,059,443 thousand in the previous year[124] - Gross profit rose to RMB 5,885,240 thousand, compared to RMB 5,614,011 thousand in 2022[124] - Operating profit improved to RMB 3,132,082 thousand, up from RMB 2,707,591 thousand in the prior year[124] - Net profit attributable to the company's owners increased to RMB 2,640,158 thousand, compared to RMB 2,161,094 thousand in 2022[124] - Basic earnings per share grew to RMB 88.5 cents, up from RMB 74.0 cents in the previous year[124] - Total comprehensive income for the year was RMB 2,622,419 thousand, compared to RMB 2,235,948 thousand in 2022[126] Assets and Liabilities - Total assets as of December 31, 2023, were RMB 25,660.10 million, up from RMB 24,952.69 million in 2022[8] - Total liabilities as of December 31, 2023, decreased to RMB 17,258.89 million from RMB 18,310.09 million in 2022[8] - Total equity as of December 31, 2023, increased to RMB 8,401.21 million from RMB 6,642.59 million in 2022[8] - Cash and cash equivalents increased by 16.7% from RMB 6,782.6 million at the end of 2022 to RMB 7,913.8 million at the end of 2023[16] - Total assets increased to RMB 25,660,098 thousand, compared to RMB 24,952,686 thousand at the end of 2022[127] - Cash and cash equivalents rose to RMB 7,913,807 thousand, up from RMB 6,782,622 thousand in the prior year[127] - Property, plant, and equipment increased to RMB 3,940,277 thousand, compared to RMB 3,291,228 thousand in 2022[127] - Inventory decreased to RMB 955,438 thousand, down from RMB 1,458,049 thousand at the end of the previous year[127] - Total liabilities decreased to RMB 17,258,892 thousand in 2023 from RMB 18,310,092 thousand in 2022[128] - Non-current liabilities increased to RMB 862,602 thousand in 2023 from RMB 789,706 thousand in 2022[128] - Current liabilities decreased to RMB 16,396,290 thousand in 2023 from RMB 17,520,386 thousand in 2022[128] - Net asset value increased to RMB 8,401,206 thousand in 2023 from RMB 6,642,594 thousand in 2022[128] - Total equity increased to RMB 8,401,206 thousand in 2023 from RMB 6,642,594 thousand in 2022[128] - Retained earnings increased to RMB 4,631,819 thousand in 2023 from RMB 2,161,094 thousand in 2022[130] - Other reserves decreased to RMB (185,819) thousand in 2023 from RMB (243,596) thousand in 2022[130] - Share-based payment reserve increased to RMB 176,509 thousand in 2023 from RMB 186,431 thousand in 2022[130] - Translation reserve increased to RMB 52,313 thousand in 2023 from RMB 70,052 thousand in 2022[130] - Legal reserve increased to RMB 280,065 thousand in 2023 from RMB 227,220 thousand in 2022[130] Production and Distribution - The company's annual production capacity for electric two-wheelers reached 20 million units as of December 31, 2023[5] - The domestic distribution network covered nearly all administrative regions in China, with over 40,000 sales points as of December 31, 2023[5] - The company has established distribution channels in over 90 countries across Europe, Southeast Asia, South America, and Central America[5] - Total sales of electric two-wheelers reached 16.5 million units in 2023, a 17.9% increase from the previous year, including 4.9 million electric scooters and 11.6 million electric bicycles[10] - The company launched 33 new electric bicycle models and 16 new electric scooter models in 2023, featuring enhanced design, smart functions, and advanced performance[10] - Yadea introduced its first-generation sodium-ion battery, "Extreme Sodium 1," in 2023, offering superior safety, longer lifespan, faster charging, and excellent low-temperature durability[10] - The company expanded its distribution network to over 90 countries, including Europe, Southeast Asia, South America, and Central America[11] - Yadea's domestic distribution network in China included over 4,000 distributors and more than 40,000 sales outlets as of December 31, 2023[11] - The company plans to establish a new production facility in Vietnam with an annual capacity of 2 million electric motorcycles, with 30% of production targeted for export to Southeast Asian markets[11] - Revenue from electric bicycles accounted for 45.9% of total revenue in 2023, with sales reaching 11.56 million units, a 28.8% increase from 2022[13] - Battery and charger sales contributed 26.6% of total revenue in 2023, with battery sales reaching 17.27 million units and charger sales reaching 15.28 million units[13] - Electric scooter sales decreased by 1.5% from approximately 5,034,000 units in 2022 to approximately 4,960,000 units in 2023, while electric bicycle sales increased by 28.8% from approximately 8,976,000 units in 2022 to approximately 11,561,000 units in 2023[14] - Total segment revenue increased from RMB 31,059.4 million in 2022 to RMB 34,762.8 million in 2023, with the electric two-wheel vehicle and accessories segment contributing RMB 34,543.6 million and the battery segment contributing RMB 4,631.3 million[15] Research and Development - The company holds over 1,900 patents and employs more than 1,000 R&D experts[5] - R&D expenses increased by 7.8% from RMB 1,105.8 million in 2022 to RMB 1,192.0 million in 2023[16] - The company plans to focus on R&D for core component technologies to enhance product differentiation and cost efficiency[83] Financial Expenses and Costs - Financial expenses decreased by 25.5% from RMB 59.4 million in 2022 to RMB 44.2 million in 2023, primarily due to reduced interest expenses from decreased bank borrowings[17] - Sales and distribution expenses increased by 5.7% from RMB 1,358.2 million in 2022 to RMB 1,435.5 million in 2023[16] - Administrative expenses increased by 23.4% from RMB 896.1 million in 2022 to RMB 1,105.4 million in 2023[16] - The company's total borrowings as of December 31, 2023, were RMB 267.3 million, with interest rates ranging from 0.9% to 2.02%[16] - Total employee costs increased by 16.9% to RMB 2,707.6 million in 2023, driven by higher headcount and average salaries[18] Cash Flow - Operating cash flow for the year ended December 31, 2023, was RMB 3,992,126 thousand, an increase from RMB 3,375,012 thousand in 2022[132] - Net cash from operating activities in 2023 was RMB 3,580,146 thousand, compared to RMB 3,078,429 thousand in 2022[132] - Net cash used in investing activities in 2023 was RMB 430,314 thousand, a significant decrease from RMB 2,055,994 thousand in 2022[132] - Net cash used in financing activities in 2023 was RMB 2,036,894 thousand, compared to RMB 379,389 thousand in 2022[132] - Cash and cash equivalents at the end of 2023 were RMB 7,913,807 thousand, up from RMB 6,782,622 thousand at the end of 2022[132] Corporate Governance - The board of directors consists of 8 members, including 3 executive directors, 1 non-executive director, and 4 independent non-executive directors[27] - Three new independent non-executive directors, Chen Mingyu, Ma Chenguang, and Liang Qin, were appointed on June 16, 2023[28] - The company renewed service contracts with executive directors Dong Jingui, Qian Jinghong, and Shen Yu for three years starting from May 19, 2022[29] - Three independent non-executive directors, Li Zongwei, Wu Biguang, and Yao Naisheng, resigned on June 16, 2023[30] - All directors participated in continuous professional development in 2023, including attending courses/seminars and reading regulatory materials[31] - The attendance of directors at board and committee meetings, as well as shareholder meetings, is recorded for the year ended December 31, 2023[34] - The company has established a mechanism to ensure the Board has a strong independent element, enabling effective independent judgment to better protect shareholder interests[38] - The Board consists of a majority of non-executive directors, with at least one independent non-executive director possessing appropriate professional qualifications or expertise in accounting or financial management[38] - The nomination committee annually evaluates the independence of independent non-executive directors to ensure they can continue to make independent judgments[38] - Directors, including independent non-executive directors, can seek independent professional advice at the company's expense to assist in fulfilling their duties[38] - The Board reviews the time commitment and attendance of independent non-executive directors at Board and committee meetings to ensure they dedicate sufficient time to their duties[38] - The roles of Chairman and CEO are clearly separated, with Mr. Dong Jinggui serving as Chairman and Ms. Qian Jinghong as CEO, ensuring a balance of power and authority[39] - The company has written documentation clearly defining the division of responsibilities between the Chairman and CEO[39] - The Board believes that the operation of the Board, including executive, non-executive, and independent non-executive directors, maintains a balance of power and authority[39] - The company's dividend policy aims to provide shareholders with an ideal and reasonable dividend return, considering factors such as actual and expected financial performance, legal and compliance restrictions, and overall business conditions[40] - The company's board of directors consists of seven members, including two executive directors, one non-executive director, and four independent non-executive directors[40] - The company's gender diversity ratio as of December 31, 2023, was approximately 68% male and 32% female across all employees, including senior management[42] - The company has three female directors, achieving female representation on the board[43] - The company's nomination committee is responsible for reviewing the board's structure, size, and composition, and making recommendations for any changes[40] - The company's dividend policy allows for the payment of interim dividends in cash or shares, subject to the company's available profits and compliance with the articles of association[42] - The company's board diversity policy, adopted on April 22, 2016, emphasizes the benefits of board diversity and considers factors such as professional experience, gender, age, race, and cultural background when appointing directors[42] - The company's nomination policy ensures a balanced board in terms of skills, experience, knowledge, and diverse perspectives, aligning with the company's business needs[42] - The Nomination Committee held 1 meeting in 2023 to review the structure, size, and composition of the Board, the independence of independent non-executive directors, and the qualifications of retiring directors for re-election at the 2023 Annual General Meeting[45] - The Remuneration Committee consists of 4 members, including 1 non-executive director and 3 independent non-executive directors, and held 2 meetings in 2023 to review and recommend remuneration policies, determine executive and senior management compensation, and discuss employee stock option grants[46][47] - Senior management compensation for 2023 ranged as follows: 3 individuals earned between RMB 1,500,001 and RMB 2,000,000, and 2 individuals earned over RMB 2,000,000[47] - The Audit Committee, composed of 4 independent non-executive directors and 1 non-executive director, reviewed the Group's financial reporting procedures, internal control systems, and risk management, including the consolidated financial statements for the year ended December 31, 2023[48] - The Nomination Committee evaluates candidates for directorship based on diversity, commitment, qualifications, independence, reputation for integrity, and potential contributions to the Board[44] - The Remuneration Committee's terms of reference were revised and adopted by the Board on December 2, 2022, and are available on the company's website and the Stock Exchange's website[46] - The Audit Committee is responsible for overseeing the financial reporting process, internal control systems, and risk management, and ensuring arrangements are in place for employees to report concerns about financial reporting or other misconduct[48] - The Nomination Committee follows a structured process for recommending director appointments, including preparing a skills and experience list, sourcing candidates through various channels, conducting interviews, and making recommendations to the Board[44] - The Remuneration Committee's responsibilities include establishing transparent procedures for determining executive and senior management compensation and aligning remuneration policies with the Board's corporate objectives[46] - The Audit Committee discussed and reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, including the consolidated financial statements for the year ended December 31, 2023[48] - The company's audit committee held three meetings during the year ended December 31, 2023, to review financial statements, annual reports, and other governance matters[50] - The company paid a total of RMB 6,749,000 to its external auditors for audit and non-audit services during the year ended December 31, 2023, with RMB 6,300,000 for audit services and RMB 449,000 for non-audit (tax) services[53] - The board of directors confirmed its responsibility for preparing the company's financial statements for the year ended December 31, 2023, and ensuring compliance with listing rules and regulatory requirements[51] - The company's risk management and internal control systems are designed to identify, assess, and report potential risks, with a focus on mitigating risks related to achieving business objectives[54] - The audit committee reviewed the company's financial reporting system, risk management, and internal control procedures for the year ended December 31, 2023[50] - The company's external auditors provided a statement on their reporting responsibilities for the financial statements in the independent auditor's report[52] - The board of directors is responsible for maintaining a robust and effective risk management and internal control system to protect shareholders' investments and company assets[54] - The company's management is responsible for providing necessary explanations and information to the board for informed assessment of financial statements[51] - The audit committee reviewed the company's unaudited interim financial statements for the six months ended June 30, 2023[50] - The company's risk management system includes a comprehensive financial accounting system to ensure compliance with relevant rules and provide performance metrics[54] - The company has established four risk categories: strategic risk, financial risk, operational risk, and legal risk, with a focus on identifying and managing these risks through qualitative and quantitative analysis[55] - The Board of Directors conducts regular reviews of the risk management and internal control systems, ensuring their effectiveness and adequacy in managing resources, employee qualifications, and training programs[55] - The company maintains effective communication with shareholders through various channels, including interim reports, annual reports, shareholder meetings, and updates on the company's website[56] - The company organizes investor engagement activities, including site visits to headquarters, production bases, and product exhibitions, to enhance investor understanding of the business[56] - The company's joint company secretaries, Mr. Shen Yu and Mr. Leung Chi Kit, have completed at least 15 hours of professional training to update their technical knowledge and skills[56] - The Board of Directors is not aware of any significant uncertainties that could cast doubt on the company's ability to continue as a going concern[57] - Shareholders holding at least 10% of the issued share capital can request the Board to convene an extraordinary general meeting within 21 days of submitting the request[58] - Shareholders can propose resolutions for consideration at general meetings by submitting written proposals to the Board, which will be reviewed for suitability and presented at the next appropriate meeting[59] - Shareholders can submit inquiries to the board via mail or email, with signed written requests required for processing[60] - No changes were made to the company's charter documents as of December 31, 2023[61] - The company has established a system for timely disclosure of insider information in compliance with regulatory requirements[61] - The company actively implements policies on environmental, social, and governance (ESG) issues and continuously reviews its sustainability efforts[62] Shareholder and Equity Information - The company's distributable reserves as of December 31, 2023, amounted to

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 %% ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21, indicating a potential upside of 52% from the current price of HKD 13.8 [2][4]. Core Insights - The company achieved a net profit growth of 22.2% in 2023, with sales revenue reaching RMB 34.76 billion, a year-on-year increase of 11.9%. The annual sales volume of electric two-wheelers was 16.52 million units, marking an 18% growth and increasing market share to 30.2% [1][3]. - The company has significantly enhanced its core technology capabilities, investing RMB 1.19 billion in R&D in 2023. It continues to lead the market with its graphene lead-acid batteries and has introduced its first-generation sodium-ion battery [1]. - The company is implementing a channel upgrade strategy called "4728," which aims to improve the quality of channel operations through various measures, including retail pricing and product structure optimization [1]. - The overseas market is experiencing rapid growth, with plans to increase production capacity in Vietnam to 2 million units by 2025 and to establish 8-10 bases in South America over the next five years [1]. Financial Summary - For 2024-2026, the company is projected to achieve sales revenues of RMB 38.58 billion, RMB 42.01 billion, and RMB 45.73 billion, reflecting year-on-year growth rates of 11%, 8.9%, and 8.9% respectively. Net profits for the same period are expected to be RMB 3.23 billion, RMB 3.75 billion, and RMB 4.29 billion, with growth rates of 22.2%, 16.3%, and 14.1% respectively [1][3][4]. - The company’s PE ratio is projected to be 18 times for 2024, with a corresponding target price of HKD 21, indicating significant growth potential [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a market price of HKD 13.44 [1]. Core Views - The company's profit performance exceeded previous expectations, with a revenue of HKD 34.8 billion in 2023, representing a year-on-year growth of 12%, and a net profit of HKD 2.64 billion, reflecting a 22% increase [3][4]. - The company is expected to maintain its profit forecasts for 2023-2024, with projected profits of HKD 2.6 billion and HKD 3.2 billion respectively, while sales growth is anticipated to rebound in Q2 [2][3]. - The company is focusing on optimizing its product mix, which has impacted gross margins but benefited net margins due to scale [2][3]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue of HKD 31.1 billion, Net Profit of HKD 2.16 billion - 2023A: Revenue of HKD 34.8 billion, Net Profit of HKD 2.64 billion - 2024E: Revenue of HKD 40.0 billion, Net Profit of HKD 3.20 billion - 2025E: Revenue of HKD 46.1 billion, Net Profit of HKD 3.84 billion - 2026E: Revenue of HKD 53.2 billion, Net Profit of HKD 4.61 billion - Growth rates for revenue and net profit are projected at 15% and 20% respectively for the coming years [1][3]. - **Earnings Per Share (EPS)**: - 2022: HKD 0.71 - 2023: HKD 0.86 - 2024: HKD 1.05 - 2025: HKD 1.25 - 2026: HKD 1.50 [1][3]. - **Return on Equity (ROE)**: - 2022: 39% - 2023: 35% - 2024: 32% - 2025: 28% - 2026: 26% [1][3]. - **Price-to-Earnings (P/E) Ratio**: - 2022: 17.3 - 2023: 14.2 - 2024: 11.7 - 2025: 9.7 - 2026: 8.1 [1][3]. Market and Operational Insights - The company reported a sales volume of 8.21 million units in H1 2023, a 34% increase, with an average revenue per unit of HKD 2,075 [3]. - The company is expected to benefit from structural optimization and a rebound in average selling prices in 2024 [4]. - The company is also exploring new markets and services, including sodium batteries and battery after-sales services, which are anticipated to contribute to revenue in 2024 [2][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 ...