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]

( 於開曼群島註冊成立的有限公司 ) 股份代號 2023 中期報告 INTERIM REPORT 2023 中期報告 目錄 公司資料 2 管理層討論及分析 4 企業管治及其他資料 9 簡明綜合損益表 17 簡明綜合損益及其他全面收益表 18 簡明綜合財務狀況表 19 簡明綜合權益變動表 21 簡明綜合現金流量表 22 簡明綜合財務資料附註 23 2 雅迪集團控股有限公司 2023年中期報告 公司資料 董事會 執行董事： 董經貴先生 （主席） 錢靜紅女士 （行政總裁） 沈瑜先生 非執行董事： 張禕胤先生 獨立非執行董事： 李宗煒先生（自2023年6月16日起辭任） 吳邲光先生（自2023年6月16日起辭任） 姚乃勝先生（自2023年6月16日起辭任） 黄隆銘先生 陳明宇先生（自2023年6月16日起獲委任） 馬晨光女士（自2023年6月16日起獲委任） 梁勤女士（自2023年6月16日起獲委任） 董事委員會 審核委員會 陳明宇先生 （主席） 黄隆銘先生 張禕胤先生 馬晨光女士 梁勤女士 薪酬委員會 馬晨光女士 （主席） 張禕胤先生 黄隆銘先生 梁勤女士 提名委員會 董經貴先生 （主席） 錢靜紅女士 張禕胤先生 ...

[2 -> 18] 好的可以大家上午好我是雅思怡陈子慕今天先跟大家简单过一下我们这个半年报的一个业绩录影PPT然后看大家有些哪些关心的问题我们再进一步探讨 [19 -> 37] 首先讲一下上半年经营的一个亮点今年我们上半年的量增长是比较迅猛达到34%的同比的一个销量增速这个销量增速的核心原因是我们在去年下半年开始 [38 -> 64] 就对于不同价格带不同性别不同消费人群在新品上做了非常充分的一个布局那这个呢跟我们传统以中高阶以这个男性消费者为主的这样一个新品推出呢变得更加多元化差异化所以呢这个其实是充分的一个新品布局的一个准备是我们今年亮上来比较快的一个核心的原因 [67 -> 96] 那大家也比较关心海外市场那海外市场呢我们今年除了在越南在销量上从去年大概5万台今年可能到年底估计应该是要翻一翻这样一个水平另外呢我们在去年下半年也在越南买了一个300多亩的土地那现在已经开始要准备正式开工建设一个200万的一个产能可能在2025年的时候 [97 -> 116] 落成跟现在的在那边的组装工厂就是一个不太一样跟国内类似于国内的一个正式的产业基地工业园一样的一个大的基地包括了主要的零部件的配套都会在里面那另外呢我们 ...

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。 Yadea Group Holdings Ltd. 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2023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」）董 事（「董 事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統 稱「本集團」）截 至2023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2022年 同 期 的 比 較 數 字 如 下： | --- | --- | |-------|-------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | ...

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。 Yadea Group Holdings Ltd. 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） 2022年 年 報 的 補 充 公 告 2023 茲提述雅迪集團控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）於 年4 月26 日刊發的截至2022 年12 月31 日止年度的年報（「2022年報」）。除另有指明 2022 者外，本公告所用詞彙與 年年報所界定者具有相同涵義。 2022 除 年年報所載資料外，本公司謹就本公司所採納的股份獎勵計劃向股東及 公眾人士提供以下補充資料。 第二個及第三個股份獎勵計劃 2022 2019 截至 年年報日期，本公司尚未授予任何甲組獎勵（定義見本公司日期為 6 6 年 月 日的公告），且尚未通過根據本公司一般授權或特別授權認購新股份的 方式兌現任何獎勵。 歸屬期 ...

Y YADEA 雅迪集團控股有限公司 YADEA GROUP HOLDINGS LTD. （於開曼群島註冊成立的有限公司） 股份代號：1585 ２０２２年 報 59 MAX 目錄 2 公司資料 4 公司概況 5 財務概要 7 主席報告書 9 管理層討論及分析 15 環境、社會及管治報告 81 企業管治報告 95 董事及高級管理層履歷 100 董事會報告 117 獨立核數師報告 121 綜合損益表 122 綜合損益及其他全面收益表 123 綜合財務狀況表 125 綜合權益變動表 126 綜合現金流量表 127 綜合財務報表附註 雅迪集團控股有限公司 2022年年報 2 公司資料 | --- | --- | |--------------------------------|-----------------------------------------| | | | | 董事會 | 提名委員會 | | 執行董事： | 董經貴先生 （主席） | | 董經貴先生 （主席） | 錢靜紅女士 | | 錢靜紅女士 （行政總裁） | 張禕胤先生 | | 沈瑜先生 | 姚乃勝先生 吳邲光先生 | | 非執行董事： | 李宗 ...

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。 Yadea Group Holdings Ltd. 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2022年12月31日 止 年 度 年 度 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」）欣然宣佈本 公司及其附屬公司（統稱「本集團」或「我們」）截至2022年12月31日止年度（「報告期」） 的經審核綜合年度業績，連同截至2021年12月31日止年度的比較數字如下： 財務摘要 於報告期內： (cid:129) 與截至2021年12月31日止年度相比，收入增加約15.2%至人民幣31,059.4 百萬元。 (cid:129) 與截至2021年12月31日止年度相比，毛利增加約36.9%至人民幣5,614.0百 萬元。 ...