本文约稿作者 | 远禾 数据支持 | 勾股 大数 据（www.gogudata.com） 原油价格居高不下， "油转电"成为了热议的话题。 相比因此买一辆电车，选择电动 两轮 车作为过渡方案，也成为了应对当下 "加不起油"困境更为现实、见效更快 的选择。 受此逻辑驱动，近几日 电动两轮车板块整体躁动上涨，雅迪、 爱玛、新日等品牌公司股价均涨超10%。 而在此之前，电动两轮车板块一度经历了近一年的调整。面临 "油转电"的需求，电动两轮车的投资窗口，是否正 在打开？ 01 长期以来，电动两轮车被视为技术壁垒低、高度内卷的存量竞争行业。 《中国两轮电动车市场洞察报告》显示， 2025 年国内电动两轮车保有量已达 4.25-4.5 亿辆，相当于平均每三 人就拥有一辆电动两轮车，市场渗透率相当之高。 也是因此，过去几年，市场对电动两轮车的定价主要基于国内保有量几乎见顶后的存量竞争。 作为传统制造行业，电动两轮车在资本市场上更是一直经历着低市盈率、低增长预期、强周期波动。 然而，受中东地缘冲突影响，布伦特原油价格持续冲高，使得燃油摩托车使用成本被大幅推高。 这一变化，在东南亚市场的反应更为强烈。 目前， 东南亚摩托车保有 ...

股票研究 /[Table_Date] 2026.03.24 油价上行有望加速东南亚电摩渗透 [Table_Industry] 耐用消费品 两轮车行业更新报告 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 油价上行或催化东南亚摩托车市场结构变化。 投资要点： [Table_Report] 相关报告 耐用消费品《轻工石油链复盘梳理》2026.03.03 耐用消费品《复盘 Owala 成功路径，看全球品牌 趋势》2026.02.23 耐用消费品《新品牌异军突起，制造端盈利回 升》2026.02.13 耐用消费品《当预期照进现实，winner-take-all》 2026.02.11 耐用消费品《出口链行业专题二：行 ...

摘要 2026Q1 乘用车行业量利双压，预计批发量同比-8%，新能源车微降， 出口同比+55%成唯一亮点。 成本端受铜、铝、碳酸锂涨价及人民币升值双重挤压，一季度为行业全 年量利低点，多数车企利润同比降幅>20%。 吉利汽车表现亮眼，Q1 利润预期>40 亿元，环比增 10%+，主因吉利 9X 高盈利及出口同比+140%驱动。 重卡行业出口强劲，1-2 月同比+30%，中国重汽 A 股 Q1 利润预增 60%至 5 亿元，非洲及东南亚市场翻倍增长。 智能化板块优于整车，华阳集团受益小米汽车放量及 HUD 等新业务， Q1 业绩预增 20%；金龙汽车出口翻倍，利润预达 1.5 亿元。 零部件板块分化，福耀、星宇等海外拓展领先者压力较小；金固股份受 益铝价上涨带来的钢轮替代效应，Q2 迎拐点。 两轮车大排量出口维持高增，春风动力 Q1 出口同比+60%，但受全地 形车关税影响，整体业绩预计同比持平。 汽车行业 2026 一季度业绩前瞻 20260322 Q&A 对于 2026 年的汽车行业，整体投资策略和主要推荐的主线是什么？ 2026 年汽车行业正处于技术创新与需求周期的切换阶段，板块内部的新闻主 线较为发散， ...

据交易所数据显示，截至3月23日午后一小时，主力资金流入前20的股票分别为： 比亚迪（17.31亿元）、 协鑫集成（14.26亿元）、 顺灏股份（10.18亿 元）、 金发科技（7.11亿元）、 卧龙电驱（7.10亿元）、 拓日新能（5.23亿元）、 海马汽车（4.61亿元）、 银之杰（4.25亿元）、 华民股份（4.02亿元）、 山西焦煤（3.98亿元）、 中国核电（3.97亿元）、 三变科技（3.57亿元）、 平潭发展（2.96亿元）、 中国神华（2.91亿元）、 爱玛科技（2.75亿元）、 宝丰 能源（2.59亿元）、 立新能源（2.52亿元）、 兖矿能源（2.28亿元）、 中国海油（2.27亿元）、 北方稀土（2.22亿元）。 | 三变科技 | 7.19 | 3.57亿元 | 电力设备 | | --- | --- | --- | --- | | 平潭发展 | 5 | 2.96亿元 | 衣林牧淫 | | 中国神华 | -1.35 | 2.91亿元 | 煤炭 | | 爱玛科技 | 10.01 | 2.75亿元 | 汽车 | | 宝丰能源 | 0.31 | 2.59亿元 | 基础化』 | | 立新能源 | ...

Investment Rating - The report suggests a positive investment outlook for the electric low-speed vehicle sector, high displacement motorcycle exports, and structural upgrades in electric two-wheelers [3][8]. Core Insights - The electric low-speed vehicle market is experiencing high demand, with a projected compound annual growth rate (CAGR) of 25% from 2024 to 2029. The all-terrain vehicle (ATV) market is stabilizing, while the motorcycle market is expected to grow at a CAGR of 3.5% from 2014 to 2029. The electric two-wheeler market is entering a phase dominated by replacement demand, with global shipments expected to reach approximately 70 million units in 2024, of which 81.9% will be from China [5][17][27]. Summary by Sections Market Comparison - The all-terrain vehicle market is entering maturity, primarily driven by the North American market and a shift towards UTV & SSV products, which are expected to account for 65% of sales by 2024. The low-speed four-wheeler market is the fastest-growing segment, with a projected market size of $1.4 billion in 2024. The motorcycle market is stabilizing, with a projected global market size of $16.77 billion by 2028. The electric two-wheeler market is expected to see a modest growth of 3.9% in 2024, with a focus on replacement demand [5][17][20][27]. Competitive Landscape - The all-terrain vehicle market is characterized by regional concentration and dominance of American brands, while the low-speed four-wheeler market shows high brand concentration with Club Car, E-Z-GO, and Yamaha holding about 50% market share. The motorcycle market is fragmented, with Japanese brands holding a combined market share of 36.5% in 2023. The electric two-wheeler market in China has formed a duopoly with Yadea and Aima accounting for nearly 50% of the market [5][17][20][27]. Core Competitiveness Analysis - Electric two-wheelers face significant product homogeneity and rely heavily on distribution channels, with consumer preferences focusing on design and smart features. The electric low-speed vehicle market is smaller but has a concentrated brand presence, while the all-terrain vehicle market emphasizes product functionality and price sensitivity. The motorcycle sector is transitioning from a utility to a lifestyle product, with consumers prioritizing engine performance and displacement [7][8][27]. Company Comparisons and Investment Recommendations - The report highlights that the electric low-speed vehicle sector maintains high demand, while high displacement motorcycle exports still have growth potential. The electric two-wheeler industry is advised to focus on structural upgrade opportunities. Recommended companies include Longxin General and Chuanfeng for motorcycles, and Ninebot and Aima for electric two-wheelers, emphasizing their competitive strategies in branding and channel management [8][17][27].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2026-005 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于部分限制性股票回购注销完成调整"爱玛转债"转股价 格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因限制性股票回购注销需调整"爱玛转债"转股价格，本公司的相关证券停 复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113666 | 爱玛转债 | 可转债转股停牌 | 2026/3/16 | 全天 | 2026/3/16 | 2026/3/17 | 爱玛科技集团股份有限公司（以下简称"公司"）于 2023 年 2 月 23 日公开发 行 2,000 万张可转换公司债券，每张面值 100 元，发行总额 200 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2026-004 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科技集团股份有限公司 关于 2024 年限制性股票激励计划部分限制性股票 回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因：爱玛科技集团股份有限公司（以下简称"公司"）2024 年 限制性股票激励计划中有 15 名激励对象因离职或公司与其解除劳动关系已不再具 备激励对象资格，公司将对其持有的已获授但尚未解除限售的限制性股票合计 1,235,000 股予以回购注销。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 1,235,000 | 1,235,000 | 2026 年 3 | 月 | 12 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2024 年 2 月 2 ...

北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024 年限制性股票激励计划部分限制性股票回购 注销实施的法律意见书 中国 ·北京 朝阳区建外大街甲14号广播大厦5层、9层、 10层、 13层、 17层 邮政编码： 100022 电话： 010-65219696 传真： 010-88381869 二〇二六年三月 北京海润天睿律师事务所 关于爱玛科技集团股份有限公司 2024年限制性股票激励计划部分限制性股票回购注销实施的法律意见书 致：爱玛科技集团股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱玛科技集团股份有限 公司（以下简称"爱玛科技"或"公司"）的委托， 担任公司"2024 年限制 性股票激励计划"（以下简称"本激励计划"）的法律顾问。根据现行有效适用 的《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称 "《管 理办法》 "）等有关法律法规的规定，为公司 2024 年限制性股票激励计划部 分限制性股票回购注销实施（以下简称"本次回购注销"）相关事项，出具本法 律意见书。 为出具本法律意见 ...

Summary of Aima Technology Conference Call Industry Overview - The electric bicycle and electric motorcycle industry is experiencing moderate sales performance in early 2023, influenced by new national standards, but has not seen a significant decline, which is better than the company's expectations [1][3]. Key Points - **Sales Performance**: The overall sales of electric bicycles and motorcycles have been average since the beginning of the year, but the performance is better than anticipated by the company [1]. - **Product Strategy**: The company has launched low-priced electric motorcycle products to meet the demand for electric motorcycles replacing electric bicycles in lower-tier cities, leading to a rapid increase in the proportion of electric motorcycles sold [2]. - **Market Demand**: In first and second-tier cities, electric bicycles remain a necessity, and demand is expected to continue recovering. In third and fourth-tier cities, the proportion of electric motorcycles is anticipated to further increase [3]. - **Regulatory Environment**: Based on the previous round of national standards, it is expected that future regulations regarding speed limits and battery life will gradually ease [4]. - **New Business Initiatives**: The company is set to launch a high-end brand, "Zero Boundary," online, with plans to establish offline physical stores in Q2-Q3 [4]. - **High-End Product Development**: The company is attempting to expand into high-end products, which may also empower its mainstream products with advanced technologies in the future [5]. - **Growth in Electric Tricycle Business**: The electric tricycle segment is experiencing rapid growth, and the company is accelerating its capacity expansion, with expectations for further growth as capacity is released [6]. - **International Expansion**: The overseas business is still in the early stages of development, particularly in Southeast Asia, which requires accompanying infrastructure development [7].

Summary of Aima Technology Conference Call Industry Overview - The two-wheeler demand has shown resilience beyond expectations, with leading companies' terminal sales in January and February not declining, contradicting previous market expectations of a 5-10% decline. The industry demand is expected to stabilize in 2026 [2][3] - The new national standards have raised entry barriers, accelerating the exit of small brands reliant on OEM, leading to a more concentrated industry structure. High-end brands like Ninebot are focusing on differentiated competition, which has limited impact on the market share of leading companies [2][4] Key Financial Insights - The three-wheeler business accounts for nearly 10% of total revenue, with a net profit margin exceeding 11%, and a profit of approximately 400 RMB per unit. The growth rate for three-wheelers is expected to exceed 50% in 2026, contributing to mid-single-digit growth for the company [2][4] - Capital expenditures are decreasing, and the dividend payout ratio is expected to rise to over 50%, corresponding to a dividend yield of 4.5-5%. The current PE ratio for 2026 is around 9 times, indicating potential for valuation recovery [2][6] Demand and Market Dynamics - The domestic two-wheeler demand has entered a low-growth, relatively stable phase, primarily driven by high-frequency commuting within a 3-5 km radius. The demand is characterized as essential and is not significantly affected by the transition to new standards [3][4] - The old-for-new policy in 2025 is expected to stimulate demand initially, but its impact may weaken after April 2025, leading to a more stable outlook for 2026 demand, contrary to previous market concerns [3][4] Competitive Landscape - The new national standards impose stricter production qualifications, which may lead to the exit of smaller brands, optimizing the competitive landscape for leading brands to capture more market share [4] - High-end brands like Ninebot are positioned for differentiated competition rather than aggressive pricing strategies against traditional leaders, which is expected to benefit the overall industry structure [4] International Market Potential - The overseas market is in the early stages but presents significant growth potential, particularly in Southeast Asia, where policies are shifting from gasoline to electric vehicles. Aima is strategically positioned to capture these opportunities through factory layouts [5] - Key markets like Vietnam and India are showing clear policy directions favoring electric vehicles, which could lead to accelerated growth in the overseas market over the next 3-5 years [5] Shareholder Returns and Valuation - With decreasing capital expenditures and improving dividend capabilities, the company is expected to enhance shareholder returns. The dividend payout ratio is projected to exceed 50%, with a corresponding dividend yield of approximately 4.5-5% [6] - The current valuation is relatively low at around 9 times PE for 2026. If demand proves to be stronger than previously anticipated, there is potential for upward valuation adjustments [6][7]