Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment in the stock [6][7]. Core Insights - The company is a leading player in the electric two-wheeler industry, accelerating its internationalization and digital transformation. It has a strong product matrix that includes electric bicycles and tricycles, with a solid production capability and compliance with relevant regulations [6][19]. - The upcoming implementation of new national standards for electric bicycles is expected to drive a peak in replacement demand, creating significant market opportunities. The company is well-positioned to benefit from this trend, with projected annual sales of electric two-wheelers remaining high at around 60 million units from 2025 to 2030 [6][9]. - The company's financial performance is steadily improving, with a focus on cost control and efficiency. It has demonstrated strong profitability compared to competitors, with a notable increase in net profit margins and a robust sales network expansion strategy [6][8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 21,036 million yuan in 2023 to 30,221 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.4% [2]. - The net profit attributable to shareholders is expected to increase from 1,881 million yuan in 2023 to 3,020 million yuan in 2026, reflecting a significant growth trajectory [2]. - The earnings per share (EPS) is forecasted to rise from 2.20 yuan in 2023 to 3.50 yuan in 2026, indicating strong earnings growth potential [2]. Market Data - As of March 4, 2025, the company's closing price was 41.89 yuan, with a market capitalization of 35,303 million yuan [3]. - The company has a price-to-earnings (P/E) ratio of 19, which is expected to decrease to 12 by 2026, suggesting an attractive valuation relative to its earnings growth [2][3]. Industry Dynamics - The electric bicycle industry is entering a replacement peak due to new regulations and policies that enhance compliance and safety standards. This is expected to create a favorable environment for leading companies like the one under review [6][45]. - The market for electric motorcycles and tricycles is also expanding, driven by consumer demand and regulatory support, particularly in Southeast Asia where the transition from fuel to electric is accelerating [6][9][45]. Operational Efficiency - The company has shown strong cost control capabilities, with a focus on enhancing sales and management efficiency. It has successfully maintained a stable dealer network while expanding its sales outlets [6][8]. - The gross margin is projected to improve gradually, reaching 17.8% by 2026, supported by economies of scale and effective cost management strategies [2][8]. Conclusion - The report highlights the company's strong market position, robust financial growth, and favorable industry trends, making it an attractive investment opportunity in the electric two-wheeler sector [6][7][9].

Investment Rating - The report assigns a "Buy" rating for Aima Technology (603529) with a target price of 50.76 CNY over the next six months, compared to the current price of 41.47 CNY [1]. Core Views - Aima Technology is positioned as a leader in the electric two-wheeler market, with a clear growth trajectory anticipated due to favorable industry policies and market dynamics. The implementation of new national standards and trade-in policies in 2025 is expected to drive significant sales growth in the industry, with an estimated 574.83 million units sold, reflecting a year-on-year increase of 16.8% [6]. - The company is expanding its product offerings into high-margin leisure tricycles, which currently have a low penetration rate of 4.3% among target demographics, indicating substantial growth potential [6]. - Aima is also strategically entering overseas markets, particularly in Indonesia and Vietnam, where there is a trend of transitioning from gasoline to electric vehicles, thus opening new avenues for long-term growth [6]. Summary by Sections Company Overview - Aima Technology, established in 1999, has evolved through multiple transformation phases, from trade to manufacturing and now to a technology-driven company focused on smart solutions for green transportation. The company has a robust manufacturing base across several provinces in China and aims to provide comprehensive mobility solutions [17][19]. Industry Analysis - The electric two-wheeler market is characterized by strong demand driven by urbanization and the need for convenient short-distance transportation. The market is expected to grow significantly, with electric bicycles making up 88% of the total two-wheeler sales in China [25][28]. - The industry is moving towards higher quality standards, with the new national standards set to enhance safety and performance, thereby increasing the overall market quality and concentration [36][47]. Financial Analysis - Aima's revenue is projected to grow from 210.36 billion CNY in 2023 to 311.99 billion CNY by 2026, with a compound annual growth rate (CAGR) of 15.2% expected for net profit from 2024 to 2026 [2][6]. - The company's net profit margin is anticipated to improve, supported by the expansion of high-margin products and increased market share in both domestic and international markets [6]. Profit Forecast and Valuation - The report forecasts a net profit of 24.28 billion CNY in 2025, reflecting a year-on-year growth of 21.59%. The price-to-earnings (PE) ratio is expected to decrease from 19 in 2023 to 12 by 2026, indicating a favorable valuation outlook [2][6].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 50.76 CNY over the next six months, compared to the current price of 41.47 CNY [1]. Core Insights - The company is a leader in the electric two-wheeler market, with a clear growth trajectory expected due to favorable policies and market conditions. The implementation of new national standards and trade-in policies in 2025 is anticipated to drive significant sales growth in the industry [6][17]. - The company is expected to benefit from a projected industry sales increase to 57.48 million units in 2025, representing a year-on-year growth of 16.8% [6]. - The company is expanding its product offerings into high-margin leisure tricycles, which currently have a low penetration rate of 4.3% among target demographics, indicating substantial growth potential [6]. - The company is also strategically entering overseas markets, particularly in Indonesia and Vietnam, where there is a trend of transitioning from gasoline to electric vehicles, thus opening new growth avenues [6]. Summary by Sections Company Overview - The company has been a pioneer in the electric two-wheeler industry since its establishment in 1999, transitioning through various phases of development and focusing on digital transformation and international expansion [17][19]. Industry Analysis - The electric two-wheeler market is characterized by strong demand driven by urbanization and the need for convenient short-distance transportation. The market is expected to grow significantly due to new regulations and policies promoting electric vehicles [25][28]. - The industry is moving towards higher quality standards, with the new national standards set to enhance safety and performance requirements for electric bicycles [47][48]. Financial Analysis - The company's revenue is projected to grow from 210.36 billion CNY in 2023 to 311.99 billion CNY by 2026, with a compound annual growth rate (CAGR) of 15.2% expected for net profit from 2024 to 2026 [2][6]. - The company's return on equity (ROE) is forecasted to remain strong, with a slight decline from 24.37% in 2023 to 21.47% by 2026, reflecting ongoing profitability despite increased competition [2]. Profit Forecast and Valuation - The report anticipates a significant increase in the company's electric two-wheeler sales, reaching 11.497 million units in 2025, a year-on-year increase of 40.7% [6]. - The company is valued at 18 times its earnings for 2025, supporting the target price of 50.76 CNY [6].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-004 | | --- | --- | --- | | 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"爱玛转债"2025 年付息公告 重要内容提示： 可转债付息债权登记日：2025 年 2 月 21 日 可转债除息日：2025 年 2 月 24 日 可转债兑息日：2025 年 2 月 24 日 爱玛科技集团股份有限公司（以下简称"公司"）于 2023 年 2 月 23 日发行 的可转换公司债券（以下简称"可转债"或"爱玛转债"）将于 2025 年 2 月 24 日开始支付自 2024 年 2 月 23 日至 2025 年 2 月 22 日期间的利息。根据公司《可 转债募集说明书》有关条款的规定，现将有关事项公告如下： 一、可转债发行上市情况 经中国证券监督管理委员会《关于核准爱玛科技集团股份有限公司公开发行 可转换公司债券的批复》（证监许可[2022]3038 号）核准，公司于 2023 年 2 月 23 日公开发行了 2,000 万张可转债，每张面值为人民币 100 元，发行总额为人 民币 ...

Summary of Aima Technology Conference Call Company Overview - Aima Technology reported nearly 10.6 billion yuan in revenue for the first half of 2024, representing a year-on-year growth of 3.7% [2] - The company focuses on electric bicycles, electric motorcycles, and electric tricycles, emphasizing user demand and brand core propositions [2] Key Points and Arguments Financial Performance - Aima's profitability has improved, and the company has maintained stable equity, launching an equity incentive plan in early 2024 to demonstrate strong development confidence [2] - The company conveyed a clear development strategy during the 2025 dealer conference [2] Competitive Advantages - Aima possesses significant advantages in brand recognition, channel management, and cost control [3] - The brand targets female consumers, achieving high brand awareness [4] - Aima has over 30,000 offline outlets, with strict dealer management and high single-store efficiency [3][4] - Cost advantages are realized through upstream supply chain integration, enhancing self-control capabilities [4] Industry Dynamics - The electric two-wheeler industry is experiencing optimization in its structure due to new national standards and policy changes, creating growth opportunities [3] - The new national standards, effective in early 2025, impose stricter requirements on plastic components and communication installations, increasing costs and benefiting leading companies [5] - The implementation of a vehicle trade-in policy in 2025 will expand subsidies and encourage consumers to purchase new standard vehicles, promoting market growth [6] Market Growth Projections - The trade-in policy and enhanced sales regulations are expected to drive industry sales growth by 15% to 20% in 2025 [7] - Aima's future growth points include: - Electric two-wheeler business benefiting from new standards and policies - Rapid expansion of the electric tricycle business - Long-term potential in overseas markets [11] Market Share and Competition - The new national standards will favor leading brands like Aima and Yadi, with Yadi holding a 30% market share and Aima at 20%, while other brands account for approximately 60% [8] - The market for electric tricycles is growing, particularly in lower-tier cities, with Aima positioned to capture this demand due to its brand and channel advantages [10] International Market Potential - Although Aima's current overseas market share is low, there is significant long-term potential, with global electric two-wheeler sales expected to grow at a compound annual growth rate of 19% from 2023 to 2027 [10] - Chinese companies are anticipated to gradually capture market share in Southeast Asia and other regions as product performance and safety improve [10] Investment Considerations - The current phase is seen as a relatively good investment opportunity for Aima Technology, with expectations of stock price increases following positive data in early 2025 [12] - January sales data from Yadi showed over 20% growth, indicating a favorable market environment that could benefit Aima as well [12]

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-003 | | --- | --- | --- | | 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 关于高级管理人员减持股份结果公告 本公司董事会、全体董事及相关股东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： 高级管理人员持股的基本情况 本次减持计划实施前，爱玛科技集团股份有限公司（以下简称"公司"）副 总经理罗庆一持有公司股份 1,960,000 股，占公司总股本的 0.2275%；副总经理、 财务总监郑慧持有公司股份 1,340,000 股，占公司总股本的 0.1555%。 减持计划的实施结果情况 2024 年 9 月 28 日，公司披露了《爱玛科技高级管理人员减持股份计划公告》 （公告编号：2024-086），因自身资金需求，罗庆一拟通过集中竞价方式或大宗 交易方式合计减持公司股份不超过 673,750 股，减持数量不超过公司总股本的 0.0782%；郑慧拟通过集中竞价方式或大宗交易方式合计减持公司股份不超过 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its future performance [10]. Core Insights - The company, as a leader in the electric two-wheeler industry, has established strong brand, channel, and cost advantages. With the imminent implementation of the new national standards and the support of trade-in policies, the company is expected to achieve scale expansion and increase market share. Additionally, the product structure may improve, opening up upward potential for profitability. The company has also intensified its electric three-wheeler business and overseas market expansion, which is anticipated to contribute to new growth momentum [2][4]. Summary by Sections Company Overview - The company, originally founded in 1999, entered the electric two-wheeler manufacturing industry in 2004. Its product range includes electric bicycles, electric motorcycles, and electric three-wheelers. In the first half of 2024, the company achieved revenue of 10.591 billion yuan, a year-on-year increase of 3.7%, with profitability on an upward trajectory [4][22]. Core Advantages - The company possesses three core advantages: 1. **Brand**: It has leveraged celebrity endorsements to break through in a highly homogeneous market, focusing on female consumers to enhance brand influence [5][37]. 2. **Channel**: The company has a significant number of offline outlets, employing dynamic management of dealers, which contributes to a stable and efficient distribution system [5][45]. 3. **Cost**: By establishing upstream supply chain capabilities, the company has demonstrated a strong cost advantage, enhancing the overall value proposition of its products [5][52]. Fundamental Business - The electric two-wheeler market is experiencing consolidation, with major players gaining market share. The new national standards and trade-in policies are expected to optimize supply and drive further market share gains for the company. The demand structure is shifting towards higher-end and smarter products, which may allow for price increases and improved profitability [6][9]. Incremental Business - The electric three-wheeler segment is witnessing steady growth, driven by urbanization and the demand for green transportation. The company has strengthened its position in this market and is expected to continue expanding its market share [7][9]. Potential Business - The overseas market for electric two-wheelers is projected to grow significantly, with a CAGR of 19.4% from 2023 to 2027, primarily driven by demand in India, Southeast Asia, and Europe. The company is actively exploring overseas channels and product offerings, which could enhance long-term growth prospects [8][9]. Investment Recommendation - The report suggests capitalizing on the dual resonance of alpha and beta factors for this quality leader. The company is expected to maintain steady growth in revenue and profitability, with projected net profits of 1.953 billion, 2.370 billion, and 2.844 billion yuan for 2024-2026, corresponding to P/E ratios of 18.5, 15.2, and 12.7 times [9][10].

Investment Rating - The report assigns a rating of "Buy" for the company [3]. Core Views - Aima Technology is a leader in the electric two-wheeler industry, with annual production and sales exceeding 10 million units. The company has a robust growth trajectory, with a revenue CAGR of 17.2% from 2015 to 2023 and a net profit CAGR of 22.3% during the same period. In the first half of 2024, the company achieved a revenue of 10.59 billion yuan, representing a year-on-year growth of 3.7%, and a net profit of 0.95 billion yuan, up 6.2% year-on-year [9][19]. - The company is expected to benefit from new regulations and subsidies in the short term, while long-term demand in the domestic market remains promising. The upcoming revisions to the national standards and the inclusion of electric two-wheelers in the trade-in subsidy program are anticipated to accelerate the replacement of old vehicles and enhance industry concentration [9][37][44]. - Aima's product matrix is diverse, with a focus on electric bicycles, which accounted for 61% of revenue in 2023. The company is positioned in the mid-to-high-end market, with a competitive pricing strategy compared to peers [22][27]. Summary by Sections Financial Forecast - Revenue is projected to grow from 21.04 billion yuan in 2023 to 29.93 billion yuan in 2026, with a CAGR of 12.2% [2]. - Net profit is expected to increase from 1.88 billion yuan in 2023 to 2.82 billion yuan in 2026, with a CAGR of 15% [2]. - The company's EBITDA is forecasted to rise from 2.21 billion yuan in 2023 to 3.65 billion yuan in 2026 [2]. Company Overview - Aima Technology was established in 1999 and has been a key player in the electric two-wheeler market since 2004. The company operates seven manufacturing bases, primarily in Tianjin and Jiangsu, and has over 30,000 retail outlets [19][20]. - The company has a concentrated ownership structure, with the chairman holding 68.8% of the shares, indicating strong control and commitment to the company's future [20][21]. Industry Outlook - The electric two-wheeler industry is expected to experience a new wave of growth driven by regulatory changes and subsidies. The introduction of stricter safety standards is likely to phase out smaller manufacturers, leading to increased market concentration [37][44]. - The domestic market shows potential for growth, with increasing demand from both consumer and business sectors. The overseas market, particularly in Southeast Asia, is also seen as a significant growth area, with projections indicating a potential sales volume of 53.9 million units by 2027 [54][60].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-001 | | --- | --- | --- | | 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"爱玛转债"转股结果暨股份变动公告 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： 累计转股情况："爱玛转债"自 2023 年 9 月 1 日起可转换为公司股份， 截至 2024 年 12 月 31 日，"爱玛转债"累计转股金额为 493,000 元，累计因转 股形成的股份数量为 12,446 股，占可转债转股前公司已发行股份总额的 0.001444%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的"爱玛转债" 金额为 1,999,507,000 元，占"爱玛转债"发行总额的 99.9754%。 本季度转股情况：2024 年 10 月 1 日至 2024 年 12 月 31 日期间，"爱玛转 债"转股金额为 38,000 元，因转股形成的股份数量为 977 股。 一、可转债 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-096 | | --- | --- | --- | | 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 关于公司及子公司 2025 年度日常关联交易预计的公告 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： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 爱玛科技集团股份有限公司（以下简称"公司"）第五届董事会第二十八次 会议，审议通过了《关于公司及子公司 2025 年度日常关联交易预计的议案》。 关联董事张剑、段华、张格格回避表决，非关联董事以同意 6 票、反对 0 票、弃 权 0 票表决通过该议案。该议案无需提交股东大会审议。 上述事项已在提交公司董事会审议前经独立董事专门会议审议通过。独立董 事认为：公司对 2025 年日常关联交易的预计遵循了公开、公平、公正原则，符 合公司正常生产经营需要，不会因此类交易而对关联方形成依赖，相关交易事项 不会影响公司的独立性，不会损害公司、股东、特别 ...