爱玛科技集团股份有限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、特别是中小股东的利益。因此， 独立董事对公司 2025 年度日常关联交易预计事项发表同意意见，并同意提交公 司董事会审议。 监事会对该议案发表同意意见：本次关联交易事项，公司及子公司能充分利 用关联方拥有的资源和优势为公司及子公司生产经营服务，实现优势互补和资源 合理配置，获取更好效益。本次关联交易定价公允，不存在损害公司及其他股东 华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司及子公司 2025 年度日常关联交易预计的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐机构" ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-097 | | --- | --- | --- | | 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 2024 年 12 月 27 日，公司副董事长、副总经理段华女士，董事、副总经理、 董事会秘书王春彦先生，副总经理、财务总监郑慧女士，独立董事马军生先生出席 了本次说明会。参会人员就公司经营成果及财务状况与投资者进行了沟通和交流。 二、投资者提出的主要问题及公司的回答情况 公司对投资者在本次业绩说明会上提出的问题给予了回复，现将主要问题及 回复整理如下： 问题 1：（1）公司三季报业绩同比去年，收入利润变动不大，管理、销售、研 发和财务费用率均有所攀升，净资产收益率下滑，毛利率为何不降反升，同时筹资 和投资性现金流均为负，能否分析一下原因？（2）公司发行 20 亿元可转债尚未 开始转股，公司会在推动转股上采取哪些举措？ 答：（1）根据公司发展战略，在市场开拓以及产品研发等方面加大了投入，带 动相关费用率有所上升。毛利率变动是由成本控制、产品结构、渠道政策等因素综 合影响形成的。同时筹资活动净现金流主 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-095 | | --- | --- | --- | | 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 关于股东减持股份结果公告 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： 股东持股的基本情况 本次减持计划实施前，盐城鼎爱创业投资合伙企业（有限合伙）（以下简称 "盐城鼎爱"，现已更名为陵水鼎爱创业投资合伙企业（有限合伙））持有爱玛 科技集团股份有限公司（以下简称"公司"或"爱玛科技"）股份 35,559,300 股，占公司总股本的 4.1266%。 近日，公司收到股东盐城鼎爱发来的《关于股份减持计划结果的告知函》。 截至 2024 年 12 月 23 日，盐城鼎爱通过集中竞价方式减持公司股份 8,609,300 股，占公司总股本的 0.9991%，持股比例由 4.1266%变更为 3.1275%。本次减持 计划时间区间届满，现将减持结果情况公告如下: 注：其他方式取得系通过公司 2021 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-094 | | --- | --- | --- | | 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 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 12 月 27 日(星期五) 上午 10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上海证券交易所上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 副董事长、副总经理：段华女士 董事、副总经理、董事会秘书：王春彦先生 副总经理、财务总监：郑慧女士 投资者可于 2024 年 12 月 20 日(星期五) 至 12 月 26 日(星期四)16:00 前 登录上证路演中心网站首页 ...

Key Points Industry Overview - **New National Standard Implementation**: The new national standard for electric two-wheelers is expected to be fully implemented by September 30, 2023. This will include the cessation of production and sales of old standard vehicles. - **Market Growth**: The industry is expected to grow by 5-10% due to consumer demand and an additional 10-15 million units from the replacement policy. The total market size could reach 65 million units in 2024. - **Replacement Policy**: The replacement policy is expected to peak in the first half of 2024, with 10-15 million units being replaced. This policy aims to promote the replacement of old, unsafe vehicles with new, safer ones. Company Overview - **New Product Development**: The company is focusing on developing new products that comply with the new national standard. These products are expected to be launched before the end of June 2023. - **Channel Structure**: The company is prioritizing the development of new products and channel structure reform over expanding the number of stores. The focus is on improving the quality of existing stores rather than increasing the number of stores. - **Capacity Expansion**: The company plans to increase its production capacity to 15 million units by the end of 2024. The capital expenditure for 2023 and 2024 is expected to be announced later. - **International Expansion**: The company has established bases in Vietnam and Indonesia and has opened stores in North America. The company is currently in the incubation stage in these markets and expects significant growth in the future. Financial Outlook - **ASP Growth**: The company expects the ASP for electronic vehicles to increase by 10% in 2024. The ASP for electric paint film is expected to remain stable or slightly increase. - **Profitability**: The company expects to achieve higher profitability through the launch of new products, product upgrades, and cost control measures. Other Key Points - **Battery Technology**: The company is confident that its battery technology can meet the requirements of the new national standard, including the weight and range specifications. - **Regulatory Changes**: The company is closely monitoring regulatory changes and adapting its products and strategies accordingly. - **Competitive Landscape**: The company expects increased competition in the market, particularly in the second half of 2024, as new products are launched and the market expands.

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-093 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 住所：天津市静海经济开发区南区爱玛路 5 号 爱玛科技集团股份有限公司 法定代表人：张剑 近日，公司完成了工商变更登记等相关手续，并取得了天津市静海区市场监 督管理局换发的《营业执照》，具体登记信息如下： 统一社会信用代码：9112000071821557X4 名称：爱玛科技集团股份有限公司 类型：股份有限公司（上市） 关于完成工商变更登记并换发营业执照的公告 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。 爱玛科技集团股份有限公司（以下简称"公司"）于 2024 年 5 月 30 日召开 公司 2023 年年度股东大会，审议通过了《关于变更公司注册资本及修订<公司章 程>的议案》，具体内容详见公司于 2024 年 5 月 31 日在上海证券交易所网站 （www.sse.com.cn）及指定媒体披露的相关公告。 注册资本：捌亿陆仟壹佰玖拾贰万 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a slight increase in revenue of 0.05% year-on-year for the first three quarters of 2024, totaling 17.46 billion yuan, while net profit decreased by 0.25% to 1.55 billion yuan [5] - The third quarter of 2024 saw a revenue decline of 5.05% year-on-year, with net profit down by 9.02% [5] - The gross margin for the first three quarters of 2024 was 17.42%, an increase of 1.6 percentage points year-on-year [5] - The company is enhancing its supply chain localization capabilities, which is expected to improve response times and reduce transportation costs [6] - Profit forecasts for 2024 and 2025 have been adjusted downwards due to external demand pressures, with projected net profits of 1.97 billion yuan and 2.28 billion yuan respectively, reflecting year-on-year growth of 5% and 16% [6] Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 17.46 billion yuan, with a net profit of 1.55 billion yuan [5] - The comprehensive gross margin for the first three quarters was 17.42%, with a period expense ratio of 7.49% [5] - The company’s revenue is projected to grow from 21.04 billion yuan in 2023 to 21.54 billion yuan in 2024, with a year-on-year growth rate of 2.4% [7] - The net profit is expected to increase from 1.88 billion yuan in 2023 to 1.97 billion yuan in 2024, representing a growth rate of 4.5% [7] Valuation Metrics - The company is assigned a price-to-earnings (P/E) ratio of 17-19 times for 2024, corresponding to a reasonable value range of 38.8-43.4 yuan per share [6] - The average P/E ratio for comparable companies in the industry is 20.48 for 2024E and 16.23 for 2025E [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is expected to recover from low inventory levels, with policy changes anticipated to drive growth in the coming year. The new national standards are expected to create significant opportunities for compliant leaders in the industry [1][2] - The report adjusts profit forecasts, projecting net profit attributable to the parent company to reach 2,003 million yuan in 2024, with further increases in subsequent years [1][2] Financial Summary - **Revenue Forecasts**: - 2023A: 21,036 million yuan - 2024E: 21,186 million yuan (growth rate: 1%) - 2025E: 24,852 million yuan (growth rate: 17%) - 2026E: 27,883 million yuan (growth rate: 12%) [1][2] - **Net Profit Forecasts**: - 2023A: 1,881 million yuan - 2024E: 2,003 million yuan (growth rate: 6%) - 2025E: 2,428 million yuan (growth rate: 21%) - 2026E: 2,802 million yuan (growth rate: 15%) [1][2] - **Earnings Per Share (EPS)**: - 2023A: 2.18 yuan - 2024E: 2.32 yuan - 2025E: 2.82 yuan - 2026E: 3.25 yuan [1][2] - **Price-to-Earnings (P/E) Ratio**: - 2023A: 15.9 - 2024E: 14.9 - 2025E: 12.3 - 2026E: 10.7 [1][2] - **Price-to-Book (P/B) Ratio**: - 2023A: 3.9 - 2024E: 3.5 - 2025E: 3.0 - 2026E: 2.6 [1][2] Market Outlook - The report indicates that the industry is currently in a phase of low inventory, which is expected to provide a solid growth foundation for the next year. The anticipated recovery in inventory levels and the implementation of new policies are seen as key drivers for future growth [1][2]

Investment Rating - The report maintains a "Buy" rating for Aima Technology (603529) as of October 29, 2024 [2][4]. Core Insights - Aima Technology's performance in the third quarter of 2024 showed pressure on revenue and profit, with a revenue of 68.73 billion yuan, down 5.05% year-on-year, and a net profit of 6.03 billion yuan, down 9.02% year-on-year [3]. - The company's gross margin improved to 17.42%, an increase of 1.61 percentage points year-on-year, indicating enhanced profitability despite rising expense ratios [3]. - The new national standard for electric bicycles is expected to benefit industry leaders, including Aima Technology, as it enters the implementation phase [3]. - Aima Technology has five subsidiaries included in the second batch of the electric bicycle whitelist, which is anticipated to provide ongoing benefits [3]. Financial Performance Summary - For the first three quarters of 2024, Aima Technology achieved a total revenue of 174.64 billion yuan, a slight increase of 0.05% year-on-year, and a net profit of 15.54 billion yuan, a decrease of 0.25% year-on-year [3]. - The company forecasts revenues of 212.40 billion yuan, 252.65 billion yuan, and 282.45 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 19.79 billion yuan, 25.06 billion yuan, and 30.03 billion yuan [4][6]. - The projected P/E ratios for 2024, 2025, and 2026 are 15.76, 12.45, and 10.39 respectively, reflecting a positive outlook for the company's earnings growth [4][6].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown resilience despite operational fluctuations, supported by policies that aid long-term industry development [2] - In the third quarter, the company faced operational pressure with a revenue decline of 5.05% year-on-year, resulting in a net profit decrease of 9.02% [3] - The overall cash flow situation remains strong, with net cash flow from operating activities increasing by 14.36% year-on-year [3] - Recent government policies are expected to enhance market demand stability and promote product innovation, benefiting leading companies in the electric bicycle sector [4] Summary by Relevant Sections Financial Performance - For the first three quarters, the company achieved revenue of 17.464 billion yuan, a slight increase of 0.05% year-on-year, while net profit was 1.554 billion yuan, down 0.25% year-on-year [2] - The comprehensive gross margin for the first three quarters was 17.42%, up 1.62 percentage points year-on-year, with a net margin of 9.02%, up 0.05 percentage points [3] - In Q3, revenue was 6.873 billion yuan, down 5.05% year-on-year, and net profit was 603 million yuan, down 9.02% year-on-year [3] Industry Development - New policies from the Ministry of Commerce and the Ministry of Industry and Information Technology aim to promote the replacement of old electric bicycles, enhancing safety standards and market demand [4] - The introduction of new safety technical specifications for electric bicycles is expected to drive product quality improvements and innovation [4] Earnings Forecast - The EPS forecast for 2024-2026 has been adjusted to 2.34 yuan, 2.72 yuan, and 3.18 yuan respectively, with a corresponding PE of 15 times for 2024 [5]