Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a temporary pressure on revenue and profit in Q3 2024, but maintains stable profitability. The forecast for net profit from 2024 to 2026 has been adjusted downwards due to policy changes affecting industry sales, with expected net profits of 19.95 billion, 24.98 billion, and 31.08 billion respectively [1] - The company is expected to benefit from favorable industry policies in 2025, with a clear inflection point in fundamentals. The new national standard for electric bicycles is anticipated to stimulate end-user sales and improve the competitive landscape [2] Financial Performance Summary - For Q1-Q3 2024, the company achieved operating revenue of 174.6 billion (up 0.05%) and a net profit attributable to shareholders of 15.5 billion (down 0.25%). In Q3 alone, revenue was 68.7 billion (down 5.1%) and net profit was 6.0 billion (down 9.0%) [1] - The company's gross profit margin for Q1-Q3 2024 was 17.4% (up 1.6 percentage points), and the net profit margin was 9.0% (up 0.1 percentage points). The gross profit margin for Q3 2024 was 16.8% (up 0.7 percentage points) [2] - The company’s earnings per share (EPS) for 2024E is projected at 2.32, with a price-to-earnings (P/E) ratio of 11.4 [4] Sales and Product Insights - In Q3 2024, the company’s sales volume is expected to decline by approximately 10% due to a policy transition period, while the average selling price (ASP) is projected to increase by 5.7% to 1986 yuan per unit [2] - The company is successfully improving its product mix, with a higher proportion of high-margin two-wheeled and three-wheeled products, which is expected to drive ASP and profit growth [2] Future Outlook - The company is well-positioned to re-enter a growth phase in terms of both volume and price in 2025, supported by a robust product pipeline and favorable market conditions following the implementation of new standards [2]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 43.52 CNY over the next six months, corresponding to a 2025 PE valuation of 16x [4][13]. Core Views - The company reported a revenue of 17.46 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 0.05%, while the net profit attributable to shareholders was 1.55 billion CNY, down 0.3% year-on-year. In Q3 alone, the revenue was 6.87 billion CNY, showing a decline of 5.1% year-on-year, and the net profit was 600 million CNY, down 9.0% year-on-year [1]. - The upcoming new national standards are expected to raise industry barriers, which may accelerate the market share growth of leading companies [1]. - The cautious inventory replenishment by channels ahead of the new standards and consumer expectations of potential government subsidies for trade-ins are contributing to the short-term revenue decline [1]. Financial Performance Summary - Q3 revenue growth slowed compared to Q2, primarily due to cautious channel inventory replenishment ahead of the new national standards [1]. - The gross profit margin for Q3 was 16.8%, up 0.7 percentage points year-on-year, while the net profit margin was 8.8%, down 0.4 percentage points year-on-year [1]. - Operating cash flow for Q3 decreased to 2.71 billion CNY, down 10.4 billion CNY year-on-year, influenced by settlement cycles and methods [1]. - The company expects EPS for 2024, 2025, and 2026 to be 2.19 CNY, 2.72 CNY, and 3.14 CNY respectively [1][12]. Market Position and Outlook - The electric two-wheeler industry still has expansion potential, and the company, as a leading player, is well-positioned to capture quality channel networks during the industry's growth phase [1]. - The company’s product structure has room for upgrades, and economies of scale are expected to strengthen, leading to further improvements in profitability [1].

股 票 研 究 证 券 研 究 报 告 —爱玛科技 2024 年三季报点评 | --- | |-----------------------------------| | | | [table_Authors] 刘佳昆 ( 分析师 ) | | 021-38038184 | | liujiakun029641@gtjas.com | | 登记编号 S0880524040004 | | --- | --- | |----------------------------|-------| | | | | 毛宇翔 ( 分析师 ) | | | 021-38038672 | | | maoyuxiang029547@gtjas.com | | | S0880524080013 | | 本报告导读： 公 司 更 新 报 告 股票研究 /[Table_Date] 2024.10.27 经营韧性凸显，期待 25 年业绩弹性 爱玛科技(603529) [Table_Industry] | --- | --- | --- | |--------------------------------|------------|------ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates a continued recovery trend for the company, with Q3 2024 performance showing a slight decline in revenue but stable net profit margins [2] - The company has benefited from an increase in average selling price (ASP) and net profit per unit, despite a decrease in overall sales volume due to industry-wide challenges [2] - The report highlights the potential for policy catalysts in Q4, including the old-for-new exchange program and new national standards, which may enhance industry concentration and support recovery [2] Financial Performance Summary - Q3 2024 revenue was 6.87 billion (down 5.1% year-on-year), with a net profit of 600 million (down 9.0% year-on-year) and a non-recurring net profit of 550 million (down 9.8% year-on-year) [2] - For the first three quarters of 2024, total revenue was 17.46 billion (flat year-on-year), with a net profit of 1.55 billion (down 0.3% year-on-year) and a non-recurring net profit of 1.45 billion (flat year-on-year) [2] - The report notes that excluding stock incentive expenses of approximately 50 million, the actual net profit showed a year-on-year decline of only 2%, indicating a better performance relative to revenue [2] Sales and Profitability Insights - The report estimates Q3 2024 sales volume at 3.45 million units (down 10% year-on-year), with an ASP of approximately 1984 yuan (up 5.5% year-on-year) and a net profit per unit of 174 yuan (up 1% year-on-year) [2] - The gross profit margin showed a slight recovery, with a year-on-year increase of 0.7 percentage points, while the net profit margin decreased by 0.4 percentage points year-on-year [2] - The report emphasizes that the company’s gross and net profit margins are expected to continue their recovery trend despite competitive pricing pressures in the industry [2] Earnings Forecast - The earnings forecast has been adjusted, with projected revenues for 2024, 2025, and 2026 at 22.0 billion, 25.3 billion, and 28.5 billion respectively, reflecting year-on-year growth rates of 5%, 15%, and 13% [3] - The forecast for net profit for the same years is set at 2.0 billion, 2.4 billion, and 2.9 billion respectively, with corresponding year-on-year growth rates of 6.8%, 19.6%, and 19.7% [3]

Financial Performance - The company's operating revenue for Q3 2024 was ¥6,873,217,078.53, a decrease of 5.05% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥602,949,020.11, down 9.02% year-on-year[2]. - The basic earnings per share for Q3 2024 was ¥0.71, reflecting a decline of 7.79% compared to the previous year[2]. - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥553,036,103.29, down 9.82% year-on-year[2]. - Net profit for the third quarter of 2024 was CNY 1,575,444,875.79, showing a slight increase from CNY 1,565,132,892.20 in the same quarter of 2023[16]. - The company reported a total comprehensive income of CNY 1,575,064,418.15 for the third quarter, compared to CNY 1,565,132,892.20 in the same quarter of 2023[17]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥23,899,900,069.45, representing a 20.14% increase from the end of the previous year[4]. - As of September 30, 2024, total assets reached RMB 23.90 billion, an increase from RMB 19.89 billion at the end of 2023, reflecting a growth of approximately 20.1%[12]. - Total liabilities amounted to RMB 10.36 billion, compared to RMB 8.79 billion at the end of 2023, reflecting an increase of approximately 18.0%[13]. - The company’s total liabilities and equity reached CNY 23,899,900,069.45, indicating a solid financial position[14]. Equity and Shareholder Information - The total equity attributable to shareholders at the end of Q3 2024 was ¥8,724,430,572.36, an increase of 13.13% from the previous year[4]. - The equity attributable to shareholders increased to CNY 8,724,430,572.36 from CNY 7,712,038,217.61 in the previous year[14]. - The number of common shareholders at the end of the reporting period was 21,657[7]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥3,874,380,409.77, an increase of 14.36% compared to the same period last year[2]. - The net cash flow from operating activities for the third quarter was ¥3,874,380,409.77, an increase from ¥3,387,748,361.60 in the previous year, representing a growth of approximately 14.4%[18]. - Total cash inflow from investment activities was ¥4,069,657,196.46, compared to ¥3,534,598,194.51 in the same period last year, indicating an increase of about 15.1%[18]. - The net cash flow from investment activities was -¥6,756,846,107.71, a significant decline from -¥960,190,217.76 year-over-year[18]. - Cash inflow from financing activities totaled ¥218,771,800.00, down from ¥2,517,450,000.00 in the previous year, reflecting a decrease of approximately 91.3%[19]. - The net cash flow from financing activities was -¥284,759,745.64, compared to a positive cash flow of ¥924,716,550.45 in the same quarter last year[19]. - The total cash and cash equivalents at the end of the period were ¥2,866,916,722.48, a decrease from ¥8,888,339,005.73 at the end of the previous year[19]. Operational Metrics - Current assets totaled RMB 11.36 billion, up from RMB 9.59 billion at the end of 2023, indicating a growth of about 18.5%[12]. - Cash and cash equivalents decreased to RMB 3.65 billion from RMB 6.67 billion, a decline of approximately 45.0%[12]. - Accounts receivable increased to RMB 455.45 million from RMB 357.84 million, representing a growth of around 27.3%[12]. - Inventory decreased to RMB 498.99 million from RMB 575.34 million, a decline of about 13.3%[12]. - Research and development expenses for the first three quarters were CNY 460,660,984.86, compared to CNY 415,605,091.47 in the same period last year, reflecting a focus on innovation[16]. Strategic Initiatives - The company is focusing on new product development and market expansion as part of its strategic initiatives for future growth[12].

爱玛科技集团股份有限公司 截至本公告披露日，公司尚未知悉上述事项的进展及结论，公司将持续关注 后续情况，并按照有关法律、法规和规范性文件的规定及时履行信息披露义务并 提示相关风险。公司指定的信息披露媒体为《中国证券报》《上海证券报》《证券 时报》《证券日报》及上海证券交易所网站（www.sse.com.cn），公司发布的信息 均以在上述指定媒体刊登的信息为准。敬请广大投资者理性投资，注意投资风险。 特此公告。 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-092 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 关于实际控制人、董事长兼总经理被留置的公告 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"）近日收到公司实际控制人、 董事长兼总经理张剑先生家属的通知，其于 2024 年 10 月 9 日收到由承德市监察 委员会签发的张剑先生被留置、立案调查的通知书。截至本公告披露日，公司未 收到相关机关的通 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-088 | | --- | --- | --- | | 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 关于因利润分配调整"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： 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 200,000 万元，并 于 2023 年 3 月 20 日在上海证券交易所上市交易，债券简称"爱玛转债"，债券 代码"113666"。"爱玛转债"存续期限 6 年，存续的起止时间为 2023 年 2 月 23 日至 2029 年 2 月 22 日，转股的起止时间为 2023 年 9 月 1 日至 2029 年 2 月 22 日。 "爱玛转债"的初始转股价格为 61.29 元/股，因公司实施 2022 年年度权益 分派，转股价格于 2023 年 5 月 19 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-089 | | --- | --- | --- | | 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 如在本公告披露之日起至实施权益分派股权登记日期间，因可转债转股、回 购股份、使用回购股份授予股权激励限制性股票、股权激励授予股份回购注销、 重大资产重组股份回购注销等致使公司总股本或回购专用账户中的股份数量发 生变动的，公司拟维持每股分配比例不变，相应调整分配总额。 具 体 内 容 详 见 公 司 于 2024 年 8 月 23 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《爱玛科技 2024 年半年度利润分配方案的公告》。 重要内容提示： 现金分红总额：爱玛科技集团股份有限公司（以下简称"公司"）2024 年半年度利润分配拟每股派发现金红利 0.332元（含税）不变，派发现金分红的 总额由285,840,155.57元（含税）调整为285,840,197.73元（含税）。 本次调整原因：自2024年半年度利润分配预案披露之日起至本公告披露 日，公司发生可转债转 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-091 | | --- | --- | --- | | 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 关于首次公开发行股票募集资金专户销户完成的公告 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。 一、募集资金基本情况 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首次公开 发行股票的批复》（证监许可[2021]1775 号文）的核准，爱玛科技集团股份有限 公司（以下简称"公司"）公开发行人民币普通股（A 股）6,500 万股，股票面值 为人民币 1.00 元，发行价格为每股人民币 27.86 元，此次公开发行股份募集资 金总额为人民币 181,090.00 万元，扣除各项发行费用后的实际募集资金净额为 人民币 168,086.38 万元，本次首次公开发行股票募集资金已于 2021 年 6 月 9 日 存入公司募集资金专户，安永华明会计师事务所（特殊普通合伙）审验，出具了 《验资报告》（安永华明(2021 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2024-090 | | --- | --- | --- | | 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 9 月 30 日，"爱玛转债"累计转股金额为 455,000 元，因转股形成 的股份数量为 11,469 股，占可转债转股前公司已发行股份总额的 0.001331%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的"爱玛转债"金 额为 1,999,545,000 元，占"爱玛转债"发行总额的 99.9773%。 本季度转股情况：2024 年 7 月 1 日至 2024 年 9 月 30 日期间，"爱玛转债" 转股金额为 5,000 元，因转股形成的股份数量为 127 股。 一、可转债发行上市概况 ...