股权激励锚定稳健增长，基本面强劲延续 爱玛科技(603529) —爱玛科技公司公告点评 耐用消费品[Table_Industry] /可选消费品 [Table_Invest] 评级： 增持 | [table_Authors] 刘佳昆(分析师) | 毛宇翔(分析师) | [Table_Target] 目标价格： | 55.47 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880524040004 | S0880524080013 | | | 本报告导读： 公司发布员工持股计划，激励彰显长期发展信心，强化业务团队凝聚力。 投资要点： 请务必阅读正文之后的免责条款部分 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 21,036 | 21,606 | 28,112 | 33,197 | 38,276 | | (+/-)% | 1.1 ...

Investment Rating - The report maintains a "Buy" rating for the industry, specifically recommending companies such as Yadea Holdings, Aima Technology, and Ninebot [11]. Core Insights - The Chinese electric two-wheeler industry is entering a mature development phase characterized by "stock replacement dominance and structural incremental support." The domestic market is seeing high ownership levels, and the implementation of new national standards is accelerating industry consolidation, with both cost and supply pressures squeezing smaller brands [3][6]. - Incremental growth is focused on B-end commercial scenarios (instant delivery/shared mobility) and C-end smart upgrades. The expansion of the old-for-new subsidy program in 2025 is expected to stimulate replacement demand [3][6]. - The overseas market, particularly in Europe and North America, is centered around electric bicycles (E-bikes), benefiting from environmental policies and low consumer price sensitivity. The Southeast Asian market shows long-term potential for electric motorcycles, although performance limitations and inadequate infrastructure hinder short-term replacement [3][8]. Summary by Sections Scale: Dominated by Stock Demand, Driven by Smartization and Policy - The electric two-wheeler market includes electric bicycles, electric light motorcycles, and electric motorcycles. The current market ownership is at a high level, with the average penetration rate reaching maturity. Although demand in high-tier cities and motorcycle replacement in lower-tier markets will support steady growth, the growth rate is expected to slow down [6][30]. - Incremental space is concentrated in two areas: B-end instant delivery and shared mobility, benefiting from the economic and flexible nature of electric two-wheelers, and C-end smart upgrades that drive consumer segmentation and product price increases [6][30]. Structure: New National Standards Implementation Optimizes the Landscape - The past changes in industry structure show that policy regulations (like new national standards) and market competition (price wars, channel expansion) create a dual selection mechanism. Leading companies can leverage scale effects to reduce costs and enhance R&D and distribution networks, while weaker brands face exit pressures due to compliance costs and low margins [7][9]. - The new national standards are expected to increase costs by 10%-15%, putting significant pressure on financially weak brands while allowing leading companies to expand market share [7][9]. Incremental Growth: Southeast Asia Policy Drives Potential, E-bike Opportunities in Europe and America - With the domestic market stabilizing, overseas markets are becoming core growth areas. The North American and European markets are primarily driven by mid-to-high-end E-bikes, with a favorable growth trend supported by consumer interest in sustainable transportation and government support [8][9]. - The Southeast Asian market focuses on high-cost-performance electric motorcycles, driven by commuting needs and "oil-to-electric" policies. However, performance gaps and infrastructure issues limit short-term penetration, with fuel vehicles remaining dominant [8][9]. Investment Recommendations: Domestic and International Synergy, Positive Demand Outlook - The domestic market is seeing accelerated concentration due to the new national standards, which pressure smaller brands while allowing leading companies to strengthen their market share through scale effects and technological differentiation [9]. - The overseas market presents opportunities, particularly in the E-bike sector in Europe and North America, where the fragmented competitive landscape offers entry points for Chinese brands [9].

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company has launched a restricted stock incentive plan for 2025, aiming to grant approximately 14.18 million shares to 421 individuals, which is about 1.65% of the total share capital, at a price of 20.6 yuan per share. This plan is expected to motivate the core team and stimulate growth [1] - The incentive plan sets performance targets for revenue and net profit growth from 2024 as a base, requiring growth rates of at least 15%/32.25%/52.09% for the years 2025-2027, indicating a strong emphasis on sustained growth [2] - The company is focusing on product upgrades and has partnered with ByteDance and Midea to enhance its smart strategy, aiming for a transformation towards full-chain intelligence and user operation [3] - The company anticipates steady sales growth in Q2 2025, with supply chain issues previously encountered now resolved, and aims to leverage its strengths to increase market share [3] Financial Summary - The projected total revenue for the company is expected to grow from 21.036 billion yuan in 2023 to 34.158 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 8.3% [6] - The net profit attributable to the parent company is forecasted to increase from 1.881 billion yuan in 2023 to 3.348 billion yuan in 2027, reflecting a CAGR of about 12.7% [6] - The company's gross margin is expected to improve from 16.5% in 2023 to 18.6% in 2027, indicating enhanced profitability [6] - The projected earnings per share (EPS) are expected to rise from 2.18 yuan in 2023 to 3.89 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.67 to 9.93 over the same period [4][6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has announced a 2025 restricted stock incentive plan, proposing to grant 14.1755 million shares, accounting for approximately 1.6450% of the total share capital. The initial grant will be 13.0955 million shares to 421 individuals, with a grant price of 20.60 CNY per share [3][4]. - The incentive plan aims to enhance the motivation of management and key personnel, ensuring the achievement of the company's long-term development strategy and operational goals [9]. - The company is expected to maintain a good growth trend in 2025, driven by the "old-for-new" policy and the introduction of new products. The market response to new models has been positive, and the company anticipates rapid sales growth starting from Q1 2025 [9]. - The company has established a strong brand, channel, and cost advantages over its 20 years of operation, positioning itself well in the high-end market segment, which is expected to enhance profitability [9]. Summary by Sections Incentive Plan - The 2025 restricted stock incentive plan includes a total of 14.1755 million shares, with 13.0955 million shares for initial grants to 421 individuals, including 6 directors and senior executives [3][9]. - The performance targets for the release of restricted shares are set for the years 2025 to 2027, with annual revenue or net profit growth rates of at least 15%, 32.25%, and 52.09% respectively [9]. Market Outlook - The company is expected to benefit from the 2024 new national standards, which will optimize the industry landscape and favor leading manufacturers [9]. - The "old-for-new" policy is anticipated to stimulate domestic demand, contributing to the company's growth [9]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion CNY respectively, with corresponding price-to-earnings ratios of 12.75, 10.94, and 9.69 [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has announced a 2025 restricted stock incentive plan, proposing to grant 14.1755 million shares, accounting for approximately 1.6450% of the total share capital. The initial grant will be 13.0955 million shares to 421 individuals at a price of 20.60 CNY per share [2][5]. - The incentive plan aims to enhance the motivation of management and key personnel, ensuring the achievement of the company's long-term development goals [11]. - The company is expected to continue its growth trajectory in 2025, driven by strong sales and the introduction of new products, alongside the "old-for-new" policy that is anticipated to boost domestic demand [11]. - The company has established a strong brand and cost advantages over its 20 years of operation, positioning itself well in the high-end market segment, which is expected to enhance profitability [11]. Summary by Sections Company Overview - The current stock price is 38.57 CNY, with a total share capital of 861.72 million shares and a net asset value per share of 10.68 CNY [8]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion CNY, respectively, with corresponding price-to-earnings ratios of 12.75, 10.94, and 9.69 [11]. Market Trends - The implementation of the new national standard in 2024 is expected to optimize the industry landscape, benefiting leading manufacturers. The continuation of the "old-for-new" policy in 2025 is likely to stimulate domestic demand [11].

Core Viewpoint - The 2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit aims to focus on new technologies and expand new markets, highlighting the rapid growth of the battery swap market driven by policy support, demand for instant delivery, and technological upgrades [3][4]. Group 1: Event Background and Highlights - The event will feature the authoritative release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper," covering various rankings such as the top 10 electric two-wheeled vehicle shipments and battery operators [3]. - The global battery swap market for two-wheeled vehicles is experiencing rapid growth, with Chinese companies poised for a new round of strategic positioning due to industry chain integration advantages [3]. - Challenges such as battery safety, market penetration, and cost optimization need urgent solutions as companies accelerate the development of high-safety, high-rate, high-energy density, long-cycle life, and low-cost battery products [3]. - The lightweight power and small-scale energy storage markets are also growing rapidly, with applications in low-altitude flight, mobile electric tools, humanoid/robotic technology, smart homes, and intelligent energy storage [3]. - AI technology is accelerating the development and optimization of new battery technologies and processes, such as sodium batteries and full-tab cylindrical batteries, particularly in the battery swap sector for two-wheeled vehicles [3]. Group 2: Event Agenda - The conference will take place on July 10-11, 2025, in Wuxi, Jiangsu, with a scale of over 500 participants [4][6]. - Key topics include the development trends of electric two-wheeled vehicles, battery technology advancements, and the opportunities and challenges in the battery swap market [5][7]. - Roundtable discussions will address critical issues such as balancing energy density, cost, and safety in battery production, as well as the impact of new national standards on battery technology [7]. Group 3: Invited Companies - Notable companies invited to participate include leading electric two-wheeled vehicle manufacturers like Yadea, Aima, and Niu, as well as battery companies such as CATL and BYD [9]. - The event will also attract equipment and materials companies involved in battery production and technology [9]. Group 4: Participation Details - The registration fee for the conference is set at 2888 yuan per person, which includes a conference ticket, lunch, and a copy of the industry white paper [11].

Group 1 - The company plans to distribute a cash dividend of 0.592 yuan per share (including tax) to all shareholders based on the total share capital registered on the equity distribution record date [1][2] - The equity distribution plan was approved at the 2024 annual shareholders' meeting held on May 6, 2025 [2] - The company will adjust the conversion price of the "Aima Convertible Bonds" according to the terms of the bond issuance and relevant regulations after the implementation of the equity distribution plan [2] Group 2 - The "Aima Convertible Bonds" will suspend conversion from May 29, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [2] - Holders of convertible bonds wishing to enjoy the equity distribution must convert their bonds by May 28, 2025 [2] - The company will disclose the implementation announcement of the 2024 annual equity distribution and the adjustment of the convertible bond conversion price on the Shanghai Stock Exchange website and designated information disclosure media on May 30, 2025 [2]

Core Viewpoint - The legal opinion letter confirms that Aima Technology Group Co., Ltd. is qualified to implement the 2025 Restricted Stock Incentive Plan, which aims to attract and retain talent while aligning the interests of shareholders, the company, and the core team [1][6][24]. Group 1: Legal Framework and Compliance - The legal opinion is based on a review of the draft incentive plan, management measures, and relevant company documents, ensuring compliance with the Company Law, Securities Law, and other regulations [2][6][24]. - Aima Technology is a legally established company listed on the Shanghai Stock Exchange, with no circumstances that would prevent it from implementing the stock incentive plan [5][24]. Group 2: Incentive Plan Details - The incentive plan aims to establish a long-term incentive mechanism, with the goal of motivating the core team and ensuring alignment of interests among stakeholders [6][7]. - The plan will grant a total of 14,175,524 restricted shares, accounting for approximately 1.6450% of the company's total share capital [9][11]. - The initial grant will consist of 13,095,524 shares, representing 1.5197% of the total share capital at the time of the plan's announcement [9][11]. Group 3: Eligibility and Distribution - The incentive plan targets 421 individuals, including directors, senior management, and key technical personnel, excluding independent directors and major shareholders [7][8]. - The distribution of restricted shares among the incentive recipients is structured to ensure that no individual receives more than 1% of the total share capital [10][11]. Group 4: Conditions and Restrictions - The plan specifies a maximum validity period of 60 months for the incentive plan, with a minimum holding period of 12 months for the restricted shares [13][14]. - The grant price for the restricted shares is set at 20.60 yuan per share, which is compliant with the relevant regulations [19][20]. Group 5: Procedural Compliance - The company has completed necessary procedures for the implementation of the incentive plan, including board approvals and the establishment of a review process for the incentive recipients [21][22]. - The plan requires further approval from the shareholders' meeting to be fully implemented [24][25].

本公司监事会及全体监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（以下称"公司"）第五届监事会第二十六次会 议于 2025 年 5 月 23 日以通讯方式召开，会议通知已于 2025 年 5 月 19 日以书面 及电子邮件方式发出。公司监事共 3 人，参会监事 3 人，会议由监事会主席徐鹏 先生主持。会议召开符合《公司法》和《公司章程》的规定。与会监事一致通过 如下决议： 一、审议通过了《关于 <公司 ensp="ensp" 年限制性股票激励计划="年限制性股票激励计划" 草案="草 案"> 及其摘 要的议案》 证券代码：603529 证券简称：爱玛科技 公告编号：2025-032 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 第五届监事会第二十六次会议决议公告 法>的议案》 监事会认为： 《公司 2025 年限制性股票激励计划实施考核管理办法》符合《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》 等有关法律、法规和规范性文件以及《公司章程》的规定。能保证公司限制性 ...