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]

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：第三季度净利润6.03亿元 同比下降9.02% 财联社10月25日电，爱玛科技发布2024年第三季度 报告，报告期内，公司实现营业收入68.73亿元，同比下降5.05%；归属于上市公司股东的净利润6.03亿 元，同比下降9.02%。 基本每股收益0.71元。 前三季度实现营业收入174.64亿元，同比增长0.05%；归属于上市公司股东的净利润15.54亿元，同比下 降0.25%。 查看公告原文 ...