爱玛科技集团股份有限公司 2024 年年度股东大会 会议材料 爱玛科技集团股份有限公司 2024 年年度股东大会会议材料 2025 年 5 月 6 日 爱玛科技 603529 1 爱玛科技集团股份有限公司 2024 年年度股东大会 会议材料 | | | | 2024 | 年年度股东大会会议须知 | | | 3 | | | --- | --- | --- | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | | | 5 | | | 年度董事会工作报告》的议案 | 议案一：关于《2024 | | | 7 | | | 年度监事会工作报告》的议案 | 议案二：关于《2024 | | | 14 | | | 议案三：关于《2024 | 年度财务决算报告》的议案 | | | 17 | | | 议案四：关于《2024 | 年度利润分配方案》的议案 | | | 22 | | | 议案五：关于提请股东大会授权董事会制定 | | 2025 年中期分红方案的议案 | | 23 | | | 议案六：关于《2024 | 年年度报告》及摘要的议案 | | | 24 | | | 议案七：关于拟使用闲置自有资金 ...

Group 1 - The core viewpoint of the report is that Aima Technology is expected to achieve both volume and price growth due to industry recovery and product structure optimization, leading to a "buy" rating [1] - In 2024, Aima Technology is projected to achieve revenue of 21.606 billion yuan, a year-on-year increase of 2.71%, and a net profit of 1.988 billion yuan, a year-on-year increase of 5.68% [1] - The electric two-wheeler industry is under pressure, with total sales expected to decline by 10.55% to 49.2 million units in 2024, influenced by stricter regulations and new national standards [1][2] Group 2 - The new national standards are expected to raise industry entry barriers, benefiting leading companies by increasing market concentration [2] - The government subsidy policies have been adjusted to increase both the amount and scope of subsidies, leading to a significant increase in sales, with 3.341 million electric bicycles sold for replacement as of April 8 [2] - Aima Technology is focusing on high-end products and implementing a "flagship product" strategy to enhance product quality and profitability, with a projected gross margin of 17.82% in 2024 [3] Group 3 - The company is expected to benefit from improved industry conditions and is accelerating its transformation towards smart and differentiated products [3] - Revenue forecasts for Aima Technology from 2025 to 2027 are 26.871 billion yuan, 31.523 billion yuan, and 35.569 billion yuan, respectively, with net profits of 2.500 billion yuan, 2.967 billion yuan, and 3.465 billion yuan [3] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.90 yuan, 3.44 yuan, and 4.02 yuan, respectively, with a target price range of 58.00 to 63.80 yuan based on a PE ratio of 20-22 times for 2025 [3]

Core Viewpoint - The company reported a steady revenue growth in 2024, driven by the "old-for-new" policy and product restructuring, despite challenges in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 21.606 billion, a year-on-year increase of 2.71%, with a net profit attributable to shareholders of 1.988 billion, up 5.68% [1]. - The fourth quarter of 2024 saw a revenue of 4.142 billion, reflecting a 15.69% year-on-year growth, and a net profit of 0.434 billion, which is a 34.24% increase [1]. - The gross profit margin for main products in 2024 was 17.76%, an increase of 1.38 percentage points, attributed to product matrix optimization and cost reduction efforts [2]. Product Segment Performance - Revenue from electric bicycles was 13.037 billion, up 1.50%, while electric two-wheeled motorcycles saw a decline of 10.20% to 5.214 billion [1]. - Electric three-wheeled vehicles experienced a significant growth of 36.07%, generating 1.952 billion, and accessory sales rose by 30.79% to 0.847 billion [1]. Market Strategy - The company focused on international markets, achieving 0.235 billion in overseas revenue, a 3.82% increase, by deepening its global strategy in Southeast Asia [1]. - The company is enhancing its brand presence in the high-end market, which is expected to drive sustained profit growth [3]. Future Outlook - The implementation of the new national standards in 2024 is anticipated to optimize the industry landscape, benefiting leading manufacturers [3]. - The continuation of the "old-for-new" policy in 2025 is expected to stimulate domestic demand [3]. - Projections for net profit attributable to shareholders for 2025-2027 are 2.607 billion, 3.038 billion, and 3.429 billion, respectively, with corresponding PE ratios of 13.8, 11.9, and 10.5 [3].

丨证券研究报告丨 联合研究丨公司点评丨爱玛科技（603529.SH） [Table_Title] 以旧换新叠加产品优化，业绩韧性增长 报告要点 分析师及联系人 [Table_Author] [Table_Summary] 公司 2024 年实现营收 216.06 亿元，同比增长 2.71%；实现归母净利润 19.88 亿元，同比增长 5.68%；实现扣非归母净利润 17.92 亿元，同比增长 1.54%。公司 2024 年第四季度实现营收 41.42 亿元，同比增长 15.69%；实现归母净利润 4.34 亿元，同比增长 34.24%；实现扣非归母 净利润 3.45 亿元，同比增长 8.69%。同时，公司拟向全体股东每股派发现金红利 0.592 元（含 税），对应年末分红率为 25.64%。 陈亮 蔡方羿 高伊楠 SAC：S0490517070017 SAC：S0490516060001 SAC：S0490517060001 SFC：BUW408 SFC：BUV463 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 爱玛科技（603529. ...

Core Viewpoint - The electric two-wheeler industry is approaching a high prosperity turning point due to policy support and market structure optimization, with slight growth in revenue and profit expected in 2024 [1] Financial Performance - In 2024, the company achieved revenue of 21.61 billion yuan, a year-on-year increase of 2.7%, and a net profit of 1.99 billion yuan, up 5.7% year-on-year [2][8] - In Q4 2024, revenue reached 4.14 billion yuan, a 15.7% increase year-on-year but a 39.7% decrease quarter-on-quarter; net profit was 430 million yuan, up 34.2% year-on-year but down 28.0% quarter-on-quarter [2][8] - The company sold 7.536 million electric bicycles in 2024, a decrease of 0.9% year-on-year, while electric motorcycle sales fell by 11.8% to 2.369 million units; however, electric tricycle sales increased by 28.9% to 550,000 units [2][8] Profitability Improvement - The company's gross margin for 2024 was 17.8%, an increase of 1.3 percentage points year-on-year, and the net margin was 9.3%, up 0.3 percentage points year-on-year [2][14] - In Q4 2024, the gross margin was 19.5%, down 0.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter; the net margin was 10.6%, up 1.3 percentage points year-on-year and 1.7 percentage points quarter-on-quarter [2][14] Product and Channel Development - The company is expanding its product lines, including women's products, technology products, commercial vehicles, and high-end tricycles, to meet diverse consumer needs [4][20][22] - The company plans to increase the number of its terminal stores from 30,000 in 2023, aiming to enhance sales efficiency and market reach [26][20] - The electric tricycle segment is expected to become a new growth point, with sales projected to grow significantly due to strong market demand [5][28] Market Outlook - The electric tricycle market in China has significant growth potential, with sales reaching 13.95 million units in 2022 and a compound annual growth rate of 6.25% from 2017 to 2022 [28] - The company aims to strengthen its position in the electric tricycle market by enhancing product offerings and leveraging its extensive distribution network [28]

爱玛科技系列 车中旭霞 深度研究报告： 《 电动两轮车行业深度：政策发力叠加格局优化，行业高景气拐点渐近 》—— 202 41224 跟踪点评报告： 《 爱玛科技（603529.SH）-2024年利润率改善，产品、渠道完善有望促进量价齐升》——20250419 核心观点 2024年收入及利润同比小幅增长 爱玛科技2024年实现营收216.1亿元，同比增长2.7%，归母净利润19.9亿元，同比增长5.7%；2024Q4实现营收41.4亿 元，同比增长15.7%，环比下降39.7%，归母净利润4.3亿元，同比增长34.2%，环比下降28.0%。2024年行业需求疲 软，公司受国检等影响，收入及利润同比小幅增长；2024Q4利润同比增速较高，主要是前期计提激励费用加回。2024 年爱玛电动自行车销售753.6万辆，同比下降0.9%，电动摩托车销售236.9万辆，同比下降11.8%，电动三轮车销售55.0 万辆，同比增长28.9%，电动三轮车需求旺盛，销量增长较快。 2024年价格战缓解，利润率提升 2024年公司毛利率17.8%，同比+1.3pct，净利率9.3%，同比+0.3pct，2024Q4毛利率19.5%， ...

证券研究报告 | 2025年04月19日 风险提示：政策推进节奏不及预期，行业价格战，消费能力疲软，新车发布 及销售不及预期，库存水平过高。 | 盈利预测和财务指标 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | | 21,036 | 21,606 | 26,672 | 31,698 | 36,769 | | (+/-%) | | 1.1% | 2.7% | 23.4% | 18.8% | 16.0% | | 净利润(百万元) | | 1881 | 1988 | 2623 | 3137 | 3726 | | (+/-%) | | 0.4% | 5.7% | 32.0% | 19.6% | 18.8% | | 每股收益（元） | | 2.18 | 2.31 | 3.04 | 3.64 | 4.32 | | EBIT | Margin | 7.9% | 8.1% | 10.5% | 10.3% | 10.3% | | 净资产收益率（ROE） | | 24.4% | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 21.606 billion yuan in 2024, representing a year-on-year increase of 2.71%, with a net profit attributable to shareholders of 1.988 billion yuan, up 5.68% [3][4] - In Q4 2024, the company reported a total revenue of 4.142 billion yuan, an increase of 15.69%, and a net profit of 434 million yuan, up 34.24% [3][4] - The electric three-wheeler segment showed significant revenue growth, with a year-on-year increase of 36.07% [4] Revenue Breakdown - For 2024, the company's revenue from electric bicycles, electric two-wheel motorcycles, electric three-wheelers, and accessories was 13.037 billion yuan, 5.214 billion yuan, 1.952 billion yuan, and 847 million yuan, respectively [4] - Domestic and overseas revenues were 20.976 billion yuan and 235 million yuan, respectively, with year-on-year growth of 1.92% and 3.82% [4] - The company’s revenue from distribution and direct sales was 20.641 billion yuan and 706 million yuan, respectively, both showing stable growth [4] Financial Performance - In Q4 2024, the company's gross margin was 19.53%, a decrease of 0.42 percentage points, while the net margin improved to 10.55%, an increase of 1.30 percentage points [5] - The financial expense ratio increased due to a decline in interest income from financial management and deposits [5] - The company expects to benefit from the old-for-new policy, which is likely to drive demand for electric bicycles and expand market size [6] Profit Forecast - The company forecasts net profits of 2.616 billion yuan, 3.207 billion yuan, and 3.852 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 3.04 yuan, 3.72 yuan, and 4.47 yuan [6][8] - The projected PE ratios for the next three years are 13.86, 11.31, and 9.41 times [6][8]

近年来，伴随全球对环保和可再生能源的关注加剧，电动三轮车的市场前景不可限量。在全球范围内， 无论是在休闲出行、城乡通勤、短途运输还是物流配送领域，电动三轮车所发挥的作用都越来越不可或 缺。据deepseek检索统计，2023年全球三轮车市场规模达到1890.53亿元，其中，中国电动三轮车市场规 模达到450亿元。同时，2023年，中国电动三轮车出口量达到60万辆，同比增长约20%，出口总金额接 近50亿美元。2024年，这一趋势持续强劲，出口量增至65万辆，增长约8%，出口总金额预计接近55亿 美元，增长约10%。 由此不难看出，相较竞争激烈的电动两轮车，三轮车市场目前有更大的机会。也正是有鉴于此，在逐渐 增加的市场需求下，爱玛科技不断加大在电动三轮车研发领域的投入，并持续扩大电动三轮车产能。通 过不断加大研发投入与扩大产能，近年来，电动三轮车以成为爱玛科技的全新增长点。2024年，其电动 三轮车营收19.52亿元，同比增长36.07%，展现了强劲的增长势头。 4月17日，丰县——这座被誉为"中国电三之都"的产业高地，迎来了第十五届丰县电动车展览会的盛大 启幕。本届展会精准锚定行业黄金档期，在选品旺季与市场布 ...

Core Viewpoint - The company reported a revenue of 21.61 billion yuan for 2024, representing a year-on-year increase of 3%, with a net profit attributable to shareholders of 1.99 billion yuan, up 6% year-on-year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 4.14 billion yuan, a year-on-year increase of 16%, and a net profit of 0.43 billion yuan, up 34% year-on-year [1] - The gross profit margin for 2024 was 17.8%, an increase of 1.3 percentage points year-on-year, with a net profit margin of 9.2%, up 0.3 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 0.592 yuan per share for 2024, totaling 800 million yuan, which accounts for approximately 40% of the annual net profit attributable to shareholders [2] Product Performance - In 2024, the electric bicycle segment generated a revenue of 13.04 billion yuan, a year-on-year increase of 1.5%, with a gross margin of 17.6% [1] - The electric motorcycle segment reported a revenue of 5.21 billion yuan, a year-on-year decrease of 10.2%, while the electric tricycle segment saw a revenue increase of 36.1% to 1.95 billion yuan [1] Market Trends - The electric bicycle industry has seen a significant increase in replacement activity, with 3.34 million units replaced as of April 8, 2025, which is 2.4 times the total replacement volume for the last quarter of 2024 [2] - A total of 3.3 million consumers have applied for old-for-new subsidies, amounting to 2.27 billion yuan, which is 3.5 times the total subsidy amount for the last quarter of 2024 [3] - The production of electric bicycles in China increased by 25% year-on-year in the first quarter of 2025, with approximately 11 million units produced [3] Future Outlook - The company is expected to see steady growth in net profit, with projections of 2.52 billion yuan, 3.02 billion yuan, and 3.47 billion yuan for the years 2025 to 2027, respectively [3]