爱玛科技（ [Table_StockNameRptType] 603529） 公司点评 量价利稳步向上 ——爱玛科技 24A&25Q1 预告点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-03 | | [Table_BaseData] 收盘价（元） | 46.97 | | 近 12 个月最高/最低（元） | 47.44/24.72 | | 总股本（百万股） | 862 | | 流通股本（百万股） | 843 | | 流通股比例（%） | 97.80 | | 总市值（亿元） | 405 | | 流通市值（亿元） | 396 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -7% 16% 39% 62% 4/24 7/24 10/24 1/25 爱玛科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观 ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to benefit from multiple stimuli in 2025, including inventory replenishment, seasonal upgrades, and the trial sales of new national standards in the second half of the year. This is likely to enhance the market share and profitability of leading enterprises [7] - The company is projected to achieve revenue growth of 2.7% in 2024, followed by 21.9% in 2025 and 15.1% in 2026, with net profit growth of 6% in 2024, 24% in 2025, and 18% in 2026 [7] - The company is expected to maintain a dividend payout ratio of 40% in 2023, indicating further upside potential [7] Revenue Analysis - The company’s revenue for 2024 is forecasted at 216.1 billion yuan, representing a year-on-year increase of 2.7%. The net profit attributable to the parent company is expected to be 19.9 billion yuan, up 5.7% year-on-year [8] - For the first quarter of 2025, the company anticipates a revenue increase of 20-25%, with an estimated shipment volume of approximately 3 million units, reflecting a nearly 20% year-on-year growth [8] Profitability Analysis - The company is expected to maintain a recovery trend in profitability, with net profit margins projected to improve slightly in 2025 [7] - The forecasted net profit for 2025 is 24.69 billion yuan, which is a 24.2% increase compared to 2024 [10] Financial Projections - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with significant growth expected in 2025 and 2026 [10] - The projected P/E ratios for 2024, 2025, and 2026 are 20, 16, and 14 respectively, suggesting a favorable valuation outlook [7][10]

Group 1: Company Announcements - WuXi AppTec announced the sale of 50.8 million shares of WuXi AppTec Holdings through block trading, with a transaction amount of approximately HKD 2.178 billion, resulting in an investment gain of about RMB 1.847 billion, which accounts for over 10% of the company's latest audited net profit attributable to shareholders [1] - Jinlongyu plans to invest RMB 1.2 billion to construct a production line for key materials for solid-state batteries in Huizhou New Materials Industrial Park [2] - Dazhu CNC is conducting preliminary research on the issuance of overseas securities (H shares) and listing [3] - Anyuan Coal Industry plans to acquire 57% of Jinhui Magnetic Separation and simultaneously divest its coal business, which is expected to constitute a major asset restructuring [4] - Yuntian Lifa announced that its subsidiary has completed the delivery and acceptance of AI training and inference computing power services, positively impacting the company's operational performance [5] - AVIC Industry plans to voluntarily withdraw its A-share listing and will be suspended from trading starting April 3, 2025 [6] Group 2: Financial Performance - Naipu Mining reported a 45.46% year-on-year increase in net profit for 2024 and plans to distribute a cash dividend of RMB 0.7 per 10 shares [7] - New Hope expects a profit of RMB 430 million to RMB 500 million in the first quarter, marking a turnaround from losses [7] - Jinbei Automobile reported a net profit of RMB 382 million for 2024, a year-on-year increase of 214.06% [7] - Hailu Heavy Industry anticipates a year-on-year net profit increase of 50% to 65% for the first quarter of 2025 [8] Group 3: Major Transactions and Investments - Baiyin Nonferrous Metals completed the acquisition of a mining company's equity, increasing its copper metal resources to approximately 930,000 tons [9] - Ningbo Port expects to complete a container throughput of 12.11 million TEUs in the first quarter, a year-on-year increase of 10.9% [11] - Huafeng Communication reported a year-on-year net profit increase of 38.38% for 2024 [11] - Kid King anticipates a year-on-year net profit increase of 72.44% for 2024 and plans to distribute a cash dividend of RMB 0.5 per 10 shares [11]

? 爱玛科技集团股份有限公司（以下简称"公司"）预计 2025 年第一季度 实现归属于上市公司股东的净利润约为 60,471 万元，与上年同期（法定披露数 据）相比，将增加 12,139.80 万元，同比增长 25.12%。 证券代码：603529 证券简称：爱玛科技 公告编号：2025-007 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 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： ? 预计 2025 年第一季度实现归属于上市公司股东的扣除非经常性损益的 净利润约为 59,265 万元，与上年同期相比，将增加 14,221.08 万元，同比增长 一、本期业绩预告情况 二、上年同期业绩情况 （一）公司 2024 年第一季度利润总额为 57,669.80 万元；归属于上市公司 股东的净利润为 48,331.20 万元；归属于上市公司股东的扣除非经常性损益的净 利润为 45,043.92 万元。 （二）每股收益：0.58 元。 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算， ...

证券代码：603529 证券简称：爱玛科技 公告编号：2025-006 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 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。 股本 86,171.60 86,192.50 -0.02 归属于上市公司股东的每股净 资产（元） 注：1、本报告期初数同法定披露的上年年末数； 二、经营业绩和财务状况情况说明 报告期内，公司实现营业收入2,160,629.42万元，同比增长2.71%；实现归 属于上市公司股东的净利润198,792.82万元，同比增长5.68%；实现归属于上市 公司股东的扣除非经常性损益的净利润179,158.93万元，同比增长1.54%。 本公告所载2024年度主要财务数据为初步核算数据，未经会计师事务所审计， 具体数据以公司2024年年度报告中披露的数据为准，提请投资者注意投资风险。 一、2024 年度主要财务数据和指标 | | | | 单位：万元 | | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同 ...

未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"爱玛转债"金 额为 1,999,505,000 元，占"爱玛转债"发行总额的 99.9753%。 本季度转股情况：2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"爱玛转债" 转股金额为 2,000 元，因转股形成的股份数量为 50 股。 一、可转债发行上市概况 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公开发行 可转换公司债券的批复》（证监许可[2022]3038 号）核准，爱玛科技集团股份 有限公司（以下简称"公司"）于 2023 年 2 月 23 日公开发行了 2,000 万张可转 换公司债券（以下简称"可转债"），每张面值为人民币 100 元，发行总额为人 民币 20 亿元，期限 6 年，票面利率为第一年 0.3%、第二年 0.5%、第三年 1.0%、 第四年 1.5%、第五年 1.8%、第六年 2.0%。 | 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-008 | | --- | --- | --- | | 转债代码：113666 | 转债简称：爱玛转债 | | 爱玛科 ...

Financial Performance - The company achieved total operating revenue of 2,160,629.42 million yuan, representing a year-on-year increase of 2.71%[4] - The net profit attributable to shareholders reached 198,792.82 million yuan, up 5.68% compared to the previous year[8] - The basic earnings per share rose to 2.32 yuan, marking a 5.45% increase from the previous year[4] - The net profit excluding non-recurring gains and losses was 179,158.93 million yuan, a year-on-year increase of 1.54%[8] Assets and Equity - The total assets at the end of the reporting period were 2,331,876.66 million yuan, an increase of 17.22% from the end of the previous year[8] - The equity attributable to shareholders increased to 902,984.95 million yuan, reflecting a growth of 17.09% year-on-year[8] - The net asset per share attributable to shareholders was 10.48 yuan, up 17.09% from the previous year[8] Return on Equity - The company reported a decrease of 1.65 percentage points in the weighted average return on equity, which stood at 23.75%[4] Strategic Insights - The company attributed its performance improvement to enhanced product strength, brand promotion, and upgraded store structures[8] - The company emphasizes the importance of consumer insights and integrated sales-service store models in driving user satisfaction and market appeal[8]

Financial Performance - The company expects a net profit attributable to shareholders of approximately 604.71 million yuan for Q1 2025, an increase of 121.40 million yuan, representing a year-on-year growth of 25.12%[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around 592.65 million yuan, an increase of 142.21 million yuan, with a year-on-year growth of 31.57%[4] - In Q1 2024, the net profit attributable to shareholders was 483.31 million yuan, and the net profit after deducting non-recurring gains and losses was 450.44 million yuan[7] Business Strategy - The company focuses on the R&D and manufacturing of electric two-wheelers and three-wheelers, driven by user demand and technological innovation[8] - The company aims to optimize product structure and enhance the proportion of high-value models through improved channel coverage and supply chain collaboration[8] Performance Forecast - The performance forecast is based on preliminary calculations by the finance department and has not been audited by registered accountants[9] - The company emphasizes that there are no significant uncertainties affecting the accuracy of the performance forecast[9] - The forecast data is preliminary and the final financial data will be disclosed in the official Q1 2025 report[10]

Core Insights - The battery swapping concept saw a rise of 0.52% on April 2, with a net inflow of 206 million yuan from major funds, indicating positive investor sentiment in this sector [1] - Out of 45 stocks in this concept, 28 stocks increased while 17 stocks decreased, reflecting a generally favorable market condition [1] Company Summaries - **Beiqi Blue Valley (600733)**: Latest price at 8.77 yuan, with a rise of 0.69% and a net inflow of 108 million yuan, accounting for 6.3% of the total net inflow [2] - **Zhongheng Electric (002364)**: Latest price at 15.49 yuan, with a significant increase of 4.52% and a net inflow of 100 million yuan, representing 12.68% of the total net inflow [2] - **Tongyu Communication (002792)**: Latest price at 14.79 yuan, with a rise of 4.89% and a net inflow of 45.385 million yuan, making up 11.41% of the total net inflow [2] - **Tuobang Co., Ltd. (002139)**: Latest price at 15.09 yuan, with an increase of 2.31% and a net inflow of 44.045 million yuan, which is 9.15% of the total net inflow [2] - **Aima Technology (603529)**: Latest price at 46.97 yuan, with a rise of 1.45% and a net inflow of 27.336 million yuan, accounting for 14.52% of the total net inflow [2] - **Qianli Technology (601777)**: Latest price at 8.57 yuan, with an increase of 2.27% and a net inflow of 20.908 million yuan, representing 5.4% of the total net inflow [2] - **Shandong Weida (002026)**: Latest price at 11.7 yuan, with a rise of 4.46% and a net inflow of 18.459 million yuan, which is 5.0% of the total net inflow [2] - **Bohui Precision (688097)**: Latest price at 30.15 yuan, with an increase of 1.82% and a net inflow of 13.670 million yuan, accounting for 10.13% of the total net inflow [2] - **Guodian Nari (600406)**: Latest price at 21.9 yuan, with a slight decrease of 0.95% and a net inflow of 12.139 million yuan, representing 2.84% of the total net inflow [2] - **Jinguang Co., Ltd. (300510)**: Latest price at 4.39 yuan, with an increase of 1.62% and a net inflow of 6.782 million yuan, which is 4.57% of the total net inflow [2]