2025年3月31日，爱玛科技（603529）披露接待调研公告，公司于2月5日至3月19日接待淡水泉、景顺长 城、东方红、富国基金、易方达基金、汇添富基金等32家机构调研。 调研情况显示，爱玛科技在调研中对多个方面情况进行了说明。在国家"以旧换新"政策下，电动自行车 品类消费潜力释放，推动行业转型和企业发展。新国家标准实施重构了全产业链标准，促使行业变革， 爱玛依托核心优势抢占市场先机。 公司的电动三轮车业务中休闲三轮增幅快，公司加速丰县生产基地投建，推进全场景产品矩阵。2025年 公司在渠道方面，线下投入专项资金，线上积极推进新零售，同时运用数智化培训系统打造引流矩阵。 公司在海外市场拓展上因地制宜，参展美国CES并布局东南亚市场。在产品提升方面，秉持创新战略推 动价值变现。在拓展高端电动两轮车领域上，做功于核心技术和智能化，实施品牌向上战略。 调研详情如下： 问题三、公司电动三轮车业务推进情况和展望? 答:公司的电三轮品类分为休闲三轮、货运三轮、篷车三轮,从动销情况看,休闲三轮增幅最快,因其外观 时尚、车型多元,在功能配置上能满足消费者休闲出行、接送孩子等多场景的出行需求;货运三轮在耐用 的基础上动力更强 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 65.71 [9][10]. Core Views - The report highlights that the 2025 "old-for-new" policy is expected to significantly boost the consumption potential of electric two-wheelers, leading to a notable increase in industry prosperity. As an industry leader, the company is well-positioned to capitalize on the demand expansion and market optimization opportunities arising from the "old-for-new + new national standard" policy cycle [2][3]. Summary by Sections Industry Overview - The 2025 "old-for-new" policy will expand the scope of old vehicle collection and simplify processes, which is expected to enhance consumer participation. The average subsidy for electric two-wheelers has increased to RMB 610, with daily replacement volumes rising approximately 135% compared to 2024. This could lead to over 9 million vehicle replacements throughout the year, indicating a clear trend of sales recovery in the industry [3][15]. Channel Strategy - In 2025, the company plans to continue expanding its store network, focusing on urban communities and rural markets. Over 90% of the planned 11,463 new stores will be located in these areas, which will enhance market coverage and consumer reach. The company aims to match or exceed its competitor in store count, thereby accelerating market share acquisition [4][22]. Product Development - The company is set to launch multiple new products in 2025, including the flagship electric motorcycle A7 PLUS, which features advanced smart technology. The penetration rate of smart products is expected to exceed 90%, targeting younger consumers and enhancing product pricing. Additionally, the company will strengthen its offerings for female consumers and expand its three-wheeled product line to capture growing demand in leisure vehicles [5][23]. Financial Forecast and Valuation - The company’s projected net profits for 2024-2026 are RMB 2.09 billion, RMB 2.75 billion, and RMB 3.26 billion, respectively, with corresponding EPS of RMB 2.42, RMB 3.19, and RMB 3.78. The target price is based on a PE ratio of 20.6 for 2025, reflecting an increase from the previous target price of RMB 41.46 [6][8].

Core Viewpoint - The two-wheeled electric vehicle industry has shifted from scale expansion to efficiency competition, prompting companies like Aima to focus on digital transformation to enhance operational efficiency and decision-making processes [3][4]. Digital Transformation Journey - Aima began its digital transformation in 2012 with the establishment of an ERP system, followed by the "361 Digitalization Project" in 2019, and is now exploring AI integration for business operations [3][6]. - The company faced challenges such as data silos and slow decision-making, which it aims to overcome through comprehensive digital strategies [3][4]. Financial and Business Integration - Aima prioritized financial and business integration to enhance operational efficiency, transitioning from a control-focused finance department to a service-oriented model that collaborates closely with business units [6][8]. - The integration allows for real-time business analysis, improving decision-making speed and accuracy, with sales forecasts achieving over 80% accuracy [4][8]. Dealer Relationship Transformation - Aima is shifting from a competitive dealer relationship model to a collaborative one, focusing on empowering dealers through data-driven insights and operational support [12][13]. - The company has implemented predictive models to help dealers optimize inventory and sales strategies based on local market conditions [13][14]. New Retail Strategy - Aima's new retail strategy integrates online and offline channels, enhancing customer engagement and streamlining the purchasing process [15][16]. - The company leverages data to inform product offerings and marketing strategies, ensuring alignment with consumer preferences [15][16]. AI and Future Directions - Aima views AI as a critical component of its digital transformation, emphasizing the need for a solid data foundation to effectively implement AI solutions [16][17]. - The company aims to utilize proprietary data to develop tailored AI models that address specific operational challenges [17][19]. Recommendations for Digital Transformation - Companies are encouraged to maintain strategic focus, learn from industry benchmarks, and identify quick-win scenarios to facilitate successful digital transformation [19][20].

Summary of Conference Call on Home Appliance Industry Industry Overview - The conference call primarily discusses the home appliance industry in the context of recent government policies aimed at boosting consumer spending in 2025 [2][3][12]. Key Points and Arguments 1. **Government Policies**: The Chinese government has introduced measures to stabilize the stock and real estate markets, increase minimum wage standards, and allocate 300 billion yuan for long-term mergers and acquisitions to support home appliance subsidies [2][4]. 2. **Support for Home Appliance Sector**: The home appliance industry will receive 300 billion yuan in special government bonds in 2025, doubling the amount from 2024, with the addition of four new product categories [2][4]. 3. **Market Performance**: The home appliance sector showed strong performance in January and February 2025, with air conditioning installation growth rates of 6%-8%, surpassing the normal growth of 3%-5% [5][7]. 4. **Sales Improvement**: March 2025 saw significant month-on-month sales improvements, aided by effective two-wheeler subsidies, with average subsidies ranging from 600 to 800 yuan [5][6]. 5. **Price Increases**: There has been a noticeable increase in the price range for standard products, with prices rising by approximately 10%-20% [6][12]. 6. **Performance of Leading Companies**: Major white goods companies like Midea are expected to achieve double-digit growth in Q1 2025, indicating positive consumer sentiment and stable end-consumer demand [7][9]. 7. **Valuation Insights**: Midea has the highest certainty in performance, while Gree Electric and Hisense have significant potential for valuation recovery, with Gree's valuation currently below 7 times earnings [9][11]. 8. **Investment Recommendations**: The call suggests actively investing in leading white goods companies due to their strong performance and recovery potential, particularly Midea, Gree, and Hisense [9][12]. 9. **Two-Wheeler Market Growth**: Leading two-wheeler companies like Yadea and Aima are projected to grow by 25%-30% in 2025, benefiting from new policies and market conditions [10][15]. 10. **Consumer Confidence**: The introduction of consumer promotion policies is expected to restore consumer confidence, positively impacting spending and market dynamics [12][16]. Other Important Insights - **Long-term Growth Potential**: The home appliance and two-wheeler industries are seen as relatively mature, with stable market structures and continuous performance growth expected [11][12]. - **Focus on Innovation**: Companies like Anker Innovations are highlighted for their strong global presence and AI product development, indicating a trend towards technological advancement in the industry [13][14]. - **Market Trends**: The call emphasizes the importance of monitoring consumer sentiment and market conditions, as these factors will significantly influence investment strategies in the home appliance sector [12][16]. This summary encapsulates the key insights and recommendations from the conference call regarding the home appliance industry and its investment landscape for 2025.

为规范公司募集资金管理和使用，保护投资者权益，公司设立了募集资金 专项账户。公司及子公司已与保荐机构、募集资金专户监管银行签订了募集资金 专户存储三方/四方监管协议。 二、募投项目的基本情况 华泰联合证券有限责任公司 关于爱玛科技集团股份有限公司 部分公开发行可转换公司债券募集资金投资项目延期的 核查意见 华泰联合证券有限责任公司（以下简称华泰联合证券"或"保荐机构"）作 为爱玛科技集团股份有限公司（以下简称"公司"或者"爱玛科技"）持续督导 的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》及《上海证券交易所上市公司自 律监管指引第 1 号——规范运作》等有关法律法规的要求，对爱玛科技部分公开 发行可转换公司债券募集资金投资项目延期的事项进行了审慎核查，具体情况如 下： 一、募集资金基本情况 经中国证监会《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）的核准，爱玛科技公开发行可转换公司 债券（以下简称"可转债"）2,000.00 万张，发行价格为每张人民币 100.00 元， 募集资金 ...

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-005 | | --- | --- | --- | | 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 关于部分公开发行可转换公司债券募集资金投资项目延期 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： 公开发行可转换公司债券募集资金投资项目延期概况："丽水爱玛车业 科技有限公司新能源智慧出行项目（一期）"达到预定可使用状态日期延期至 2027 年 12 月。 一、募集资金基本情况 经中国证监会《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）的核准，爱玛科技集团股份有限公司 （以下简称"公司"）公开发行可转换公司债券（以下简称"可转债"）2,000.00 万张，发行价格为每张人民币 100.00 元，募集资金总额为人民币 200,000.00 万元，扣除各项发行费用后的实际募集资金净额为人民币 199,379.74 万元。本 次可转债募集资金 ...

Summary of Aima Technology Conference Call Industry Overview - The electric two-wheeler industry in 2025 is expected to benefit from the trade-in policy and the implementation of new national standards, leading to strong demand and increased industry concentration [2][3][26] - The new national standards are driving a shift from OEM to OBM models, benefiting leading brands like Aima Technology while posing challenges for smaller brands [2][7] Company Strategy - Aima Technology plans to increase store numbers and launch new products to capture market share [2][4] - The company is introducing a sub-brand targeting the high-end market to compete with brands like Niu and Ninebot, enhancing product performance and intelligence [2][8] - Aima is expanding into the overseas market, focusing on Southeast Asia, with established production and distribution in Vietnam and Indonesia, and expanding retail in the U.S. [2][10] Market Dynamics - The average selling price (ASP) and profitability of electric two-wheelers are expected to rise significantly in 2025, with industry competition easing as companies focus on new product launches and premium pricing [2][11] - The trade-in policy primarily benefits leading brands, as smaller brands show less willingness to participate, accelerating industry consolidation [2][12] Product Development - Aima is set to launch new products that comply with the new national standards by July 2025, with a focus on high-end and delivery vehicles [4][21] - The company maintains a leading position in the female market while enhancing male product lines with improved performance and expanding into high-speed electric motorcycles [9] Financial Expectations - Aima anticipates overall industry growth of at least 15% in 2025, with a target growth rate of over 20% for the company [2][26] - The company expects to achieve a significant increase in sales volume, with the trade-in policy projected to drive sales to 15 million units for the year [19][20] Inventory and Sales - Current inventory levels are not yet replenished due to strong demand, with good sales performance noted in March 2025 [22] - The acceptance of new national standard vehicles varies by region, with northern and western areas showing higher acceptance compared to southern regions [23] Future Outlook - Aima is optimistic about future demand for electric two-wheelers, viewing them as essential for short-distance travel, and expects continued growth despite regulatory changes [30] - The company plans to maintain a dividend payout ratio of no less than 30% for 2025 [29] Additional Insights - The new product launch strategy includes a significant focus on high-end products, with expectations that new products will account for 50-60% of total sales [13][15] - Aima's overseas market strategy is still in its early stages, with higher ASP and profitability compared to domestic markets, targeting both replacement of fuel motorcycles and previously underserved demographics [27]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment in the stock [6][7]. Core Insights - The company is a leading player in the electric two-wheeler industry, accelerating its internationalization and digital transformation. It has a strong product matrix that includes electric bicycles and tricycles, with a solid production capability and compliance with relevant regulations [6][19]. - The upcoming implementation of new national standards for electric bicycles is expected to drive a peak in replacement demand, creating significant market opportunities. The company is well-positioned to benefit from this trend, with projected annual sales of electric two-wheelers remaining high at around 60 million units from 2025 to 2030 [6][9]. - The company's financial performance is steadily improving, with a focus on cost control and efficiency. It has demonstrated strong profitability compared to competitors, with a notable increase in net profit margins and a robust sales network expansion strategy [6][8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 21,036 million yuan in 2023 to 30,221 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 14.4% [2]. - The net profit attributable to shareholders is expected to increase from 1,881 million yuan in 2023 to 3,020 million yuan in 2026, reflecting a significant growth trajectory [2]. - The earnings per share (EPS) is forecasted to rise from 2.20 yuan in 2023 to 3.50 yuan in 2026, indicating strong earnings growth potential [2]. Market Data - As of March 4, 2025, the company's closing price was 41.89 yuan, with a market capitalization of 35,303 million yuan [3]. - The company has a price-to-earnings (P/E) ratio of 19, which is expected to decrease to 12 by 2026, suggesting an attractive valuation relative to its earnings growth [2][3]. Industry Dynamics - The electric bicycle industry is entering a replacement peak due to new regulations and policies that enhance compliance and safety standards. This is expected to create a favorable environment for leading companies like the one under review [6][45]. - The market for electric motorcycles and tricycles is also expanding, driven by consumer demand and regulatory support, particularly in Southeast Asia where the transition from fuel to electric is accelerating [6][9][45]. Operational Efficiency - The company has shown strong cost control capabilities, with a focus on enhancing sales and management efficiency. It has successfully maintained a stable dealer network while expanding its sales outlets [6][8]. - The gross margin is projected to improve gradually, reaching 17.8% by 2026, supported by economies of scale and effective cost management strategies [2][8]. Conclusion - The report highlights the company's strong market position, robust financial growth, and favorable industry trends, making it an attractive investment opportunity in the electric two-wheeler sector [6][7][9].

Investment Rating - The report assigns a "Buy" rating for Aima Technology (603529) with a target price of 50.76 CNY over the next six months, compared to the current price of 41.47 CNY [1]. Core Views - Aima Technology is positioned as a leader in the electric two-wheeler market, with a clear growth trajectory anticipated due to favorable industry policies and market dynamics. The implementation of new national standards and trade-in policies in 2025 is expected to drive significant sales growth in the industry, with an estimated 574.83 million units sold, reflecting a year-on-year increase of 16.8% [6]. - The company is expanding its product offerings into high-margin leisure tricycles, which currently have a low penetration rate of 4.3% among target demographics, indicating substantial growth potential [6]. - Aima is also strategically entering overseas markets, particularly in Indonesia and Vietnam, where there is a trend of transitioning from gasoline to electric vehicles, thus opening new avenues for long-term growth [6]. Summary by Sections Company Overview - Aima Technology, established in 1999, has evolved through multiple transformation phases, from trade to manufacturing and now to a technology-driven company focused on smart solutions for green transportation. The company has a robust manufacturing base across several provinces in China and aims to provide comprehensive mobility solutions [17][19]. Industry Analysis - The electric two-wheeler market is characterized by strong demand driven by urbanization and the need for convenient short-distance transportation. The market is expected to grow significantly, with electric bicycles making up 88% of the total two-wheeler sales in China [25][28]. - The industry is moving towards higher quality standards, with the new national standards set to enhance safety and performance, thereby increasing the overall market quality and concentration [36][47]. Financial Analysis - Aima's revenue is projected to grow from 210.36 billion CNY in 2023 to 311.99 billion CNY by 2026, with a compound annual growth rate (CAGR) of 15.2% expected for net profit from 2024 to 2026 [2][6]. - The company's net profit margin is anticipated to improve, supported by the expansion of high-margin products and increased market share in both domestic and international markets [6]. Profit Forecast and Valuation - The report forecasts a net profit of 24.28 billion CNY in 2025, reflecting a year-on-year growth of 21.59%. The price-to-earnings (PE) ratio is expected to decrease from 19 in 2023 to 12 by 2026, indicating a favorable valuation outlook [2][6].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 50.76 CNY over the next six months, compared to the current price of 41.47 CNY [1]. Core Insights - The company is a leader in the electric two-wheeler market, with a clear growth trajectory expected due to favorable policies and market conditions. The implementation of new national standards and trade-in policies in 2025 is anticipated to drive significant sales growth in the industry [6][17]. - The company is expected to benefit from a projected industry sales increase to 57.48 million units in 2025, representing a year-on-year growth of 16.8% [6]. - The company is expanding its product offerings into high-margin leisure tricycles, which currently have a low penetration rate of 4.3% among target demographics, indicating substantial growth potential [6]. - The company is also strategically entering overseas markets, particularly in Indonesia and Vietnam, where there is a trend of transitioning from gasoline to electric vehicles, thus opening new growth avenues [6]. Summary by Sections Company Overview - The company has been a pioneer in the electric two-wheeler industry since its establishment in 1999, transitioning through various phases of development and focusing on digital transformation and international expansion [17][19]. Industry Analysis - The electric two-wheeler market is characterized by strong demand driven by urbanization and the need for convenient short-distance transportation. The market is expected to grow significantly due to new regulations and policies promoting electric vehicles [25][28]. - The industry is moving towards higher quality standards, with the new national standards set to enhance safety and performance requirements for electric bicycles [47][48]. Financial Analysis - The company's revenue is projected to grow from 210.36 billion CNY in 2023 to 311.99 billion CNY by 2026, with a compound annual growth rate (CAGR) of 15.2% expected for net profit from 2024 to 2026 [2][6]. - The company's return on equity (ROE) is forecasted to remain strong, with a slight decline from 24.37% in 2023 to 21.47% by 2026, reflecting ongoing profitability despite increased competition [2]. Profit Forecast and Valuation - The report anticipates a significant increase in the company's electric two-wheeler sales, reaching 11.497 million units in 2025, a year-on-year increase of 40.7% [6]. - The company is valued at 18 times its earnings for 2025, supporting the target price of 50.76 CNY [6].