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 ...

证券研究报告 爱玛科技 (603529 CH) 政策/渠道/产品共振，25 年有望加速 成长 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 31 日│中国内地 | 其他交运设备 | 25 年以旧换新政策加码带动电动两轮车消费潜力释放，行业景气度显著攀 升。爱玛科技 25 年将在渠道端和产品端同步发力，作为行业龙头有望把握 "以旧换新+新国标"政策周期下的需求扩张及格局优化机遇，维持买入。 行业：以旧换新加力扩围驱动需求释放，新国标有望带来头部份额集中 25 年电动两轮车以旧换新政策通过扩大收旧范围、简化流程、地方加大补 贴力度，打通 24 年出现的执行堵点，显著提升门店与消费者参与率：25 年 初至 3 月 18 日我国电动两轮车平均补贴额提升至 610 元，日均置换量较 24 年提升约 135%。以期间日均置换量推算，全年或拉动超 900 万辆置换， 配合新国标带来的替换需求，行业销量修复趋势明确。格局方面，上一轮新 国标替换周期（19-23 年）行业 CR3 由 40%提至 63%，我们认为本轮新国 标执行同样有望带来行业马太 ...

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].

| 证券代码：603529 | 证券简称：爱玛科技 | 公告编号：2025-004 | | --- | --- | --- | | 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"爱玛转债"2025 年付息公告 重要内容提示： 可转债付息债权登记日：2025 年 2 月 21 日 可转债除息日：2025 年 2 月 24 日 可转债兑息日：2025 年 2 月 24 日 爱玛科技集团股份有限公司（以下简称"公司"）于 2023 年 2 月 23 日发行 的可转换公司债券（以下简称"可转债"或"爱玛转债"）将于 2025 年 2 月 24 日开始支付自 2024 年 2 月 23 日至 2025 年 2 月 22 日期间的利息。根据公司《可 转债募集说明书》有关条款的规定，现将有关事项公告如下： 一、可转债发行上市情况 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，公司于 2023 年 2 月 23 日公开发行了 2,000 万张可转债，每张面值为人民币 100 元，发行总额为人 民币 ...

Summary of Aima Technology Conference Call Company Overview - Aima Technology reported nearly 10.6 billion yuan in revenue for the first half of 2024, representing a year-on-year growth of 3.7% [2] - The company focuses on electric bicycles, electric motorcycles, and electric tricycles, emphasizing user demand and brand core propositions [2] Key Points and Arguments Financial Performance - Aima's profitability has improved, and the company has maintained stable equity, launching an equity incentive plan in early 2024 to demonstrate strong development confidence [2] - The company conveyed a clear development strategy during the 2025 dealer conference [2] Competitive Advantages - Aima possesses significant advantages in brand recognition, channel management, and cost control [3] - The brand targets female consumers, achieving high brand awareness [4] - Aima has over 30,000 offline outlets, with strict dealer management and high single-store efficiency [3][4] - Cost advantages are realized through upstream supply chain integration, enhancing self-control capabilities [4] Industry Dynamics - The electric two-wheeler industry is experiencing optimization in its structure due to new national standards and policy changes, creating growth opportunities [3] - The new national standards, effective in early 2025, impose stricter requirements on plastic components and communication installations, increasing costs and benefiting leading companies [5] - The implementation of a vehicle trade-in policy in 2025 will expand subsidies and encourage consumers to purchase new standard vehicles, promoting market growth [6] Market Growth Projections - The trade-in policy and enhanced sales regulations are expected to drive industry sales growth by 15% to 20% in 2025 [7] - Aima's future growth points include: - Electric two-wheeler business benefiting from new standards and policies - Rapid expansion of the electric tricycle business - Long-term potential in overseas markets [11] Market Share and Competition - The new national standards will favor leading brands like Aima and Yadi, with Yadi holding a 30% market share and Aima at 20%, while other brands account for approximately 60% [8] - The market for electric tricycles is growing, particularly in lower-tier cities, with Aima positioned to capture this demand due to its brand and channel advantages [10] International Market Potential - Although Aima's current overseas market share is low, there is significant long-term potential, with global electric two-wheeler sales expected to grow at a compound annual growth rate of 19% from 2023 to 2027 [10] - Chinese companies are anticipated to gradually capture market share in Southeast Asia and other regions as product performance and safety improve [10] Investment Considerations - The current phase is seen as a relatively good investment opportunity for Aima Technology, with expectations of stock price increases following positive data in early 2025 [12] - January sales data from Yadi showed over 20% growth, indicating a favorable market environment that could benefit Aima as well [12]