爱玛科技(603529)：24年业绩符合预期 单车ASP及毛利率稳步提升

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]