爱玛科技(603529)：产品结构优化 盈利能力稳步提升

Core Viewpoint - The company reported strong financial performance in Q1 2025, driven by the "old-for-new" policy and product optimization, indicating a positive outlook for growth in the electric two-wheeler industry [1][2][4]. Financial Performance - In Q1 2025, the company achieved revenue of 6.232 billion yuan, a year-on-year increase of 25.82%, and a net profit attributable to shareholders of 605 million yuan, up 25.12% [1][2]. - The company's gross profit margin increased by 1.59 percentage points to 19.63%, attributed to consumer preference for higher-priced products due to subsidies [3]. - Operating profit for Q1 2025 was 625 million yuan, reflecting a year-on-year growth of 41.71%, with an operating profit margin of 10.03%, an increase of 1.12 percentage points [3]. Industry Dynamics - The "old-for-new" policy has significantly boosted domestic demand, with 3.341 million electric bicycles sold for replacement from January to April 2025, 2.4 times the total replacement volume from September to December 2024 [2]. - The implementation of the new national standard in 2024 is expected to enhance production qualifications and product consistency, benefiting leading companies in the industry [2][4]. Investment Outlook - The company has established strong brand, channel, and cost advantages over its 20 years in the industry and is now positioned in the high-end market, which is expected to drive profit growth [4]. - Projected net profits for the company from 2025 to 2027 are 2.607 billion, 3.038 billion, and 3.429 billion yuan, with corresponding price-to-earnings ratios of 14.05, 12.06, and 10.69 [4].