研报掘金丨华西证券：爱玛科技Q2盈利能力稳步提升，维持“买入”评级

Core Viewpoint - Aima Technology is expected to steadily improve its profitability by Q2 2025 and plans to increase dividends to reward shareholders [1] Group 1: Product Strategy - The company continues to optimize product competitiveness by focusing on market demand and consumption scenarios, creating a multi-layered product portfolio of "core best-selling products + high-frequency scenario products + regional specialty products" to enhance coverage efficiency for mainstream and niche markets [1] Group 2: International Expansion - Aima Technology is actively expanding overseas, with production facilities in Indonesia and Vietnam already operational as of H1 2025 [1] - In the Indonesian market, the company has completed product certification for multiple models and achieved mass production and delivery [1] Group 3: Market Focus - In North America and South Korea, the company is focusing on mainstream application scenarios and specific demographic needs, promoting upgrades of existing products and accelerating the introduction of new categories [1] - The company is gradually building an international product matrix that covers diverse niche markets [1] Group 4: Competitive Strengths - As a leading player in the electric two-wheeler industry, Aima Technology's product strength, channel strength, brand strength, technological strength, production strength, and operational strength are driving continuous improvement in business performance [1] - The company maintains a "buy" rating [1]