爱玛科技(603529)2025年半年报点评：业绩符合预期 两轮车量价双升 分红率同比提升

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by increased sales of electric two-wheeled vehicles and effective cost control [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 13.03 billion yuan, a year-on-year increase of 23%, and a net profit attributable to the parent company of 1.21 billion yuan, up 27.6% year-on-year [1]. - In Q2 2025, the company recorded operating revenue of 6.80 billion yuan, a year-on-year increase of 20.6% and a quarter-on-quarter increase of 9.1%, with a net profit of 610 million yuan, reflecting a year-on-year increase of 30.1% [1]. - The gross profit margin improved to 19.2%, an increase of 1.4 percentage points year-on-year [1]. Sales and Production - In H1 2025, the sales volume of electric two-wheeled vehicles reached 6.05 million units, a year-on-year increase of 19.7%, with an average selling price (ASP) of 1,924 yuan, up 95 yuan year-on-year [1]. - The sales volume of electric three-wheeled vehicles was 200,000 units, with an ASP of 3,550 yuan, remaining stable year-on-year [1]. - The net profit per vehicle for electric two-wheeled vehicles was 194 yuan, a year-on-year increase of 5.4% [1]. Cost Management - The company maintained effective cost control, with a total expense ratio of 8.4%, a decrease of 0.35 percentage points year-on-year [1]. - In Q2 2025, the gross profit margin was 18.9%, with sales, management, and R&D expense ratios showing slight improvements or stability [1]. Cash Flow and Dividends - The net cash flow from operating activities in H1 2025 was 2.59 billion yuan, a significant increase of 123% year-on-year [2]. - Capital expenditures were 1.18 billion yuan, a decrease of 16% year-on-year, with expectations for continued decline in future capital expenditures [2]. - The company declared a mid-term cash dividend of approximately 550 million yuan, corresponding to a dividend payout ratio of 45%, an increase of 15 percentage points year-on-year [2]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025 and 2026 to 2.619 billion yuan and 3.013 billion yuan, respectively, while projecting a net profit of 3.490 billion yuan for 2027 [3]. - The company is focusing on technological advancements and brand positioning, with ongoing efforts in channel expansion and international market development [3]. - The current valuation is considered low, and the company maintains a strong market position, leading to a "buy" rating [3].