YADEA(HK:01585) Zhi Tong Cai Jing·2025-08-27 02:38Core Viewpoint - Company Yadea Holdings (01585) has improved its product structure and implemented cost-reduction measures, leading to an upward revision of net profit forecasts for 2025 and 2026 by 12% to 3 billion and 3.5 billion yuan respectively, with a current stock price corresponding to 12x/10x P/E for 2025/2026 [1] Group 1: Sales Performance - In the first half of 2025, company sales reached 8.794 million units, a year-on-year increase of 37.8%, driven by low base effects and trade-in incentives, with strong market feedback for models like the Modern series, Crown T35, and White Shark series [2] - Electric scooter sales were 2.128 million units, up 12% year-on-year, while electric bicycle sales reached 6.666 million units, up 49% year-on-year [2] - The company sold 9.384 million battery units, reflecting a year-on-year increase of 40%, with an average revenue per vehicle of 2,182 yuan, up 99 yuan sequentially [2] Group 2: Profitability Metrics - The gross margin for the first half of 2025 was 19.6%, an increase of 1.6 percentage points year-on-year and 7.4 percentage points sequentially, attributed to improved product structure and increased self-supply of batteries [3] - The net profit margin was 8.6%, up 1.4 percentage points year-on-year, with a record high net profit per vehicle of 188 yuan, and 150 yuan when excluding other income [3] Group 3: Growth Outlook - The company anticipates strong sales growth in the third quarter, supported by the cessation of production of old national standard models, which will meet terminal sales demand from September to November [4] - The company is focusing on high-quality growth through product innovation and market expansion, with plans to launch high-end brands and enhance its commercial market presence [4] - The company is also expanding its overseas marketing, service, and financial systems, which is expected to open up growth opportunities in the medium to long term [4]