YADEA(HK:01585) Ge Long Hui·2025-09-09 04:22Core Viewpoint - The company reported its semi-annual results, which met expectations, showing significant growth in revenue and net profit driven by national subsidies and improved product structure [1] Revenue Summary - The company achieved a revenue of 19.2 billion yuan in H1 2025, representing a 33% increase year-on-year [1] - Revenue from electric bicycles, electric scooters, and batteries and chargers reached 9.3 billion, 3.8 billion, and 5.7 billion yuan respectively, with increases of 49%, 7%, and 41% [1] - The company sold 8.79 million electric two-wheelers in H1 2025, marking a 38% increase, benefiting from national subsidies that favored mid-to-high-end models [1] Profit Summary - The company's gross margin improved to 19.6%, an increase of 1.6 percentage points, while the net profit margin reached a record high of 8.6%, up by 1.4 percentage points [1] - The net profit attributable to shareholders was 1.65 billion yuan, reflecting a 60% increase [1] - The profit per unit for electric bicycles was 188 yuan, up by 16% [1] Cost and Expense Summary - The company's sales, management, R&D, and financial expense ratios were 4.3%, 2.8%, 3.3%, and -1.6% respectively, with slight changes compared to the previous year [1] - The decline in unit revenue to 2,182 yuan, down by 3%, was attributed to a higher proportion of lower-margin models and rising lead prices [1] Investment Outlook - The company is expected to maintain strong terminal sales during the transition period of new and old national standards, with a high certainty of overall growth in 2025 [2] - Profit forecasts for 2025 and 2026 have been adjusted to 3 billion and 3.3 billion yuan respectively, reflecting increases of 135% and 11% [2] - The company maintains a "buy" rating with a projected PE of 12.9 and 11.6 for 2025 and 2026 respectively [2]