Ge Long Hui A P P·2026-01-08 02:57Core Viewpoint - Huatai Securities maintains a "Buy" rating on Yadea Group, setting a target price of HKD 18.63, anticipating a significant profit increase driven by electric two-wheeler sales growth and product structure optimization [1] Financial Projections - The company expects a net profit of no less than RMB 2.9 billion by 2025, representing an annual growth of over 128% [1] - Projected sales of electric two-wheelers are expected to exceed 16.2 million units in 2025, with net profit per unit anticipated to increase by over 80% to more than RMB 180 [1] Market Strategy - The company is focusing on high-margin products and enhancing its market presence with the GuanNeng and Modern brands in the mid-to-high-end market [1] - An increase in the self-supply ratio of batteries is expected to further strengthen profitability [1] Growth Potential - The company is poised to benefit from the trend of transitioning from oil to electric, with the release of overseas production capacity and the improvement of its distribution network [1] - This transition is expected to open a second growth curve for the company [1]