YADEA(HK:01585) 智通财经网·2026-01-21 02:04Group 1 - The core viewpoint of the report is that Yadea Holdings (01585) maintains a "Buy" rating with a target price of HKD 16.43 per share, expecting a significant net profit growth of over 128% in 2025, driven by increased sales of electric two-wheelers and optimization of high-value product structure [1] - The company announced an earnings upgrade, projecting a net profit of no less than RMB 2.9 billion for 2025, compared to RMB 1.27 billion in 2024, indicating a growth of over 128%. The increase in net profit is primarily attributed to higher sales of electric two-wheelers and improved product structure [1] - For the first half of 2025, the company's net profit is expected to be RMB 1.649 billion, representing a year-on-year increase of 59.5%, with profitability expected to be relatively balanced between the two halves of the year [1] Group 2 - The new national standard for electric bicycles, effective from September 1, 2025, is expected to stabilize market demand after the Spring Festival in 2026. The transition period for sales of vehicles produced under the old standard will end on November 30, 2025 [2] - The company is focusing on long-term growth by investing in research and development, particularly in new product innovation and advanced technology for core components, while also enhancing brand marketing efforts globally [3] - In the first half of 2025, the company sold 8,793,500 electric scooters and bicycles, a year-on-year increase of approximately 37.8%, with gross margin rising to 19.6%, an increase of 1.6 percentage points, indicating improved profitability due to product structure enhancement and sustained sales growth [3]