为雅迪、台铃贴牌生产零部件，安乃达：吃着政策红利上市，核心业务毛利率不到10%，要是风停了呢？

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Ananda (603350.SH), primarily engages in the research, production, and sales of electric two-wheeled vehicle drive systems, with a significant reliance on OEM production for major brands like Yadi and Tailling [3][14] - The company's revenue for 2023 reached 1.43 billion yuan, with electric bicycle-related products accounting for 73% of total revenue [3][4] - The gross margin for the core business is below 10%, raising concerns about sustainability if policy support diminishes [14][21] Summary by Sections Business Overview - Ananda's main products include direct drive hub motors, mid-mounted motors, and controllers, primarily serving the domestic market with clients such as Yadi and Tailling [3][4] - In 2023, the revenue from electric bicycles was 1.03 billion yuan, representing 73.06% of total revenue, with a gross margin of 9.08% [4][31] Customer Dependency - The company heavily relies on major clients, with Yadi and Tailling accounting for 66% of total revenue in 2023 [14][15] - Sales to brand clients constitute approximately 90% of total sales, indicating a strong dependency on a few key customers [7][8] Market Dynamics - The electric two-wheeler market is experiencing a slowdown in growth, with the replacement demand driven by policy changes nearing its end [21][24] - The company has seen a decline in revenue growth rates, with a 10.3% year-over-year decrease in Q1 2024 [9][12] Competitive Landscape - Ananda's market share in the direct drive hub motor segment is significantly lower than competitors like Jinyu and Bafang, with a market share of 7.2% in 2022 [17][35] - The company faces intense competition from both domestic and international players, including Bosch and Shimano, which may impact its growth prospects [35][38] Financial Performance - The company's net profit for 2023 was 130 million yuan, showing a slight decline compared to previous years, with expectations of continued pressure on profitability [10][12] - The gross margin for the electric bicycle segment has remained low, while the mid-mounted motor segment has a much higher gross margin of 56.4% [31][32] Future Outlook - The company anticipates a challenging market environment due to the diminishing policy support and increasing competition, which may affect future revenue growth [21][24] - Despite the challenges, there is optimism regarding the recovery of the European market for electric bicycles, which could provide new opportunities for growth [38][39]