爱玛科技：量价齐升，Q2单季度收入增速环比改善

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 36.30 CNY for the next six months, corresponding to a PE valuation of 15x for 2024 [4][2]. Core Views - The electric two-wheeler industry still has expansion potential, and the company, as a leading player, is well-positioned to capture quality channel networks and achieve continuous market share growth. The product structure has room for upgrades, and economies of scale are strengthening, which is expected to further enhance profitability [2][4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 10.59 billion CNY, a year-on-year increase of 3.7%, and a net profit attributable to shareholders of 950 million CNY, up 6.2% year-on-year. In Q2 alone, revenue reached 5.64 billion CNY, marking an 18.1% year-on-year increase, with net profit of 470 million CNY, up 12.1% year-on-year [1][2]. - The revenue growth rate in Q2 improved significantly compared to Q1, with a 27 percentage point increase, attributed to a low base from the previous year, continuous product upgrades, and a recovery in terminal sales as the impact of national inspections waned [1][2]. - The gross margin for Q2 was 17.6%, an increase of 2.3 percentage points year-on-year, driven by ongoing product structure optimization and higher average selling prices [1][2]. - The net profit margin for Q2 was 8.3%, a decrease of 0.4 percentage points year-on-year, influenced by increased sales, management, and R&D expense ratios [1][2]. Cash Flow and Future Outlook - The net cash flow from operating activities in Q2 was 480 million CNY, a year-on-year increase of 22.3 million CNY, primarily due to a reduction in payments for last year's procurement [2]. - The company is expected to maintain rapid revenue growth in the second half of 2024 due to a low revenue base from the previous year, and the industry concentration is anticipated to increase under new standards and policies, benefiting the company as a leading enterprise [1][2].