YADEA(01585) 国海证券·2024-08-26 13:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is currently facing pressure on performance due to a decline in sales volume but an increase in average selling prices. The new industry regulations are expected to improve performance in the future [2][3] - The company has a strong position in the industry, benefiting from the recent government regulations aimed at standardizing the electric two-wheeler market [3] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 14.41 billion yuan, a year-on-year decrease of 15.4%. The net profit attributable to shareholders was 1.03 billion yuan, down 12.9% year-on-year [2] - The company sold 6.383 million electric bicycles and scooters, a decline of 22.3% year-on-year, while the average price increased by 3.0% to 1,533.2 yuan per unit [2] Business Segments - The electric bicycle segment generated revenue of 6.24 billion yuan, down 18.3% year-on-year, with sales of 4.483 million units, a decrease of 19.1%. The average price was 1,391.9 yuan per unit, up 0.9% [3] - The electric scooter segment achieved revenue of 3.55 billion yuan, down 22.5% year-on-year, with sales of 1.9 million units, a decline of 28.9%. The average price increased by 9.0% to 1,866.7 yuan per unit [3] Market Position - The company is well-positioned to benefit from the new industry standards, having secured three out of six spots in the first batch of companies meeting the new regulatory conditions [3] - The company's stock has underperformed relative to the Hang Seng Index, with a decline of 25.9% over the past 12 months [3] Profitability and Cost Management - The gross margin for H1 2024 was 18.0%, an increase of 1.1 percentage points year-on-year, attributed to product mix optimization and rising prices of batteries and electric drive products [3] - The company has effectively controlled its expenses, with sales, management, and R&D expense ratios at 4.2%, 2.9%, and 3.4%, respectively [3] Future Outlook - Revenue forecasts for 2024-2026 are 32.557 billion yuan, 37.583 billion yuan, and 43.465 billion yuan, with year-on-year changes of -6.35%, +15.44%, and +15.65% respectively. Net profit forecasts are 2.635 billion yuan, 3.228 billion yuan, and 3.817 billion yuan, with year-on-year changes of -0.20%, +22.51%, and +18.23% respectively [3][5]