YADEA(01585) 东吴证券·2024-08-27 02:23Investment Rating - The investment rating for Yadea Holdings is "Buy" (maintained) [1] Core Views - The performance for the first half of 2024 is generally in line with expectations, with improvements in gross margin on a sequential and year-over-year basis [3][4] - The company faced a decline in sales volume due to factors such as national inspections and inventory destocking by distributors, leading to a decrease in electric bicycle and scooter sales [3] - Despite the sales decline, the average revenue per unit improved, indicating a positive trend in pricing [3] Summary by Sections Revenue and Profitability - In H1 2024, Yadea achieved total revenue of 14.414 billion yuan, down 15.42% year-over-year and 18.67% sequentially [3] - The net profit attributable to the parent company was 1.034 billion yuan, reflecting a decrease of 12.88% year-over-year and 28.86% sequentially [3] - The gross margin for H1 2024 improved to 18.00%, up 1.13 percentage points year-over-year and 1.00 percentage point sequentially [3] Sales Performance - Electric bicycle sales reached 4.48 million units, down 19.07% year-over-year and 25.56% sequentially [3] - Electric scooter sales totaled 1.90 million units, down 28.89% year-over-year and 16.97% sequentially [3] - The average revenue per unit for bicycles was 1,533 yuan, up 3.05% year-over-year and 3.00% sequentially [3] Cost and Expenses - The revenue from battery and charger business in H1 2024 was 4.065 billion yuan, down 9.62% year-over-year and 14.44% sequentially [3] - The overall expense ratio slightly decreased, with sales, management, R&D, and financial expense ratios at 4.20%, 2.92%, 3.41%, and 0.14% respectively [3] Future Earnings Forecast - The earnings forecast for 2024, 2025, and 2026 has been revised downwards, with net profits projected at 2.64 billion, 3.44 billion, and 4.00 billion yuan respectively [4] - The corresponding P/E ratios are expected to be 14, 11, and 9 times [4]