AIMA TECHNOLOGY GROUP CO.(603529) 渤海证券·2024-10-29 05:42Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown resilience despite operational fluctuations, supported by policies that aid long-term industry development [2] - In the third quarter, the company faced operational pressure with a revenue decline of 5.05% year-on-year, resulting in a net profit decrease of 9.02% [3] - The overall cash flow situation remains strong, with net cash flow from operating activities increasing by 14.36% year-on-year [3] - Recent government policies are expected to enhance market demand stability and promote product innovation, benefiting leading companies in the electric bicycle sector [4] Summary by Relevant Sections Financial Performance - For the first three quarters, the company achieved revenue of 17.464 billion yuan, a slight increase of 0.05% year-on-year, while net profit was 1.554 billion yuan, down 0.25% year-on-year [2] - The comprehensive gross margin for the first three quarters was 17.42%, up 1.62 percentage points year-on-year, with a net margin of 9.02%, up 0.05 percentage points [3] - In Q3, revenue was 6.873 billion yuan, down 5.05% year-on-year, and net profit was 603 million yuan, down 9.02% year-on-year [3] Industry Development - New policies from the Ministry of Commerce and the Ministry of Industry and Information Technology aim to promote the replacement of old electric bicycles, enhancing safety standards and market demand [4] - The introduction of new safety technical specifications for electric bicycles is expected to drive product quality improvements and innovation [4] Earnings Forecast - The EPS forecast for 2024-2026 has been adjusted to 2.34 yuan, 2.72 yuan, and 3.18 yuan respectively, with a corresponding PE of 15 times for 2024 [5]