爱玛科技：领航先锋，再续华章

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its future performance [10]. Core Insights - The company, as a leader in the electric two-wheeler industry, has established strong brand, channel, and cost advantages. With the imminent implementation of the new national standards and the support of trade-in policies, the company is expected to achieve scale expansion and increase market share. Additionally, the product structure may improve, opening up upward potential for profitability. The company has also intensified its electric three-wheeler business and overseas market expansion, which is anticipated to contribute to new growth momentum [2][4]. Summary by Sections Company Overview - The company, originally founded in 1999, entered the electric two-wheeler manufacturing industry in 2004. Its product range includes electric bicycles, electric motorcycles, and electric three-wheelers. In the first half of 2024, the company achieved revenue of 10.591 billion yuan, a year-on-year increase of 3.7%, with profitability on an upward trajectory [4][22]. Core Advantages - The company possesses three core advantages: 1. Brand: It has leveraged celebrity endorsements to break through in a highly homogeneous market, focusing on female consumers to enhance brand influence [5][37]. 2. Channel: The company has a significant number of offline outlets, employing dynamic management of dealers, which contributes to a stable and efficient distribution system [5][45]. 3. Cost: By establishing upstream supply chain capabilities, the company has demonstrated a strong cost advantage, enhancing the overall value proposition of its products [5][52]. Fundamental Business - The electric two-wheeler market is experiencing consolidation, with major players gaining market share. The new national standards and trade-in policies are expected to optimize supply and drive further market share gains for the company. The demand structure is shifting towards higher-end and smarter products, which may allow for price increases and improved profitability [6][9]. Incremental Business - The electric three-wheeler segment is witnessing steady growth, driven by urbanization and the demand for green transportation. The company has strengthened its position in this market and is expected to continue expanding its market share [7][9]. Potential Business - The overseas market for electric two-wheelers is projected to grow significantly, with a CAGR of 19.4% from 2023 to 2027, primarily driven by demand in India, Southeast Asia, and Europe. The company is actively exploring overseas channels and product offerings, which could enhance long-term growth prospects [8][9]. Investment Recommendation - The report suggests capitalizing on the dual resonance of alpha and beta factors for this quality leader. The company is expected to maintain steady growth in revenue and profitability, with projected net profits of 1.953 billion, 2.370 billion, and 2.844 billion yuan for 2024-2026, corresponding to P/E ratios of 18.5, 15.2, and 12.7 times [9][10].