爱玛科技（603529）：量价利稳步向上

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to benefit from multiple stimuli in 2025, including inventory replenishment, seasonal upgrades, and the trial sales of new national standards in the second half of the year. This is likely to enhance the market share and profitability of leading enterprises [7] - The company is projected to achieve revenue growth of 2.7% in 2024, followed by 21.9% in 2025 and 15.1% in 2026, with net profit growth of 6% in 2024, 24% in 2025, and 18% in 2026 [7] - The company is expected to maintain a dividend payout ratio of 40% in 2023, indicating further upside potential [7] Revenue Analysis - The company’s revenue for 2024 is forecasted at 216.1 billion yuan, representing a year-on-year increase of 2.7%. The net profit attributable to the parent company is expected to be 19.9 billion yuan, up 5.7% year-on-year [8] - For the first quarter of 2025, the company anticipates a revenue increase of 20-25%, with an estimated shipment volume of approximately 3 million units, reflecting a nearly 20% year-on-year growth [8] Profitability Analysis - The company is expected to maintain a recovery trend in profitability, with net profit margins projected to improve slightly in 2025 [7] - The forecasted net profit for 2025 is 24.69 billion yuan, which is a 24.2% increase compared to 2024 [10] Financial Projections - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with significant growth expected in 2025 and 2026 [10] - The projected P/E ratios for 2024, 2025, and 2026 are 20, 16, and 14 respectively, suggesting a favorable valuation outlook [7][10]