爱玛科技（603529）：业绩符合预期，经营扎实、趋势向好，期待2025年弹性

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 21.606 billion yuan in 2024, representing a year-on-year growth of 2.71%. The net profit attributable to the parent company was 1.988 billion yuan, up 5.68% year-on-year, and the net profit excluding non-recurring items was 1.792 billion yuan, an increase of 1.54% year-on-year. In Q4 2024, the company reported a revenue of 4.142 billion yuan, a 15.69% increase year-on-year, and a net profit of 434 million yuan, up 34.23% year-on-year [2][4][10]. - For Q1 2025, the company expects a net profit attributable to the parent company of approximately 605 million yuan, a year-on-year growth of 25.12%, and a net profit excluding non-recurring items of about 593 million yuan, a growth of 31.57% [2][4][10]. - The company demonstrated solid operational performance and resilience in a challenging industry environment, driven by enhanced product offerings, brand strength, and competitive channel advantages [10]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 21.606 billion yuan, with a net profit of 1.988 billion yuan and a net profit excluding non-recurring items of 1.792 billion yuan. The Q4 2024 results showed a revenue of 4.142 billion yuan and a net profit of 434 million yuan [2][4][10]. - The company anticipates continued growth in 2025, with projected net profits of 2.607 billion yuan and 3.038 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 18.5, 14.1, and 12.1 times [10]. Market Outlook - The company is expected to benefit from the continuation of national subsidies and the introduction of new products, which are anticipated to drive sales growth in 2025. The market response to new models has been positive, and the company is well-positioned to capitalize on the demand for upgrades and replacements [10]. - The implementation of new national standards is expected to optimize the industry landscape, favoring leading manufacturers like the company [10].