爱玛科技（603529）：公司信息更新报告：2024年龙头经营韧性彰显，2025看好公司超额受益行业贝塔改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company is expected to demonstrate resilience in operations in 2024, with a positive outlook for 2025, benefiting from industry beta improvements [1][8] - The company achieved a revenue of 21.606 billion yuan in 2024, representing a year-on-year growth of 2.71%, and a net profit of 1.988 billion yuan, up 5.68% [5][9] - The company is projected to see significant profit growth in the coming years, with net profits expected to reach 2.631 billion yuan in 2025, 3.273 billion yuan in 2026, and 3.779 billion yuan in 2027 [5][10] Financial Performance - In 2024, the company maintained stable growth in revenue and profit, with a gross margin of 17.8% and a net margin of 9.3% [7][9] - The company’s sales volume for 2024 was 10.7 million units, with a notable increase in electric tricycle sales by 28.87% [6][8] - The average selling price (ASP) per unit increased to 2019 yuan, reflecting a 3.11% year-on-year growth [6][8] Profitability and Efficiency - The company’s gross profit margin improved by 1.3 percentage points in 2024, while the net profit margin increased by 0.3 percentage points [7][9] - The company’s operating expenses were well-controlled, with a total expense ratio of 7.9% [7][9] - The return on equity (ROE) for 2024 was 22.0%, with projections for 2025 at 22.5% [9][12] Market Position and Outlook - As a leading player in the electric two-wheeler industry, the company is expected to benefit from favorable industry policies and a shift towards higher quality products [8][10] - The company plans to distribute a total cash dividend of 796 million yuan for the 2024 fiscal year, representing a payout ratio of 40% [8][10] - The company’s competitive advantages in channels, products, and brand strength remain robust, supporting the "Buy" rating [10]