AIMA TECHNOLOGY GROUP CO.(603529)2025-04-28 03:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company achieved significant growth in both revenue and profit in Q1 2025, with a year-on-year revenue increase of 25.8% to 6.23 billion yuan and a net profit increase of 25.1% to 605 million yuan [6][9] - The company is expected to benefit from industry beta improvements, with a dual product drive from two-wheeled and three-wheeled vehicles leading to sustained performance growth [6][9] - The company maintains strong competitive advantages in channels, products, and brand, with an upward elasticity in performance anticipated [6][9] Financial Performance - In Q1 2025, the company sold approximately 2.95 million units, a 20% increase year-on-year, with an average selling price (ASP) of 2,111 yuan per unit, reflecting a 4.85% increase [7][8] - The gross margin for Q1 2025 was 19.6%, up 1.6 percentage points year-on-year, while the net profit margin remained stable at 9.8% [8][10] - The company forecasts net profits of 2.63 billion yuan, 3.27 billion yuan, and 3.78 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.05 yuan, 3.80 yuan, and 4.38 yuan [6][10] Industry Outlook - The industry is experiencing an upward turning point in sales, driven by effective old-for-new policies, with a 25% year-on-year increase in electric bicycle production in the first quarter of 2025 [9][10] - The new national standards for electric bicycles are expected to lead to stricter regulations, potentially benefiting leading companies like the one under review as smaller competitors face increased pressures [9][10]