爱玛科技：公司信息更新报告：2025Q1公司实现量价齐升，行业周期向上龙头业绩弹性可期-20250428

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in both volume and price 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. The company is expected to benefit from industry beta improvements and maintain strong performance driven by both two-wheeled and three-wheeled products [6][9] - The company’s average selling price (ASP) per unit increased by 4.85% to 2111 yuan, with a total sales volume of 2.95 million units, reflecting a 20% year-on-year growth, primarily driven by trade-in programs [7][9] - The gross margin improved to 19.6%, up 1.6 percentage points year-on-year, while the net profit margin remained stable at 9.8% [8] Financial Summary - For 2025, the company forecasts a net profit of 2.631 billion yuan, with expected earnings per share (EPS) of 3.05 yuan. The price-to-earnings (P/E) ratio is projected to be 13.9 times [10] - The company’s revenue is expected to grow significantly from 21.036 billion yuan in 2023 to 39.923 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.7% [10][12] - The return on equity (ROE) is projected to remain strong, averaging around 22.5% over the forecast period [10][12]