AIMA TECHNOLOGY GROUP CO.(603529)2025-04-30 03:56Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has demonstrated resilience in profitability despite industry pressures, with a notable increase in net profit per vehicle [5][6] - The company is expected to continue benefiting from policy incentives and a strong product lineup, leading to sustained growth in revenue and profit [6] Financial Performance Summary - In 2024, the company achieved operating revenue of 21.606 billion yuan (up 2.71% year-on-year) and a net profit attributable to shareholders of 1.988 billion yuan (up 5.68% year-on-year) [5] - For Q1 2025, the company reported revenue of 6.232 billion yuan (up 25.82% year-on-year) and a net profit of 605 million yuan (up 25.12% year-on-year) [5] - The company sold 10.455 million vehicles in 2024 (down 2.66% year-on-year), with an average selling price (ASP) of 2,067 yuan (up 5.5% year-on-year) [5] Product and Market Dynamics - The electric two-wheeler segment generated revenue of 18.25 billion yuan (down 2.1% year-on-year), while the electric three-wheeler segment saw revenue growth of 36.1% to 1.95 billion yuan [5] - The company is focusing on product innovation with trendy models aimed at younger consumers, enhancing its market appeal [5][6] Industry Outlook - The demand side is supported by simplified replacement processes and increased subsidies, with over 4.2 million vehicles replaced since the beginning of 2025 [5] - The introduction of new national standards is expected to enhance industry concentration, benefiting leading companies like the report's subject [5][6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 28.741 billion yuan, 33.569 billion yuan, and 39.293 billion yuan, representing year-on-year growth rates of 33.0%, 16.8%, and 17.1% respectively [6] - The estimated net profit for the same period is 2.658 billion yuan, 3.196 billion yuan, and 3.828 billion yuan, with corresponding growth rates of 33.7%, 20.3%, and 19.8% [6]